ZENTEC · Capital Goods
Zen Technologies Ltd. reported revenue of ₹178 cr for October to December 2025, +17.1% on the year and +2.3% on the quarter. Over the last four quarters revenue comes to ₹835 cr, +5.7% on the four before.
Operating profit (EBITDA) was ₹67.0 cr, a margin of 37.6%, +869 bps on the year and +28 bps on the quarter. Over the last 8 quarters the margin has ranged from 28.9% to 43.5%, averaging 37.4%. Operating costs grew +2.8% against revenue growth of +17.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹56.0 cr, +30.2% on the year and −9.7% on the quarter, with earnings per share of ₹6.07. Profit before other income, one-offs and tax grew faster, at +54.1%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹285 cr, +27.8% on the four before.
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 ₹29.13 over the last four quarters, the stock at ₹1,651.00 trades at 56.7 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +30.2% on the year; profit before other income, exceptional items and tax +54.1%.
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 ₹178 cr (+17.1% on the year) and net profit of ₹56.0 cr (+30.2% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +54.1% on the year, against +30.2% for reported profit.
None of the 7 checks that could run raised a question.
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