India · Delayed Price · Currency is INR Zen Technologies Earnings Call Transcripts
Fiscal Year 2026
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Q4 and FY26 revenues declined year-on-year due to order timing, but a robust order book and strong liquidity provide clear visibility for FY27. Major product launches, AI integration, and export opportunities position the business for significant growth, with margins expected to remain strong.
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Q3 FY26 saw 16.8% revenue growth and 30.6% PAT growth, with a robust order book of INR 1,427 crores and strong liquidity. Execution targets were revised to INR 4,000 crores over two years, with capacity expansion and new product launches planned.
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Q2 FY 2026 saw a sharp YoY revenue decline due to delayed government orders, but margins remained resilient and the company is debt-free with strong liquidity. Management expects significant order inflow and execution in H2 FY 2026 and robust growth in FY 2027-28, driven by both simulators and anti-drone systems.
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Q1 FY 2026 saw a sharp year-over-year revenue and profit decline due to deferred execution, but strong subsidiary performance and a robust order pipeline support a positive long-term outlook. Major simulator orders are expected soon, with anti-drone and export growth anticipated in H2 and beyond.
Fiscal Year 2025
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Record annual and quarterly results were driven by strong export and domestic demand, with a robust order book and aggressive medium-term growth targets. FY2026 is expected to be muted due to order execution timing, but margins and long-term outlook remain strong.
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Revenue and profit grew strongly in Q3 and the nine months of FY25, with management reaffirming FY25 revenue guidance of INR 900 crore and a 50% CAGR target over three years. Recent acquisitions and new product launches are expected to drive future growth, despite some order delays.
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H1 FY25 revenue reached INR 496 crore with strong margins, and full-year revenue is set to exceed INR 900 crore. The order pipeline is robust at INR 3,500 crore, with major orders expected in Q3/Q4, and expansion into Navy, Air Force, and U.S. markets is underway.