ZENSARTECH · Information Technology
Zensar Technolgies Ltd. reported revenue of ₹1,431 cr for October to December 2025, +7.9% on the year and +0.7% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹5,596 cr, +8.6% on the four before.
Operating profit (EBITDA) was ₹250 cr, a margin of 17.5%, +186 bps on the year and +199 bps on the quarter. It is the widest margin of the last 8 quarters (range 15.2% to 17.5%). Operating costs grew +5.5% against revenue growth of +7.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹200 cr, +25.0% on the year and +9.9% on the quarter, with earnings per share of ₹8.79. Profit before other income, one-offs and tax grew 26.8%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹740 cr, +14.4% on the four before.
On earnings per share of ₹32.58 over the last four quarters, the stock at ₹506.75 trades at 15.6 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.
Depreciation fell while the business grew. Were asset lives changed?
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 | ₹1,241 cr | ₹1,204 cr | ₹1,230 cr | ₹1,288 cr | ₹1,308 cr | ₹1,326 cr | ₹1,359 cr | ₹1,385 cr | ₹1,421 cr | ₹1,431 cr | ₹1,450 cr | ₹1,508 cr |
| YoY | — | — | — | +5% | +5% | +10% | +10% | +8% | +9% | +8% | +7% | +9% |
| EBITDA margin | 18.6% | 17.3% | 16.5% | 15.2% | 15.4% | 15.6% | 15.6% | 15.2% | 15.5% | 17.5% | 16.3% | 14.7% |
| Other income, % of PBT | 16% | 20% | 23% | 20% | 20% | 15% | 20% | 24% | 20% | 14% | 24% | 23% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 24% | 24% | 25% | 25% | 24% | 23% | 24% | 24% | 25% | 24% | 25% |
| Net profit | ₹174 cr | ₹162 cr | ₹173 cr | ₹158 cr | ₹156 cr | ₹160 cr | ₹176 cr | ₹182 cr | ₹182 cr | ₹200 cr | ₹211 cr | ₹184 cr |
| YoY | — | — | — | +1% | −10% | −1% | +2% | +15% | +17% | +25% | +20% | +1% |
| Core profit YoY | — | — | — | −8% | −12% | +5% | +4% | +10% | +14% | +27% | +14% | +3% |
| EPS | ₹7.68 | ₹7.14 | ₹7.65 | ₹6.97 | ₹6.86 | ₹7.04 | ₹7.77 | ₹8.01 | ₹8.01 | ₹8.79 | ₹9.26 | ₹8.08 |
| Flags | · | · | · | 2 | 2 | 1 | ✓ | ✓ | 1 | 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.
Zensar Technolgies Ltd. reported revenue of ₹1,431 cr (+7.9% on the year) and net profit of ₹200 cr (+25.0% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +26.8% on the year, against +25.0% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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