Zen Tech stock zooms 4% on bagging Rs 42-crore export order

The new order win by Zen Tech comprises of state-of-the-art stimulators, aligning with the national objective of becoming a net defence exporter

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Shares of Zen Technologies rallied 4 percent to Rs 750 on November 20 after the company bagged export orders of Rs 42 crore. The S&P BSE Sensex was down 108 points or 0.1 percent to 65,680, as of 9:35am.

In the past one month, the stock of this defence solutions provider has surged 5 percent as against a 0.6 percent rise in the benchmark Sensex. Earlier, the stock had hit a 52-week high of Rs 912 per share on August 17, 2023.

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The new order win by Zen Tech comprises stimulators, aligning with the national objective of becoming a net defence exporter.

The company has over three decades of expertise in delivering cutting-edge military training and anti-drone solutions. 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.

Zen Tech’s standalone revenue from operations more than tripled or increased 203 percent on-year to Rs 64 crore in the July-September quarter of fiscal year 2023-24 (Q2FY24).

Also read: Bharat Dynamics gets a boost as all 3 defence forces plan to induct Nirbhay missiles

The company’s profit-after-tax (PAT), too, zoomed over four-fold or jumped 281 percent on-year to Rs 17 crore in Q2FY24 as compared from Rs 4 crore in Q2FY23.

The order-book status of the company stood at Rs 1,403 crore, as of September 30, 2023.

In the September-ended quarter, foreign institutional investors (FIIs) increased their stake to 4.8 percent from 3.4 percent in the previous quarter.
Institutional investors, too, upped their stake to 5 percent in the September 2023 quarter from 3.6 percent in June 2023.

Valuation-wise, the stock traded at 66 times (x) price-to-earnings (PE) ratio, lower than sector’s average of 79x PE multiple, suggested data.

The company’s debt-to-equity ratio of 0.02, which was less than 1 also provided a healthy picture as it implied that most of its assets were financed mainly through equity.

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