MarketFriction

Zen Technologies Ltd

NSE ZENTEC · BSE 533339 · Aerospace & Defense
₹1,576.10 -1.81%
NSE close2026-10-01
52 week range1,223.00 - 2,043.70
Market cap₹14,625 Cr.
P/E80.5
Nifty 500Smallcap 250Nifty India Defence Price band 20% Delivery 44.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales66100141255242152325158174178178142
Expenses48579114316210818794109111129103
Operating Profit19425011180441386465675038
OPM %29%43%36%44%33%29%42%41%37%37%28%27%
Other Income5453822252226162316
Interest111123432321
Depreciation233344566668
Profit before tax22445211082591547683736445
Tax %37%32%27%28%23%28%26%30%26%24%27%30%
Net Profit1430387963431145362564732
EPS in Rs1.823.644.169.146.944.4011.195.296.586.073.493.82
Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales795362921495570219440974688671
Expenses58485076874765146259591443452
Operating Profit2141117637573181382245219
OPM %27%8%18%18%42%14%7%33%41%39%36%33%
Other Income3543235917588680
Interest22253124219108
Depreciation2444555610152426
Profit before tax203911574372186406297266
Tax %21%21%20%-19%-3%36%21%30%30%26%27%
Net Profit162713593350130299218197
EPS in Rs2.040.300.931.737.620.390.255.3815.2231.0421.4319.96
Dividend Payout %17%33%16%17%5%26%40%4%7%6%5%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth29%66%46%-24%
Compounded Profit Growth56%128%67%-28%
Stock Price CAGR35%50%28%13%
Return on Equity%17%18%11%
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital888888888899
Reserves911031051121271831962753084401,6921,880
Borrowings18404111423215767819
Other Liabilities1227141542201771151296271248
Total Liabilities1281771671462182142233694747502,0492,155
Fixed Assets49474445637370677593208239
CWIP1015170003211715
Investments000082222046
Other Assets78130108841471391522973946461,8301,895
Total Assets1281771671462182142233694747502,0492,155
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity10-2000-49626-441161331245
Cash from Investing Activity-8-40013-12-10-44-4-85-1,000-162
Cash from Financing Activity-720005-12988-22-31,007-78
Net Cash Flow-5-400-32385091-75375
Free Cash Flow-13-2200-54525-49103-16-1185
CFO/OP1,269%-94%0%0%-286%118%118%-921%180%26%39%136%
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days9027656121290114124166142153154119
Inventory Days295225242237496137609693305523118415
Days Payable6347529211444132109429925109
Cash Conversion Cycle322455246265672206601750406577247425
Working Capital Days45119-66187191191535629115158435543
ROCE %2%16%3%8%32%3%2%23%46%37%16%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters57.45%55.07%55.07%55.07%51.26%49.05%49.05%49.05%48.51%48.51%48.51%48.51%
FIIs4.84%4.65%3.84%3.09%5.72%8.29%5.95%6.04%5.94%5.54%5.99%6.47%
DIIs0.15%3.09%3.31%3.37%8.05%8.97%9.47%8.75%7.93%7.86%10.06%10.42%
Public36.80%36.42%37.15%37.94%34.49%33.24%35.10%35.72%37.20%37.67%35.04%34.22%
Others0.76%0.76%0.62%0.53%0.47%0.46%0.44%0.43%0.42%0.41%0.40%0.39%
No. of Shareholders1,59,7661,61,9951,70,4212,01,2112,29,4792,37,7332,83,2893,11,9483,25,9783,30,3783,14,0922,90,771

