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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — | 13.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Zen Technologies 33rd AGM: All 8 resolutions passed, final dividend approved | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Zen Technologies 33rd AGM held; 8 resolutions passed including dividend | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Zen Technologies to attend Elara India Dialogue 2026 on Sep 3 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · ESOP exercise - 1,900 shares transferred to employees under ESOP 2021 | capital market events | low | — | — |
| 14 Aug 2026 · Zen Tech to meet institutional investors on August 21 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Zen Technologies to attend Kotak Manufacturing Forum on Aug 20 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Zen Technologies to attend Motilal Oswal investor conference on Aug 19 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Zen Technologies transfers 4,040 ESOP shares to employees | capital market events | low | — | — |
| 10 Aug 2026 · Zen Technologies bags ₹295 crore defence simulator order | business updates | high | — | — |
| 8 Aug 2026 · Independent Director Sirisha Chintapalli ends second term at Zen Tech | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED ◆ | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 86.2 | 83.7 | 14 of 23 | 41% |
| P/B | 8.0 | 10.6 | 8 of 23 | 68% |
| 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 | 15599 | 7486 | 8 of 26 | 72% |
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| 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 |
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