Neutral Zen Technologies Ltd for the Target Rs. 1,550 by Motilal Oswal Financial Services Ltd
*- We expect revenue to decline 43% YoY as decision delays on overall ordering weigh on execution performance.
* Key monitorables include order inflows for both training simulators and anti-drones in domestic and export markets, execution of equipment orders, and working capital cycle.
* We expect EBITDA margin to expand 210bp YoY/70bp QoQ, in line with broader guidance of the company.
*Emergency procurement, progress of acquired companies and updates on utilization of QIP proceeds will be in focus.
* TP was decreased to INR1,550 to factor in lower other income in our estimates.
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