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Zen Technologies Limited (ZENTEC)

₹1,655.60 -2.32% last close, 16 Oct

📊 NSE: ZENTEC 🏢 Aerospace & Defense 📢 Latest filing: 17 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Zen Technologies' revenue was ₹142 Cr (-10.5% year on year, -20.4% on the previous quarter), and net profit ₹31.8 Cr (-40.0% year on year); the operating margin was 27.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹142	-10.5%	-20.4%
Operating profit	₹38.7	-40.2%	-22.6%
Net profit	₹31.8	-40.0%	-32.2%
EPS (₹)	3.83	-27.9%	+9.7%
Operating margin	27.3%	—	—

Full quarterly financials → Results calendar →

ZENTEC delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.5% of the ZENTEC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.25%. That is close to its usual level.

40.5%Delivery, 16 Oct

39.25%Own 20-session average

0.7×Volume vs its average

₹1,655.60NSE close · -2.32%

Delivery in the last 5 sessions: 30.5% · 31.9% · 32.9% · 44.5% · 40.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Zen Technologies Transfers 500 Shares Under ESOP 2021; No Change in Capital

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 11:28 AM

Zen Technologies Limited announced the transfer of 500 equity shares of face value Rs 1 each from its Employees Welfare Trust to eligible employees upon option exercise under the ESOP-2021 scheme. The exercise price was Rs 500 per share, including a premium of Rs 499 per share. Because the shares were transferred from the trust, there is zero change in the company's total issued share capital of 9,02,90,356 shares. The event is strictly routine and immaterial to the company's financial operations or dilution profile.

Transferred 500 equity shares under the Zen Technologies Limited Employee Stock Option Plan-2021
Exercise price fixed at Rs 500 per share (face value Rs 1, premium Rs 499 per share)
Total issued share capital remains unchanged at 9,02,90,356 equity shares
Transfer executed on September 16, 2026, from the Zen Technologies Limited Employees Welfare Trust

💡 No action required. Investors should track core operating execution and order book delivery against the company's multi-year targets.

Zen Technologies Shareholders Approve All 8 AGM Resolutions Including Final Dividend and Board Changes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 04:16 PM

Zen Technologies Limited announced that all 8 resolutions presented at its 33rd Annual General Meeting held on August 29, 2026, were passed by shareholders with the requisite majority. Key approvals include the adoption of FY2025-26 standalone and consolidated financial statements, declaration of the final dividend, and the re-appointment of Director Ashok Atluri with 96.47% approval. In addition, shareholders approved the appointments of Independent Directors Mr. Jasthi Krishna Kishore and Ms. Uma Priyadarshini Kollareddy, as well as the re-appointment of Whole Time Director Mrs. Shilpa Choudari.

All 8 resolutions passed with overall voting turnout of approximately 61.91% of outstanding shares (55,896,003 votes polled)
Adoption of FY2025-26 financial statements and declaration of final dividend approved with >99.99% votes in favour
Re-appointment of Director Ashok Atluri approved with 96.47% votes in favour (1,973,156 institutional and non-institutional votes against)
Appointment of two Independent Directors (Mr. Jasthi Krishna Kishore, Ms. Uma Priyadarshini Kollareddy) approved with >99.99% majority

💡 Track the payment timeline for the declared final dividend and observe upcoming order execution towards the targeted INR 6,000 Cr order execution plan across FY27-FY28.

Zen Technologies Concludes 33rd AGM; 8 Resolutions Placed for Voting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Aug 2026, 12:46 PM

Zen Technologies Limited conducted its 33rd Annual General Meeting on August 29, 2026, via video conferencing with 69 shareholders in attendance (12 promoter group, 57 public). Key business items placed before shareholders included adoption of FY2025-26 annual financial statements, final dividend approval, and the appointment of two new Independent Directors (Mr. Jasthi Krishna Kishore and Ms. Uma Priyadarshini Kollareddy). Chairman Ashok Atluri briefed shareholders on business execution, anti-drone capabilities, and the development of sovereign defence-AI platform 'Samvid'. Voting results and the Scrutinizer's report will be declared separately within statutory timelines.

33rd Annual General Meeting held on August 29, 2026, attended by 69 members via video conferencing (12 promoters, 57 public)
8 resolutions presented for approval, including adoption of FY2025-26 audited accounts and final dividend declaration
Appointment of two Independent Directors tabled: Mr. Jasthi Krishna Kishore and Ms. Uma Priyadarshini Kollareddy
Meeting commenced at 9:30 AM IST and concluded at 10:50 AM IST after a 15-minute post-proceedings e-voting window

💡 Track the upcoming stock exchange disclosure of formal e-voting results and the scrutinizer's report to confirm resolution approvals.

