Z-Tech (India) Limited (ZTECH)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Z-Tech (India)'s revenue was ₹29.1 Cr (+45.7% year on year, -50.6% on the previous quarter), and net profit ₹4.0 Cr (+35.0% year on year); the operating margin was 22.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹29.1 | +45.7% | -50.6% |
| Operating profit | ₹6.7 | +33.0% | -65.0% |
| Net profit | ₹4.0 | +35.0% | -78.7% |
| EPS (₹) | 2.79 | +31.6% | -78.9% |
| Operating margin | 22.8% | — | — |
ZTECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.45% of the ZTECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.76%. That is close to its usual level. Turnover was only ₹76 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 50.0% · 68.2% · 60.9% · 82.9% · 65.5%
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
Z-Tech (India) Limited received an enhancement to an existing work order from EKK Infrastructure Limited for the construction of Reinforced Earth (RE) Wall on the Vikravandi to Sethiyathope section of NH-45C in Tamil Nadu. The total order value increased by ₹5.37 crore (from ₹16.91 crore to ₹22.29 crore), an increase of 31.8%. The incremental order represents approximately 6.9% of the company's TTM revenue of ₹78 crore, while the total revised contract accounts for about 28.6% of TTM revenue. This provides revenue visibility for the company's civil and geotechnical infrastructure division in the upcoming quarters.
- Work order value enhanced by ₹5,37,46,600 (from ₹16,91,20,000 to ₹22,28,66,600)
- Project pertains to RE Wall Construction on NH-45C (Km 0.0 to Km 65.96) in Tamil Nadu under NHDP Phase-IV
- Incremental value of ₹5.37 crore equals ~6.9% of TTM revenue (₹78 crore)
- Total contract value of ₹22.29 crore accounts for ~28.6% of TTM revenue
Z-Tech (India) Limited has secured two work orders totaling ₹10.11 Cr (excluding GST) from Afcons Infrastructure Limited, initiating a new client association. The contracts cover prefabricated vertical drain works (₹7.70 Cr) and reinforced earth wall construction for Dharamtar Creek (₹2.41 Cr). Materially, this aggregate order represents ~13% of Z-Tech's TTM revenue of ₹78 Cr. The company expects the win to positively impact revenues across coming quarters.
- Total work order value of ₹10,11,31,766 (exclusive of GST) received from Afcons Infrastructure Limited
- Prefabs Vertical Drains (PVD) supply and installation work valued at ₹7,69,91,694
- RE Wall construction for Dharamtar Creek project valued at ₹2,41,40,072
- Order size represents approximately 13% of TTM revenue (₹78 Cr)
Z-Tech (India) Limited declared the voting results of its 32nd Annual General Meeting held on September 30, 2026. A total of 85,93,480 votes were cast across 20 members, representing 57.79% of the outstanding 1,48,71,448 equity shares. Both ordinary resolutions—the adoption of audited financial statements for FY26 and the reappointment of director Mr. Anuj Kumar Poddar—passed unanimously with 100% votes in favor.
- Both ordinary resolutions passed with 100% of votes cast in favor (85,93,480 votes)
- Total turnout stood at 57.7851% of outstanding shares (1,48,71,448 total shares)
- Promoter group polled 100% of their 77,40,824 shares in favor
- Public non-institutions cast 8,52,656 votes (13.34% of their shareholding), while institutional participation was nil
Z-Tech (India) Limited submitted proceedings for its 32nd Annual General Meeting held on September 30, 2026, via video conferencing. The meeting covered two ordinary business resolutions: adoption of the audited financial statements for FY ended March 31, 2026, and the reappointment of retiring director Mr. Anuj Kumar Poddar. Remote e-voting concluded on September 29, 2026, and scrutinizer voting results will be announced within two working days. No operational or financial changes were announced during the meeting.
