Zen technologies - A micro cap in the defense space!

The recent run up is due to this

we might see order announcement


Zen tech does not support simulators for air force as of now. I remember it was mentioned in one of the concall


I respect mr basnat sir, but 50% min growth with 70 PE bohot na insafi he

150-160 cr of sales they can do easily but for 900cr FY2025 target they need all quarter 200+ that’s something we need to look at

If the government changes, how do you see its impact on the future outlook? Because many times, the first thing a new government does is reverse all the policies.

If BJP come back sure shot 1500+ targets till FY 2025

24 EPS 60-65 PE for PE they need orders last year in Q2 they got 900 cr of orders and management claiming growth in orders with respect to previous one

Broken out 6 months consolation sometimes is cooking inside company may be 1200 coming soon before or after Q4 results

They are regularly releasing the order book, currently they have enough backlog to achieve FY25 target, the main test will be to see if they can get enough orders over the next 6 months to continue growth in FY26.

1 Like

Excellent video which gives glimpses of all major products as well as the strategy.
Disc: Invested.




This is the interview of CEO from 3 Dec 2015 where he says we will most likely achieve roughly 500 crore orders (since they get done around 95% successful bids typically)
revenue in next 1-2 years.

I have seen the whole interview, The guidance CEO gave was way “toooo” much because i don’t observe in sales anything remotely correlating to 500 crores spread over 2-3 years of sales.

Anyone knows why they missed the self-professed guidance targets by a mile in the past?


He says “cumulative in the next 2-3 years”. But even that is way off the mark. Cumulatively from FY17 to FY19 Zen achieved about 190 Cr in revenue. In fact, cumulatively from FY17 to FY22 Zen did a total of about 450 Cr in revenues. So you are right, the CEO is way off the mark.

1 Like

I think the may metric to keep track off is the order book. Currently they have 1400CR order book so this guarantees the turnover for the next 18 months. I think the main issue in this business is that the time lag between the tender process, award process etc can cause major uncertainty. The one point I dont fully understand is why it takes so long for them to execute the order book when capacity is supposedly never a constraint.


One of the reasonn could be the value of AMC contract may be shown in orderbook. This is just a hypothesis from my end.