Company Update : Zen Technologies by Motilal Oswal Financial Services Ltd
Weak set of results
* Company reported a weak set of numbers in 1QFY26.
* Revenue decreased 56% YoY to INR1.1b, missing our estimate by 57%.
* Gross margins were 90bp below our expectation at 55.1% vs our estimate of 56%.
* Absolute EBITDA fell by 63% YoY to INR380m indicating a miss on our estimates by 59%.
* Company’s PAT miss our estimates by 54% at INR371m vs our estimate of INR814m (-50% YoY) due to lower top-line. However, Pat margin expanded 420bp YoY to 33.4% vs our estimate of 31.4%.
* The standalone order book as on June’25 is about INR6.06b.
* During the quarter, the company acquired shares representing 76% of the total paid up share capital of TISA Aerospace Private Limited for a consideration of INR65.6m.
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