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Zen Technologies Ltd (ZENTEC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533339 NSE: ZENTEC Defence | Small Cap | Zen Technologies Share Price

₹1,781.65 0.00 (0.00%)

As on 09-Jun'26 16:59

Zen Technologies Ltd (ZENTEC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533339 NSE: ZENTEC Defence | Small Cap | Zen Technologies Share Price

₹1,781.65 0.00 (0.00%)

As on 09-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹16,087 Cr.
Current Price
₹1,781.7
52-Week Low / High
₹1,224 / 2,065
TTM EPS
₹16.2
TTM Sales
₹424 Cr.
Book Value per Share
₹201.8
P/E Ratio
110.30
Higher than its 5-year historical median
Industry PE
44.6
Price to Book (P/B)
8.83
Higher than its 5-year historical median
Price to Sales (P/S)
37.96
Higher than its 5-year historical median
EV/EBITDA
74.41
Higher than its 5-year historical median
Dividend Yield
0.14%
Profitability Efficiency
Return on Equity (ROE)
24.61%
Outperforms industry median
Return on Capital Employed (ROCE)
32.94%
Outperforms industry median
Return on Assets (ROA)
20.27%
Operating Profit Margin
33.7%
Net Profit Margin
28.25%
Gross Profit Margin
38.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
116.29%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
77.01%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
103.47%
Asset Quality
Promoter Holding
48.51%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,813 Cr.
Equity
₹9 Cr.
Face Value
₹1
All Time Low / High
₹1.44 / 2627.95

Zen Technologies stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Zen Technologies Ltd a good quality company?
Zen Technologies Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Zen Technologies Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Zen Technologies Ltd vs industry peers?
Zen Technologies Ltd revenue CAGR is 44.65%, compared to the industry median CAGR of 17.94%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Zen Technologies Ltd?
Promoters hold 48.51% of the Zen Technologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Zen Technologies Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 35.9% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Zen Technologies Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 3.5%8.6%-0.2%14.1%32.3%3.2%1.3%17.8%47.9%32.9%-
Value Creation
Index
-0.8-0.4-1.001.3-0.8-0.90.32.61.4-

Growth Parameters

Sales 52.661.73992.214749.653.7161430931424
Sales YoY Gr.-17.2%-36.8%136.7%59.4%-66.3%8.4%200.6%166.5%116.3%-
Adj EPS 0.30.9-0.22.47.80.50.24.515.32916.2
YoY Gr.-210%-122.6%NA220.1%-93.6%-52%1791.7%237.4%89.1%-
BVPS (₹) 14.615.515.417.725.226.836.439.853.6186.8201.8
Adj Net
Profit
2.37.1-1.618.960.241.936.1129262146
Cash Flow from Ops. 42.95.219.1-43.864.512.7-43.899.321.4-146-
Debt/CF from Ops. 0.91.80.5-100.1-0.30.10-0.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 37.6%44.7%158.8%116.3%
Adj EPS 66.2%30%394.2%89.1%
BVPS32.8%49.3%72.5%248.7%
Share Price 38.7% 80.9% 61.2% -12.3%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
2.16.2-1.414.535.51.90.711.833.324.48.3
Op. Profit
Mgn %
7.818.9-4.824.543.315.63.731.841.733.832.1
Net Profit
Mgn %
4.411.6-4.220.44183.522.429.928.134.4
Debt to
Equity
0.40.10.10.30000000
Working Cap
Days
456259474355274655881416277229584
Cash Conv.
Cycle
280102254228159260178146150131530

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales536239921475054161430931
Operating Expenses + 49504170844252110253617
Manufacturing Costs65571088151930
Material Costs1512426398841137440
Employee Cost 12151516171315234357
Other Costs 16191721181320325490
Operating Profit 412-223638251177314
Operating Profit Margin (%) 7.7%18.8%-4.8%24.4%43.2%15.6%3.7%31.8%41.2%33.7%
Other Income + 644323571458
Exceptional Items 000000-0220
Interest 2325311229
Depreciation 44344444710
Profit Before Tax 39-317596254184352
Tax 12-2-2-22-0165589
Profit After Tax 27-019614238129263
PAT Margin (%) 4.4%12.1%-1.0%20.9%41.2%8.3%3.8%23.3%30.0%28.3%
Adjusted EPS (₹)0.31.0-0.12.57.80.50.34.715.429.1
Dividend Payout Ratio (%)33.30%15.60%-198.40%12%5.10%19.40%39.30%4.20%6.50%6.90%

