1. Opening Hook
Remember when Zen Technologies was everyone’s favorite defense stock with a ₹6,000 crore dream? Well, Q2FY26 arrived like a drone strike on that enthusiasm — no new orders, muted numbers, but plenty of patriotic conviction.
Chairman Ashok Atluri blamed the “delay in orders” on the government’s emergency procurement spree post Operation Sindoor. Translation: bureaucracy took a chai break just when Zen needed signatures.
Still, the man calls it “a question of when, not if.” Gotta love that optimism — especially when ₹650 crore of simulator orders are still “in transit.” Read on; the anti-drone king isn’t done fighting gravity yet. 😏
2. At a Glance
- Revenue ₹124.6 Cr (↓48% YoY): From flight simulator to simulator stall.
- Operational EBITDA ₹42.1 Cr (34% margin): Margins up, mood down.
- PAT ₹46.2 Cr (↓29% YoY): Profits shrunk faster than defense paperwork moves.
- Consolidated Revenue ₹173.6 Cr (↓28% YoY): The empire slowed, but margins flexed.
- EBITDA Margin 52%: When you sell less but earn more — Zenomics 101.
- Net Cash ₹1,103 Cr: Defense without debt — Zen’s fortress balance sheet.
- Order Book ₹675 Cr: Equipment ₹375 Cr + AMC ₹300 Cr — not a war chest yet.
- Guidance: ₹6,000 Cr cumulative revenue still the holy grail — but “shifted right.”
3. Management’s Key Commentary
Ashok Atluri (CMD):
“Results were not as encouraging as I’d want, and orders didn’t build up as expected.”
(Translation: the fax machine at MoD is still buffering.)
“Delay due to government’s focus on emergency procurement post-Operation Sindoor.”
(Translation: Everyone got new toys — except us.)
“Fundamentals unchanged; government now values indigenous IP.”
(Translation: We’ll win… eventually… once they read our brochure.)
“AI is an obsession; we are eating, drinking, breathing AI.”
(Translation: And hopefully selling it soon.) 🤖
“It’s not
