Investor presentationAug 2026
Aug 2026 · PPT
Source: Nse
Z-Tech (India) Ltd. (ZTECH)
SME CapIT stocks · SME cap · NSE
Incorporated in 1994, Z-Tech (India) Ltd. is headquartered in New Delhi with 4 branches. It operates in Creative Park Development & Operations (ZyngPark), Industrial Wastewater Management, and Geo Technical Specialized Solutions, with a strong Pan India presence across 20+ states.
₹438
-25.85 · -5.57%
Market cap ₹699 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 12:51 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
56Neutralfull bear SMA stack · SMA20 -3.6% / mo · MACD + · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ZTECHD candles · FIT view-28.9%Latest close ₹438.00 on 2026-10-19
Bar
-0.9%
RSI
43
MACD hist
1.60
52W pos
17%
2026-10-19O ₹442.00H ₹442.05L ₹435.00C ₹438.00Vol 3,300 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
ZTECHNifty ITNifty 500
- ZTECH
- -23.0%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -17.4 pp
Chart stats
19 Oct 2026- From 52W high
- -37.5%
- 52W range position
- 17%
- ATR (14)
- 4.7%
- Volume vs 20D
- 0.19x
- Avg traded value
- ₹0.7 Cr
- 20D price channel
- ₹385 - ₹490
₹701
₹385 - ₹701
₹20.5
Latest completed session
20-session average
55.5% 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 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 · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +42.3% · PAT +33.2% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+3.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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
Average · 52/100margin compression · Rev +42% YoY · PAT +33% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹29.1 Cr | +42.3% | -50.5% |
| EBITDA | ₹6.7 Cr | +33.0% | -65.6% |
| Operating margin | 22.8% | -159 bps | -1007 bps |
| PAT | ₹4.1 Cr | +33.2% | -78.8% |
| PAT margin | 13.9% | -94 bps | -1863 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.70
- P/B
- 3.95
- EV/EBITDA
- 24.17
- Market Cap
- 699.00Cr
Profitability
- ROE
- 20.90%
- ROCE
- 28.20%
- ROA
- 9.66%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 46.00%
- EPS 3Y
- 57.50%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- —
- Altman Z
- 8.26
- Book Value
- 119.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -91.00 Cr
- EPS TTM
- 14.08
Shareholding
- Promoter Hold
- 52.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 29.1-50.5% vs prev
Net Profit
₹ CrLatest: 4.0-78.8% 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
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 38% off 52W high · 14% 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
25
RS percentile
Stage 4 Downtrend
1M return
+6.2%
3M return
-23.0%
6M return
-28.3%
1Y return
-20.2%
RS 1D
-5
RS 20D
+15
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 18.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 75.98-4.60%
RS vs Nifty 50076
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth20/25
Quality11/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 20/25 to the score.
- Quality contributes 11/20 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; 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
34.7
PB
4.0
EV/EBITDA
24.2
ROE
20.9%
ROCE
28.2%
FCF Yield
—
Debt/Equity
0.0
MoS
+3.1%
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
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+3.1%
Previous: +3.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
42
42
42
44
44
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
₹194.16
-125.6% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹451.97
+3.1% MoS
PEG
0.94
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
SAHANA
SME
Sahana System Ltd.
IT Services / Digital
match 155
65
13.9
31.7%
+53%
UNDERVALUED
MARC
SME
Marc Technocrats Ltd.
IT Services / Digital
match 153
52
25.4
21.6%
+21%
FAIR VALUE
VGINFOTECH
SME
Virtual Galaxy Infotech Ltd.
IT Services / Digital
match 153
72
20.9
48.0%
+72%
UNDERVALUED
PROSTARM
Small
Prostarm Info Systems Limited
IT Services / Digital
match 153
48
21.8
16.9%
+34%
FAIR VALUE
FIDEL
SME
Fidel Softech Ltd.
IT Services / Digital
match 152
58
18.2
25.8%
+45%
FAIR VALUE
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 2026-10-20T10:11:38.148Z
Management commentary snapshot
Q1 FY27 Total Income grew 51.55% YoY to Rs. 31.19 crore, with PAT up 33.22% YoY to Rs. 4.05 crore. FY26 Total Income grew 65.03% YoY to Rs. 155.79 crore, and PAT grew 82.91% YoY to Rs. 35.86 crore, driven by the theme park business.
Z-Tech demonstrates robust financial growth, particularly in its ZyngPark segment, which is being repositioned as a high-margin annuity platform. The company is actively expanding its park portfolio and diversifying revenue streams, indicating strong execution and market capture in underserved experiential leisure.
Current business mix
Segment-wise Revenue Break-up
Latest issuer-disclosed distribution across 3 reported categories.
Specialized Park Development77.7%
Civil Engineering17.1%
Waste Water5.2%
Growth engines
ZyngPark Expansion
Targeting 30 operational parks by year-end. Pipeline of 57 parks. Expanding categories to Sports, Woodlands & Pet Parks.