Fundamentals

Market Cap₹ 14,625 Cr.
Current Price₹ 1,620
Stock P/E80.5
Book Value₹ 209
ROCE16.2 %
ROE10.7 %
Dividend Yield0.06 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)-24%
Compounded Profit Growth (TTM)-28%
Consolidated figures.
Valuation
Market capRs 14,231 Cr
Enterprise valueRs 13,894 Cr
P/E (TTM)78.99x
Price to book7.53x
Price to sales21.20x
EV / EBITDA46.39x
EV / EBIT50.78x
EV / sales20.70x
Price to cash flow58.18x
Earnings yield1.27%
Dividend yield0.06%
P/E, 3-year average56.73x
P/B, 3-year average10.63x
P/E, 5-year average210.06x
P/B, 5-year average9.18x
Profitability
Operating margin (excl. other income)35.62%
Operating margin (incl. other income)48.18%
EBITDA margin44.63%
Pre-tax margin39.59%
Net profit margin26.85%
Net margin, latest quarter24.33%
ROE10.78%
ROCE16.65%
ROA9.20%
ROE, 3-year average23.43%
ROCE, 3-year average34.41%
ROA, 3-year average16.70%
ROE, 5-year average17.08%
ROCE, 5-year average25.91%
ROA, 5-year average12.19%
ROIC (approx.)12.94%
Tax rate26.54%
Other income / net worth4.57%
Growth
Sales growth (latest year)-29.37%
Profit growth (latest year)-30.97%
Sales CAGR, 3 years46.47%
Sales CAGR, 5 years65.95%
Profit CAGR, 3 years65.42%
Profit CAGR, 5 years128.43%
Sales growth QoQ-20.46%
Profit growth QoQ9.29%
Sales growth YoY (latest quarter)-10.48%
Profit growth YoY (latest quarter)-27.83%
Per share
EPS (TTM)Rs 19.95
EPS (latest year)Rs 21.43
EPS (latest quarter)Rs 3.82
EPS, 3-year averageRs 22.56
EPS, 5-year averageRs 14.66
Book value per shareRs 209.22
Sales per shareRs 74.33
Cash flow per shareRs 27.09
Free cash flow per shareRs 20.49
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 1.33
Dividend per share, 5-year averageRs 0.86
Dividends
Dividend payout4.67%
Dividend payout, 3-year average5.89%
Dividend payout, 5-year average12.32%
Efficiency
Asset turnover0.32x
Fixed asset turnover2.88x
Inventory turnover1.20x
Inventory days305 days
Debtor days119 days
Debtors turnover3.07x
Creditor days109 days
Cash conversion cycle425 days
Working capital days543 days
Leverage
Total debtRs 19 Cr
Cash and bankRs 355 Cr
Net debtRs -336 Cr
Debt to equity0.01x
Net debt / EBITDA-1.12x
Interest coverage34.63x
Current ratio (filing 2026-03-31)8.86x
Quick ratio (filing 2026-03-31)7.78x
Trade payables (filing 2026-03-31)Rs 49 Cr
Owners' fund to total sources87.64%
Debt to assets0.86%
Cash flow
Cash from Operating Activity (latest year)Rs 245 Cr
Cash from Investing Activity (latest year)Rs -162 Cr
Cash from Financing Activity (latest year)Rs -78 Cr
Net Cash Flow (latest year)Rs 5 Cr
Free cash flow (latest year)Rs 185 Cr
FCFE (approx.: FCF + change in debt)Rs 126 Cr
Cash from ops / profit, 5 years0.52x
Sales to cash flow2.81x
Statement figures
Net sales (TTM)Rs 671 Cr
Net sales (latest year)Rs 688 Cr
Sales (latest quarter)Rs 142 Cr
Operating profit excl. other income (latest year)Rs 245 Cr
Operating profit (latest quarter)Rs 38 Cr
Other income (TTM)Rs 80 Cr
EBITDA (TTM)Rs 300 Cr
PBDT (TTM)Rs 292 Cr
Profit before tax (TTM)Rs 266 Cr
Tax (latest year)Rs 79 Cr
Net profit (TTM)Rs 180 Cr
Net profit (latest year)Rs 193 Cr
Net profit (latest quarter)Rs 34 Cr
Depreciation (TTM)Rs 26 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 8 Cr
Cost of goods sold (latest year)Rs 225 Cr
Total expenditure (latest year)Rs 443 Cr
Total income (latest year)Rs 774 Cr
Share capitalRs 9 Cr
ReservesRs 1,880 Cr
Shareholders' fundsRs 1,889 Cr
Total assetsRs 2,155 Cr
Net blockRs 239 Cr
Capital work in progressRs 15 Cr
InvestmentsRs 6 Cr
ReceivablesRs 224 Cr
InventoryRs 188 Cr
Other liabilitiesRs 248 Cr
Shares outstanding (crore)9.03
Ownership
Promoter holding48.51% (-0.54 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 79.0 is at the 46th percentile of its own 8.3-year range (median 83.0, low 7.7, high 309.0).
P/B 7.53 is at the 55th percentile (median 7.19).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodZENTECNifty 50Difference
1 week-4.2%-2.8% -1.4 pts
1 month-11.5%-6.8% -4.7 pts
3 months-9.8%-7.6% -2.1 pts
6 months+23.2%+0.4% +22.8 pts
1 year+3.7%-9.9% +13.6 pts
2 years-7.1%-13.6% +6.5 pts
3 years+106.1%+14.2% +92.0 pts
5 years+631.5%+27.9% +603.6 pts
51 mutual fund schemes hold about ₹1,773 Cr. Over three months 43 bought more and 2 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal Large & Midcap Fund3.32%668 -1%
Motilal Oswal Large & Midcap Fund3.32%612 -1%
Motilal Oswal ELSS Tax Saver Fund4.12%212 +3%
Motilal Oswal Nifty India Defence Index Fund2.04%113 +9%
TRUSTMF Small Cap Fund1.15%33 +29%
Aditya Birla SL Nifty India Defence Index Fund2.04%28 +9%
Union Multicap Fund1.01%16 +12%
Nippon India Nifty Smallcap 250 Index Fund0.37%13 +7%
TRUSTMF Flexi Cap Fund1.10%11 +4%
TRUSTMF Multi Cap Fund1.31%11 +70%
Axis Nifty India Defence Index Fund2.04%7 +9%
SBI Nifty Smallcap 250 Index Fund0.37%7 +7%
Union Business Cycle Fund1.17%6 +26%
Motilal Oswal Nifty Smallcap 250 Index Fund0.37%5 +7%
TRUSTMF Mid Cap Fund0.98%4 -25%
TRUSTMF Large & Mid Cap Fund0.88%3 +100%
ICICI Pru Nifty Smallcap 250 Index Fund0.37%3 +7%
HDFC NIFTY Smallcap 250 Index Fund0.37%3 +7%
Motilal Oswal Special Opportunities Fund2.86%3 -6%
The Wealth Company Small Cap Fund2.39%3 +26%
Navi Flexi Cap Fund(Q0.66%2 +5%
JioBlackRock Nifty Smallcap 250 Index Fund0.37%2 +7%
Navi Large & Midcap Fund0.45%1 +10%
Motilal Oswal Nifty 500 Index Fund0.04%1 +8%
Edelweiss Nifty Smallcap 250 Index Fund0.37%1 +7%

