Zen Tech surges 40% in three days on defence orders, SBI Securities sees more upside

SBI Securities has a target of Rs 651 on the stock, valuing it at 42 times its one-year forward earnings

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Zen Technologies Limited stock has gained over 40 percent in three trading sessions on the back of big order wins this month. The company recently secured a Rs 160 crore-worth order from the Government of India and a Rs 340-crore order in the export markets.

At 11 am, Zen Tech‘s stock was quoting at Rs 618.65 on the NSE, higher by 7 percent from the previous close. Trading volumes at 81 lakh shares are 4 times the 1-month average volumes.

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Providing further details on the Rs 160-crore government order win, the company said that the order is related to supply of Anti Drone System to the Ministry of Defence. The contract is to be executed within 12 months.

The small-sized defence company designs, develops and manufactures Combat Training Solutions (Simulators) for the training of defence and security forces worldwide.

“The company, over the period of time, has built capability and has filed 125 patents across various products and processes,” SBI Securities said in a note dated July 12.

“We like the company for its asset-light business model, robust growth visibility given the strong order backlog, solid product portfolio and reasonable valuation supported by attractive margin and return ratios,” it added.

SBI Securities has a target of Rs 651 on the stock, valuing it at 42 times its one-year forward earnings. The company in March 2023 quarter reported a 510 percent on-year jump in consolidated net profit to Rs 20 crore. Its net profit stood at Rs 9 crore in the December 2022 quarter.

Total revenue increased 215 percent YoY to Rs 96 crore, compared to Rs 30 crore reported in the corresponding period of last fiscal. On a sequential basis, total revenue for the quarter grew 76 percent.