Zen Technologies Q2 FY27 Revenue Surges 98.8% to ₹345.1 Cr; PAT Grows 50.7%
Zen Technologies reported record Q2 FY27 revenue of ₹345.1 Cr, up 98.8% YoY. PAT grew 50.7% to ₹89.5 Cr. Order book stands at ₹1375.7 Cr. The company expects H2 FY27 to be robust, with potential for significant contributions from C-UAS and simulator orders.
The record revenue growth, improved profitability, and a substantial order book are material positive developments for the company's financial health and market position.
The company reported record revenue, significant profit growth, and a strong order book, indicating positive financial performance and future prospects.
Zen Technologies Limited reported its financial results for the second quarter and half-year ended September 30, 2026. The company achieved a record quarterly revenue of ₹345.1 crore in Q2 FY2027, marking a significant growth of 98.8% compared to ₹173.6 crore in Q2 FY2026 and more than doubling the ₹141.6 crore from Q1 FY2027.
Operational EBITDA for the quarter stood at ₹132 crore, with an EBITDA margin of 38.2%, an improvement from 37.3% in Q2 FY2026 and 27.3% in Q1 FY2027. Profit After Tax (PAT) attributable to shareholders was ₹89.5 crore, a 50.7% increase from ₹59.4 crore in the same period last year. For the first half of FY2027, consolidated revenue reached ₹486.8 crore, a 46.7% growth over H1 FY2026. The H1 FY2027 operational EBITDA margin was 35.1%, aligning with the company's full-year guidance.
The consolidated order book stood at ₹1375.7 crore as of September 30, 2026, comprising ₹995 crore for equipment and ₹380.7 crore for AMC. The company secured new order inflows of ₹481.8 crore in the quarter, exceeding its execution of ₹345.1 crore, leading to an increase in the order book from ₹1239 crore to ₹1375.7 crore.
Management highlighted that increased employee benefit expense and other expenses were due to performance incentives, ramp-up of R&D in AI and emerging product areas, and warranty provisioning for a higher mix of ADS. Despite these increases, employee and other expenses as a percentage of revenue decreased to 24.4% from 26.3% a year ago.
The company maintains a debt-free status with approximately ₹968 crore in cash and bank balances. Discussions regarding export markets, particularly in the Middle East, CIS countries, and Southeast Asia, are ongoing, though impacted by geopolitical events. Expansion into the US market is progressing with compliance efforts and collaborations with prime contractors, with expectations of developments next year. Similar progress is noted for the European market, with discussions focused on meeting local procurement regulations for both C-UAS and simulators, expecting positive developments by early next year.
The company is actively developing counter-drone systems (C-UAS) for various applications, including tanks, and is investing in future products like next-gen defense technologies, robotics, and AI. Acquisitions, such as Cogknit, are strategic for acquiring critical intellectual property in areas like command and control. The company is confident in its operational efficiency and expects the second half of FY2027 to be robust, supported by its current order book. Guidance for FY2027 revenue is expected to be slightly above the previously guided ₹1200-1300 crore, with potential for significant contributions from C-UAS and simulator orders, and positive developments expected from the 'hyper strike' product next year.
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