Zen Technologies to Attend Elara India Dialogue Investor Meet on September 3, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 12:01 PM

Zen Technologies Limited has informed exchanges about its participation in an investor conference. The company's management is scheduled to attend 'Ashwamedh - Elara India Dialogue 2026' organized by Elara Capital in Mumbai on September 3, 2026. The interactions will be in-person 1-on-1 and group meetings. No unpublished price sensitive information (UPSI) will be shared.

Management participating in Ashwamedh - Elara India Dialogue 2026 on September 03, 2026
Event organized by Elara Capital via in-person 1*1 and group meetings in Mumbai
Company confirmed that no unpublished price sensitive information will be shared

💡 Track subsequent post-meet presentation filings or disclosures on the exchanges if any new corporate updates or investor presentations are released.

Zen Tech Transfers 1,900 ESOP Shares from Welfare Trust; Paid-Up Capital Unchanged

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 05:55 PM

Zen Technologies Limited has transferred 1,900 equity shares of face value ₹1 each to eligible employees under its Employee Stock Option Plan-2021. The shares were transferred from the Zen Technologies Limited Employees Welfare Trust upon completion of the vesting period. Out of the 1,900 options, 500 were exercised at ₹100 per share and 1,400 at ₹500 per share. Since the shares were transferred from the existing employee trust, the company's total issued share capital remains unchanged at 9,02,90,356 equity shares.

Transferred 1,900 equity shares of face value ₹1 each under the ESOP-2021 scheme
Exercise details include 500 options at an exercise price of ₹100 and 1,400 options at ₹500 per share
Shares transferred directly from the Employees Welfare Trust with zero equity dilution
Total issued share capital remains unchanged at 9,02,90,356 equity shares

💡 This is a routine administrative filing regarding employee stock option vesting. Investors should focus on core operational metrics like order execution and defense contract milestones.

Zen Technologies to Attend Motilal Oswal Investor Conference on August 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 12:45 PM

Zen Technologies has scheduled participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026, in Mumbai. The management will engage in 1*1 or group meetings with institutional investors. As per the filing, no unpublished price-sensitive information (UPSI) will be shared. This interaction occurs as the company, with a market cap of ₹18,223 Cr, targets a significant cumulative order execution of ₹6,000 Cr across FY2027 and FY2028.

Management to participate in Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026.
Meetings will be conducted in-person in Mumbai via 1*1 or group formats.
Company is currently managing a TTM revenue of ₹829 Cr with a high OPM of 34.4%.
Strategic focus remains on executing a ₹6,000 Cr order book target for FY2027-28.

💡 Investors should look for any subsequent investor presentations or transcripts filed with the exchanges for updates on the execution timeline of the ₹6,000 Cr order book.

Zen Technologies to Attend Motilal Oswal Investor Conference on August 19, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 12:39 PM

Zen Technologies has scheduled participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026, in Mumbai. The management will engage in 1-on-1 or group meetings with institutional investors. This interaction occurs as the company pursues an ambitious target of executing Rs 6,000 Cr in orders across FY2027 and FY2028. No unpublished price sensitive information is expected to be disclosed during these sessions.

Management to participate in the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026
Meetings will be conducted in-person in Mumbai via 1-on-1 or group formats
Company is currently operating with a TTM revenue of Rs 829 Cr and a high P/E of 72.9
Strategic focus remains on a cumulative order execution target of Rs 6,000 Cr for FY27 and FY28
TTM Operating Profit Margin (OPM) remains robust at 34.4%

💡 Watch for any investor presentations or transcripts released post-conference for updates on the execution timeline of the Rs 6,000 Cr order book target.

Zen Technologies to Attend Motilal Oswal Investor Conference on August 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 12:32 PM

Zen Technologies management is scheduled to participate in the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026, in Mumbai. The interaction will involve one-on-one or group meetings with institutional investors. This routine engagement occurs as the company pursues an ambitious target of executing Rs 6,000 Cr in orders across FY2027 and FY2028. No unpublished price-sensitive information is expected to be disclosed during these sessions.

Conference scheduled for August 19, 2026, in Mumbai
Organized by Motilal Oswal as part of their 22nd Annual Global Investor Conference
Company is currently trading at a P/E of 72.9 with a market cap of Rs 18,223 Cr
Management is targeting a cumulative order execution of Rs 6,000 Cr for FY27 and FY28
TTM revenue stands at Rs 829 Cr, indicating the scale of the future execution target

💡 Investors should watch for any investor presentations or transcripts released post-conference for updates on the execution timeline of the Rs 6,000 Cr order target.

