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 PositionThe company is thelargest supplier of simulation training equipment and anti-drone systems in India. It has shipped 1,000+ training systems around the world.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Bharat Electron | 415.65 | 53.36 | 303904.52 | 0.58 | 1287.16 | 17.88 | 5792.09 | 25.78 | 38.88 | 25152.11 | 29.52 | 5695.67 | 1287.77 | 14.09 | 13.21 | 0.00 |
| 2. | Hind.Aeronautics | 4525.10 | 35.74 | 302684.35 | 0.88 | 1669.05 | 10.82 | 6628.61 | 10.92 | 33.88 | 32104.78 | 30.58 | 8469.33 | 1669.07 | 8.15 | 8.82 | 0.00 |
| 3. | Bharat Dynamics | 1539.50 | 86.29 | 56445.11 | 0.30 | 215.88 | 76.19 | 1147.03 | 110.55 | 19.66 | 4004.08 | 14.19 | 654.13 | 215.88 | 13.38 | 4.94 | 0.00 |
| 4. | Garden Reach Sh. | 2503.60 | 46.54 | 28686.67 | 0.55 | 153.79 | 57.30 | 1677.38 | 45.49 | 36.64 | 5900.30 | 9.56 | 616.41 | 153.79 | 12.49 | 5.02 | 0.01 |
| 5. | Data Pattern | 2693.40 | 64.57 | 15071.97 | 0.29 | 49.19 | 62.45 | 307.46 | 237.79 | 21.00 | 920.04 | 33.05 | 233.43 | 49.19 | 9.81 | 12.18 | 0.00 |
| 6. | Zen Technologies | 1320.00 | 57.64 | 11920.53 | 0.15 | 46.16 | -29.25 | 124.65 | -48.43 | 32.89 | 670.73 | 31.45 | 206.82 | 46.16 | 6.78 | 20.27 | 0.00 |
| 7. | Aequs | 140.56 | – | 9446.98 | 0.00 | -16.98 | 41.02 | 537.16 | 17.04 | 1.11 | 924.61 | 8.60 | -63.19 | -16.69 | – | -3.37 | 1.10 |
| – | Median: 26 Co. | 655.28 | 62.33 | 5094.43 | 0.11 | 15.64 | 38.59 | 124.91 | 19.21 | 18.09 | 533.43 | 21.82 | 44.56 | 15.64 | 8.12 | 7.67 | 0.08 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 33 | 98 | 142 | 132 | 254 | 111 | 74 | 136 | 294 | 21 | 64 | 242 | 125 |
Expenses | 25 | 54 | 105 | 66 | 151 | 73 | 48 | 91 | 199 | 16 | 42 | 162 | 83 |
Operating Profit | 8 | 44 | 37 | 66 | 103 | 38 | 26 | 45 | 94 | 5 | 22 | 79 | 42 |
Other Income | 4 | 4 | 22 | 3 | 3 | 20 | 0 | 5 | 24 | 3 | 5 | 8 | 23 |
Profit before tax | 11 | 46 | 53 | 67 | 103 | 53 | 25 | 47 | 112 | 7 | 24 | 83 | 61 |
Tax % | 29% | 31% | 28% | 30% | 28% | 31% | 30% | 30% | 24% | 30% | 29% | 22% | 24% |
Net Profit | 8 | 32 | 39 | 47 | 74 | 37 | 17 | 33 | 85 | 5 | 17 | 65 | 46 |
EPS in Rs | 0.95 | 3.77 | 4.28 | 5.61 | 8.83 | 4.11 | 2.17 | 3.93 | 9.41 | 0.58 | 2.06 | 7.23 | 5.11 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 46 | 79 | 53 | 62 | 39 | 92 | 147 | 50 | 54 | 161 | 430 | 931 | 671 |
Expenses | 46 | 58 | 48 | 50 | 41 | 70 | 83 | 42 | 52 | 110 | 253 | 617 | 460 |
Operating Profit | 1 | 21 | 4 | 12 | -2 | 23 | 64 | 8 | 2 | 51 | 177 | 314 | 211 |
Other Income | 4 | 3 | 5 | 4 | 4 | 3 | 2 | 3 | 5 | 9 | 16 | 58 | 89 |
Interest | 2 | 2 | 2 | 3 | 2 | 5 | 3 | 1 | 1 | 2 | 2 | 9 | 8 |
Depreciation | 2 | 2 | 4 | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 7 | 10 | 12 |
Profit before tax | 0 | 20 | 3 | 9 | -3 | 17 | 59 | 6 | 2 | 54 | 184 | 352 | 280 |
Net Profit | 0 | 16 | 2 | 7 | -0 | 19 | 61 | 4 | 2 | 38 | 129 | 263 | 207 |
EPS in Rs | 0.01 | 2.04 | 0.30 | 0.96 | -0.05 | 2.49 | 7.84 | 0.52 | 0.25 | 4.73 | 15.38 | 29.12 | 22.91 |
