MoneyWorks4Me

Zen Technologies Ltd (ZENTEC)

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

₹1,725 -24.35 (-1.39%)

As on 11-Sep'26 16:01

Zen Technologies Ltd (ZENTEC)

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

₹1,725 -24.35 (-1.39%)

As on 11-Sep'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹15,795 Cr.
Current Price
₹1,725
52-Week Low / High
₹1,224 / 2,042
TTM EPS
₹20
TTM Sales
₹671 Cr.
Book Value per Share
₹212.4
P/E Ratio
87.67
In line with its 5-year historical median
Industry PE
47.2
Price to Book (P/B)
8.24
In line with its 5-year historical median
Price to Sales (P/S)
23.54
Higher than its 5-year historical median
EV/EBITDA
50.79
Lower than its 5-year historical median
Dividend Yield
0.06%
Profitability Efficiency
Return on Equity (ROE)
12.16%
Outperforms industry median
Return on Capital Employed (ROCE)
16.83%
Outperforms industry median
Return on Assets (ROA)
10.38%
Operating Profit Margin
36%
Net Profit Margin
31.69%
Gross Profit Margin
46.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-54.47%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-35.36%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-27.19%
Asset Quality
Promoter Holding
48.51%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,908 Cr.
Equity
₹9 Cr.
Face Value
₹1
All Time Low / High
₹1.44 / 2627.95

Zen Technologies stock performance

Key Ratios
mw4me loader

Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Semi 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 53.60%, compared to the industry median CAGR of 19.87%, 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 36.6% 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 8.6%-0.2%14.1%32.3%3.2%1.3%17.8%47.9%32.9%11.2%-
Value Creation
Index
-0.4-1.001.3-0.8-0.90.32.61.4-0.2-

Growth Parameters

Sales 61.73992.214749.653.7161430931424416
Sales YoY Gr.--36.8%136.7%59.4%-66.3%8.4%200.6%166.5%116.3%-54.5%-
Adj EPS 0.9-0.22.47.80.50.24.515.32915.515.3
YoY Gr.--122.6%NA220.1%-93.6%-52%1791.7%237.4%89.1%-46.4%-
BVPS (₹) 15.515.417.725.226.836.439.853.6186.8201.4204.6
Adj Net
Profit
7.1-1.618.960.241.936.1129262140138
Cash Flow from Ops. 5.219.1-43.864.512.7-43.899.321.431229-
Debt/CF from Ops. 1.80.5-100.1-0.30.101.70-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 23.9%53.6%38%-54.5%
Adj EPS 36.7%98.8%50.6%-46.4%
BVPS33%49.7%71.7%7.8%
Share Price 36.3% 53.1% 28.6% 18.2%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
6.2-1.414.535.51.90.711.833.324.487.5
Op. Profit
Mgn %
18.9-4.824.543.315.63.731.841.733.832.230.4
Net Profit
Mgn %
11.6-4.220.44183.522.429.928.133.133.2
Debt to
Equity
0.10.10.30000000-
Working Cap
Days
2594743552746558814162773401,101584
Cash Conv.
Cycle
102254228159260178146150131255530

Valuation of Zen Technologies - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5362921495570219440974688
Operating Expenses + 495076874765146259591440
Manufacturing Costs657108915203354
Material Costs1512263791359118369165
Employee Cost 121417201621365989127
Other Costs 162026191522376210195
Operating Profit 41117637573181383247
Operating Profit Margin (%) 7.7%18.4%18.1%41.9%13.5%6.5%33.2%41.1%39.3%36.0%
Other Income + 6432357155885
Exceptional Items 00000-02201
Interest 225312421910
Depreciation 4445556101524
Profit Before Tax 3911574372186406297
Tax 12-2-221225710779
Profit After Tax 2713593350130299218
PAT Margin (%) 4.4%11.6%14.4%39.3%5.1%3.7%22.8%29.4%30.7%31.7%
Adjusted EPS (₹)0.30.91.77.60.40.35.415.231.021.4
Dividend Payout Ratio (%)33.30%16.10%17.40%5.30%25.60%40.10%3.70%6.60%6.40%4.70%
PARTICULARSMar'16Mar'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1121201311872042813134461,6981,885
Share Capital 8888888899
Reserves 1051121231791962733054371,6891,876
Debt +37835221361423
Long Term Debt86911400401
Short Term Debt302261196122
Minority Interest00076714183560
Trade Payables2385347322549
Others Liabilities 151637-7-1344120254243155
Total Liabilities 1671462101942033494607512,0452,153

Fixed Assets

Net Fixed Assets +4445637370677593208239
Gross Block677195109111113127155299346
Accumulated Depreciation222632364146526191108
CWIP 15170003211715
Investments 0082222046
Inventories1083514152549169119188
Trade Receivables5186347193285185410224
Cash Equivalents 683412254083167158401355
Others Assets 2524293357137781348951,126
Total Assets 1671462101942033494607512,0452,153
PARTICULARSMar'16Mar'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 432-49626-441161331245
PBT 3911574372186406297
Adjustment 127742412-16-29
Changes in Working Capital 40-8-66100-4755-152-24265
Tax Paid -1-1-2-11-3-2-14-33-117-88
Cash Flow From Investing Activity + -9-413-12-10-44-4-85-1,000-161
Capex -1-4-2-5-2-4-13-30-32-59
Net Investments 0-00000-30-20
Others -8015-7-8-3912-55-966-102
Cash Flow From Financing Activity + -3-325-12988-22-31,007-78
Net Proceeds from Shares 000000049811
Net Proceeds from Borrowing 4-26-15-01-8-644-52
Interest Paid -2-2-5-3-1-1-3-2-5-3
Dividend Paid 00-1-2-3-1-1-2-9-18
Others -5-27481389-103-5-6
Net Cash Flow 30-34-32385091-75375
PARTICULARSMar'16Mar'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)2.086.1810.6536.951.421.0816.8334.1327.9212.16
ROCE (%)3.487.9910.3932.422.731.9224.5148.8638.6116.83
Asset Turnover Ratio0.310.40.520.740.280.250.540.730.70.33
PAT to CFO Conversion(x)21.50.29-3.771.052-14.672.320.10.11.12
Working Capital Days
Receivable Days215.5068.50161133.70217.50131.6097.60112111.50168.40
Inventory Days85.8052.1085.5060.3096103.7061.7090.5054.1081.60
Payable Days64.6077.4078.9061.90160.409933.2060.1028.5082.50

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Zen Technologies Ltd FAQs

The current trading price of Zen Technologies on 11-Sep-2026 16:01 is ₹1,725.

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 10-Sep-2026 the market cap of Zen Technologies stood at ₹15,795.4 Cr

The latest P/E ratio of Zen Technologies as of 10-Sep-2026 is 114.5.

The latest P/B ratio of Zen Technologies as of 10-Sep-2026 is 8.55.

The 52-week high of Zen Technologies is ₹2,041.9 and the 52-week low is ₹1,224.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Zen Technologies is ₹416 ( 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 Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Zen Technologies Ltd is likely to Rise-somewhat 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.

You have 45 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now