ZENTEC · Capital Goods
Zen Technologies Ltd. reported revenue of ₹152 cr for October to December 2024, +52.0% on the year and −37.2% on the quarter.
Operating profit (EBITDA) was ₹44.0 cr, a margin of 28.9%, −1,305 bps on the year and −411 bps on the quarter. Over the last 7 quarters the margin has ranged from 28.8% to 52.3%, averaging 37.7%. Operating costs grew +86.2%, faster than revenue at +52.0%, so operating profit grew less than sales.
Net profit was ₹43.0 cr, +43.3% on the year and −31.7% on the quarter, with earnings per share of ₹4.40. Profit before other income, one-offs and tax fell 7.5%, so 51 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹24.64 over the last four quarters, the stock at ₹1,651.00 trades at 67.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +43.3% on the year; profit before other income, exceptional items and tax −7.5%.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 28.9%, −1,305 bps on the year (−411 bps on the quarter).
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 37% of profit before tax, against 9% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹66.0 cr | ₹100 cr | ₹141 cr | ₹255 cr | ₹242 cr | ₹152 cr | ₹325 cr | ₹158 cr | ₹174 cr | ₹178 cr | ₹178 cr | ₹142 cr |
| YoY | — | — | — | +93% | +267% | +52% | +130% | −38% | −28% | +17% | −45% | −10% |
| EBITDA margin | 28.8% | 42.0% | 35.5% | 43.5% | 33.1% | 28.9% | 42.5% | 40.5% | 37.4% | 37.6% | 28.1% | 26.8% |
| Other income, % of PBT | 23% | 9% | 10% | 3% | 10% | 37% | 16% | 29% | 31% | 22% | 36% | 36% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 37% | 32% | 27% | 28% | 23% | 28% | 26% | 30% | 26% | 24% | 27% | 30% |
| Net profit | ₹14.0 cr | ₹30.0 cr | ₹38.0 cr | ₹79.0 cr | ₹63.0 cr | ₹43.0 cr | ₹114 cr | ₹53.0 cr | ₹62.0 cr | ₹56.0 cr | ₹47.0 cr | ₹32.0 cr |
| YoY | — | — | — | +65% | +350% | +43% | +200% | −33% | −2% | +30% | −59% | −40% |
| Core profit YoY | — | — | — | +62% | +335% | −7% | +174% | −50% | −23% | +54% | −68% | −46% |
| EPS | ₹1.82 | ₹3.64 | ₹4.16 | ₹9.14 | ₹6.94 | ₹4.40 | ₹11.19 | ₹5.29 | ₹6.58 | ₹6.07 | ₹3.49 | ₹3.82 |
| Flags | · | · | · | 1 | ✓ | 3 | 1 | 1 | 1 | ✓ | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Zen Technologies Ltd. reported revenue of ₹152 cr (+52.0% on the year) and net profit of ₹43.0 cr (+43.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −7.5% on the year, against +43.3% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.