Monday trade in Hyderabad-based defence technology firm Zen Technologies opened with an 8.67% gain to Rs 1,726, then pushed higher through the morning. By 11:35 am IST, the National Stock Exchange quote stood at Rs 1,795.10, up 13.01% on the session, according to TradingView News coverage of the move. Results filed with the exchanges on October 31 gave traders the trigger. Profit attributable to shareholders reached Rs 89.54 crore for the quarter ended September 30, 2026, up 50.7% from Rs 59.40 crore a year earlier.
Revenue nearly doubled. Sales from operations reached Rs 345.13 crore, against Rs 173.57 crore a year earlier.
Operational earnings before interest, tax, depreciation and amortisation reached Rs 131.99 crore, up from Rs 64.74 crore. The operational margin widened to 38.2% from 37.3%. On a sequential view, the September quarter also dwarfed the June quarter. Revenue then was Rs 141.6 crore. The jump was a step change in deliveries, not a slow grind higher. Chairman and managing director Ashok Atluri described Rs 345.13 crore as the firm's best quarterly revenue figure to date. He linked the quarter to deliveries under Fast Track Procurement orders received last year, with some shipments going out ahead of their contractual dates. Atluri said the firm owns the underlying technology. It can change a product in weeks when the Army revises a requirement, without returning to a foreign licensor for permission. Total consolidated profit after tax was Rs 101.88 crore, including Rs 12.34 crore attributable to non-controlling interests. The Rs 89.54 crore figure is the shareholder-attributable portion behind the 50.7% comparison. The 103.9% EBITDA change is MarketRadar's calculation from the two reported EBITDA figures.
| Measure, Q2 FY27 | September 2026 quarter | September 2025 quarter | Change |
|---|---|---|---|
| Revenue from operations | Rs 345.13 crore | Rs 173.57 crore | +98.8% |
| Profit attributable to shareholders | Rs 89.54 crore | Rs 59.40 crore | +50.7% |
| Operational EBITDA | Rs 131.99 crore | Rs 64.74 crore | +103.9% |
| Operational EBITDA margin | 38.2% | 37.3% | +0.9 points |
Why it matters
An order book of Rs 1,375.70 crore at September 30 explains why the market treated one quarter as more than a single print. Fresh orders worth Rs 481.81 crore arrived during the quarter. Executed work totalled Rs 345.13 crore. MarketRadar's arithmetic checks out exactly: Rs 1,239.02 crore carried in, plus Rs 481.81 crore of inflows, minus Rs 345.13 crore executed, equals Rs 1,375.70 crore. Domestic contracts account for Rs 1,283.84 crore of that book and exports for Rs 91.86 crore. The pipeline is overwhelmingly home-market work. For the six months ended September 30, revenue reached Rs 486.77 crore, up 46.7% from Rs 331.79 crore a year earlier.
India's Defence Acquisition Council granted Acceptance of Necessity, an in-principle approval, to acquisition proposals estimated at Rs 2.12 lakh crore on October 26. ET Markets reported that around 82% of the related proposals were earmarked for domestic industry, including categories where Zen fields products.
At Rs 1,726, the morning price sat 15.5% below the 52-week high of Rs 2,043.70 cited by CNBC TV18. ET Markets put market capitalisation at Rs 14,341 crore. Trendlyne data cited by ET Markets showed the stock above seven of its eight simple moving averages.
What to watch
- Execution on the Rs 1,375.70 crore book: whether December-quarter revenue holds near the September run rate or falls back toward the June quarter's Rs 141.6 crore.
- Fresh domestic defence orders after the October 26 Acceptance of Necessity round, and how much converts into inflows over the next two quarters.
- Margin: whether operational EBITDA stays near 38.2% as the delivery mix shifts.
- Institutional positioning: any further change in foreign and mutual-fund holdings in December-quarter data.
Key points
- Zen Technologies reached Rs 1,795.10 by 11:35 am IST on November 2, up 13.01% on the National Stock Exchange, after opening 8.67% higher at Rs 1,726.
- September-quarter revenue was Rs 345.13 crore, up 98.8% year on year; shareholder-attributable profit was Rs 89.54 crore, up 50.7%.
- Operational EBITDA was Rs 131.99 crore at a 38.2% margin, against Rs 64.74 crore and 37.3% a year earlier.
- Order inflows were Rs 481.81 crore in the quarter; the order book closed at Rs 1,375.70 crore on September 30, 2026.
- The 52-week high is Rs 2,043.70, leaving the morning price 15.5% below that peak; market capitalisation was Rs 14,341 crore per ET Markets.
MarketRadar take
Delivery timing, not a single contract win, drove this quarter. Revenue nearly doubled while the order book still grew, because Rs 481.81 crore of inflows outpaced Rs 345.13 crore of execution. That arithmetic gives the next quarter a concrete test. Traders watching the name should track inflows first and margin second. A book that grows without converting into deliveries would weaken the case the September numbers just made.
If execution stays near September levels, the book supports several more quarters at a higher revenue base. If it slips back toward June levels, Monday's repricing will look premature.
