Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Zensar Technologies Ltd

ZENSARTECH
IT - Software

Zensar Technologies Ltd's earnings have outrun its stock. EPS grew +19.0% in a year against a −37.3% price move.

The sharpest disagreement: annual EPS moved +19.0% against a −37.3% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (34 weeks in) while the P/E sits at the 26th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +19.9% year on year, and 95% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Consistent
partial read
Price
₹518
−37.3% 1Y
P/E
15.1×
26th pctile
of its own 10-year range
Revenue (Mar 26)
₹1,450 Cr
+6.7% YoY
Profit (Mar 26)
₹211 Cr
+19.9% YoY
Operating margin
16.0%
flat YoY
ROCE
23%
FY26
ROIC
26.9%
vs WACC 12.0% → +14.9 pp
Cash conversion
95%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Zensar Technologies Ltd trades at ₹518, in a downtrend and 34 weeks into that stage. That is −12.4% against its own 200-day average. It sits at 21% of a 52-week range of ₹426 to ₹858. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 34 of stage 4, confirmed. At ₹518 it trades −12.4% versus its 200-day average and sits at 21% of its 52-week range (₹426–₹858).

Jul 26: ₹518 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−12.4% versus the 200-day line, week 34 of stage 4
Price50-day avg200-day avg
S2S2S4₹1,021₹829₹638₹446₹255₹518₹592Jul 23Apr 24Feb 25Nov 25Jul 26
S2S2S4₹1,021₹829₹638₹446₹255₹518₹592Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (548 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +214% while the NIFTY 500 moved +280% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 26th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Zensar Technologies Ltd trades at 15.1× P/E, near the bottom of its own range — cheaper only 26% of the time. Its long-run median P/E is 18.8×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.1× is near the bottom of its own range — cheaper only 26% of the time, against a long-run median of 18.8× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 15.1× vs a 18.8× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 33× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 26% of the time
P/EMedianEPS (TTM) (quarterly)
34.8×₹37.627.4×₹28.220.0×₹18.812.6×₹9.45.2×₹0.0×15.10×₹34Feb 16Oct 18May 21Jan 24Jul 26
34.8×₹37.627.4×₹28.220.0×₹18.812.6×₹9.45.2×₹0.0×15.10×₹34Feb 16May 21Jul 26
PEG 0.79 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 11 quarters; values above 6 pinned at the top.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
6.5×4.8×3.2×1.6×0.0××0.79×Q1 FY24Q3 FY24Q2 FY25Q1 FY26Q4 FY26
6.5×4.8×3.2×1.6×0.0××0.79×Q1 FY24Q2 FY25Q4 FY26
P/E
15.1×
26th percentile of 10y
PEG
2.19
derived from 3-year earnings growth

Why the multiple sits where it does: over the past year annual EPS moved +19.0% against a −37.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +6.5%/yr price move, ~+23.1%/yr came from earnings growth and ~−16.6 pp from the multiple (compressing); over 10y, of the +9.9%/yr price move, ~+9.1%/yr came from earnings growth and ~+0.8 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Zensar Technologies Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 23.0% and holding. The read is built from 12 quarters across 4 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
9.8%112%7.5%81%5.1%50%2.8%20%0.5%−11%%%7.7%19.2%19%Jun 23Sep 24Mar 26
9.8%112%7.5%81%5.1%50%2.8%20%0.5%−11%%%7.7%19.2%19%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
26%23%20%17%14%%23%FY23FY24FY26
26%23%20%17%14%%23%FY23FY24FY26
Revenue growth
Steady high
latest +7.7% · span +1.1% to +9.2%
Profit growth
Rising
latest +19.2% · span −2.3% to +103.4%
EPS growth
Rising
latest +19.0% · span −2.5% to +102.8%
ROCE
Rising
latest 23.0% · span 15.0%–25.0%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +7.7% in FY26, profit +19.2% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
31%113%20%77%9.0%40%−1.8%4.0%−13%−32%%%7.7%19.2%FY16FY21FY26
31%113%20%77%9.0%40%−1.8%4.0%−13%−32%%%7.7%19.2%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+7.7%) with the last 8 annualized (+7.7%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
9.8%112%7.5%81%5.1%50%2.8%20%0.5%−11%%%7.7%19.2%Jun 23Sep 24Mar 26
9.8%112%7.5%81%5.1%50%2.8%20%0.5%−11%%%7.7%19.2%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+7.7%+5.5%+8.5%+6.8%
Profit+19.2%+33.2%+20.3%+10.3%
EPS+19.0%+33.0%+20.7%+10.1%
Share price−37.3%+6.7%+6.5%+9.9%
Revenue YoY (Mar 26)
+6.7%
latest quarter vs a year ago
Profit YoY (Mar 26)
+19.9%
latest quarter vs a year ago
Revenue 10y
6.8%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

50.5/100 — rank 31 of 63 in IT - Software · 93% evidence confidence

Zensar Technologies Ltd scores 50.5 out of 100 against the 63 companies it is compared with in IT - Software, ranking 31. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17 + 15.8 + 14.5 + 3.2 = 50.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Zensar Technologies Ltd reported ₹1,450 Cr of revenue in the Mar 26 quarter, +6.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.8% a year. The last full year, FY26, came in at ₹5,687 Cr. The last four reported quarters add to ₹5,687 Cr.

