Zen Technologies

₹933.7 44.5 | 5%

WEBSITE BSE:533339 NSE : ZEN TECH 10 May, 16:01

Market Cap ₹7847 Cr.

Stock P/E 61.4

P/B 17.5

Current Price ₹933.7

Book Value ₹ 53.4

Face Value 1

52W High ₹1130.1

Dividend Yield 0.11%

52W Low ₹ 297

Edit Ratio

Zen Technologies Research see more...

Zen Technologies: Pioneering India's Defense and Simulation Landscape

EQUITY RESEARCH: Zen Technologies Ltd.

INITIAL COVERAGE: Zen Technologies Ltd.

Overview Inc. Year: 1993Industry: IT - Software

Zen Technologies Ltd is engaged in the layout, development and manufacture of training simulators. The Company offer its products to police and paramilitary forces, defense force, security forces, govt. departments, including transport, mining, infrastructure and civilian markets. The Company's merchandise are divided into three classes: Land-based Military Simulators, Driving Simulators, and Mining & Special Equipment Simulators. Its products comprises Zen Advanced Weapon Simulator (Zen AWeSim), Zen Small Arms Training Simulator-SL (Zen SATS), Zen Hand Grenade Simulator (Zen HE36S), Zen Driving Training Simulator (Zen DTS), Zen BMP-II Driving Simulator (Zen BMP-II DS), Zen Anti-Tank Guided Missile Simulator (Zen ATGM Sim), Zen Artillery Forward Observer Simulator (Zen ArtyFOS), Zen Driving Simulator (Zen DS) & Zen Automated Driving Simulator (ZEN ADS), Zen Tactical Engagement Simulator (Zen TacSim), and Zen 81mm Mortar Integrated Simulator (Zen 81mm MIS), among others.

Zen Technologies Share Price

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Peer Comparison

Zen Technologies Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	16	28	37	33	52	96	132	67	100	141
Other Income	1	3	2	3	2	-0	3	5	4	3
Total Income	17	30	39	37	54	96	135	72	104	144
Total Expenditure	15	23	26	23	36	61	64	48	57	91
Operating Profit	2	7	13	13	19	35	72	24	47	53
Interest	0	1	1	1	2	1	0	1	1	1
Depreciation	1	1	2	1	2	2	2	2	3	3
Exceptional Income / Expenses	0	-0	0	0	2	0	0	0	0	2
Profit Before Tax	0	5	11	11	17	33	69	22	44	52
Provision for Tax	1	0	4	3	5	10	21	8	14	14
Profit After Tax	-0	5	7	8	12	23	48	14	30	38
Adjustments	0	-2	0	-2	-3	-3	-1	2	1	-3
Profit After Adjustments	-0	3	7	6	9	20	47	15	31	35
Adjusted Earnings Per Share	-0	0.4	0.9	0.7	1.2	2.5	5.6	1.8	3.6	4.2

Zen Technologies Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	102	37	46	79	53	62	92	149	55	70	219	440
Other Income	5	6	7	6	6	4	3	2	3	5	7	15
Total Income	107	43	53	84	58	65	95	151	58	75	226	455
Total Expenditure	65	34	46	58	49	50	76	87	47	65	146	260
Operating Profit	42	9	8	26	10	15	20	65	10	10	80	196
Interest	2	2	2	2	2	2	5	3	1	2	4	3
Depreciation	1	2	5	4	4	4	4	5	5	5	6	10
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	-0	2	2
Profit Before Tax	39	6	0	20	3	9	11	57	4	3	72	187
Provision for Tax	8	1	0	4	1	2	-2	-2	2	1	22	57
Profit After Tax	32	5	0	16	2	7	13	59	3	3	50	130
Adjustments	0	0	0	0	0	0	0	0	0	-1	-7	-1
Profit After Adjustments	32	5	0	16	2	7	13	59	3	2	43	128
Adjusted Earnings Per Share	3.6	0.5	0	2	0.3	0.9	1.7	7.6	0.4	0.2	5.4	15.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	213%	14%	29%	8%
Operating Profit CAGR	700%	7%	40%	7%
PAT CAGR	1567%	-5%	48%	5%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	204%	133%	67%	59%
ROE Average	17%	6%	13%	12%
ROCE Average	25%	10%	14%	13%

Zen Technologies Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	104	107	99	111	112	120	135	191	204	283	316
Minority's Interest	0	0	0	0	0	0	0	7	6	7	14
Borrowings	3	2	4	4	8	6	9	1	1	4	0
Other Non-Current Liabilities	0	0	1	1	1	1	-7	-19	-19	-17	-11
Total Current Liabilities	51	16	25	62	46	20	73	13	10	72	140
Total Liabilities	158	126	128	177	167	146	210	194	203	349	460
Fixed Assets	29	29	49	47	44	45	63	73	70	67	75
Other Non-Current Assets	22	30	10	7	22	24	24	5	3	6	8
Total Current Assets	108	67	69	123	101	78	123	116	130	275	377
Total Assets	158	126	128	177	167	146	210	194	203	349	460

Zen Technologies Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	27	32	47	42	38	68	10	-22	16	21	21
Cash Flow from Operating Activities	-2	39	10	-20	43	2	-49	62	6	-44	116
Cash Flow from Investing Activities	-1	-3	-8	-4	-9	-4	13	-12	-10	-44	-4
Cash Flow from Financing Activities	7	-20	-7	20	-3	-32	5	-12	9	88	-22
Net Cash Inflow / Outflow	5	15	-5	-4	30	-34	-32	38	5	0	91
Closing Cash & Cash Equivalent	32	47	42	38	68	34	-22	16	21	21	112

