ZENTEC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Zen Technologies reported muted FY26 performance with total revenue of ₹773 crore, down 25% from FY25's ₹1,032 crore. Q4FY26 standalone revenue was ₹178 crore versus ₹325 crore in Q4FY25. Despite revenue decline, EBITDA margins remained healthy at 48.37% for FY26, and PAT came in at ₹193.45 crore for the full year. The company highlighted structural transformation over two years, expanding into five defense capabilities: training simulation, counter-drone solutions, automated weapons stations, combat robotics, and drones. Management noted order conversion timing delays but expects FY27 execution to accelerate, with the consolidated order book standing at ₹1,336 crore including ₹431 crore of new inflows in Q4 alone. Subsidiaries contributed positively to consolidated results, validating prior capital allocation decisions.
The stock may face pressure from the revenue decline, but the strong order book of ₹1,336 crore with execution weighted toward FY27 and healthy 48% EBITDA margins provide near-term earnings visibility. Policy tailwinds from Defence Acquisition Procedure 2026 and Buy Indian IDDM initiatives could support re-rating as new products launch.