This midcap defence equipment stock rallies over 300% this year on frequent govt orders

On September 25, the stock rallied 3.4 percent to Rs 744 after the defence equipment manufacturer received orders worth Rs 227.6 crore from the government, though the benchmark index traded flat

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Shares of Zen Technologies have surged over 304 percent so far this fiscal as against an 8 percent gain in BSE Sensex. On September 25, the stock rallied 3.4 percent to Rs 744 after the defence equipment manufacturer received orders worth Rs 227.6 crore from the government, though the benchmark index traded flat.

The huge rally saw the stock touch its 52-week high of Rs 912 on August 17. The company has been frequently winning orders from the government in recent days. The company secured orders of Rs 123.3 crore from the defence ministry (inclusive of 18 percent GST) on September 5 and had an order book of Rs 72.29 crore on August 31. As of June 30, the order book stood at Rs 542 crore.

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Ashok Atluri, Chairman and Managing Director said that the continued implementation would drive better training outcomes, cost savings, and sustainability of the environment.

Zen Technologies designs, develops and manufactures combat training solutions for the training of defence and security forces overseas. The company also provides counter-drone solutions for safeguarding the borders, critical infrastructures.

The company has filed for over 130 patents, of which over 50 have been granted and has successfully shipped more than 1,000 training systems worldwide.

In the April-June quarter of 2023-24 (Q1FY24), the company’s total income jumped over four-fold year-on-year to Rs 135 crore from Rs 39 crore. Net profit in the period surged six-fold to Rs 48 crore from Rs 7 crore. Total expenses, however, rose 130 percent on-year to Rs 65 crore from Rs 28 crore.

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