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Zen Technologies Q2 FY27 results: net profit up 64.6% to ₹101.88 crore, revenue up 98.8%
Zen Technologies Limited reported consolidated revenue from operations of ₹345.13 crore in Q2 FY27, up 98.8% from Q2 FY26, with operational EBITDA of ₹131.99 crore and a margin of 38.2%. The company reported net profit of ₹101.88 crore and basic EPS of ₹9.97 for the July–September 2026 quarter.
Key points
- Consolidated revenue from operations rose 98.8% year on year to ₹345.13 crore in Q2 FY27.
- Operational EBITDA increased to ₹131.99 crore from ₹64.75 crore in Q2 FY26, while the margin rose to 38.2% from 37.3%.
- Net profit was ₹101.88 crore in Q2 FY27, against ₹61.90 crore in Q2 FY26, and basic EPS rose to ₹9.97 from ₹6.61.
- H1 FY27 revenue was ₹486.77 crore, up 46.7% from H1 FY26, while PAT was ₹133.73 crore against ₹114.98 crore.
- Order inflow was ₹481.81 crore and the consolidated order book reached ₹1,375.70 crore at 30 September 2026.
How did Zen Technologies perform in Q2 FY27?
Zen Technologies reported consolidated revenue from operations of ₹345.13 crore in Q2 FY27, against ₹173.57 crore in Q2 FY26 and ₹141.64 crore in Q1 FY27. Operational EBITDA was ₹131.99 crore, compared with ₹64.75 crore a year earlier and ₹38.72 crore in the previous quarter. The operational EBITDA margin was 38.2%, up from 37.3% year on year and 27.3% sequentially.
The company reported profit before tax of ₹138.85 crore, compared with ₹83.25 crore in Q2 FY26 and ₹45.56 crore in Q1 FY27. Net profit was ₹101.88 crore, against ₹61.90 crore a year earlier and ₹31.85 crore in the previous quarter. Basic EPS was ₹9.97, compared with ₹6.61 in Q2 FY26 and ₹3.83 in Q1 FY27.
On a standalone basis, Q2 FY27 revenue was ₹309.25 crore and PAT was ₹79.19 crore. The consolidated results were approved by the board on 31 October 2026 as unaudited results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 345.13 | 141.64 | 173.57 | +98.8% | +143.7% |
| Other income | 16.71 | 19.16 | 25.31 | −34.0% | −12.8% |
| Total expenses | 223 | 111.86 | 116.58 | +91.3% | +99.4% |
| EBITDA | 131.99 | 38.72 | 64.75 | +103.8% | +240.9% |
| EBITDA margin | 38.2% | 27.3% | 37.3% | +0.9 pp | +10.9 pp |
| Profit before tax | 138.85 | 45.56 | 83.25 | +66.8% | +204.8% |
| Tax | 35.81 | 13.41 | 21.23 | +68.7% | +167.0% |
| Net profit | 101.88 | 31.85 | 61.90 | +64.6% | +219.9% |
| EPS (₹) | 9.97 | 3.83 | 6.61 | +50.8% | +160.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Zen Technologies' costs and profit?
Total expenses rose to ₹223 crore in Q2 FY27 from ₹116.58 crore in Q2 FY26, an increase of ₹106.42 crore. Cost of materials increased by ₹91.08 crore to ₹144.01 crore, employee cost by ₹22.84 crore to ₹44.68 crore, depreciation by ₹3.02 crore to ₹8.73 crore and other expenses by ₹16.73 crore to ₹55.19 crore. Finance costs declined by ₹0.91 crore to ₹1.13 crore.
Other income fell by ₹8.60 crore to ₹16.71 crore from ₹25.31 crore in Q2 FY26. There was no exceptional item in Q2 FY27, compared with an exceptional gain of ₹0.94 crore in Q2 FY26. Tax expense increased by ₹14.58 crore to ₹35.81 crore.
