Loading…
Indian defence company making combat training simulators and anti-drone/counter-UAS systems for armed forces.
Indian defence company making combat training simulators and anti-drone/counter-UAS systems for armed forces.
Wins contracts through defence-ministry tenders, so revenue comes in large lumps as orders are delivered and the Indian armed forces are the main buyer. Simulators are the long-established base, while counter-drone systems are a newer line; India's preference for domestic suppliers in defence buying supports both.
In one line: A niche Indian defence-simulator and counter-drone specialist.
Moat: narrow (regulatory licence, IP / patents). Specialized simulation and counter-drone technology built for defence-specific qualification requirements.
Headquarters: Hyderabad, India · Founded: 1993 · Employees: 787
Size Zen Technologies (ZENTEC.NS) is an India Information Technology company (Information Technology Services) with a market value of $1.64B, the 427th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,721 on 6 Nov 2026.
Performance Over six months the shares gained 6.1%, against -14.0% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +6.0%); the operating margin is 30.8% (peer median 5.6%).
Valuation It trades at 45.7× forward earnings against a peer median of 31.1× (4th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 53% a year for seven years (Req g). Recent delivered growth is +66%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.1 points below its cost of capital (18.4% WACC).
Next results Next results expected around 25 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹8.43B | ₹6.88B | ₹9.74B | ₹4.40B | ₹2.19B |
| Revenue growth | — | -29% | +121% | +101% | — |
| Gross profit | ₹3.92B | ₹3.19B | ₹4.69B | ₹2.42B | ₹1.04B |
| EBITDA | ₹2.89B | ₹2.52B | ₹3.78B | ₹1.84B | ₹733M |
| Net income | ₹2.10B | ₹1.93B | ₹2.80B | ₹1.28B | ₹427M |
| Free cash flow | n/a | ₹2.51B | ₹427M | -₹98.7M | ₹1.06B |
| Capital expenditure | n/a | ₹618M | ₹323M | ₹301M | ₹131M |
| Total debt | ₹287M | ₹185M | ₹777M | ₹60.3M | ₹67.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zen Technologies ZENTEC.NS | $1.64B | +6% | +4% | 31% | 45.7× | 53.0% |
| Bharat Electronics BEL.NS | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% |
| Sigma Advanced Systems SIGMAADV.NS | $1.83B | +196% | +358% | 12% | n/a | n/a |
| Data Patterns (India) DATAPATTNS.NS | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZENTEC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | -3.5% | 4th highest of 21 |
| 6-month return | +6.1% | -14.0% | 6th highest of 21 |
| Distance from 52-week high | -15.8% | -37.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +4.2% | +6.0% | 10th lowest of 21 |
| Operating margin | 30.8% | 5.6% | highest of 21 |
| Forward P/E | 45.7× | 31.1× | 4th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 53.0% | 12.4% | most demanding of 10 |
| Growth delivered (Del g) | +66.0% | +6.3% | highest of 10 |
| Hurdle (Req g minus delivered) | -13.0 pp | +0.1 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | -6.1 pp | -4.5 pp | 10th lowest of 20 |
| EV / EBITDA | 52.1× | 21.7× | most expensive of 9 |
| Net debt / EBITDA | -1.9× | -0.4× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zen Technologies ZENTEC.NS | India | $1.64B | +6% | +4% | 31% | 45.7× | 53.0% | +66.0% |
| Mega Fortune MGRT | United States | $1.65B | -14% | -8% | -37% | n/a | n/a | n/a |
| CETC Digital Technology 600850.SS | China | $1.62B | -18% | -1% | 2% | 17.3× | 19.1% | +5.8% |
| secunet Security Networks YSN.DE | Germany | $1.66B | +20% | +13% | 11% | 37.3× | n/a | n/a |
| Simplex Holdings,Inc 4373.T | Japan | $1.66B | +25% | +20% | 23% | 19.4× | 12.4% | +16.3% |
| Northking Information Technology 002987.SZ | China | $1.67B | -14% | +1% | 6% | 30.6× | 16.2% | +16.1% |
| PDF Solutions PDFS | United States | $1.59B | -27% | +23% | 8% | 26.0× | n/a | n/a |
| Omnicell OMCL | United States | $1.70B | -15% | +6% | 5% | 19.5× | 11.7% | +5.8% |
| Shift 3697.T | Japan | $1.71B | +61% | +24% | 11% | 19.2× | -2.2% | +28.6% |
| Transportation Telecommunication and Information Development Inc. Ltd. Zhejiang 300469.SZ | China | $1.72B | -18% | -15% | -102% | n/a | n/a | n/a |
| Formula Systems (1985) Ltd. Sponsored ADR FORTY | United States | $1.75B | -26% | +1% | 8% | n/a | -3.4% | +6.3% |
| Data#3 DTL.AX | Australia | $1.54B | +81% | +6% | 8% | 31.6× | 26.9% | -14.2% |
| Shenzhen YSSTech Information Technology 300377.SZ | China | $1.53B | -24% | +14% | -3% | n/a | n/a | n/a |
| Black Box BBOX.NS | India | $1.53B | +10% | +12% | 7% | 47.3× | n/a | n/a |
| Shenzhen Forms Syntron Information 300468.SZ | China | $1.52B | -33% | +9% | 9% | n/a | n/a | n/a |
| CETC Cyberspace Security Technology 002268.SZ | China | $1.77B | -11% | -3% | 1% | 45.0× | n/a | n/a |
| Cetc Potevio Science & Technology 002544.SZ | China | $1.52B | -41% | 0% | 0% | 375.0× | n/a | n/a |
| Guangzhou Sie Consulting 300687.SZ | China | $1.52B | 0% | +3% | -3% | 79.8× | n/a | n/a |
| Neusoft 600718.SS | China | $1.51B | -3% | -5% | -5% | 37.1× | -6.1% | +9.7% |
| A10 Networks ATEN | United States | $1.80B | -11% | +12% | 17% | 22.0× | 16.7% | +5.2% |
| Voyager Technologies VOYG | United States | $1.49B | -19% | +42% | -82% | n/a | n/a | n/a |