Zen Technologies Limited — Investor Meet, 23-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Zen Technologies reported strong export-driven growth with a standalone order book of 692 Cr and expects order inflows of ~800 Cr by H1 FY2026, mainly from simulators, though FY2026 growth may be muted due to execution timelines. The anti-drone segment, including UTS (~125-130 Cr revenue), is a key growth driver. Subsidiaries like ARI (~137 Cr revenue) and others bolster naval and drone tech exposure. Management targets 50% CAGR over FY2026-28, aiming for 6,000+ Cr turnover. Margins are guided at ~25% PAT and ~35% EBITDA. R&D spend will rise to 50-60 Cr annually, supporting a drone systems-led portfolio (~70% revenues in 5 years) alongside simulation. Cash exceeds 1,000 Cr for growth initiatives, with strong export potential from the US and EU markets. The tone is confident on defense modernization and scaling exports.