Against Q1 FY27, total expenses were higher by ₹111.14 crore, while other income was lower by ₹2.45 crore. The previous quarter included an exceptional charge of ₹3.37 crore, whereas Q2 FY27 had no exceptional item. The filing did not state a reason for the year-on-year changes in costs, other income or tax.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 144.01 | 52.93 | +91.08 | +172.1% |
| Employee cost | 44.68 | 21.84 | +22.84 | +104.6% |
| Finance costs | 1.13 | 2.04 | −0.91 | −44.6% |
| Depreciation | 8.73 | 5.71 | +3.02 | +52.9% |
| Other expenses | 55.19 | 38.46 | +16.73 | +43.5% |
| Total expenses | 223 | 116.58 | +106.42 | +91.3% |
| Other income | 16.71 | 25.31 | −8.60 | −34.0% |
| Tax | 35.81 | 21.23 | +14.58 | +68.7% |
| Exceptional items | none | +0.94 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹486.77 crore, compared with ₹331.79 crore in H1 FY26. Total income rose to ₹522.64 crore from ₹378.89 crore, while profit before tax increased to ₹184.41 crore from ₹159.93 crore.
H1 FY27 PAT was ₹133.73 crore, against ₹114.98 crore in H1 FY26, and basic EPS was ₹13.80 compared with ₹11.92. The investor presentation reported operational EBITDA of ₹170.71 crore for H1 FY27, with an operational EBITDA margin of 35.1%, against ₹129.45 crore and 39.0% in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 486.77 | 331.79 | +46.7% |
| Profit before tax | 184.41 | 159.93 | +15.3% |
| Net profit | 133.73 | 114.98 | +16.3% |
| EPS (₹) | 13.80 | 11.92 | +15.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,318.91 crore, compared with ₹2,160.22 crore at 31 March 2026. Total equity was ₹2,057.94 crore against ₹1,949.08 crore, while borrowings were ₹5.83 crore against ₹3.38 crore. Cash and cash equivalents increased to ₹260.00 crore from ₹78.94 crore.
Inventories rose to ₹342.59 crore from ₹188.19 crore at the previous balance sheet date, and trade receivables increased to ₹478.88 crore from ₹224.01 crore. Trade payables were ₹55.82 crore, compared with ₹49.33 crore.
H1 FY27 operating cash flow was negative ₹302.89 crore, compared with ₹115.19 crore in H1 FY26. Investing cash flow was ₹521.04 crore against ₹255.31 crore, financing cash flow was negative ₹37.08 crore against negative ₹75.04 crore, and capital expenditure was ₹47.26 crore against ₹19.95 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,319 | 2,160 |
| Total equity | 2,058 | 1,949 |
| Borrowings | 5.83 | 3.38 |
| Cash and equivalents | 260 | 78.94 |
| Inventories | 342.59 | 188.19 |
| Trade receivables | 478.88 | 224.01 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −302.89 | 115.19 |
| Cash from investing | 521.04 | 255.31 |
| Cash from financing | −37.08 | −75.04 |
| Capital expenditure | 47.26 | 19.95 |
Source: Company's results filing (XBRL).
How has Zen Technologies done over the last 8 quarters?
Revenue moved from ₹152.21 crore in Q3 FY25 to ₹324.97 crore in Q4 FY25, then ranged between ₹141.64 crore and ₹178.08 crore through Q1 FY27 before rising to ₹345.13 crore in Q2 FY27. PAT was highest at ₹113.75 crore in Q4 FY25 and lowest at ₹31.85 crore in Q1 FY27, then increased to ₹101.88 crore in Q2 FY27.
The operational EBITDA margin peaked at 42.5% in Q4 FY25 and bottomed at 27.3% in Q1 FY27. It then recovered to 38.2% in Q2 FY27. Q2 FY27 was the highest-revenue quarter in the series and showed higher revenue, PAT and margin than Q1 FY27, although the provided data gives no streak.
What did Zen Technologies' management say?