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was 48% of net profit over the last 3 years
lookInventory outrunning sales Inventory grew 58% vs sales -29% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹142 Cr -10.1% vs Jun 2025. Net profit ₹32 Cr -39.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-21Dividend - Re 1 Per Share
2025-08-14Dividend - Rs 2 Per Share
2024-09-06Dividend - Re 1 Per Share
2023-09-08Dividend - Re 0.20 Per Share
2023-09-08Annual General Meeting
2022-09-21Annual General Meeting/Dividend - Re 0.10 Per Share
2021-08-18 Annual General Meeting/Dividend - Rs 0.10 Per Share
2020-09-10 Annual General Meeting/Dividend - Rs 0.40 Per Share
2019-09-12 Annual General Meeting/Dividend - Rs 0.30 Per Share
2018-09-19 Annual General Meeting/Dividend Re 0.10 Per Share
2017-09-19 Annual General Meeting/Dividend - Re 0.15 Per Share
2016-09-15 Annual General Meeting/Dividend - Re 0.10 Per Share
2015-09-18 Annual General Meeting/ Dividend - Re 0.35/- Per Share
DateTypeWhat it says
2026-09-17General UpdatesGeneral Updates
2026-09-01Shareholder meetingVoting results.
2026-08-29Shareholder meetingProceedings of Annual General Meeting held on August 29, 2026
2026-08-27Concall / analyst meetSchedule of meet
2026-08-25ESOPExercise of 1900 Options.
2026-08-14Concall / analyst meetSchedule of meet
2026-08-14Concall / analyst meetSchedule of meet
2026-08-14Concall / analyst meetSchedule of meet
2026-08-11ESOPExercise of 4040 Options.
2026-08-10Order winBagging/Receiving of orders/contracts
2026-08-08Director changeChange in Director(s) of the company.
2026-08-07UpdatesCompliance with Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-08-06Shareholder meetingNotice of Annual General Meeting to be held on August 29, 2026
2026-08-05Concall / analyst meetSchedule of meet
2026-08-04Change in ManagementChange in Management
2026-08-03Credit RatingCredit Rating
2026-08-03Monitoring Agency ReportMonitoring Agency Report
2026-07-31Concall / analyst meetTranscript
2026-07-27Concall / analyst meetLink of Recording
2026-07-26Investor PresentationInvestor Presentation
2026-07-26Press ReleaseA press release dated July 26, 2026, titled "Zen Technologies, India s leading anti-drone technology and defense training solutions provider announced...
2026-07-26General UpdatesGeneral Updates
2026-07-25ESOPGrant of 14100 Options.
2026-07-25Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-07-25Change in ManagementChange in Management
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Zen Technologies Ltd?

Zen Technologies Ltd (ZENTEC) has a market capitalisation of Rs 14,625 Cr. at the 2026-10-01 close.

What is the P/E ratio of Zen Technologies Ltd?

Zen Technologies Ltd trades at a P/E of 80.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Zen Technologies Ltd's latest quarterly results?

In the Jun 2026 quarter, Zen Technologies Ltd sales was Rs 142 Cr (-10.1% vs Jun 2025) and net profit was Rs 32 Cr.

What is the 52-week high and low of Zen Technologies Ltd?

The 52-week high is Rs 2,043.70 and the 52-week low is Rs 1,223.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03