1. At a Glance
Imagine a company that takes industrial waste, municipal garbage, and government tenders, and turns them into glittering “theme parks.” That’s Z-Tech (India) Ltd for you — a rare mix of sustainability, EPC muscle, and event management vibes, all wrapped in a ₹719 crore market cap. Currently priced around ₹502 per share, it’s down 4.68% over three months, but still flaunting a sexy 29.6% 1-year return — because apparently, turning trash into art is great business.
In Q2 FY26, the company clocked ₹34.5 crore in sales and ₹6.06 crore in PAT — a YoY profit surge of 102%. Their operating profit margin is a robust 28.6%, and ROCE stands at an elite 28.1%. With negligible debt of ₹4.38 crore and a sky-high current ratio of 6.12, Z-Tech’s balance sheet is as clean as their waste-water projects claim to be. The promoters hold 53.2%, FIIs 1.04%, DIIs 1.89%, and the rest is in public hands (including our beloved “India Twitter Analyst Community”).
Still, there’s drama. Promoter holding dropped 1.07%, working capital days shot up to a hilarious 471 (basically they get paid after the next election), and they haven’t paid a dividend since 1994. But hey, with 525% profit growth in three years, maybe they’re too busy recycling money instead of distributing it.
2. Introduction
Z-Tech (India) Ltd is the kind of company that would make Swachh Bharat proud and Rakesh Jhunjhunwala laugh. Founded in 1994, it has evolved from being “yet another civil contractor” to a “theme park technocrat” blending sustainability, civil engineering, and sheer jugaad innovation.
Their projects are divided into three oddly complementary verticals:Sustainable Theme Parks,Industrial Waste Water Management, andGeotechnical Engineering. Imagine a company that builds “Waste-to-Art” parks one day and designs soil mechanics for heavy industries the next — a true multi-talented overachiever.
Z-Tech operates across 20+ states with regional branches in Delhi, Uttar Pradesh, Mumbai, and Kolkata — basically, wherever there’s a government tender and a pile of construction debris waiting to be monetized. With 5,000+ tonnes of waste already repurposed and 517 million gallons of wastewater recycled, they’re like the Captain Planet of EPC firms.
But make no mistake — beneath the green facade lies a sharp business model. The company has 83% of its revenue coming fromtheme-based urban parks, 9% from civil works, and 8% from wastewater projects. That means Z-Tech’s future rides on urban beautification projects, public-private partnerships (PPP), and state-funded vanity parks — a fascinating cocktail of environment, engineering, and economics.
So, is this company a sustainability pioneer or just an artistically disguised contractor? Let’s find out.
3. Business Model – WTF Do They Even Do?
Z-Tech’s business is best described as“sustainability meets contract engineering with a sprinkle of creativity.”
The company has three main divisions:
- a) Sustainable Theme Park Development:Think of “Waste to Wonder Park” or “Harmony Park” — those Insta-worthy places where garbage becomes art. Z-Tech designs, constructs, and operates such eco-tourism destinations under PPP models. It has completed over10 parks in Delhi, Lucknow, Jhansi, and Prayagrajworth ₹76.95 crore, and is currently running11 more projects worth ₹91.6 crore.
- b) Industrial Waste Water Management (GEIST Tech):Their proprietary GEIST technology allows recovery of chemicals and water from industrial effluents. They’ve recycled517 million gallonsso far. Six major clients in agrochemicals and specialty chemicals rely on Z-Tech to keep their effluent boards happy.
- c) Geotechnical Solutions (Terra Division):Z-Tech is also into soil mechanics, slope stabilization, and specialized EPC services. This division has completed28 projects worth ₹79.25 crore, with33 more ongoing worth ₹68.77 crore.
Revenue-wise,83%comes from park projects — basically where creativity and engineering meet government contracts. The rest comes from civil and wastewater projects.
Their client list reads like a who’s who of India’s infrastructure scene —Dilip Buildcon, GMR, NCC, HCC, Tata Projects, Gammon, Punj Lloyd, and a bunch of others who love outsourcing messy work.
So yes, they build green parks from garbage, recycle dirty water, and stabilize shaky ground. Quite literally, they make India cleaner, safer, and
more Instagrammable.
4. Financials Overview (Quarterly Data)
(Figures in ₹ Crores)
| Metric | Sep 2025 | Sep 2024 | Jun 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 34.5 | 19.04 | 20.48 | 81.2% | 68.4% |
| EBITDA | 7.02 | 3.84 | 5.00 | 82.8% | 40.4% |
| PAT | 6.06 | 3.00 | 3.04 | 102% | 99.3% |
| EPS (₹) | 4.23 | 2.34 | 2.12 | 80.8% | 99.5% |
Quarterly data; annualized EPS = ₹4.23 × 4 = ₹16.92.
At CMP ₹502, theP/E is 29.7, nearly 1.4× the industry average of 21.7. That’s the premium you pay when a contractor calls itself “sustainable.”
EBITDA margins improved to ~20%, and PAT margins are now in the 17–18% range. But the biggest flex? They achieved this withalmost no debt.
Still, working capital of 471 days means cash collection is slower than a municipal approval process. The company’s receivables could probably fill an entire park by themselves.
5. Valuation Discussion – Fair Value Range
Method 1: P/E MethodAnnualized EPS = ₹16.9Industry average P/E = 21.7Range:
- Lower (21.7×) = ₹367
- Upper (30× current multiple) = ₹507
Method 2: EV/EBITDAEV = ₹721 croreEBITDA (TTM) = ₹34 croreEV/EBITDA = 21.1×If re-rated to peer median 16×, EV = ₹544 crore → Fair price ~₹380/share.
Method 3: DCF (Simplified)Assuming 20% PAT CAGR for 3 years, 10% terminal growth, and 12% discount rate → intrinsic range ₹420–₹520.
Fair Value Range (Educational Only): ₹380 – ₹520/share
(This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
November 2025 was pure Bollywood for Z-Tech.
- Nov 21, 2025:They announced the acquisition of76% stake in Grace Green Infra Pvt Ltd (GGIPL)for ₹19 crore. GGIPL comes with a ₹22 crore unexecuted order book — basically, Z-Tech just bought growth on credit.
- Nov 18, 2025:Board approved10 lakh warrants at ₹575each (₹57.5 crore). Translation: “We’re raising funds, but let’s make it fancy.”
- Nov 14, 2025:₹16.58 crore Ghaziabad park contract bagged — 18 acres, 20-year O&M. Z-Tech basically gets paid to maintain the park longer than most politicians last in office.
- Earlier in FY25:Multiple contracts worth ₹88.9 crore (roads, elevated corridors, creative parks, NH-45C four-laning, Bihar O&M, etc.) were secured.
And if that wasn’t enough, they launched
