Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Oct - Zen Technologies to acquire 51.98% of Cogknit Semantics for ₹135.15 crore, subject to closing conditions.
Source: Bse
Zen Technologies Limited (ZENTEC)
Large CapIndustrials stocks · Large cap · NSE
Zen Technologies is an Indian defence company specializing in training simulation, counter-drone solutions, automated weapons stations, combat robotics, and drones. With a three-decade R&D focus, it develops products validated in real battlefields, serving the Armed Forces.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result25 Jul, 11:40 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
49NeutralSMA20 -8.6% / mo · MACD +
Stock trend: 51
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ZENTECD candles · FIT view-6.2%Latest close ₹1613.50 on 2026-10-21
Bar
-0.7%
RSI
45
MACD hist
10.57
52W pos
48%
2026-10-21O ₹1625.00H ₹1625.00L ₹1561.10C ₹1613.50Vol 2.2L 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
ZENTECNifty India ManufacturingNifty 500
- ZENTEC
- -11.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -4.8 pp
Chart stats
21 Oct 2026- From 52W high
- -21.1%
- 52W range position
- 48%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹40.3 Cr
- 20D price channel
- ₹1,479.2 - ₹1,729.9
₹2,043.7
₹1,223 - ₹2,043.7
₹60.9
Latest completed session
20-session average
35.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -10.1% · PAT -39.6% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-105.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
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 · 0/100Rev -10% YoY · PAT -40% YoY · margin compression
Filed 25 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹142 Cr | -10.1% | -20.2% |
| EBITDA | ₹38 Cr | -40.6% | -24.0% |
| Operating margin | 27.0% | -1400 bps | -100 bps |
| PAT | ₹32 Cr | -39.6% | -31.9% |
| PAT margin | 22.5% | -1100 bps | -386 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 80.90
- P/B
- 7.78
- EV/EBITDA
- 60.05
- Market Cap
- 14694.00Cr
Profitability
- ROE
- 10.70%
- ROCE
- 16.20%
- ROA
- 9.14%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 66.00%
- EPS 5Y
- 128.00%
- Revenue 3Y
- 46.00%
- EPS 3Y
- 67.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 27.38×
- Altman Z
- 8.18
- Book Value
- 209.00
Cash Flow
- FCF Yield
- 0.56%
- FCF Positive Y
- 4/5
- OCF
- 245.00 Cr
- EPS TTM
- 19.96
Shareholding
- Promoter Hold
- 48.51%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 142-20.2% vs prev
Net Profit
₹ CrLatest: 32.0-31.9% 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
Bearish setupTrend is weak — long-term uptrend intact. RSI 45.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~9.4% over last month) — short-term momentum negative.
- RSI(14) at 45 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 32% 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
75
RS percentile
Stage 1 Base / Transition
1M return
-4.4%
3M return
-11.3%
6M return
-6.3%
1Y return
+18.5%
RS 1D
0
RS 20D
+8
Sector rank
#6
Industry rank
-
Stage evidence
- Price is within 4.3% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 117.79+0.08%
RS vs Nifty 500118
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth22/25
Quality2/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 22/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -105.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
80.9
PB
7.8
EV/EBITDA
60.0
ROE
10.7%
ROCE
16.2%
FCF Yield
0.6%
Debt/Equity
0.0
MoS
-105.7%
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
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-105.7%
Previous: -107.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
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
₹306.37
-426.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹784.43
-105.7% MoS
PEG
0.78
Comparable companies
Peers
Business-comparable peers in Industrials — 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
RATEGAIN
Micro
Rategain Travel Technologies Limited
IT Services / Digital
match 145
40
39.2
11.9%
-22%
WATCHLIST
PAISALO
Small
Paisalo Digital Limited
IT Services / Digital
match 142
31
29.4
14.4%
+10%
OVERVALUED
STYL
Micro
Seshaasai Technologies Limited
IT Services / Digital
match 141
56
21.0
23.3%
+25%
FAIR VALUE
RELIABLE
Small
Reliable Data Services Limited
IT Services / Digital
match 138
43
16.0
10.9%
+53%
WATCHLIST
UTLSOLAR
Micro
Fujiyama Power Systems Limited
IT Services / Digital
match 127
32
27.2
—
+5%
WATCHLIST
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 under stressReviewed 2026-06-03T18:57:41.841Z
Management commentary snapshot
Zen Technologies reports muted FY26 performance with significant YoY declines in revenue, EBITDA, and PAT. Q4FY26 also saw sharp YoY drops. However, the company closed FY26 with a robust consolidated order book of ₹1,336 crore, driven by strong Q4 inflows.
