Date: July 26, 2026
Financial Performance Summary
Q1FY27 Consolidated Financial Highlights (₹ in Crore)
| Metric | Q1FY27 | Q4FY26 | Q1FY26 |
| Revenue | 141.64 | 178.08 | 158.22 |
| Other Income | 19.16 | 22.70 | 21.79 |
| Total Revenue | 160.79 | 200.78 | 180.01 |
| Total Operating Expenses | 102.91 | 127.09 | 93.51 |
| EBITDA | 57.88 | 73.69 | 86.49 |
| EBITDA Margins | 40.9% | 41.4% | 54.7% |
| Operational EBITDA | 38.72 | 50.99 | 64.70 |
| Operational EBITDA Margins | 27.3% | 28.6% | 40.9% |
| Interest Cost | 1.09 | 2.02 | 3.46 |
| Depreciation | 7.86 | 5.84 | 6.34 |
| Profit before associates, exceptional items and tax | 48.93 | 65.83 | 76.69 |
| Profit After Tax (Adjusted for Non-Controlling Interest) | 34.46 | 31.53 | 47.75 |
Performance Analysis
Revenue Context: Q1 FY27 revenue of ₹141.64 crore is described as consistent with expectations, reflecting the early stage of the current order book's execution cycle. The company expects revenue to be weighted towards Q2 FY27 and Q3 FY27.
Order Book Position: The company closed the quarter with a consolidated order book of ₹1,239.02 crore as at June 30, 2026. Subsequently, in July 2026, the company received an additional simulator order of ₹177.50 crore for the upgradation and integration of Tank and Crew Gunnery Simulators.
Execution Timeline: The typical execution cycle for orders is around twelve months. Orders received till Q2 FY27 are expected to be partially executed by Q4 FY27. The majority of the order book is scheduled for conversion into revenue from Q2 FY27 onward.
Product Development and Expansion
New Product Launches: During Q1FY27, Zen Technologies introduced several new products:
- AI-powered anti-drone system
- Hyperstrike interceptor drone
- Zen Vrishab unmanned ground vehicle
- Integrated Smart Border Suite
Market Expansion: The company has completed R&D for its first product offering to the Air Force and is at advanced stages of negotiations with OEMs. The company aims to formalize partnerships during the course of the year, marking its entry into the air simulator domain.
Market Position: Zen Technologies describes itself as a leader in the Army and Navy training domains and aims to provide training solutions across all three services (Army, Navy, and Air Force).
Market Environment and Outlook
Procurement Environment: The procurement environment remains positive with the Government's sustained prioritization of counter-drone systems, layered air defence, and unmanned platforms. This is evidenced by Defence Acquisition Council (DAC) clearances over the past few months.
Strategic Positioning: The company's portfolio is reinforced by the continued emphasis on Buy Indian-IDDM (Indigenously Designed, Developed and Manufactured) procurement policies. With a broadened product suite and strong order pipeline, the company believes it is well positioned to convert opportunities as the year progresses.
Company Background
Zen Technologies Limited is a pioneer and leader in providing world class state-of-the-art Defence Training and Anti-Drone solutions. The company has:
- A dedicated R&D facility recognized by the Ministry of Science and Technology, Government of India
- Production facility in Hyderabad
- Applied for over 230+ patents
- Shipped more than 1,000 training systems worldwide