- 32nd AGM conducted via video conferencing on September 30, 2026, concluding at 1:22 PM
- Two ordinary resolutions tabled including adoption of FY26 financial statements and director re-appointment
- Remote e-voting was conducted from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Voting results and Scrutinizer's report to be declared within 2 working days
Z-Tech (India) Limited has been awarded its first-ever contract by the Forest Department via the Social Forestry Division, Raebareli, to develop visitor amenities at the Indira Gandhi Memorial Botanical Garden. The project includes developing adventure sports, children's play areas, wellness programs, and residential tent houses. While commercial contract values and execution timelines were not disclosed in the filing, this expands Z-Tech's recurring-revenue park portfolio target from 4 operational parks toward 25-30 parks by FY27. Government entities already constitute 87.98% of the company's revenue.
- First project awarded by the Forest Department (Office of Divisional Director, Social Forestry Division, Raebareli)
- Contract covers recreational upgrades, adventure sports, yoga/wellness activities, and residential tent houses
- Advances company's strategy to scale park network from 4 units toward 30 units by FY27
- Contract value and completion timeline: not disclosed
Z-Tech (India) Limited has allotted 5,85,300 equity shares of face value ₹10 each at an issue price of ₹500 upon conversion of warrants, receiving the remaining 75% consideration of ₹21.95 crore. The capital inflow represents approximately 28% of TTM revenue (₹78 crore). Concurrently, 24,000 warrants lapsed due to non-payment of balance dues by the deadline of September 13, 2026, leading to the forfeiture of ₹30 lakh (25% upfront subscription). Following the allotment, the company's paid-up equity share capital increased to ₹15.97 crore across 1,59,70,248 shares.
- Allotted 5,85,300 equity shares at an issue price of ₹500 per share (including ₹490 premium)
- Received balance 75% subscription amount of ₹21,94,87,500 from 9 allottees
- 24,000 warrants lapsed unexercised, leading to a forfeiture of ₹30,00,000 upfront money
- Paid-up equity share capital expanded to ₹15,97,02,480 across 1,59,70,248 shares
Z-Tech (India) Limited has dispatched letters to shareholders without registered email addresses, providing weblinks and QR codes to access the FY 2025-26 Annual Report and Notice of the 32nd AGM. The 32nd AGM is scheduled to be held via video conferencing on Wednesday, September 30, 2026, at 12:30 PM IST. The cut-off date for e-voting entitlement is Wednesday, September 23, 2026, with remote e-voting running from September 27 to September 29, 2026.
- 32nd AGM scheduled for Wednesday, September 30, 2026, at 12:30 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility set for Wednesday, September 23, 2026
- Remote e-voting window opens September 27, 2026 (9:00 AM IST) and closes September 29, 2026 (5:00 PM IST)
- Letter sent to notify shareholders whose email IDs are unregistered on how to access the FY 2025-26 Annual Report
Z-Tech (India) Limited has scheduled its 32nd Annual General Meeting (AGM) for September 30, 2026, through video conferencing. The cut-off date for e-voting entitlement is fixed as September 23, 2026, with the remote voting period running from September 27 to September 29, 2026. Along with the AGM notice, the company circulated its Annual Report for FY25-26, detailing business segment operations and banking facilities. The book closure window is set from September 24 to September 30, 2026.
- 32nd Annual General Meeting scheduled for September 30, 2026, at 12:30 P.M. IST
- Cut-off date for remote e-voting set as September 23, 2026
- Remote e-voting window open from September 27 (9:00 AM) to September 29, 2026 (5:00 PM)
- Share transfer books and register of members closed from September 24 to September 30, 2026
- Company notes ₹155.79 Crore in operational financial performance scale in annual disclosures
Z-Tech (India) Limited has scheduled its 32nd Annual General Meeting via Video Conferencing/OAVM. The company fixed Wednesday, September 23, 2026, as the cut-off date to determine shareholders eligible for remote e-voting. Share transfer books and the Register of Members will remain closed from September 24 to September 30, 2026. Remote e-voting runs from September 27 to September 29, 2026.
