Zensar delivered a resilient Q3FY26 performance in a challenging demand environment, with revenue of USD 160.5mn, growing 1.3%YoY in CC term, supported by healthy offshore volume growth. While topline growth remains modest due to continued weakness in the TMT vertical and some pressure in healthcare, the company's execution on profitability was strong. EBITDA margin expanded sharply by 200 basis points sequentially to 17.4%, driven by better offshore mix, higher utilization, forex benefits, and tight cost control. The order book improved to ~USD 180mn with a book-to-bill of 1.12x, providing...

Zensar Technologies has lost -22.26% in the last 3 Months

Zensar Technologies Ltd.

03 Nov 2025, 12:00AM

543.70

1.02%

Result Update:Zensar Tech.

Hold: Zensar Technologies Ltd.

Target

Axis Direct

We maintain a HOLD rating on the stock.

Number of FII/FPI investors decreased from 289 to 253 in Dec 2025 qtr

Zensar Technologies Ltd.

02 Nov 2025

543.70

1.02%

Zensar Technologies (SELL): Growth laggard within our Tier-2 set

Sell: Zensar Technologies Ltd.

Target

BOB Capital Markets Ltd.

The second successive quarter of < US$200mn TCV presages weak growth ahead. TMT vertical (20% of Rev in 2QFY26) is a big drag

Zensar Technologies has lost -22.26% in the last 3 Months

Zensar Technologies Ltd.

01 Nov 2025

543.70

1.02%

TMT drags the quarter

Neutral: Zensar Technologies Ltd.

Target

Motilal Oswal

Zensar (ZENT) reported 2QFY26 with flat revenue growth (est. a decline of 0.5% CC). BFS/HLS grew 4.8%/3.9% QoQ CC, while TMT declined 10.2% QoQ CC.

Zensar Technologies Ltd. is trading below all available SMAs

Zensar Technologies Ltd.

23 Jul 2025

543.70

1.02%

Zensar Technologies (SELL): Uncertainty impacts order inflow. Hopes FY26>FY25

Sell: Zensar Technologies Ltd.

Target

BOB Capital Markets Ltd.

1QFY26 revenue in line, margin a tad disappointing. Right shifting of demand leads to TCV being lower after three consecutive > US$200mn

Zensar Technologies has lost -22.26% in the last 3 Months

Zensar Technologies Ltd.

23 Jul 2025

543.70

1.02%

Zensar Technologies: Q1FY26 Result Review

Hold: Zensar Technologies Ltd.

Recommendation Target

IDBI Capital

Zensar delivered a strong Q1FY26 performance despite macroeconomic headwinds, reporting revenue of USD 162mn (up 3.3% QoQ), with AI contributing 30% to the active pipeline and 20% to order bookings. Over 50% of its workforce is now trained in AI/GenAI. Growth was led by TMT, BFSI, and healthcare, while manufacturing and consumer services declined slightly. EBITDA stood at 15.2%, down 40 bps due to higher sales and travel costs, while gross profit improved to 30.5%. Order bookings rose 11.7% YoY to USD 172mn, with employee utilization at 84.3%, up 40 bps YoY. The company launched Zen's AI platform, which received...