4,040 shares transferred to employees under Zen Technologies ESOP 2021

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 10:51 PM

Zen Technologies Limited has transferred 4,040 equity shares to eligible employees following the exercise of options under the Zen Technologies Limited Employee Stock Option Plan-2021. The shares were transferred from the Zen Technologies Limited Employees Welfare Trust, which was established to implement the scheme. Consequently, there is no change in the company's total paid-up share capital, which remains at 9,02,90,356 shares. This is a routine administrative action following the completion of the vesting period for the respective employees.

4,040 equity shares of face value ₹1 each transferred to employees
Total issued share capital remains unchanged at 9,02,90,356 shares
Shares transferred from the existing Employees Welfare Trust on August 11, 2026
The transfer was executed under the Zen Technologies Limited Employee Stock Option Plan-2021

💡 No action is required as this is a routine administrative filing. Investors should note that because shares were transferred from a trust, there is no equity dilution for existing shareholders.

₹295 Cr Order Win from Ministry of Defence for Simulators

🟢 POSITIVE ⭐ 9/10

OTHER 📅 10 Aug 2026, 08:08 PM

Zen Technologies has secured a significant domestic order worth ₹295 crores (including GST) from the Ministry of Defence, Government of India. This order is for the supply of simulators and is scheduled for execution within a one-year timeframe. Representing approximately 34.8% of the company's TTM revenue of ₹846 crores, this win provides strong revenue visibility for the upcoming fiscal year. Given the company's high TTM operating margin of 36.8%, this contract is expected to be highly accretive to earnings.

New order worth ₹295 crores including GST from the Ministry of Defence.
Execution timeline is strictly within 12 months from the date of the order.
Order value represents ~34.8% of the TTM revenue of ₹846 crores.
Focus remains on domestic defense modernization through simulator supply.
Aligns with the company's strategy to execute ₹6,000 Cr in orders across FY27 and FY28.

💡 Investors should monitor the quarterly revenue recognition from this contract and watch for any procedural delays typical of MoD contracts. The key metric to track is the company's progress toward its cumulative ₹6,000 Cr execution target for FY27-28.

Zen Technologies Announces Completion of Tenure for Independent Director Ms. Sirisha Chintapalli

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Aug 2026, 10:31 AM

Zen Technologies Limited has informed the exchanges that Ms. Sirisha Chintapalli (DIN: 08407008) ceased to be an Independent Director effective August 08, 2026. This change follows the completion of her second consecutive term on August 07, 2026, in accordance with regulatory requirements. The company, which has a market capitalization of ₹17,414 Cr and a TTM revenue of ₹846 Cr, noted the transition as a routine governance event. There is no reported impact on the company's aggressive growth strategy of executing ₹6,000 Cr in orders across FY2027 and FY2028.

Ms. Sirisha Chintapalli ceased to be an Independent Director effective August 08, 2026.
The cessation is due to the completion of her second consecutive term on August 07, 2026.
Zen Technologies is currently managing a TTM revenue of ₹846 Cr with a high OPM of 36.8%.
The company is targeting a cumulative execution of ₹6,000 Cr in orders for FY2027 and FY2028.

💡 Investors should monitor the company's next board meeting announcement for the appointment of a replacement to ensure continued compliance with SEBI board composition norms.

Zen Technologies Issues Physical Intimation for 33rd Annual Report (FY 2025-26) Access

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 11:24 PM

Zen Technologies has dispatched physical letters to shareholders whose email addresses are not registered with the company or depositories. These letters provide a web-link and QR code to access the 33rd Annual Report for the financial year 2025-26. This action is a standard regulatory requirement under SEBI Regulation 36(1)(b) to ensure all shareholders can review the company's performance. The company currently maintains a market capitalization of ₹17,414 Cr with a TTM revenue of ₹846 Cr.

33rd Annual Report for FY 2025-26 is now available for shareholder review
Physical letters sent to shareholders without registered email IDs as of August 07, 2026
Compliance with SEBI Regulation 36(1)(b) regarding digital access to financial statements
Company maintains a high OPM of 36.8% as per latest TTM data

💡 Investors should use the provided web-link to download the full Annual Report to study the management's strategy for the targeted ₹6,000 Cr order execution in FY27-28.

Rs 1,336 Cr Order Book Highlighted in Zen Technologies FY26 Annual Report; AGM Set for Aug 29

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Aug 2026, 10:28 PM

Zen Technologies has issued its FY25-26 Annual Report and scheduled its 33rd AGM for August 29, 2026. The company reported FY26 revenue of Rs 687.69 Cr with a PAT of Rs 193.45 Cr and a strong EBITDA margin of 48.3%. Crucially, the order book stands at Rs 1,336.04 Cr, providing significant revenue visibility (approx. 1.58x TTM revenue). The company is pivoting from a simulation specialist to a diversified defense tech firm, focusing on anti-drone systems and combat robotics.