High-Margin Annuity Model
Transitioning from EPC to Zyng Annuity Platform with recurring revenue, expanding margins (~30%+), and capital-light model.
Geosynthetics Industry Growth
India's Geosynthetics industry projected to reach ₹15,523.8 crore by 2033, growing at 8.4% CAGR, driven by road/rail networks and government support.
Wastewater Management Market
Indian Water and Wastewater Treatment Technology Market expected to reach ₹14,013 crore by 2029 at 10.78% CAGR, driven by urbanization and government goals.
Capacity and execution
Vadodara Technical Lab
Started Vadodara Technical Lab for Faster Customized Solutions, enhancing innovation and rapid solution development.
Zyng Parks Operational Target
Targeting 30 operational parks by year-end, expanding from current operational parks.
Tailwinds
Underserved Experiential Leisure Market
54 Crore urban population and 150+ scalable target cities with no meaningful competition for affordable experiential destinations.
Government Support for Infrastructure
Favorable government support through policies and initiatives enhancing use and demand for Geosynthetics. Direct bidding for government projects like MORTH, WRDs, DMRC.
Urbanization & Lifestyle Shifts
Growing disposable incomes and a desire for modern leisure activities, increasing need for municipal water treatment.
Risk radar
Execution Risk for Park Expansion
Rapid expansion plan for Zyng Parks (57 in pipeline, 30 operational by year-end) requires efficient execution and capital deployment.
Competition in New Verticals
Expanding Creative Park Categories to Sports, Woodlands & Pet Parks and introducing new F&B/adventure options may attract new competition.
Dependence on Government Contracts
47.56% of Q1 FY27 revenue from government contracts, indicating potential exposure to policy changes or project delays.
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 company provides both Q1 FY27 vs Q1 FY26 and FY26 vs FY25 comparisons, indicating a focus on annual growth trends. The nature of infrastructure projects and park development often involves longer-term cycles, making YoY comparisons more relevant for assessing performance and strategic execution.
Sector KPIs management disclosed
Operational Parks
9 parks with dedicated adventure areas already operational. Total pipeline of 57 parks across various stages.
Activations across Parks
FY25: 8 activations; FY26: 21 activations; First 3 months of FY27: 36 activations.
Order Book (Creative Park Development)
~₹300 Crore, representing a robust pipeline of long-term contracts.
Order Book (Geo Technical Solutions)
Terra: ~₹228 Crore; Agua: ~₹20 Crore.
Management forward view
Scaling Core Infrastructure & Diversifying Order Book
Focused on scaling presence across core infrastructure segments, diversifying order book, and leveraging engineering capabilities for sustainable growth.
ZyngPark Rebranding & Value Unlock
Rebranded theme park business as 'ZyngPark' to create distinct identity, strengthen customer engagement, and unlock long-term value.
Exploring Partnership Models
Exploring franchisee models (COFO, FOCO) and corporate partnerships for Zyng Parks to mitigate risks and create long-term value.
Enhancing Park Experience & Engagement
Driving Zyng Parks as a go-to destination, utilizing non-ticketed areas, adding new age engagement (AR/VR), and curating events.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operational Zyng Parks | 9 operational with adventure areas; 30 targeted by year-end. | Timely commissioning and ramp-up of the 57-park pipeline, especially the 30 operational target. |
| Activations across Parks | 36 activations in first 3 months of FY27. | Sustained increase in activations and their impact on footfall and recurring revenue streams. |
| ZyngPark Revenue Streams | Focused efforts on F&B expansion, sports & recreation, and events-based revenue streams. | Evidence of expanding margins (~30%+) and recurring cash flows from diverse sources as per the annuity model. |
| Order Book Growth | Creative Park: ~₹300 Cr; Geo Technical: ~₹248 Cr. | Conversion of enquiry funnel (Terra: ₹707 Cr, Agua: ₹100 Cr) into firm orders and execution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 50th percentile within IT. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
18 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · IT: 50th pctile, median 69 · SME: 70th pctile, median 64
Evidence depth
Financial-only
18 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
28
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.01.
- ▸ROCE is 28.2%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-91 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -13.8%.
- ▸OPM spread across recent quarters is 16.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Z-Tech (India) Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Investor presentationMay 2026
May 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 21 May 2026 - Z-Tech (India) Ltd shared an investor presentation on business segments, strategy, and industry outlook.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 8 Sep - 32nd AGM on September 30, 2026; annual report for FY 2025-26 released.
Source: Nse
Annual reportMar 2026
Sep 2026 · General Updates 8 Sep - Annual report access letter dispatched; AGM on September 30, 2026, with remote e-voting dates announced.
Source: Nse
Concall transcriptFeb 2026
Feb 2026 · Transcript
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.