FY26 results were muted due to delayed order conversion, impacting revenue and profitability. Management, however, highlights a structural transformation, diversified earnings base, expanded product portfolio, and a strong forward order book, positioning the company for visible FY27 execution.
Growth engines
Expanded Product Portfolio
Zen ended FY26 with five capabilities: training simulation, counter-drone solutions, automated weapons stations, combat robotics, and drones.
Subsidiary Contribution
Contribution from subsidiaries to consolidated revenue and earnings validated capital allocation decisions.
New Product Development
Expects to add several new products to its portfolio in coming quarters, addressing capability gaps.
Diversified Earnings Base
Structurally more diversified earnings base positions Zen for wider opportunities.
Tailwinds
Domestic Defence Policy
Draft Defence Acquisition Procedure 2026 and 'Buy Indian IDDM' policy intensify tailwinds.
Global Strategic Demand
Recent events underline strategic importance of layered counter-UAS systems and combat-ready forces.
Headwinds
Delayed Order Conversion
FY26 order conversion timing was delayed beyond expectations.
Risk radar
Execution Risk
Order conversion timing was delayed, impacting FY26 performance, indicating potential for future delays.
Competition & Economic Conditions
Forward-looking statements involve risks like intense competition, political instability, and general economic conditions.
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 BOTH
The company provides both Q4 YoY and FY YoY comparisons, essential for understanding annual trends in a project-based business. QoQ data is also available and crucial for assessing sequential momentum and the timing of order execution.
Sector KPIs management disclosed
Revenue from Operations (FY26)
₹687.69 Cr (down from ₹973.64 Cr in FY25)
EBITDA (FY26)
₹332.66 Cr (down from ₹431.91 Cr in FY25)
Profit After Tax (FY26)
₹193.45 Cr (down from ₹280.24 Cr in FY25)
Consolidated Order Book (Mar 31, 2026)
₹1,336.04 Cr
Management forward view
FY26 Performance Context
FY26 financial performance was muted relative to FY25, a trajectory communicated earlier.
Structural Transformation
Zen ended FY26 as a defence company with five ready capabilities, expanding its product portfolio to actual war needs.
FY27 Outlook
FY27 execution is clearly visible, with the majority of the ₹1,336 crore order book scheduled for execution in FY27.
Future Positioning
Company believes it is entering FY27 better positioned than at any point in its recent history.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | ₹1,336.04 Cr (as of Mar 31, 2026) | Monitor the timely execution of the majority of the order book scheduled for FY27. |
| New Product Launches | Several new products expected in coming quarters. | Track the launch and market acceptance of new products addressing capability gaps. |
| Subsidiary Performance | Validated capital allocation decisions. | Assess continued and growing contribution from subsidiaries to consolidated financials. |
| EBITDA Margin Trend | FY26: 48.37%; Q4FY26: 41.38%. | Observe stabilization or improvement in EBITDA margins, particularly operational EBITDA, as execution ramps up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited 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 49th percentile of the scored universe and 47th percentile within Industrials. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
114 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Industrials: 47th pctile, median 68 · Large: 26th pctile, median 73
Evidence depth
Financial-only
114 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
58
watch · capital discipline
Results
5
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.6%.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -16.8%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Zen 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 - Transfer of equity shares pursuant to the exercise of options granted under the Zen Technologies Limited Employee Stock Option Plan 2021
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Sep - Transfer of equity shares pursuant to the exercise of options granted under the Zen Technologies Limited Employee Stock Option Plan 2021
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Aug - Transfer of equity shares pursuant to the exercise of options granted under the Zen Technologies Limited Employee Stock Option Plan 2021
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Aug - Transfer of equity shares pursuant to the exercise of options granted under the Zen Technologies Limited Employee Stock Option Plan 2021
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 10 Aug - Zen Technologies received ₹295 crore Ministry of Defence order for simulator supply, to be executed within a year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 29 Jun - Transfer of equity shares pursuant to the exercise of options granted under the Zen Technologies Limited Employee Stock Option Plan 2021
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.