A 37 crore order for anti-drone system.
Zen needs more such orders to come back to life.
bd6367d7-bc28-4aa0-9742-5f872b2e3ff2.pdf (687.4 KB)
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I really like this business and its management, but do you have any views on the cash flows? The profits haven’t been converting into cash over the last five years. Am I missing something?
Dismal results for Q2 FY26, especially YoY.
/https://www.zentechnologies.com/assets/uploads/files/un-audited-standalone-and-consolidated-financial-results-on-25-October-2025.pdf
Very much expected and not exactly dismal. Good OCF conversion and margins despite revenue fall. More important here will be commentary and order book inflow. Won’t care about Zen going in loss as long as the order book gets refilled massively :)
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They won an order of 37 Crs in October. Even if we include this then present order book is less than what it was end of June quarter and also 12 months ago.
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I am aware of this. Thats why i say that order book refillment is more important than revenue’s or profits. If Zen even did 300 crores in revenues, it would not be anything special for me if the order book declined. They do not have an execution problem, it is an order inflow problem currently
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As per their guidance of flat growth this year, big question mark will be will they be able to pull 640+ cr in H2?
Zen Technologies historical orderbook trends
Unfortunately not true. Consolidated order book stands at 675 crore vs 754 crore in June 2025 as sharerld by @MHS . They mixed up June 2025 standalone with September 2025 consolidated
Probably their acquisitions got completed this quarter, so comparing june standalone with September consolidated.
Anyways. have to wait for concall to get more clarity on order book as they are getting delayed since couple of quarters.
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Order book has been getting delayed for over a year. It really is a concern, also orders for simulators seems to have completely stagnated over last 2 years, whatever growth has come in last 2 years has come primarily from anti drone.
To me it seems that Zen is no longer, it least in the way it sees itself, majorly a training and similation company and has ambitions to an alround drone company.
It has not done so well in the recent times, particularly when compared to some other defence companies viz Paras. But I still have hopes of still coming up trumps in the long run.
Disclaimer: Accidentally got out of major portion of my holding just before the results.
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How does one accidentally get out of a major portion of one’s holdings? Have heard of sleep walking, but never heard of sleep selling :)
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I was trying to book losses for income tax purposes, and selling anything that showed red. The idea was to buy them back after a day or two. Zen was one of the stocks which I sold without any thought to its forthcoming results. :)
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I had also existed all my positions on Zen past month. But not by accident.
I could see it really struggling to get big orders and did not post any major breakthroughs recently. Price action was also pretty negative.
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Promoter holding is decreasing slowly, one point is to be noticed that after every horror type uncertainity movement (Qtrly Results) there comes a good news in sheduled time, can it be a signal to pump and dump, Kindly clarify anyone? Only for Discussion and Clarification purpose.
Disc: Invested.
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Also ik that zen outsources about 80% of its manufacturing; but i dont know to whom from hwere can i find out that data?
Thanks in advance
Its most probably Bharat Electronics Ltd. You can see some simulator offerings on their website:
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