- Cut-off date for remote e-voting fixed for September 23, 2026
- Book closure scheduled from September 24, 2026 to September 30, 2026
- Remote e-voting starts September 27, 2026 (9:00 AM) and ends September 29, 2026 (5:00 PM)
- 32nd Annual General Meeting to be conducted at 12:30 PM (IST) via VC/OAVM
Z-Tech (India) Limited's board has approved the allotment of 3,95,200 equity shares upon conversion of warrants at an issue price of ₹500 per share. The company received the remaining 75% balance consideration amounting to ₹14.82 crore. The allotment includes 2,85,000 shares to promoter group entity Sandalwood Holding Trust and 1,10,200 shares to four non-promoter investors. Following this allotment, the paid-up capital increases to ₹15.58 crore, while 6,09,300 warrants remain outstanding for future conversion.
- Allotment of 3,95,200 equity shares upon warrant conversion at an issue price of ₹500 each
- Received balance 75% consideration of ₹14.82 crore (₹375 per warrant)
- Promoter group entity Sandalwood Holding Trust allotted 2,85,000 shares, paying ₹10.69 crore
- Paid-up equity share capital increases to ₹15.58 crore (1,55,84,948 shares)
- 6,09,300 warrants remain pending for conversion
Z-Tech (India) Limited has received listing and trading approval from NSE for 1,07,000 equity shares of face value Rs 10 each allotted upon the conversion of warrants issued on a preferential basis. The new shares will be admitted to dealings on the exchange starting September 07, 2026, with a lock-in period in place until March 12, 2027. Following this allotment, the company's paid-up equity share capital increases from Rs 14.76 crore (1,47,64,448 shares) to Rs 14.87 crore (1,48,71,448 shares), representing a minor equity dilution of ~0.72%.
- NSE granted listing and trading approval for 1,07,000 equity shares of Rs 10 face value.
- Shares admitted for trading on the NSE with effect from September 07, 2026.
- Paid-up share capital increases from Rs 14,76,44,480 to Rs 14,87,14,480 (1,48,71,448 shares).
- All 1,07,000 newly listed equity shares are under lock-in until March 12, 2027.
Z-Tech (India) Limited's board approved the allotment of 3,18,300 equity shares of face value ₹10 at an issue price of ₹500 per share (including ₹490 premium) upon conversion of warrants. The company received the remaining 75% consideration amounting to ₹11.94 Cr from promoter and non-promoter entities. Post-allotment, the paid-up equity capital expanded to ₹15.19 Cr (1,51,89,748 shares), while 10,04,500 warrants remain pending conversion.
- Allotted 3,18,300 equity shares at ₹500 per share upon warrant conversion
- Received balance 75% consideration amounting to ₹11,93,62,500 (₹11.94 Cr)
- Promoter entity Sandalwood Holding Trust converted 2,64,000 warrants (₹9.90 Cr received)
- Post-allotment paid-up equity capital increased to ₹15.19 Cr across 1,51,89,748 shares
- A total of 10,04,500 warrants remain pending for future conversion
Z-Tech (India) Limited has approved the allotment of 3,18,300 equity shares of face value ₹10 each at an issue price of ₹500 per share pursuant to warrant conversion. The company received ₹11.94 crore, representing the balance 75% consideration per warrant. Promoter entity Sandalwood Holding Trust was allotted 2,64,000 shares against ₹9.90 crore, while non-promoters received the remainder. Post-allotment, the company's paid-up equity stands at ₹15.19 crore (1.52 crore shares), with 10,04,500 warrants still pending conversion.
