Zen Technologies Limited (ZENTEC.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

-343.8%

-₹4,161.06

vs ₹1,707.10 price

Levered DCF

-₹774.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	59.43×	44.62×	61.2×	60.88×	820×	198.46×	2.99×	42.54×
P/B	6.09×	7.35×	17.45×	8.23×	5.76×	3.01×	0.92×	4.2×
P/S	16.72×	12.84×	17.8×	11.88×	23.37×	11.26×	1.18×	6.16×
EV / EBITDA	33.92×	28.52×	39.72×	31.03×	188.45×	63.16×	2.53×	33.28×
Gross margin	47.3%	60.5%	70.7%	69.7%	75.4%	76.3%	110.1%	81.0%
Operating margin	32.4%	38.0%	39.7%	30.4%	-0.2%	4.4%	39.0%	14.2%
Net margin	28.1%	28.8%	29.1%	19.5%	2.8%	5.7%	39.4%	14.4%
Current ratio	8.86×	6.57×	2.29×	2.37×	3.84×	13.35×	8.76×	1.83×
Debt / equity	0.01×	0.05×	0.01×	0.02×	0.05×	0.01×	0.01×	0.31×
Interest coverage	21.7×	35.63×	76.49×	16.33×	-0.07×	2.23×	17.39×	2.73×
Dividend yield	0.2%	0.1%	0.0%	0.0%	0.0%	0.5%	1.6%	0.1%
Payout ratio	9.3%	3.2%	1.3%	1.9%	40.1%	102.2%	4.7%	5.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.2%	16.5%	28.5%	13.5%	0.7%	1.5%	30.7%	9.9%
Return on invested capital	8.2%	14.9%	25.2%	13.6%	-0.0%	0.7%	29.2%	8.0%
Return on assets	9.0%	13.7%	17.0%	9.0%	0.5%	1.4%	27.5%	6.1%
Free cash flow yield	2.2%	-1.4%	-0.2%	4.0%	-3.0%	1.9%	32.6%	-9.1%
Earnings yield	1.7%	2.2%	1.6%	1.6%	0.1%	0.5%	33.5%	2.3%
Enterprise value	₹112.4B	₹125.1B	₹78B	₹25B	₹16.2B	₹6B	₹1.6B	₹6.1B
Net debt / EBITDA	-0.79×	0.01×	-0.16×	-1.29×	-0.73×	-2.08×	-0.22×	2.09×
Cash conversion cycle (days)	259	244	668	431	750	560	-117	885