Zen Technologies Gets ₹1,850 Target Price as Order Book Reaches ₹1,336 Crore

Zen Technologies is back in focus after a fresh brokerage call. Choice Institutional Equities issued a ₹1,850 target price with a Buy rating on June 16, 2026. The stock closed that day at ₹1,794.10, up 5.05% from its previous close. The bullish call comes despite a mixed FY26 scorecard. Zen Technologies’ consolidated order book stood at ₹1,336.04 crore as of March 31, 2026, with a large chunk slated for FY27 execution. Choice cited the company’s expanding anti-drone and simulation portfolio as the key reason behind its renewed confidence in the stock.

Q4 FY26 Numbers: A Mixed Quarter

Zen Technologies posted a sharp year-on-year decline in Q4 FY26. Revenue from operations fell to ₹178.08 crore, down from ₹324.97 crore in Q4 FY25. Adjusted profit after tax also dropped sharply to ₹31.53 crore.

Q4 FY26 snapshot:

• Revenue: ₹178.08 crore, down from ₹324.97 crore YoY.
• EBITDA: ₹73.69 crore, with a margin of 41.38%.
• Adjusted PAT: ₹31.53 crore, down from ₹101.04 crore YoY.
• New order inflows: ₹431 crore secured during the quarter.

The EBITDA margin also slipped from 50.08% a year earlier. Still, fresh order inflows kept the pipeline healthy heading into FY27.

FY26 Full-Year Performance: Revenue Dips, Order Book Holds Strong

Full-year FY26 numbers confirm a slower year for Zen Technologies. Revenue from operations dropped to ₹687.69 crore, compared to ₹973.64 crore in FY25. Adjusted PAT also fell to ₹193.45 crore from ₹280.24 crore.

FY26 vs FY25 comparison:

• FY26 revenue: ₹687.69 crore (down from ₹973.64 crore).
• FY26 adjusted PAT: ₹193.45 crore (down from ₹280.24 crore).
• Order book as of March 31, 2026: ₹1,336.04 crore.
• Market cap: ₹16,154 crore, down 9.32% over one year.

The order book remains the company’s strongest asset. Zen Technologies is pivoting from training simulators toward counter-drone systems and combat robotics.

Why Choice Institutional Equities Stayed Bullish

Despite weaker financials, Choice maintained its Buy rating with the ₹1,850 target price. The brokerage pointed to Zen Technologies’ expanding capabilities in anti-drone systems and simulation technology. It also highlighted the company’s new Hyperstrike autonomous interceptor drone as a key growth driver.

Factors supporting the bullish thesis:

• Recent geopolitical tensions are accelerating military preparedness globally.
• Increased defence spending is acting as a structural tailwind for the sector.
• The company is evolving from a Tier-II supplier into an integrated, IP-driven defence platform.
• Peers like HAL and Bharat Electronics (BEL) also received fresh Buy ratings in the same Choice report.

The brokerage’s confidence suggests near-term financial softness may be temporary, with FY27 execution as the real catalyst to watch.

Stock Snapshot: Zen Technologies on June 16, 2026

Zen Technologies (ZENTEC) trades on both the NSE and the BSE. The stock’s 52-week high stands at ₹2,268, and its 52-week low at ₹1,223. Despite June’s rally, the stock remains 13.28% lower over the past year, even as it gained 7.63% in the past month alone, reflecting renewed investor interest after the Q4 results.

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