- Allotted 3,18,300 equity shares of face value ₹10 at an issue price of ₹500 (premium ₹490)
- Received balance 75% subscription amount aggregating to ₹11,93,62,500
- Promoter entity Sandalwood Holding Trust exercised 2,64,000 warrants (₹9.90 Cr infused)
- Paid-up equity share capital expanded to ₹15,18,97,480 across 1,51,89,748 shares
- 10,04,500 warrants remain outstanding for future conversion
Z-Tech (India) Limited has received in-principle approval from the National Stock Exchange of India (NSE) for listing 1,07,000 equity shares of face value Rs. 10 each. These shares were allotted on August 13, 2026, pursuant to the conversion of warrants issued on a preferential basis. Final listing and trading admission will take effect after depository credit confirmations from NSDL/CDSL.
- Received NSE in-principle listing approval for 1,07,000 equity shares of Rs. 10/- each
- Shares were allotted on 13.08.2026 pursuant to preferential warrant conversion
- Approval letter Ref: NSE/LIST/57019 issued on August 27, 2026
- Distinctive numbers assigned from 14764449 to 14871448, pending depository credit confirmation
Z-Tech (India) Limited submitted its Standalone Limited Review Report for the quarter ended June 30, 2026, following an exchange query regarding its omission in the initial August 13 filing. The statutory auditor, M/s NAV & Co LLP, issued an unmodified review report. For Q1 FY27, revenue from operations grew 42.3% YoY to ₹29.14 crore (from ₹20.48 crore in Q1 FY26), while net profit rose 33.2% YoY to ₹4.05 crore compared to ₹3.04 crore in the same period last year.
- Q1 FY27 revenue from operations stood at ₹29.14 crore, up 42.3% YoY from ₹20.48 crore in Q1 FY26
- Net profit for Q1 FY27 reached ₹4.05 crore, increasing 33.2% YoY from ₹3.04 crore
- Creative Park development & Operations segment contributed ₹21.80 crore (74.8% of operating revenue)
- Engineered Infra segment generated ₹7.35 crore in revenue with segment profit before tax of ₹0.55 crore
- Allotted 1,01,200 equity shares following conversion of warrants at an exercise price of ₹500 per warrant
Financial Performance
Revenue Growth by Segment
Specialized Park Development grew to dominate the mix at 90.52% of revenue in Q2 FY26, compared to 77.07% in FY25. Civil Engineering/GeoTech Solutions contributed 7.88% in Q2 FY26 (down from 17.05% in FY25), and Waste Water Management fell to 1.60% from 5.21% in FY25.
Geographic Revenue Split
The North region is the primary contributor at 58.18%, followed by the East at 20.74%, West at 17.77%, and South at 3.31% as of Q2 FY26.
Profitability Margins
Net profit ratio improved significantly from 13% in FY24 to 21% in FY25. For H1 FY26, PAT reached INR 9.1 crores, a 70% increase over H1 FY25's INR 5.4 crores, driven by higher-margin sustainable green power and park projects.
EBITDA Margin
EBITDA grew 136.9% YoY in FY25 to INR 27.81 crores. In H1 FY26, EBITDA (excluding other income) was INR 12 crores, representing a 66.7% YoY growth from INR 7.2 crores in H1 FY25.
Capital Expenditure
While specific historical Cr figures are not detailed, the company raised INR 4.80 crores through the conversion of 1,28,000 warrants at INR 575 per share in late 2025 to fund expansion and project execution.
Credit Rating & Borrowing
The company maintains a very low Debt-Equity Ratio of 0.01 as of March 31, 2025, down from 0.06 in FY24. The Debt Service Coverage Ratio is exceptionally high at 310.91, indicating minimal reliance on external debt and strong internal accruals.
Operational Drivers
Raw Materials
Construction materials and recycled waste components represent approximately 63.7% of total income, amounting to INR 22.00 crores in Q2 FY26.
Import Sources
Not specifically disclosed in available documents; however, operations are spread across North, East, West, and South India.
Key Suppliers
Not disclosed in available documents; however, the company noted a major reduction in trade payables due to timely payments and discounts availed from vendors in FY26.
