Zen Technologies Ltd
Zen Technologies Limited was incorporated in 1996. The company designs develop and manufacture combat training solutions and Counter-drone solutions for defense and security forces. It is actively involved in the indigenization of technologies, which are beneficial to Indian armed forces, state police forces, and paramilitary forces.
Zen Technologies is headquartered in Hyderabad, India with offices in India, UAE, and the USA. [1] [2] [3]
- Market Cap ₹ 12,429 Cr.
- Current Price ₹ 1,377
- High / Low ₹ 2,628 / 945
- Stock P/E 49.5
- Book Value ₹ 188
- Dividend Yield 0.15 %
- ROCE 37.2 %
- ROE 26.1 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 36.6% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.5%
- Company's median sales growth is 27.6% of last 10 years
Cons
- Stock is trading at 7.31 times its book value
- Company has high debtors of 154 days.
- Promoter holding has decreased over last 3 years: -11.1%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Aerospace & Defense Aerospace & Defense
Part of BSE 500 BSE Capital Goods Nifty 500 BSE SmallCap Nifty Smallcap 100
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
37 | 46 | 79 | 53 | 62 | 92 | 149 | 55 | 70 | 219 | 440 | 974 | 877 | |
33 | 46 | 58 | 48 | 50 | 76 | 87 | 47 | 65 | 146 | 259 | 591 | 551 | |
Operating Profit | 5 | 1 | 21 | 4 | 11 | 17 | 63 | 7 | 5 | 73 | 181 | 382 | 326 |
OPM % | 12% | 1% | 27% | 8% | 18% | 18% | 42% | 14% | 7% | 33% | 41% | 39% | 37% |
5 | 4 | 3 | 5 | 4 | 3 | 2 | 3 | 5 | 9 | 17 | 58 | 77 | |
Interest | 2 | 2 | 2 | 2 | 2 | 5 | 3 | 1 | 2 | 4 | 2 | 19 | 13 |
Depreciation | 2 | 2 | 2 | 4 | 4 | 4 | 5 | 5 | 5 | 6 | 10 | 15 | 19 |
Profit before tax | 6 | 0 | 20 | 3 | 9 | 11 | 57 | 4 | 3 | 72 | 186 | 406 | 372 |
Tax % | 15% | 25% | 21% | 21% | 20% | -19% | -3% | 36% | 21% | 30% | 30% | 26% | |
5 | 0 | 16 | 2 | 7 | 13 | 59 | 3 | 3 | 50 | 130 | 299 | 273 | |
EPS in Rs | 0.53 | 0.01 | 2.04 | 0.30 | 0.93 | 1.73 | 7.62 | 0.39 | 0.25 | 5.38 | 15.22 | 31.04 | 27.82 |
Dividend Payout % | 19% | 1,103% | 17% | 33% | 16% | 17% | 5% | 26% | 40% | 4% | 7% | 6% |
Compounded Sales Growth | |
---|---|
10 Years: | 29% |
5 Years: | 46% |
3 Years: | 141% |
TTM: | 56% |
Compounded Profit Growth | |
---|---|
10 Years: | 33% |
5 Years: | 37% |
3 Years: | 411% |
TTM: | 61% |
Stock Price CAGR | |
---|---|
10 Years: | 32% |
5 Years: | 77% |
3 Years: | 89% |
1 Year: | -28% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 21% |
3 Years: | 26% |
Last Year: | 26% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 |
Reserves | 98 | 91 | 103 | 105 | 112 | 127 | 183 | 196 | 275 | 308 | 440 | 1,692 |
13 | 18 | 40 | 41 | 11 | 42 | 3 | 2 | 15 | 7 | 6 | 78 | |
5 | 12 | 27 | 14 | 15 | 42 | 20 | 17 | 71 | 151 | 296 | 271 | |
Total Liabilities | 126 | 128 | 177 | 167 | 146 | 218 | 214 | 223 | 369 | 474 | 750 | 2,049 |
29 | 49 | 47 | 44 | 45 | 63 | 73 | 70 | 67 | 75 | 93 | 208 | |
CWIP | 3 | 1 | 0 | 15 | 17 | 0 | 0 | 0 | 3 | 2 | 11 | 7 |
Investments | 0 | 0 | 0 | 0 | 0 | 8 | 2 | 2 | 2 | 2 | 0 | 4 |
94 | 78 | 130 | 108 | 84 | 147 | 139 | 152 | 297 | 394 | 646 | 1,830 | |
Total Assets | 126 | 128 | 177 | 167 | 146 | 218 | 214 | 223 | 369 | 474 | 750 | 2,049 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
39 | 10 | -20 | 0 | 0 | -49 | 62 | 6 | -44 | 116 | 13 | -146 | |
-3 | -8 | -4 | 0 | 0 | 13 | -12 | -10 | -44 | -4 | -85 | -823 | |
-20 | -7 | 20 | 0 | 0 | 5 | -12 | 9 | 88 | -22 | -3 | 1,007 | |
Net Cash Flow | 15 | -5 | -4 | 0 | 0 | -32 | 38 | 5 | 0 | 91 | -75 | 37 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 127 | 90 | 276 | 56 | 121 | 290 | 114 | 124 | 166 | 142 | 153 | 154 |
Inventory Days | 212 | 295 | 225 | 242 | 237 | 496 | 137 | 609 | 693 | 305 | 523 | 118 |
Days Payable | 55 | 63 | 47 | 52 | 92 | 114 | 44 | 132 | 109 | 42 | 99 | 25 |
Cash Conversion Cycle | 284 | 322 | 455 | 246 | 265 | 672 | 206 | 601 | 750 | 406 | 577 | 247 |
Working Capital Days | 134 | 45 | 119 | -66 | 187 | 191 | 191 | 535 | 629 | 115 | 158 | 148 |
ROCE % | 6% | 2% | 16% | 3% | 8% | 32% | 3% | 2% | 23% | 46% | 37% |
Documents
Announcements
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Board Meeting Intimation for Consideration And Approval Of Unaudited Standalone And Consolidated Financial Results For The Quarter Ended September 30, 2025.
21h - Board meeting Oct 25, 2025 to approve Q2/H1 unaudited results ended Sep 30, 2025; trading window closed Oct 1–27.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Zen Technologies completed 100% acquisition of Applied Research International, making ARIPL wholly owned subsidiary on Oct 17, 2025.
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Disclosure Under Regulation 30(7) Of The SEBI (LODR) Regulations, 2015
1d - 16 Oct 2025: Zen completed purchase of remaining 24% of ARIPL; ARIPL now 100% owned.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
11 Oct - Secures Rs. 37 crore MoD order for Advanced Hard-Kill Anti-Drone Systems, execution within 12 months.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
10 Oct - Received Rs. 37 crore MoD order for Anti-Drone Systems with Hard Kill, execution within one year.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Feb 2024TranscriptPPTREC
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Jan 2024TranscriptNotesPPT REC
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Nov 2023Transcript PPT
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Sep 2023Transcript PPT
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Aug 2023TranscriptNotesPPT
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May 2023Transcript PPT REC
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Jan 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Jul 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Jan 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Sep 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
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Feb 2021TranscriptPPT
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Feb 2021Transcript PPT
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Aug 2020TranscriptNotesPPT
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Jun 2020TranscriptNotesPPT
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Sep 2019TranscriptNotesPPT
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Aug 2015TranscriptNotesPPT
Market Position
The company is the largest supplier of simulation training equipment and anti-drone systems in India. It has shipped 1,000+ training systems around the world. [1] [2]