Zen Technologies Limited — Investor Meet, 31-07-2026: Analysts/Institutional Investor Meet/Con. Call Updates

**Zen Technologies Ltd: Q1 FY2027 Earnings Call Summary**

**Financial Performance:** Q1 FY2027 consolidated revenue was Rs.141.6 Cr, with operational EBITDA at Rs.38.7 Cr (27.3% margin) and PAT at Rs.34.5 Cr. Adjusted for a one-off fire loss, PAT would be ~Rs.37 Cr. Margins were affected by negative operating leverage on lower revenue and higher R&D, but gross margin remained stable.

**Management Commentary and Outlook:** Revenue expected to accelerate in Q2/Q3. Full-year FY2027 operational EBITDA margin is guided for mid-30s. Management anticipates significant orders from a strong pipeline, targeting Rs.4000 Cr cumulative revenue over FY2027-FY2028, driven by anti-drone systems and simulator demand amid global conflicts. Export markets (US, EU) are a key focus for long-term growth.

**Order Book & Operational Updates:** Order book stood at Rs.1239 Cr (June 30). Post-quarter, a Rs.177.5 Cr Ministry of Defense order for tank simulator upgrades was received. The company expects the FY2027 order book to reach ~Rs.2500 Cr, with Rs.700-800 Cr in simulator orders incoming, plus multi-thousand crore anti-drone orders. Cash and bank balances are strong at Rs.1217 Cr, with no debt.

**Analyst Q&A Highlights:** Management clarified Q1 margins were impacted by operating leverage and past provision reversals, not structural changes. Discussions covered vast market potential for simulators (Rs.25,000 Cr for Army/Navy) and anti-drone systems, product developments like HyperStrike (interceptor drone), and the strategic expansion into Air Force and international markets.

**Strategic Themes & Sentiment:** Management is excited about upcoming large orders, strategic acquisitions, and cutting-edge R&D (e.g., laser weapons). They express confidence in the company's innovation, market position, and long-term prospects, believing consistent holders will be rewarded.