Zen Technologies Ltd. share price target

Order momentum set to accelerate; growth thesis intact : Zen Technologies (ZTL) designs develop and manufacture combat training solutions and Counter-drone solutions for defence and security forces. It is actively involved in the indigenization of technologies, which are...

Zen Technologies(ZEN)’s 1QFY27 result was weaker than our estimates due to lowerthan-expected execution and higher other expenses, which affected its EBITDA margin.

IP-led, R&D-driven business model with high entry barriers: ZTL utilizes a unique IP-driven business model supported by strong in-house R&D, having invested 107 crore over the last five years. This investment has led to over s85 granted patents, giving it a technological edge. Its DSIR-recognized R&D centre promotes extensive design and engineering in various fields, driving continuous innovation. Company prioritizes being design and IP-focused rather than just an assembler, enhancing its position in high-value defence technologies. Company's asset-light approach and outsourced...

Zen Technologies (ZEN) posted weak numbersin 2QFY26, with a miss on revenue but a beat on PAT due to higher-than-expected other income.

Zen Technologies’ Q1FY26 numbers undershot consensus estimates. Revenue/EBITDA declined 37.9%/41.9% due to a spillover of INR 600–700mn revenue to the next quarter owing to a change in product specifications.

ZEN reported 92%/56%/57% YoY increase in revenue/EBITDA/PAT in 1QFY25, driven by an order book of INR11.6b. EBITDA margin remained strong at 40%.

ZEN reported 4QFY16 results with a revenue of Rs 76mn vs Rs 646mn in 4QFY15 a de-growth of 93% YoY led by no orders from Indian defence. Currently the company has an existing order book of Rs 900mn (mainly...

EBITDA loss stood at Rs 37mn: ZEN reported EBITDA loss of Rs 37mn vs loss Rs 28mn in 3QFY15. R&D; expenses stood at Rs 29mn. Valuation: At CMP of Rs 68, the stock trades at PE of 27.6x/18.1x of...

We understand, the company cannot report steady quarterly results due to its order based business. However, we believe revenue to grow at a CAGR of 38% over FY15-18e led by 1) Proposed orders...

Valuation: At CMP of Rs 87, the stock trades at PE of 27.6x/18.1x/14.1x of FY16/17/18e respectively. We maintain our BUY rating and a target price of Rs 117 (25x of FY17e; which is in line with its 1 year average of ~25x but at...

Valuation: At CMP of Rs 81, the stock trades at PE of 26.3x/17.3x/13.5x of FY16/17/18e respectively. We initiate the stock with the BUY rating and a target price of Rs 117 (25x of FY17e; which is in line with its 1 year average...