NSE: ZENSARTECH · BSE: 504067
ZENSAR TECHNOLOGIES LTD
Provides IT services across two reporting segments. Digital and Application Services generated Rs 4,425.9 crore in FY26, 77.8 percent of segment revenue, with EBIT of Rs 761.6 crore. Cloud Infrastructure and Security contributed Rs 1,261.5 crore (22.2 percent of segment revenue) and Rs 260.9 crore in EBIT. The business runs on people: employee costs were 63.8 percent of revenue, with other operating opex at 19.4 percent and depreciation at 1.6 percent. The company employs 10,779 people across 17 countries. The largest customer vertical is Banking, Financial Services and Insurance at 48.8 percent of Q1FY27 revenue. The FY26 order book stood at $332 million, up 17.8 percent year-on-year, with 36.4 percent of wins classified as AI-native deals. US operations are consolidated through Zensar Technologies Inc. (around $326.96 million revenue), with two smaller US step-down subsidiaries (M3BI at $46.8 million and Bridgeview Life Sciences at $4.74 million) merged into it effective August 1, 2026. The balance sheet is net-cash at $317.5 million with zero debt, and the company is part of the RPG Group. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital and Application Services (78%), Cloud Infrastructure and Security (22%). People-heavy, asset-light IT services with near-zero debt and net-cash balance sheet
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,244 | 4,848 | 4,902 | 5,281 | 5,687 |
| EBITDA (ex other income) | 657 | 552 | 872 | 817 | 891 |
| margin % | 15.5 | 11.4 | 17.8 | 15.5 | 15.7 |
| Owners' profit | 416 | 328 | 665 | 650 | 775 |
| EPS, as reported (₹) | 18.43 | 14.47 | 29.36 | 28.65 | 34.12 |
| ROE % · ROCE % | 15.7 · 20.0 | 11.0 · 14.5 | 18.7 · 23.6 | 16.0 · 20.4 | 16.4 · 21.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 335 | 714 | 642 | 565 | 771 |
| Capex | (57) | (37) | (16) | (37) | (54) |
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 | 1,308 | 1,326 | 1,359 | 1,385 | 1,421 | 1,431 | 1,450 | 1,508 |
| Profit before tax | 208 | 210 | 230 | 241 | 240 | 265 | 276 | 246 |
| Net profit | 156 | 160 | 176 | 182 | 182 | 200 | 211 | 184 |
| EPS (₹) | 6.88 | 7.04 | 7.77 | 8.01 | 8.02 | 8.80 | 9.29 | 8.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Digital and Application Services | 4,426 | 77.8 |
| Cloud Infrastructure and Security | 1,262 | 22.2 |
| Total, before eliminations | 5,687 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.5 | 15.0 | 29 of 65 | 56% |
| P/B | 2.4 | 2.6 | 31 of 65 | 53% |
| ROCE | 20.7 | 14.2 | 22 of 76 | 72% |
| ROE | 16.4 | 11.5 | 20 of 64 | 70% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 18.4 | 18.4 | 33 of 65 | 50% |
| Revenue growth | 8.9 | 10.6 | 36 of 63 | 44% |
| Profit growth | 1.0 | 6.7 | 35 of 62 | 44% |
| Market cap | 11280 | 419 | 14 of 76 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2FY27 growth lifts margin as AI deals reach 36% of order book | investor communications | medium | — | — |
| 28 Oct 2026 · Zensar reports 4.1% sequential constant-currency growth and higher EBITDA margin | investor communications | medium | — | — |
| 28 Oct 2026 · Board approves merger of wholly owned subsidiary M3BI India | strategic transactions | medium | — | — |
| 28 Oct 2026 · Q2 FY27 revenue up 11.5% to INR 1,585 crore; PAT flat at INR 216 crore | results | high | — | — |
| 28 Oct 2026 · Zensar Q2 FY27 standalone revenue rises 20.2%; consolidated profit flat | results | high | — | — |
| 19 Oct 2026 · Zensar Technologies receives ESG rating of 76 under Leader category | business updates | medium | — | — |
| 14 Oct 2026 · Zensar Tech Q2FY27 earnings call scheduled for Oct 29, 2026 | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Zensar Technologies publishes newspaper notice on special demat window for old physical shares | compliance | minimal | — | — |
| 8 Oct 2026 · Zensar Tech files quarterly compliance certificate for demat and remat of securities | compliance | minimal | — | — |
| 7 Oct 2026 · Zensar allots 1,62,619 equity shares to employees under ESOP | capital market events | low | — | — |
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.