Valuation of Zen Technologies - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1121201181371942132893164501,687
Share Capital 8888888889
Reserves 1051121111291872052813084421,678
Debt +37663511126040
Long Term Debt86390030040
Short Term Debt300226119600
Minority Interest0000000000
Trade Payables233852342612
Others Liabilities 15163536-7-1333107242137
Total Liabilities 1671441622151932033384337181,875

Fixed Assets

Net Fixed Assets +444565636462596779105
Gross Block67719394100101102114132169
Accumulated Depreciation22262931353943475464
CWIP 1517000032117
Investments 002131624242426218
Inventories1081235109144113351
Trade Receivables520236344172066169378
Cash Equivalents flag 68344313193376147142839
Others Assets 25201928405814285158277
Total Assets 1671441622151932033384337181,875

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 43519-446413-449921-146
PBT 39-317596254184352
Adjustment 1327621010-22
Changes in Working Capital 40-620-66117-4554-140-378
Tax Paid -1-1-1-2-11-3-1-9-32-98
Cash Flow From Investing Activity + -930-127-11-18-43-3-82-862
Capex -1-6-6-5-2-2-4-12-26-30
Net Investments 0-0-10000-3-4-192
Others -836-412-9-16-4012-52-640
Cash Flow From Financing Activity + -3-8-55-211087-18-61,017
Net Proceeds from Shares 000000000981
Net Proceeds from Borrowing 40-16-15-0-0-6-651
Interest Paid -2-3-2-5-3-0-1-2-1-4
Dividend Paid 0-1-1-1-2-3-1-1-2-9
Others -5-5-04-01389-103-2
Net Cash Flow 30263-32325078-678

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)2.076.41-0.3315.0936.582.010.8112.4333.7224.61
ROCE (%)3.488.61-0.2214.0632.293.231.2617.7947.8732.94
Asset Turnover Ratio0.310.40.250.490.720.250.20.420.750.72
PAT to CFO Conversion(x)21.50.71N/A-2.321.053.25-222.610.16-0.56
Working Capital Days
Receivable Days215.5073.80201169.10133.10227.40125.5096.9099.80107.40
Inventory Days85.8052.1091.2092.7056.7069.9077.5062.507436.20
Payable Days64.5075.80329.3077.3059.30174.60128.2031.2039.6015.70

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.930.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Zen Technologies Ltd FAQs

The current trading price of Zen Technologies on 09-Jun-2026 16:59 is ₹1,781.7.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 08-Jun-2026 the market cap of Zen Technologies stood at ₹16,087 Cr

The latest P/E ratio of Zen Technologies as of 08-Jun-2026 is 110.3.

The latest P/B ratio of Zen Technologies as of 08-Jun-2026 is 8.83.

The 52-week high of Zen Technologies is ₹2,065 and the 52-week low is ₹1,224.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Zen Technologies is ₹424 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Zen Technologies Ltd is a average quality company.

The key valuation ratios of Zen Technologies Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Zen Technologies Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Zen Technologies Ltd

Zen Technologies, incorporated in 1993, is a pioneer in the design, development and manufacture of world class, state-of-the-art training simulators. The company has grown at an average rate of 100% over the last three years. It has been a profit making and dividend paying company during this period.

The company has supplied over 170 simulators to over 70 customers all over India and enjoys the confidence of this large customer base. Its customers are located across the length and breadth of the country. The main customers are defence services, state police forces, para military forces and the navy of a South East Asian country.

