🟢 At a Glance:
ZTech India is no longer just digging dirt — it’s building experiences. With FY26 revenue growth guidance of 60–80%, theme parks becoming a core revenue engine (66%), a 570-million-gallon wastewater revival story, and even a Dubai expansion dream, this isn’t your average EPC firm. And with a potential spin-off plan and 24 parks targeted by FY26, ZTech wants to be India’s infra Disney. Minus the mouse, plus the manure.

🧱 1. What the Hell Is ZTech India?

Let’s simplify it for the uninitiated:

• Old identity: Government EPC contractor types doing boring soil & sludge stuff.
• New identity: Theme park moguls with wastewater tech on the side.

Revenue split:

But within that 66%:

• ~66% of park revenue = EPC/construction
• ~33% = ticketing, food & events — i.e. recurring revenue

Basically, ZTech has turned into a parks-first infra giant, with EPC as the entry ticket.

💰 2. FY25 Financial Flashpoints (With a Bit of Drama)

• 🧾 FY25 PAT: ₹21.3 crore
• 🔮 FY26 PAT Guidance: ₹35–40 crore (up to 87% YoY growth)
• 📈 PAT Margin Expected: 23–27%
• 🧱 Current Order Book: ₹164 crore
  • Creative Parks: ₹89 crore
  • Geotechnical: ₹70 crore
  • Wastewater: ₹4.63 crore
    (Why so little? Because they cleaned 570 million gallons already 🫡)

💡 Bonus: Noida Jungle Trail Park (₹20 crore) is NOT counted in the order book because it’s BOT (Build-Operate-Transfer) — a model with long-term recurring revenue.

🎠 3. Creative Parks: Where Infra Meets Instagram

ZTech is building “themed experiences” for city dwellers, not just boring concrete blocks.

🌳 Top Projects So Far:

• UP Darshan Park: 4–5 lakh visitors in Year 1
• Shivalaya Park: Opened by the Prime Minister himself — because parks are now political assets
• Harmony Park: Combo of music, sports, and what they call “short, energizing activities” (Zumba with soil vibes?)

🐾 Coming Attractions:

• Noida Jungle Trail Park (₹20 crore): 25 acres, ticketed zones, pet park, safari ride
• 14 new parks being targeted for FY26 — 50 cities currently in convo
• New themes: Urban forests, health parks, pet parks, sports arenas, luxury camping

🎯 Goal: 24 operational parks by March 2026
Long-Term: 100 outdoor locations across India

This ain’t infra. This is theme park nationalism.

🏗️ 4. The Rest of the Business: Geotech & Wastewater

While parks steal the spotlight, the OG revenue builders still matter.

Geotechnical EPC:

• Current projects worth ₹70 crore
• Focus areas: Flood protection, highway walls, soil stabilization
• FY26 growth guidance: ~70% YoY

Basically, while cities go glam with jungle trails, the backend is still solid desi construction hustle.

Wastewater Management:

• Ongoing work: ₹4.63 crore
• Total wastewater revived: 570 million gallons
• Missed FY25 targets (oops), so they’re now relocating ops to Gujarat for “better proximity and hiring”

🧪 Bonus: They’re using proprietary tech to clean sewage. Not sexy, but definitely scalable.

🧭 5. Strategy for FY26 & Beyond

ZTech isn’t building infra anymore. They’re building mini tourism economies — with UP Darshan Park already serving as the prototype.

🔓 6. Pre-IPO Share Lock-in Ends June 11: Should You Worry?

Company says:

“Minimal selling interest. Investors are bullish.”

Translation:
We called everyone and told them not to sell. Let’s see how true that is after June 11.

🔐 Also worth noting:

• ~₹93 crore now sits in “other current assets” — mostly in FDs and unused rights issue funds
• Target: Use this cash for M&A or premium park infra (think Bangalore or Mumbai)

They have money. The question is: Will they use it smartly or build a ₹3 crore lotus fountain again?

🧾 7. Receivables, Risks & Reality Checks

ZTech gave a pretty candid review of the pain points too:

• Receivables: 85% under 6 months old; mostly from government with a 2–3 month lag
• Tender delays + land acquisition = common bottlenecks
• Q4 FY25: Only 31% of revenue from government — a healthy mix

They’ve also standardized a lot:

• Predefined pathways, lighting formats, ticketing flows
• One-size-fits-all = scalable parks
• Hiring smartly to avoid “project pausing due to lack of manpower”

Oh — and they’ve confirmed they’re not going into adventure parks. Because this is Adani Infra, not Imagicaa on steroids.

🧠 8. Competitive Landscape: Who’s Even Competing?

ZTech’s real flex? Their build-and-operate niche is hard to replicate.

That leaves ZTech as the only player who can dream, draw, design, and deliver parks at scale.

🧵 EduInvesting Take: From Drainpipes to Dreamscapes

ZTech might be the most unexpected multibagger story in the making.

A company that once stabilized soil is now stabilizing footfalls in jungle safari parks.
A company that once laid highways is now laying pathways through pet-friendly picnic zones.
And they’re talking spin-offs, Dubai parks, and proprietary wastewater tech like it’s a Desi Elon Musk blueprint.

Of course, execution is everything. FY25 was a bit of a guidance miss, but the management actually admitted it (a rarity in Indian concalls).

If they even deliver half of what they’re projecting in FY26, this might be India’s first infra-meets-lifestyle stock that didn’t start as a real estate scam.

✍️ Author: Prashant Marathe
📅 Date: June 3, 2025
🏷️ Tags: ZTech India FY25, Concall Highlights, Theme Parks Infra, Wastewater EPC, Dubai Expansion, Creative Parks, FY26 Guidance, Infra Stocks India