Zen Tech shares: Battered defence stock down 44% in 2025; worth a look?
Zen Tech shares: Antique Stock Broking said Zen Tech has secured orders worth Rs 550 crore, taking its order book to Rs 1,170 crore, up 73 per cent over H1FY26.
- Dec 5, 2025,
- Updated Dec 5, 2025 2:50 PM IST
Shares of Zen Technologies are down 44 per cent in 2025 so far, as order finalisation in the first half of the financial year got delayed, and focus shifted to prioritise emergency procurements to meet immediate operational requirements. But Antique Stock Broking believes a spurt in orders could help Zen Tech end FY26 on a positive note.
The order win momentum has improved in recent weeks, it said while maintaining a 'Buy' rating and a target of Rs 1,744 on the defence stock. "After a projected decline in FY26E, we expect profits to grow 97.6 per cent and 29.8 per cent in FY27E and FY28E, respectively. We retain our earnings forecast and maintain Buy rating with an unchanged target price of Rs 1,744," Antique Stock Broking said.
Antique Stock Broking said Zen Tech has secured orders worth Rs 550 crore, taking its order book to Rs 1,170 crore, up 73 per cent over H1FY26.
"It is also well-positioned for two additional orders totaling Rs 880–1,000 crore. Considering which we believe the company could end FY26 with a significantly stronger order book, materially enhancing its FY27E earnings visibility," Antique said.
Zen Tech's order inflow slowed down sharply in FY25 and 1HFY26. As a result, the company closed FY25 with an order book of Rs 690 crore, down 50 per cent over FY24. While it did lose some ADS orders, the sharp fall in order inflow can largely be attributed to procedural delays from the ministerial side. Nevertheless, order inflows have now gained traction.
"After a lull of new orders in 1HFY26, Zen Tech has announced three orders totaling Rs 550 crore. Consequently, the order book has expanded to Rs 1,170 crore, a 73 per cent rise over the closing order book in 1HFY26. The orders won include two ADS orders at Rs 330 crore and two simulation system orders. These orders are to be executed in 12 months," Antique noted.
Antique said it remained positive on the demand outlook for simulators and ADS, as order finalisation have gained momentum in 2HFY26. The stock sentiment has been subdued in YTDFY26 due to weak revenue visibility from the current order book. However, Zen’s order book at the end of FY26 and thereby the earnings outlook for FY27E could appear significantly stronger if the two pending orders are finalised, Antique said.
Shares of Zen Technologies are down 44 per cent in 2025 so far, as order finalisation in the first half of the financial year got delayed, and focus shifted to prioritise emergency procurements to meet immediate operational requirements. But Antique Stock Broking believes a spurt in orders could help Zen Tech end FY26 on a positive note.
The order win momentum has improved in recent weeks, it said while maintaining a 'Buy' rating and a target of Rs 1,744 on the defence stock. "After a projected decline in FY26E, we expect profits to grow 97.6 per cent and 29.8 per cent in FY27E and FY28E, respectively. We retain our earnings forecast and maintain Buy rating with an unchanged target price of Rs 1,744," Antique Stock Broking said.
Antique Stock Broking said Zen Tech has secured orders worth Rs 550 crore, taking its order book to Rs 1,170 crore, up 73 per cent over H1FY26.
"It is also well-positioned for two additional orders totaling Rs 880–1,000 crore. Considering which we believe the company could end FY26 with a significantly stronger order book, materially enhancing its FY27E earnings visibility," Antique said.
Zen Tech's order inflow slowed down sharply in FY25 and 1HFY26. As a result, the company closed FY25 with an order book of Rs 690 crore, down 50 per cent over FY24. While it did lose some ADS orders, the sharp fall in order inflow can largely be attributed to procedural delays from the ministerial side. Nevertheless, order inflows have now gained traction.
"After a lull of new orders in 1HFY26, Zen Tech has announced three orders totaling Rs 550 crore. Consequently, the order book has expanded to Rs 1,170 crore, a 73 per cent rise over the closing order book in 1HFY26. The orders won include two ADS orders at Rs 330 crore and two simulation system orders. These orders are to be executed in 12 months," Antique noted.
Antique said it remained positive on the demand outlook for simulators and ADS, as order finalisation have gained momentum in 2HFY26. The stock sentiment has been subdued in YTDFY26 due to weak revenue visibility from the current order book. However, Zen’s order book at the end of FY26 and thereby the earnings outlook for FY27E could appear significantly stronger if the two pending orders are finalised, Antique said.