Capacity Expansion
Current capacity involves operating 4 parks as of FY25; the company is expanding to 15-20 operational parks by the end of FY26 and targeting 25-30 parks by FY27 to build a recurring annuity income stream.
Raw Material Costs
Raw material costs were INR 22.00 crores in Q2 FY26, up 76.8% from INR 12.44 crores in Q2 FY25, tracking the 81.2% growth in total income.
Manufacturing Efficiency
Inventory turnover ratio decreased from 18.08 in FY24 to 3.67 in FY25, reflecting a shift toward longer-gestation specialized park projects and better utilization of existing inventory.
Strategic Growth
Expected Growth Rate
81.20%
Growth Strategy
Growth is driven by scaling the park portfolio from 4 to 30 units by FY27 to generate recurring revenue. The company is also executing a demerger of its park and infrastructure businesses to unlock stakeholder value and is pursuing inorganic growth through acquisitions, such as the one slated for completion in November 2025.
Products & Services
Specialized 'Waste to Wonder' parks, Geotechnical solutions, Wastewater management systems, and Civil Engineering services.
Brand Portfolio
Z-Tech, Waste to Wonder Park.
New Products/Services
Expansion into 'Sustainable Green Power' business and recurring annuity-based park operations, expected to meaningfully contribute to revenue stability from FY27 onward.
Market Expansion
Targeting expansion into existing Indian markets with a focus on the North (currently 58.18%) and East (20.74%) regions, while scaling the park portfolio to 30 locations.
Market Share & Ranking
Not disclosed in available documents; however, the company describes itself as a 'unique and innovative' player in the integrated sustainability and creative park arena.
Strategic Alliances
Partnerships with municipal bodies like Shimla Municipal Corporation for EPC orders; Investor Relations managed by Adfactors PR and Kirin Advisors.
External Factors
Industry Trends
The industry is shifting toward experiential entertainment and digital transformation (smart crowd management). Domestic players are scaling up to meet the demand from millennials for sustainable leisure and tourism.
Competitive Landscape
The company faces competition from international players eyeing the Indian leisure market and domestic infrastructure firms, though its integrated sustainability approach is positioned as unique.
Competitive Moat
Durable advantages include specialized in-house engineering for 'waste-to-art' projects and a high-visibility order book (INR 200 Cr) which creates a barrier to entry for general civil contractors.
Macro Economic Sensitivity
Highly sensitive to Indian economic and political conditions and government initiatives to promote tourism and green infrastructure.
Consumer Behavior
Growing preference for experiential entertainment among young members and millennials is sustaining long-term growth momentum for creative parks.
Geopolitical Risks
Exposure to regulatory shifts and environmental challenges within India; no specific international trade barrier impacts mentioned.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, 2013, and SEBI (LODR) Regulations; the company must adhere to municipal EPC standards and environmental sustainability norms for park development.
Environmental Compliance
The company focuses on 'Waste to Wonder' and wastewater management, aligning with green infrastructure goals; specific ESG compliance costs are not disclosed.
Taxation Policy Impact
The company reported a PBT of INR 28.04 Cr and PAT of INR 20.18 Cr in FY25, implying an effective tax rate of approximately 28%.
Legal Contingencies
As of May 29, 2025, the company reported no pending litigations that would impact its financial position.
Risk Analysis
Key Uncertainties
Potential for project delays and regulatory shifts in government infrastructure spending could impact the 87.98% government-dependent revenue stream.
Geographic Concentration Risk
High geographic concentration in Northern India, which accounts for 58.18% of total revenue.
Third Party Dependencies
Dependency on government partners for 87.98% of contracts; vendor dependency is managed through timely payments and discount negotiations.
Technology Obsolescence Risk
The company mitigates technology risks by investing in R&D and digital practices to enhance delivery speed and quality.
Credit & Counterparty Risk
Trade receivables turnover ratio was 1.93 in FY25, down from 2.36 in FY24, indicating a slight increase in the collection period, typical for government-related businesses.
