By Prashant Marathe | 23 May 2025 | EduInvesting
📌 At a Glance
Zen Technologies just delivered a blockbuster FY25:
- 💥 Revenue: ₹900 Cr
- 📚 Order Book (Standalone): ₹692 Cr
- 💰 Cash on hand: ₹1,037 Cr
- 📡 Anti-Drone Systems used inOperation Sindoor(yes,thatone)
- 📦 FY26 to be “muted”, but 3-yearCAGR guidance of 50% still intact
- 🛠️ Subsidiaries like ARI, UTS, Bhairav, and Vector now part of a tactical tech army
CMP:₹1,037— and the stock may just be entering its defence supercycle.
🔫 Zen’s Anti-Drone System: From R&D to Real War
Ashok Atluri dropped this nuclear nugget:
“We’re theonly Indian private playerthat passed IDDM anti-drone trials. Others were screaming ‘drones’, we built systems tokillthem.”
✅ Started R&D in2018✅
Designed, developed, and made in India — no jugaad✅ Jammer, radar, EO sensors, command-control,hard kill integration— all in-house✅ Used successfully duringOperation Sindoor, saving lives and securing airspace
💡 While competitors only jam WiFi drones (2.4/5.8GHz),Zen’s systems are band-agnostic. They can neutralize any rogue flying toaster, including autonomous attack bots.
📊 Q4 & FY25 Financial Highlights
| Metric | FY25 |
|---|---|
| Revenue | ₹900 Cr |
| EBITDA Margin | 35% |
| PAT Margin | 25% |
| Cash Balance | ₹1,037 Cr |
| R&D Spend (est.) | ₹35–60 Cr |
| Order Book (Standalone) | ₹692 Cr |
| Order Book (Total) | ~₹800–850 Cr |
| Export Revenue | ₹300 Cr |
🎯 FY26 revenue may be “muted” — because orders might spill into FY27📈 FY27–28 forecast: rapid scale