Management said Q2 FY27 was Zen’s highest-ever consolidated quarterly revenue and attributed the result to the execution capability it had built over the years. The chairman and managing director said Fast Track Procurement orders received the previous year had begun delivery ahead of contractual timelines, supported by ownership of the core technology and the ability to change products in weeks.
Management said order inflow was ₹481.81 crore during the quarter and the consolidated order book reached ₹1,375.70 crore at 30 September 2026, as execution accelerated across product categories. It also said domestic sourcing was supported by the Defence Acquisition Council’s Acceptance of Necessity for capital acquisition proposals, with around 82% earmarked for the domestic defence industry.
Management’s presentation identified execution, defence indigenisation, domestic sourcing, in-house technology and a broad portfolio of defence electronics and simulation products as priorities. It also flagged H1 operational EBITDA margin of 35.1% against 39.0%, PAT adjusted for non-controlling interest growth of 15.73% against revenue growth of 46.71%, and an order book of ₹1,283.84 crore domestic compared with ₹91.86 crore export. The presentation supplied no numerical guidance or analysts’ questions.
How did Zen Technologies shares react?
After the filing, Zen Technologies rose 5.4% in five minutes, 5.0% in 15 minutes and 4.7% in 30 minutes from the price when the filing appeared. It closed the reaction day 7.5% above its pre-results close of ₹1,592, and by the next day’s close it was up 7.7% from that close.
Earlier results-day reactions were negative on 25 July 2026 at 4.8%, 1 May 2026 at 8.9%, 31 January 2026 at 5.1%, 25 October 2025 at 3.7%, 26 July 2025 at 4.7% and 14 February 2025 at 19.7%. The move was positive at 5.0% on 17 May 2025 and negative at 1.0% on 2 November 2024.
| After the filing | Stock | Aerospace & Defense median |
|---|---|---|
| 5 minutes | +5.4% | |
| 15 minutes | +5.0% | |
| 30 minutes | +4.7% | |
| Reaction day | +7.5% | +0.2% |
| Next day | +7.7% | +1.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 25 July 2026 | −4.8% |
| 1 May 2026 | −8.9% |
| 31 January 2026 | −5.1% |
| 25 October 2025 | −3.7% |
| 26 July 2025 | −4.7% |
| 17 May 2025 | +5.0% |
| 14 February 2025 | −19.7% |
| 2 November 2024 | −1.0% |
Source: MarketPing price-reaction measurement.
How did other Aerospace & Defense companies do?
Nine other Aerospace & Defense companies had filed results for the quarter by 4 November 2026. Their median revenue growth was 34.3%, and all nine grew revenue more slowly than Zen Technologies; none grew revenue faster than the company.
Of the seven peers for which profit was compared, seven reported higher profit. Zen Technologies’ Q2 FY27 revenue growth of 98.8% exceeded the peers’ 34.3% median revenue growth, while the company’s PAT margin was 29.5%.
| Zen Technologies revenue growth (YoY) | +98.8% |
|---|---|
| Median of 9 other Aerospace & Defense companies | +34.3% |
| Companies with slower revenue growth than Zen Technologies | 9 of 9 |
| Companies with faster revenue growth than Zen Technologies | 0 of 9 |
| Companies whose net profit rose | 7 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Zen Technologies' revenue in Q2 FY27?
Revenue from operations was ₹345.13 crore, up 98.8% from ₹173.57 crore in Q2 FY26 (consolidated).
Did Zen Technologies make a profit in Q2 FY27?
Yes. Net profit was ₹101.88 crore, against a net profit of ₹61.90 crore in Q2 FY26.
What was Zen Technologies' EPS in Q2 FY27?
Basic earnings per share were ₹9.97, against ₹6.61 in Q2 FY26.
How did Zen Technologies shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.5% from the previous close; the median Aerospace & Defense stock moved +0.2%.
When did Zen Technologies announce its Q2 FY27 results?
On 31 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Standalone And Consolidated Un-Audited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
- The investor presentation (1 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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