Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Oct - Newspaper Advertisement in respect to a special window opened for lodgement of transfer and dematerialization request(s)
Source: Bse
Zensar Technologies Limited (ZENSARTECH)
Small CapIT stocks · Small cap · NSE
Zensar Technologies Limited is an IT services company based in Pune, India, serving clients across North America, UK & EU, and Africa. It operates in BFSI, MCS, HLS, and TMT verticals, focusing on digital transformation and AI-native solutions.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result30 Jul, 01:51 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
67BullishRSI overbought · MACD + · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
ZENSARTECHD candles · FIT view-7.1%Latest close ₹509.35 on 2026-10-21
Bar
-0.7%
RSI
70
MACD hist
9.29
52W pos
23%
2026-10-21O ₹513.15H ₹522.30L ₹506.25C ₹509.35Vol 19.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ZENSARTECHNifty ITNifty 500
- ZENSARTECH
- -0.9%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +5.6 pp
Chart stats
21 Oct 2026- From 52W high
- -38.0%
- 52W range position
- 23%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.25x
- Avg traded value
- ₹74.5 Cr
- 20D price channel
- ₹416.2 - ₹523.7
₹822
₹416.2 - ₹822
₹17.9
Latest completed session
20-session average
33.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +8.9% · PAT +1.1% YoY
Technical
Bullish67
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +9% YoY · PAT +1% YoY
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,508 Cr | +8.9% | +4.0% |
| EBITDA | ₹221 Cr | +4.7% | -6.4% |
| Operating margin | 15.0% | +0 bps | -100 bps |
| PAT | ₹184 Cr | +1.1% | -12.8% |
| PAT margin | 12.2% | -94 bps | -235 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.50
- P/B
- 2.44
- EV/EBITDA
- 11.34
- Market Cap
- 11519.00Cr
Profitability
- ROE
- 17.30%
- ROCE
- 22.80%
- ROA
- 12.78%
- Dividend Y
- 2.96%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 77.17×
- Altman Z
- 7.93
- Book Value
- 207.00
Cash Flow
- FCF Yield
- 4.75%
- FCF Positive Y
- 11/5
- OCF
- 771.00 Cr
- EPS TTM
- 34.14
Shareholding
- Promoter Hold
- 49.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,508+4.0% vs prev
Net Profit
₹ CrLatest: 184-12.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 70. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 70 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 38% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
23
RS percentile
Stage 1 Base / Transition
1M return
+16.7%
3M return
-0.9%
6M return
-10.0%
1Y return
-36.5%
RS 1D
+5
RS 20D
+20
Sector rank
#1
Industry rank
#2
Stage evidence
- Price is within 3.5% of the 30-week proxy.
- The 30-week proxy changed -2.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 70.76+0.18%
RS vs Nifty 50071
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation15/30
Growth20/25
Quality12/20
Balance Sheet11/15
Cash Flow9/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 4.8%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 53.5%.
Main drags
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
14.5
PB
2.4
EV/EBITDA
11.3
ROE
17.3%
ROCE
22.8%
FCF Yield
4.8%
Debt/Equity
0.0
MoS
+53.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+53.5%
Previous: +53.2%
Score history
12 stored score snapshots. Latest stored move: +1 points.
21 Oct 2026
v4.3-runtime-valuation
79
79
79
76
76
75
71
71
71
71
71
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹398.76
-27.7% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹1,095.89
+53.5% MoS
PEG
0.59
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHILCTECH
Small
Shilchar Technologies Limited
IT Services / Digital
match 161
59
33.6
37.8%
-0%
FAIR VALUE
MPSLTD
Small
MPS Limited
IT Services / Digital
match 161
62
23.3
29.7%
+31%
UNDERVALUED
DATAMATICS
Small
Datamatics Global Services Limited
IT Services / Digital
match 161
55
18.1
16.0%
+34%
FAIR VALUE
SHADOWFAX
Small
Shadowfax Technologies Limited
IT Services / Digital
match 160
35
100.0
10.4%
-143%
WATCHLIST
NIITMTS
Small
NIIT Learning Systems Limited
IT Services / Digital
match 160
67
12.0
15.5%
+67%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-17T15:38:54.814Z
Management commentary snapshot
Zensar Technologies reported +3.1% YoY revenue growth to $643.7M in FY26, with EBITDA margin expanding +50 bps YoY to 16.0%. Net cash position improved 7.2% YoY to $319.5M, and voluntary attrition decreased 10 bps YoY to 9.8%.
