Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · ZEN TECHNOLOGIES LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
ZEN TECHNOLOGIES LIMITED NSE: ZENTEC · BSE: 533339
Makes defence training simulators, anti-drone systems, unmanned aerial and ground vehicles, a naval close-in weapon system, a cybersecurity suite, and (newly licensed) arms and ammunition, primarily for the Indian armed forces. The simulator business supplies tank and crew gunnery simulators and a separate annual maintenance contract (AMC) stream to the Ministry of Defence, and is being pushed into the US and EU via subcontracting. Anti-drone hardware (including a wide-frequency hard-kill system validated during Operation Sindoor), the HyperStrike interceptor drone (400 km/h, $10,000 per unit), and the Vrishabh unmanned ground vehicle (150 kg payload, 50 km/h, autonomous) target counter-UAS and autonomous-platform budgets. Subsidiary Vector Technics builds the full drone propulsion stack — BLDC motors, speed controllers, propellers, IC engines, starter-generators — at 300,000 units per year from Hyderabad Shamshabad and supplies components used on frontline Indian defence programmes. Consolidated order book stood at Rs. 1,239 crore at Q1 FY27, with an additional Rs. 177.5 crore MoD tank-simulator order received post-quarter and a simulator pipeline of Rs. 700-800 crore seen converting in coming months. Materials are the single largest cost line at 26.9% of revenue, followed by employees at 18.5% and other operating expenses at 21.5%, with depreciation at 3.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence training simulators (Equipment + AMC), Anti-drone systems, Drones and drone propulsion (Vector Technics), Arms and ammunition. Defence contractor with long order-to-execution cycles, R&D-heavy, self-funded, working-capital intensive
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
70
219
440
974
688
EBITDA (ex other income)
4
75
183
374
248
margin %
6.1
34.1
41.6
38.4
36.1
Owners' profit
2
43
128
278
193
EPS, as reported (₹)
0.25
5.39
15.45
32.07
21.52
ROE % · ROCE %
0.9 · 1.6
15.1 · 22.7
27.8 · 39.2
17.2 · 23.1
11.2 · 15.6
Debt / equity (x)
0.05
0.02
0.01
0.03
0.00
Cash from operations
(44)
116
13
(146)
245
Capex
(4)
(13)
(30)
(32)
(59)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ZEN TECHNOLOGIES LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
242
152
325
158
174
178
178
142
Profit before tax
82
59
154
77
83
73
66
46
Net profit
63
43
114
53
62
56
47
32
EPS (₹)
7.26
4.42
11.24
5.31
6.61
6.09
3.51
3.83
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
HINDUSTAN AERONAUTICS LTD
3,24,358
34.8
7.90
23.8
22.2
13.7
7.8
44.0
BHARAT ELECTRONICS LTD
2,66,259
43.4
11.09
30.7
25.3
31.9
14.4
28.1
BHARAT DYNAMICS LIMITED
36,381
69.8
8.58
—
9.9
7.2
—
32.6
DATA PATTERNS INDIA LTD
22,316
83.3
12.86
—
15.6
20.3
—
33.3
GARDEN REACH SHIP&ENG LTD
21,752
27.2
8.28
—
28.5
36.2
—
13.7
APOLLO MICRO SYSTEMS LTD
15,340
119.3
11.73
70.3
8.2
10.4
34.8
22.3
ASTRA MICROWAVE LTD
14,940
79.0
11.36
42.7
14.7
17.2
12.7
20.1
AEQUS LIMITED
14,225
—
9.58
90.4
(7.6)
(3.8)
—
5.4
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
78.3
69.8
14 of 23
41%
P/B
7.3
9.6
7 of 23
73%
ROCE
15.1
13.6
12 of 26
56%
ROE
11.2
10.9
11 of 23
55%
Debt / Equity
0.0
0.0
9 of 23
64%
EBITDA margin
38.5
22.3
4 of 23
86%
Revenue growth
(10.5)
24.9
17 of 23
27%
Profit growth
(40.0)
14.9
17 of 21
20%
Market cap
14165
6504
9 of 26
68%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ZEN TECHNOLOGIES LIMITED · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Zen Technologies schedules Q2 and H1 FY27 earnings call
board shareholder meetings
low
—
—
24 Oct 2026 · Whole-time Director receives Business Today MPW Award
general
minimal
—
—
23 Oct 2026 · Board to review Q2 and half-year results on October 31, 2026
results
low
—
—
19 Oct 2026 · Fire at Zen Tech subsidiary UTS Hyderabad plant; loss estimated up to Rs 4 crore
capex operations
high
—
—
18 Oct 2026 · Zen Technologies to acquire majority stake in Cogknit Semantics
strategic transactions
high
—
—
17 Oct 2026 · Zen Technologies to acquire 51.98% stake in Cogknit Semantics for up to 135.15 cr
strategic transactions
high
—
—
7 Oct 2026 · Zen Technologies transfers 2000 shares under ESOP 2021
capital market events
low
—
—
6 Oct 2026 · Routine RTA certificate on demat and remat for Q2 FY27
compliance
minimal
—
—
24 Sept 2026 · Trading window closed from October 1 ahead of Q2 results announcement
compliance
minimal
—
—
17 Sept 2026 · Zen Technologies transfers 500 shares to employees under ESOP 2021
capital market events
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
Where a broker report shows
This document shows
Why
A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
an event is a fact; a rating is an opinion that requires SEBI RA registration
A target price and upside
The current price and the multiples against the group
a target is a forecast; a multiple is a measurement
Estimate years marked E
More audited years; no estimates
MarketPing publishes no forecasts — your own model lives on the Models page
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
