ZENTEC · Capital Goods
Zen Technologies Ltd. reported revenue of ₹178 cr for January to March 2026, −45.2% on the year and 0.0% on the quarter. Over the last four quarters revenue comes to ₹688 cr, −29.4% on the four before.
Operating profit (EBITDA) was ₹50.0 cr, a margin of 28.1%, −1,437 bps on the year and −955 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 28.1% to 43.5%). Operating costs grew −31.6%, faster than revenue at −45.2%, so operating profit grew less than sales.
Net profit was ₹47.0 cr, −58.8% on the year and −16.1% on the quarter, with earnings per share of ₹3.49. Profit before other income, one-offs and tax fell 68.2%, so 9 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹218 cr, −27.1% 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 ₹21.43 over the last four quarters, the stock at ₹1,651.00 trades at 77.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 28.1%, −1,437 bps on the year (−955 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 36% of profit before tax, against 16% 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 (−45.2% on the year) and net profit of ₹47.0 cr (−58.8% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −68.2% on the year, against −58.8% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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