Despite a challenging macro environment and industry headwinds, Zensar delivered modest revenue growth and improved profitability in FY26. The strategic pivot to an AI-native organization and focus on large deals are critical for future growth, but execution risk remains.
Growth engines
Transforming Zensar Into an AI-Native Organization
Strategic focus to embed AI across enablers, industries, services, and outcomes, with 85%+ AI-Native Workforce.
Winning & Executing large deals
Identified as a key strategic focus area for FY27.
Strengthening Verticalization solutioning
A strategic focus area for FY27 to enhance industry-specific offerings.
Improving Farming Efficacy to Accelerate growth
A strategic focus area for FY27, indicating efforts to deepen existing client relationships.
Capacity and execution
CIS Experience Center
Inaugurated a new CIS Experience Center in Pune, designed to bring infrastructure to life.
European Technology Delivery Center
Expanded European footprint with the inauguration of a new Technology Delivery Center in Belgrade, Serbia.
Tailwinds
Enterprise AI Adoption
Enterprise adoption of Artificial Intelligence is gaining traction, creating new opportunities for AI-native offerings.
Offshore Expansion
Accelerated work transfer to India, impacting revenue for Indian IT firms.
Headwinds
GCC proliferation
Growth of Global Capability Centers (GCCs) from 1,285 in FY19 to 1,800 in FY25, eating into IT firm’s share.
Client Budget Cuts
Higher input costs and reduced discretionary tech spend by clients.
NASSCOM revised projections
Revision to $350B by 2030 from $350B by 2026, with low single-digit growth expected for the industry.
US Immigration tightens
Tightening US immigration policies may impact talent mobility and project execution.
Risk radar
Geopolitical Uncertainties
Tariff, trade, and geopolitical uncertainties pose risks to global business operations.
AI Challenges
Challenges with data, governance, and ROI in enterprise AI adoption could hinder implementation.
Stock Market Reaction
Nifty IT Index declined 25% in 2026 (as of April), with firms dependent on heavy U.S. revenues hit hardest.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation primarily highlights annual performance figures (FY26 vs. FY25 or previous fiscal years), making year-over-year comparison most relevant for assessing long-term trends and business cycles in IT services.
Sector KPIs management disclosed
Total Revenue
$643.7M, +3.1% YoY
Gross Margin
31.9%, +220 bps YoY
EBITDA Margin
16.0%, +50 bps YoY
Net Profit Margin
13.5%, +120 bps YoY
Management forward view
AI-Native Transformation
Management is focused on transforming Zensar into an AI-Native Organization by design and in practice, aiming for 85%+ AI-Native Workforce.
Strategic Partnerships
Strengthening Advisors & Alliance relationships is a key focus, backed by a strong partnership ecosystem.
Client Engagement
Emphasis on client centricity, evidenced by 125+ client visits in FY26 and the opening of multiple Centers of Excellence.
Shareholder Returns
The Board approved a dividend of ₹15 per share for FY26, reflecting approximately 44% of Earning per share paid out.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AI-Native Workforce | 85%+ AI certified workforce | Monitor progress on AI-native workforce certification and its impact on project wins and delivery efficiency. |
| Order Book Growth | $912.7M, +17.8% YoY | Watch for continued growth in order book, especially AI-influenced deals, as an indicator of future revenue. |
| Customer Satisfaction Index | 74.6, +60 bps YoY | Track customer satisfaction index for sustained improvement, indicating successful project delivery and client retention. |
| Voluntary Attrition (LTM) | 9.8%, -10 bps YoY | Monitor attrition rates to ensure talent retention amidst industry competition and demand for AI skills. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 92nd percentile within IT. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
162 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · IT: 92nd pctile, median 69 · Small: 96th pctile, median 66
Evidence depth
Financial-only
162 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.8%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Zensar Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Oct - Intimation about allotment of Equity shares by Nomination and Remuneration Committee
Source: Bse
Credit ratingAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 31 Aug - ICRA reaffirmed Zensar’s AA+ Stable/A1+ rating for Rs 191 crore bank limits on August 31, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Aug - Intimation about allotment of Equity Shares by the Nomination and Remuneration Committee
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper Advertisement in respect to a special window opened for lodgement of transfer and dematerialization request(s)
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 8 Aug - Crisil assigns Zensar ESG score 74 in Leadership category for FY2026.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Company Ir
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper Advertisement in respect to 63rd Annual General Meeting of the Company
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 8 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Newspaper Advertisement published in Financial express - All India Edition (English Newspaper) and Loksatta - Pune Edition (Marathi Newspaper) intimating that the 63rd Annual General …
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.