Order book reached Rs 1,336.04 Cr as of March 31, 2026, representing 158% of TTM revenue.
FY26 financial performance included Revenue of Rs 687.69 Cr and EBITDA of Rs 332.66 Cr.
R&D investment totaled Rs 139.11 Cr over the last five years, resulting in 94 granted patents.
Counter-UAS technology now features a 15 km detection range (Hawkeye AI) and sub-0.1 second response time.
Management is targeting a cumulative execution of Rs 6,000 Cr in orders across FY2027 and FY2028.

💡 Monitor the AGM on August 29 for management updates on the execution timeline for the ambitious Rs 6,000 Cr two-year revenue target and progress in US/UAE export markets.

Zen Technologies to Meet Institutional Investors on August 10, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 11:11 PM

Zen Technologies has scheduled an in-person meeting with institutional investors for August 10, 2026, in Mumbai. The event is the Semi-Annual Investor Conference 2026, organized by Nirmal Bang Institutional Equities. The company, which currently has a TTM revenue of ₹846 Cr and a high P/E of 62.5, will engage in 1-on-1 and group discussions. Such meetings are routine for mid-to-large cap companies to maintain institutional relations.

Meeting scheduled for August 10, 2026, in Mumbai
Organized by Nirmal Bang Institutional Equities as part of their Semi-Annual Conference
Format includes both 1-on-1 and group institutional meetings
Company is currently managing a market capitalization of ₹16,944 Cr
Management is targeting a cumulative order execution of ₹6,000 Cr across FY2027 and FY2028

💡 Watch for any updated investor presentations or transcripts filed after the meeting for insights into the execution timeline of the ₹6,000 Cr order target.

Zen Technologies Appoints Ms. Uma Priyadarshini Kollareddy as Independent Director for 3-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 04 Aug 2026, 11:06 PM

Zen Technologies has appointed Ms. Uma Priyadarshini Kollareddy as an Additional Director (Non-Executive, Independent) for a three-year term starting August 04, 2026. Ms. Kollareddy brings over 16 years of experience in capital markets, strategic investments, and corporate transformation, holding advanced degrees from Columbia University. This appointment strengthens the board's expertise as the company pursues a cumulative order execution target of ₹6,000 Cr across FY2027 and FY2028. The appointment is subject to shareholder approval.

Appointment of Ms. Uma Priyadarshini Kollareddy as Independent Director for a 3-year term effective August 04, 2026
Appointee brings over 16 years of experience in corporate transformation and capital markets
Ms. Kollareddy holds a Master of Science in Financial Engineering and an MBA from Columbia University
Company is currently scaling to meet a cumulative order book execution target of ₹6,000 Cr for FY2027 and FY2028
Confirmation provided that the appointee is not debarred from holding office by SEBI or any other authority

💡 Investors should monitor the upcoming shareholder meeting for the formal ratification of this appointment and observe if the new board expertise influences future capital allocation or international expansion strategies.

View All ZENTEC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew by 121.36% in fiscal 2025, reaching INR 973.64 Cr compared to INR 439.85 Cr in fiscal 2024. However, H1 FY2026 revenue saw a 52.44% decline to INR 235.71 Cr from INR 495.64 Cr in H1 FY2025, primarily due to procedural delays in Request for Proposals (RFPs) following emergency procurement measures.

Geographic Revenue Split

The majority of revenue is derived from India, serving the Ministry of Defence, police, and paramilitary forces. International expansion is managed through Zen Defence Technologies LLC (UAE) and Zen Technologies USA, Inc., though these subsidiaries are in early or pre-operational stages as of March 2025.

Profitability Margins

Profitability remains high with an operating margin of 38% in fiscal 2025. PAT margins improved significantly from 22.77% in FY2023 to 29.21% in FY2024. In H1 FY2026, the PAT margin stood at 35% (INR 83.28 Cr) compared to 28% (INR 139.42 Cr) in H1 FY2025, reflecting higher high-margin software and R&D components in the mix.

EBITDA Margin

Total EBITDA margin for H1 FY2026 was 52% (INR 122.72 Cr) compared to 39% (INR 194.08 Cr) in H1 FY2025. Operational EBITDA margin was 34% in H1 FY2026, a slight decrease from 37% in H1 FY2025 due to lower scale of execution during the period.