Zen Technologies has been acquiring technology competencies and is now poised as a solutions provider. The company attaches special importance to its in-house R&D division that is recognized by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. Their mission is to provide to their customers, the highest level of products and services in their areas of expertise. The company went public in the year 2000. Zen has been at the forefront of applying new technologies and developing new products and is actively involved in indigenization of technologies, which are helpful for Indian security forces.

Zen has developed an advanced version of ZEN iFATS - Advanced Weapon Simulator (ZEN AWeSim), which comes in two versions, one integrated with un-tethered weapons and other one with tethered weapons. ZEN AWeSim can train up to 8 firers simultaneously and provides for 3D based targets and video-based scenarios for developing judgmental and reflex skills.

Zen has also designed, developed and manufactured two types of Driving Simulators:

  • Driving Simulator (ZEN DS): This simulator is appropriate for imparting basic training skills.
  • Driving Training Simulator (ZEN DTS): This simulator can be configured for heavy, medium or light vehicles with or without motion platforms.

Other training simulators from Zen include Small Arms Training Simulator - SL (ZEN SATS SL), Hand Grenade Simulator (ZEN HE36S), Tactical Engagement Simulator (ZEN TacSim), Anti-Tank Guided Missile Simulator (ZEN ATGM Sim) and Artillery Forward Observer Simulator (ZEN ArtyFOS).ZEN has supplied more than 400 lanes of ZEN SATS and ZEN iFATS to its large customer base.

Product range of the company include:

  • Zen Advanced Weapons Simulator (ZEN AWeSim)-A state-of-the-art firearms simulator for imparting training from Recruits to Special Forces. It recreates firing range indoors.
  • Zen Small Arms Training Simulator (ZEN SATS SL)-Fire Arms Simulator designed to provide the weapon handling and firing skills of security forces deployed with space, operational, movement constraints. It is a standalone system that addresses every training need of experienced soldiers.
  • Zen Hand Grenade Simulator (ZEN HE36S)-Zen Hand Grenade Simulator gets as close to a real grenade as possible. It is very effective for imparting training in offensive use of the grenade as a weapon, and improving individual reflex action when attacked by a grenade.
  • Zen Anti-Tank Guided Missile Simulator (ZEN ATGM Sim)-Anti Tank Guided Missile Simulator enables training missile pilots in firing missiles as in actual. The actual training in different environment with precise effects is recreated.
  • Infantry Combat Vehicle Integrated Missile Simulator (ZEN BMP II IMS)-The Zen Infantry Combat Vehicle / Armoured Personnel Carrier Integrated Missile Simulator (Zen BMP II IMS) simulator has been designed to meet the training requirements of gunners and commanders of Infantry Combat Vehicle (ICV) / Armoured Personnel Carrier (APC).
  • Zen Infantry Combat Vehicle Driving Simulator (ZEN BMP II DS)-Zen BMP II Driving Simulator has been developed to train raw recruits as well as trained Special Drivers to drive Infantry Combat Vehicle (ICV) or the Armoured Personnel Carrier (APC) with precision in operational and peace time scenarios.
  • Zen Combat Training Simulator System (ZEN CTSS)-Zen Combat Training Simulator System (Zen CTSS) is a ‘live’, ‘in contact’ simulator for use by the Army / Special Forces / Commandos for conducting tactical exercises with troops as in actual battlefield, complete with own and enemy forces in terrains of choice.
  • Zen Tactical Engagement Simulator (ZEN TacSim)-Zen Tactical Engagement Simulator (Zen TacSimâ„¢) is a ‘live’, ‘in contact’ training system that allows Law Enforcement Agencies / Police Forces / Special Forces / Commando units to conduct training of small teams to Company or Battalion sized force.
  • Zen Artillery Forward Observers Simulator (ZEN ArtyFOS)-Zen Artillery Forward Observer’s Simulator (Zen ArtyFOS) trains Observation Post Officers and Forward Observers of the Artillery and all other officers of combat wings of Army who may be required to direct fire Long Range indirect fire weapons like Mortars, Guns, Howitzers, Rockets and Missiles.
  • Zen 81mm Integrated Mortar Simulator (ZEN 81MM IMS)-Zen Integrated Mortar Simulator trains Mortar Fire Controllers / Mortar Position Controller and the Mortar Detachments in the techniques of acquiring, engaging and effectively destroying targets.
  • Zen Bus Driving Simulator (ZEN BusSim)-Zen Bus Driving Simulator (Zen BusSim) trains bus drivers of varied skill-sets and experience. The simulator uses ‘to scale’ bus cabin with all gauges, controls, transmission systems and indicators found in a bus.
  • Zen Driving Simulator (ZEN DS)-Zen Driving Simulator (Zen DS) is a versatile indoor, classroom training simulator. The basic simulator for Light, Medium and heavy Vehicles comes with both Left and Right Hand drives.
  • Zen Driving Training Simulator (ZEN DTS)-Zen Driving Training Simulator (Zen DTSâ„¢) is an indoor training system for light, medium and heavy vehicle trainee drivers. The simulator facilitates training in a ‘to scale’ vehicle cabin with actual indicators and controls and an optional motion platform.
  • Zen Mining Equipment Training Simulator (ZEN METS)-Zen Mining Equipment Training Simulator (ZEN METS) trains operators of heavy mining equipment and machinery like Dumpers, Shovels/Excavators, and Dozers of various capacities operating on wheels or tracks.
  • Zen Driver Aptitude Testing System (ZEN DATS)-Zen Driver’s Aptitude Testing System (Zen DATS) is scientifically designed, tested and certified device to test psycho-motor functions of potential and licensed drivers.
  • Software-The company has state-of-the-art mathematical modeling software, which helps in simulating projectile behavior, vehicle dynamics and environmental effects. In addition, software for Video Processing and Image Processing is also available. It has the capability of depiction/creation of 3-D Terrains/Models.
  • Electronics-The company has developed microprocessor based Control System for Vehicle Control and ATGM Tracking System. An electronic control system for a motion platform including the motion cue algorithms has been developed in-house. The system being utilized in position sensing of weapon’s point of aim for various simulators has been designed and developed in-house. A 3 DoF motion platform has also been developed.
  • Optics- The company started working in the field of optics for developing Weapon Laser Sensing System and Laser communication. Wide Screen Projection with edge blending has been achieved. Micro-screen based sighting system being utilized in simulating realistic missile and tank sights is another landmark achieved by Zen R&D.
  • Mechanical- The company’s mechanical design team is skilled in engineering complex mechanical systems to replicate weapon system for use in training simulators. It has designed realistic mock-ups for its simulators.