Zen Technologies Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.55	0.53	0.01	2.04	0.3	0.93	1.73	7.62	0.39	0.25	5.38
CEPS(Rs)	3.68	0.74	0.67	2.59	0.86	1.4	2.22	8.19	0.97	0.94	7.05
DPS(Rs)	0.65	0.1	0.1	0.35	0.1	0.15	0.3	0.4	0.1	0.1	0.2
Book NAV/Share(Rs)	11.66	12.07	12.77	14.38	14.56	15.49	16.93	24.2	25.71	35.28	39.39
Core EBITDA Margin(%)	36.33	9.33	1.16	25.97	7.72	18.32	18.08	41.94	13.51	6.55	33.18
EBIT Margin(%)	40.44	19.46	5.5	27.8	10.02	18.29	17.34	40.24	9.98	6.93	34.64
Pre Tax Margin(%)	38.56	14.6	0.19	25.1	5.53	14.53	12.12	38	7.98	4.74	32.77
PAT Margin (%)	30.92	12.37	0.15	19.94	4.39	11.57	14.44	39.28	5.08	3.74	22.83
Cash Profit Margin (%)	32.05	17.37	11.03	25.35	12.57	17.44	18.56	42.34	14.14	10.67	25.6
ROA(%)	24.06	3.3	0.05	10.3	1.35	4.58	7.47	29.02	1.4	0.95	12.36
ROE(%)	34.77	4.44	0.07	15.03	2.08	6.18	10.65	36.95	1.42	1.08	16.83
ROCE(%)	37.55	5.91	2.16	16.43	3.48	7.99	10.39	32.42	2.73	1.92	24.51
Receivable days	126.37	326.85	44.62	152.28	215.46	68.45	160.96	133.68	217.48	131.58	97.63
Inventory Days	21.24	45.33	58.95	57.48	85.79	52.12	85.49	60.3	95.96	103.71	61.67
Payable days	66.16	137.02	51.58	39.14	64.64	77.39	78.91	61.87	160.35	99.01	33.2
PER(x)	3.78	12.55	1012.92	27.68	245.01	71.55	42.76	2.99	198.82	819.98	60.95
Price/Book(x)	1.15	0.55	0.71	3.92	5.05	4.29	4.36	0.94	3.03	5.8	8.32
Dividend Yield(%)	4.84	1.51	1.11	0.62	0.14	0.23	0.41	1.76	0.13	0.05	0.06
EV/Net Sales(x)	1.11	0.69	0.98	5.57	10.27	7.95	6.49	1.02	10.62	22.34	11.16
EV/Core EBITDA(x)	2.66	2.75	5.95	16.69	56.28	32.73	30.28	2.37	55.76	156.69	30.6
Net Sales Growth(%)	484.85	-63.53	24.82	69.46	-33.02	17.18	49.57	61.88	-63.4	27.66	213.75
EBIT Growth(%)	2541.59	-82.15	-65.22	756.32	-75.91	114.48	41	275.75	-90.92	-11.35	1468.2
PAT Growth(%)	1606.76	-85.16	-98.54	0	-85.27	209.39	85.69	340.3	-95.27	-5.91	1814.78
EPS Growth(%)	1606.79	-85.16	-98.31	0	-85.27	209.39	85.7	341.31	-94.86	-36.19	2052.66
Debt/Equity(x)	0.24	0.12	0.18	0.36	0.36	0.09	0.32	0.01	0.01	0.05	0.02
Current Ratio(x)	2.12	4.1	2.8	1.99	2.21	3.98	1.68	8.76	13.39	3.82	2.69
Quick Ratio(x)	2.03	3.78	2.4	1.75	1.99	3.58	1.2	7.71	11.88	3.48	2.34
Interest Cover(x)	21.59	4.01	1.04	10.29	2.23	4.86	3.32	17.93	5	3.16	18.6
Total Debt/Mcap(x)	0.21	0.23	0.26	0.09	0.07	0.02	0.07	0.01	0	0.01	0

Zen Technologies Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	60.19	60.19	60.19	60.19	60.19	60.14	57.45	57.45	55.07	55.07
FII	0.35	0.29	0.32	0.33	0.3	1.29	3.47	4.83	4.65	3.84
DII	0	0	0	0.11	0.11	0.15	0.21	0.16	3.09	3.32
Public	39.46	39.52	39.49	39.37	39.4	38.43	38.87	37.56	37.19	37.77
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	4.79	4.79	4.79	4.79	4.79	4.78	4.83	4.83	4.63	4.63
FII	0.03	0.02	0.03	0.03	0.02	0.1	0.29	0.41	0.39	0.32
DII	0	0	0	0.01	0.01	0.01	0.02	0.01	0.26	0.28
Public	3.14	3.14	3.14	3.13	3.13	3.06	3.27	3.16	3.13	3.17
Others	0	0	0	0	0	0	0	0	0	0
Total	7.95	7.95	7.95	7.95	7.95	7.95	8.4	8.4	8.4	8.4

Pros

Company has delivered good profit growth of 48% CAGR over last 5 years
Debtor days have improved from 99.01 to 33.2days.
Company has reduced debt.
Company is almost debt free.

Cons

Company has a low return on equity of 6% over the last 3 years.
Stock is trading at 17.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.