Zen Technologies - Targeting Rs 20 Billion Revenue For FY27: Systematix

Systematix Research Report

Established in 1993, Zen Technologies Ltd. has emerged as India’s largest training equipment and simulator company, having diversified into anti-drone systems. Zen delivered 1,000+ simulators to 100+ customers across the 3 armed forces, State and Central police forces of India and of other countries.

The stock has run up 140% over the last 12 months, on the back of a growing total addressable market, large ticket order wins, and uptick in execution. At current market price of Rs 1,118, Zen trades at FY24 price/earning multiple of 58.7 times. We do not have a rating on the stock.

Key risks:

Delays in awarding cycle, delays in pursuing inorganic growth.

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