Achievements/ recognition:

  • Zen has an ISO 9001:2000 (QMS), ISO 27001:2005 (ISMS) Certification.
  • CMMI Level 3 Company.
  • Zen was the first company in India to commercialize PC-based visual simulation technology for small arms training simulators.
  • Zen simulators have been widely accepted by the Indian Security Forces.
  • The in-house R&D unit at Zen Technologies is recognized by the Department of Scientific and Industrial Research, Min. of Science &Technology, Govt. of India.
  • Zen Technologies Limited was listed among the top 20 companies that are an option for investment in a market over 7500.
  • Zen Technologies Ltd was awarded 1st prize in the category of “Most Innovative / Indigenous Product” for “Portable Simulators” during the recently concluded IISE -2009.
  • CRISIL awards the highest credit worthiness rating of SME 1 to ZEN.
  • Zen Technologies Limited is an ISO 27001:2005 (ISMS) certified company.
  • The in-house R&D unit at Zen Technologies is recognized by the Department of Scientific and Industrial Research, Min. of Science &Technology, Govt. of India.
  • 2009 - Dr. Visvesvaraya Industrial Award - 2009 for "Best Technology Effort" by All India Manufacturers’ Organization.
    "Most Innovative Portable Simulator (Security)" in the 12th India International Security Expo- 2009, organized by the India Trade Promotion Organization.
  • 2012 - Zen received national award for successful commercialisation of "Overseas Driving Training Simulator" based on indigenous technology on the event of Technology Day.
  • 2013 - Best exhibitor-Gold award for 16th India International Security Expo 2013.

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