Zensar Technologies Limited (ZENSARTECH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+306.2%

₹2,174.45

vs ₹535.35 price

Levered DCF

₹1,918.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.87

Safe zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.77×	24.15×	20.78×	18.96×	19.91×	20.58×	7.53×	16.55×
P/B	2.59×	3.89×	3.88×	2.09×	3.08×	2.64×	0.95×	2.67×
P/S	2.15×	2.99×	2.82×	1.28×	1.95×	1.63×	0.47×	1.31×
EV / EBITDA	10.56×	16.07×	13.18×	9.2×	10.23×	9.5×	3.83×	9.17×
Gross margin	22.5%	27.2%	28.7%	22.4%	25.9%	28.7%	37.2%	35.3%
Operating margin	14.5%	14.3%	15.3%	7.6%	12.4%	15.3%	10.0%	10.7%
Net margin	13.6%	12.3%	13.6%	6.8%	9.8%	7.9%	6.3%	7.9%
Current ratio	3.52×	3.76×	3.04×	2.7×	2.73×	2.7×	1.98×	2.04×
Debt / equity	0.02×	0.03×	0.05×	0.09×	0.12×	0.15×	0.36×	0.15×
Interest coverage	68.17×	43.71×	35.91×	14.31×	14.39×	14.05×	8.54×	20.11×
Dividend yield	2.5%	1.3%	0.9%	1.8%	1.1%	0.4%	6.0%	1.2%
Payout ratio	39.3%	31.4%	18.7%	34.6%	21.2%	9.0%	45.5%	20.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.4%	16.0%	18.7%	11.0%	15.5%	12.8%	12.6%	16.1%
Return on invested capital	12.6%	13.2%	14.8%	8.2%	12.3%	14.8%	10.4%	13.0%
Return on assets	12.7%	12.6%	14.3%	7.9%	10.8%	8.7%	7.3%	10.1%
Free cash flow yield	5.9%	3.3%	4.5%	10.9%	3.4%	13.3%	30.7%	2.0%
Earnings yield	6.3%	4.1%	4.8%	5.3%	5.0%	4.9%	13.3%	6.0%
Enterprise value	₹118.8B	₹156.7B	₹135.6B	₹60.1B	₹81.2B	₹61.8B	₹22.4B	₹51.7B
Net debt / EBITDA	-0.3×	-0.15×	-0.25×	-0.31×	-0.21×	0×	0.45×	-0.03×
Cash conversion cycle (days)	29	22	50	25	43	54	71	86