Capital Expenditure

The company maintains a strong liquidity position of over INR 1,100 Cr as of September 30, 2025, to fund R&D and potential inorganic expansion. Specific planned CAPEX for manufacturing facilities is not disclosed, but INR 3.99 Cr was invested in associate Bhairav Robotics in March 2025.

Credit Rating & Borrowing

CRISIL A/Positive (Long Term) and CRISIL A1 (Short Term) reaffirmed in August 2025. The company is virtually debt-free with an adjusted debt/networth ratio of 0.00 as of March 31, 2024, and an interest coverage ratio of 82.01 times.

⚙️ Operational Drivers

Raw Materials

Key inputs include electronic components, sensors, computer hardware for simulators, and specialized materials for anti-drone systems and loitering munitions. Specific percentage of total cost per material is not disclosed.

Import Sources

Sourced globally and domestically to meet CMMI Level 3 and ISO standards, with a focus on in-house R&D to reduce dependency on external vendors.

Key Suppliers

Not disclosed in available documents; however, management notes they compete against large companies that use 'broken systems' involving up to six different vendors.

Capacity Expansion

The company operates as a design and development-led entity. Capacity is measured by order book execution capability, which is currently scaling to meet a cumulative target of INR 6,000 Cr for FY2027 and FY2028.

Raw Material Costs

Raw material costs are managed through in-house R&D, which allows the company to maintain high margins (30-35%) by avoiding the 'margin stacking' seen in competitors who outsource components.

Manufacturing Efficiency

Efficiency is driven by in-house R&D and intellectual property ownership, which prevents margin dilution and ensures cost competitiveness in aggressive bidding scenarios.

Logistics & Distribution

Distribution is handled through specialized defense logistics, with a dedicated subsidiary in the UAE for international trading and maintenance.

📈 Strategic Growth

Expected Growth Rate

150%

Growth Strategy

Growth is targeted through a cumulative execution of INR 6,000 Cr in orders across FY2027 and FY2028. Strategy includes four strategic acquisitions (e.g., TISA Aerospace for loitering munitions, Unistring Tech Solutions), expanding the anti-drone portfolio following real-world validation in Operation Sindoor, and leveraging the MoD's 2021 framework for increased simulator utilization.

Products & Services

Computer-based training simulators (land, air, sea), Anti-Drone Systems (C-UAS), Loitering Munitions, and Defence Training Solutions.

Brand Portfolio

Zen Technologies, Zen Technologies USA, Unistring Tech Solutions (UTS), AiTuring, TISA Aerospace.

New Products/Services

Loitering munitions (via TISA Aerospace acquisition) and integrated C-UAS (Counter-Unmanned Aircraft Systems) are expected to be major growth drivers, reducing time-to-market by 18-24 months.

Market Expansion

Targeting the UAE and USA markets for export of simulators and anti-drone systems; domestic focus on India's defense modernization program.

Market Share & Ranking

Largest supplier of simulation training equipment and anti-drone systems in India.

Strategic Alliances

Acquired 45.33% stake in Bhairav Robotics Private Limited (March 2025) and 100% of TISA Aerospace.

🌍 External Factors

Industry Trends

The industry is shifting toward increased utilization of simulators for armed forces training (MoD framework Sept 2021) and rapid adoption of anti-drone warfare, with Zen positioned as a pioneer in these high-growth segments.

Competitive Landscape

Competes with both large defense contractors and smaller specialized vendors; Zen maintains an edge through vertical integration of R&D.

Competitive Moat

Moat is built on proprietary IP, CMMI Level 3 certification, and a first-mover advantage in anti-drone systems. Sustainability is high because competitors often rely on multi-vendor integrations that are less cost-effective and technically fragmented.

Macro Economic Sensitivity

Highly sensitive to national defense budgets and the 'Atmanirbhar Bharat' (Self-Reliant India) policy which favors domestic manufacturers.

Consumer Behavior

Shift in government procurement toward 'emergency measures' and 'indigenous technology' significantly benefits Zen's product pipeline.

Geopolitical Risks

Regional conflicts (e.g., Operation Sindoor) impact procurement timelines but increase long-term demand for anti-drone and surveillance technology.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Ministry of Defence procurement policies, DPEPP, and DSIR recognitions. Compliance with the Companies Act 2013 and SEBI Listing Regulations is maintained.

Environmental Compliance

Not disclosed as a major cost factor; company focuses on ISO 9001 and ISO 27001 certifications.

Taxation Policy Impact

Effective tax rate reflected in PAT of INR 129.50 Cr on healthy operating margins; specific fiscal policy impacts include benefits from the Defence Production and Export Promotion Policy (DPEPP).