Aerospace & Defence company Zen Technologies announced Q4FY26 & FY26 results Consolidated Financial Highlights: Total Revenue: For Q4FY26, the company reported total revenue of Rs 200.78 crore, representing a growth of 3.79% QoQ from Rs 193.45 crore in Q3FY26, and a decline of 42.59% YoY compared to Rs 349.74 crore in Q4FY25. On an annual basis, total revenue for FY26 stood at Rs 773.11 crore, a decrease of 25.09% from Rs 1,032.03 crore in FY25. Sales: Sales for Q4FY26 were Rs 178.08 crore, showing a marginal increase of 0.15% QoQ from Rs 177.82 crore in Q3FY26, but a significant decline of 45.20% YoY from Rs 324.97 crore in Q4FY25. For the full year FY26, sales stood at Rs 687.69 crore compared to Rs 973.64 crore in FY25. EBITDA: The company achieved an EBITDA of Rs 73.69 crore in Q4FY26, reflecting a decrease of 10.59% QoQ from Rs 82.42 crore in Q3FY26, and a 54.72% YoY decline from Rs 162.74 crore in Q4FY25. The annual EBITDA for FY26 was Rs 332.66 crore, down 22.98% from Rs 431.91 crore in FY25. EBITDA Margin: EBITDA margin for Q4FY26 stood at 41.38% compared to 46.35% in Q3FY26 and 50.08% in Q4FY25. The full-year FY26 margin was 48.37% compared to 44.36% in FY25. Profit After Tax (PAT): PAT (adjusted for Non-Controlling Interest) for Q4FY26 was Rs 31.53 crore, a decline of 42.42% QoQ from Rs 54.76 crore in Q3FY26, and a 68.79% YoY drop from Rs 101.04 crore in Q4FY25. For the full year FY26, PAT reached Rs 193.45 crore, showing a decline of 30.97% compared to Rs 280.24 crore in FY25. Business Highlights: Order Book: The company closed FY26 with a consolidated order book of Rs 1,336 crore. New Inflows: During Q4FY26 alone, the company secured new order inflows worth Rs 431 crore. Capability Transformation: The company has transformed into a defense entity with five distinct capabilities: training simulation and systems, counter-drone solutions, automated weapons stations, combat robotics, and drones. Subsidiary Contribution: Contributions from subsidiaries positively impacted consolidated revenue and earnings during the year. Future Execution: A majority of the current order book is scheduled for execution in FY27. Research & Development: The company maintains a three-decade focus on R&D;, having applied for over 200+ patents and shipped more than 1,000 training systems globally. Management commentary: "FY26 financial performance was muted relative to FY25, a trajectory we have communicated earlier to our investors and stakeholders. What the headline numbers do not capture is the structural transformation that took place over the last 2 years: Zen ended FY26 as a defence company with five capabilities that are ready to be offered to the Armed Forces — training simulation and systems, counter drone solutions, automated weapons stations, combat robotics and drones. The recent expansion of our product portfolio dovetails to the actual war needs as amplified recent wars including the Iran war." "Another positive for the year was the contribution from our subsidiaries to the consolidated revenue and earnings, validating the capital allocation decisions we have made over years. These investments collectively position Zen to compete across a wider set of opportunities going forward." "FY26 was a year where order conversion timing was delayed beyond what we expected, but now FY27 execution is clearly visible. We closed the year with a consolidated order book of Rs 1,336 crore, including new order inflows of Rs 431 crore secured during Q4FY26 alone. The pipeline of opportunities remains robust and the majority of our current order book is scheduled for execution in FY27." "Domestically, the draft Defence Acquisition Procedure 2026 and the broader policy push towards Buy Indian IDDM continue to intensify the tailwinds initiated by late Mr Manohar Parikkar. Globally, recent events have underlined the strategic importance of layered counter-UAS systems and trained, combat-ready forces, both areas where Zen has built deep capability over three decades." "Zen's three-decade focus on R&D; has produced products, often much ahead of other indigenous offerings, that have been validated in the real battlefield. We expect to add several new products to our portfolio in the coming quarters, each addressing capability gaps that current operational realities have brought into focus." "With a strong forward order book, a structurally more diversified earnings base, an expanded product portfolio and a supportive policy environment, we believe Zen is entering FY27 better positioned than at any point in our recent history." Result PDF