Dividend Payout % | 858% | 2% | 33% | 16% | -198% | 12% | 5% | 19% | 39% | 4% | 6% | 7% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 |
Reserves | 91 | 103 | 105 | 112 | 111 | 133 | 191 | 205 | 284 | 311 | 445 | 1,680 | 1,749 |
Borrowings | 18 | 40 | 41 | 9 | 10 | 42 | 1 | 1 | 12 | 6 | 1 | 54 | 2 |
Other Liabilities | 12 | 27 | 14 | 16 | 36 | 41 | 14 | 10 | 54 | 121 | 264 | 132 | 122 |
Total Liabilities | 128 | 178 | 167 | 144 | 165 | 224 | 213 | 224 | 358 | 446 | 718 | 1,875 | 1,883 |
Fixed Assets | 49 | 47 | 44 | 45 | 65 | 63 | 64 | 62 | 59 | 67 | 79 | 105 | 110 |
Gross Block | 62.82 | 65.57 | 66.90 | 70.86 | 93.42 | 94.33 | 99.52 | 101.15 | 101.63 | 114.18 | 132.41 | 168.59 | – |
Accumulated Depreciation | 14.02 | 18.23 | 22.55 | 26.03 | 28.55 | 31.46 | 35.09 | 39.08 | 42.53 | 46.78 | 53.86 | 63.88 | – |
CWIP | 1 | 0 | 15 | 17 | 0 | 0 | 0 | 0 | 3 | 2 | 11 | 7 | 8 |
Investments | 0 | 0 | 0 | 0 | 2 | 13 | 16 | 24 | 24 | 24 | 26 | 218 | 238 |
Other Assets | 78 | 130 | 108 | 82 | 98 | 147 | 133 | 137 | 272 | 353 | 603 | 1,545 | 1,527 |
Total Assets | 128 | 178 | 167 | 144 | 165 | 224 | 213 | 224 | 358 | 446 | 718 | 1,875 | 1,883 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 10 | 0 | 43 | 5 | 19 | -44 | 64 | 13 | -44 | 99 | 21 | -146 |
Cash from Investing Activity | -8 | 0 | -9 | 30 | -12 | 7 | -11 | -18 | -43 | -3 | -82 | -862 |
Cash from Financing Activity | -7 | 0 | -3 | -8 | -5 | 5 | -21 | 10 | 87 | -18 | -6 | 1,017 |
Net Cash Flow | -5 | 0 | 30 | 26 | 3 | -32 | 32 | 5 | 0 | 78 | -67 | 8 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 90 | 276 | 56 | 120 | 212 | 290 | 110 | 128 | 133 | 150 | 143 | 148 |
Inventory Days | 295 | 225 | 242 | 237 | 1,181 | 496 | 97 | 396 | 625 | 368 | 355 | 42 |
Days Payable | 63 | 47 | 52 | 89 | 355 | 106 | 48 | 114 | 147 | 33 | 70 | 10 |
Cash Conversion Cycle | 322 | 455 | 246 | 267 | 1,038 | 681 | 159 | 410 | 612 | 484 | 429 | 181 |
Working Capital Days | 45 | 119 | -66 | 150 | 59 | 192 | 178 | 543 | 768 | 43 | 152 | 142 |
ROCE % | 2% | 16% | 3% | 9% | -0% | 14% | 32% | 3% | 1% | 17% | 47% | 33% |
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Stock Analysis
Zen Technologies Limited is a leading Indian company specializing in the design, development, and manufacture of combat training solutions and counter-drone systems for defense and security forces, with a focus on indigenization.
The company's ability to secure substantial orders from the Ministry of Defence, particularly for advanced systems like Anti-Drone/Counter-UAS and training simulators, is a significant growth driver, aligning with India's defense modernization efforts and the increasing demand for indigenous defense technologies.
The company recently announced orders aggregating ₹404 Cr from the Ministry of Defence. As of September 30, 2025, the consolidated order book stood at ₹675.04 Cr. This new order significantly enhances the order backlog.
No red flags are identified in this specific announcement.
Orders are to be executed within one year. The company's next financial results announcement will provide further context on performance.
Corporate Announcements