Zensar Technologies Ltd reported ₹1,450 Cr of revenue in the Mar 26 quarter, +6.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.8% a year. The last full year, FY26, came in at ₹5,687 Cr. The last four reported quarters add to ₹5,687 Cr.

FY26 revenue came in at ₹5,687 Cr (+7.7% on the year), capping 10 years at 6.8% compound. The latest quarter (Mar 26) printed ₹1,450 Cr, +6.7% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹5,687 Cr (+7.7% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
6.8% a year over 10 years
RevenueYoY growth
6.1k31%4.6k20%3.1k9.0%1.5k−1.8%0−13%₹ Cr%₹5,6877.7%FY16FY21FY26
6.1k31%4.6k20%3.1k9.0%1.5k−1.8%0−13%₹ Cr%₹5,6877.7%FY16FY21FY26
Mar 26: ₹1,450 Cr (+6.7% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
1.6k11%1.2k8.4%7835.5%3922.6%0−0.3%₹ Cr%₹1,4506.7%Jun 23Sep 24Mar 26
1.6k11%1.2k8.4%7835.5%3922.6%0−0.3%₹ Cr%₹1,4506.7%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +7.7% growth against the decade's 6.8% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.7% over the last 4 quarters against +7.7%/yr over the last 8 — stabilising; TTM profit +19.2% vs +8.0%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 16.0% this quarter (+0.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Zensar Technologies Ltd's operating margin is 16.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 18.0%. The current quarter sits inside that band.

Zensar Technologies Ltd's operating margin is 16.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 18.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0%–18.0%.

Why the margin moved: operating margin went +0.6 pp year on year while gross margin went +0.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 16.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 11.0–18.0% band over 13 years
operating marginYoY change (pp)
19%7.9%17%4.7%15%1.5%12%−1.7%10%−4.9%%%16%1%FY14FY20FY26
19%7.9%17%4.7%15%1.5%12%−1.7%10%−4.9%%%16%1%FY14FY20FY26
Mar 26: 16.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
19%6.8%18%3.9%17%1.0%16%−1.9%15%−4.8%%%16%0%Jun 23Sep 24Mar 26
19%6.8%18%3.9%17%1.0%16%−1.9%15%−4.8%%%16%0%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +19.9% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Zensar Technologies Ltd earned ₹211 Cr of net profit in the Mar 26 quarter, +19.9% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹775 Cr. The 10-year compound rate is 10.3%. That is 14.6% of the quarter's revenue. The same quarter a year earlier earned ₹176 Cr.

Zensar Technologies Ltd earned ₹211 Cr of net profit in the Mar 26 quarter, +19.9% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹775 Cr. The 10-year compound rate is 10.3%. That is 14.6% of the quarter's revenue. The same quarter a year earlier earned ₹176 Cr.

Mar 26 profit was ₹211 Cr, +19.9% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹775 Cr (+19.2%), and the 10-year compound rate is 10.3%.

FY26 profit ₹775 Cr (+19.2% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.3% a year over 10 years
Net profitYoY growth
837113%62876%41940%2094.0%0−32%₹ Cr%₹77519.2%FY16FY21FY26
837113%62876%41940%2094.0%0−32%₹ Cr%₹77519.2%FY16FY21FY26
Mar 26: ₹211 Cr (+19.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
5th straight quarter of growth
Net profit (quarterly)YoY growth
228223%171160%11498%5735%0−28%₹ Cr%₹21119.9%Jun 23Sep 24Mar 26
228223%171160%11498%5735%0−28%₹ Cr%₹21119.9%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +6.7% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +19.2% vs revenue +7.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 95% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 95% of Zensar Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹771 Cr of operating cash against ₹775 Cr of profit. After ₹319 Cr of capital spending, ₹452 Cr was left as free cash.

FY26: operating cash of ₹771 Cr against reported profit of ₹775 Cr, leaving free cash of ₹452 Cr after ₹319 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 95% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹771 Cr vs profit ₹775 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
95% of 3-year profit arrived as cash
Operating cashNet profitFree cash
978636294−49−391₹ Cr₹771₹775₹452FY16FY21FY26
978636294−49−391₹ Cr₹771₹775₹452FY16FY21FY26
FY26: CFO = 99% of profit (three-year rate 95%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
297%231%164%97%31%%99%FY16FY21FY26
297%231%164%97%31%%99%FY16FY21FY26

Why conversion sits at 95%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹552 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Zensar Technologies Ltd's cash conversion cycle runs 59 days in FY26, up from 57 days in FY21. Capital spending ran ₹552 Cr over the last 3 years. At FY26 sales of ₹5,687 Cr each day of that cycle holds about ₹15.6 Cr, so roughly ₹919 Cr sits inside the business at any moment.

FY26: debtors at 59 days (an asset-light business — no inventory to speak of) — for a full cycle of 59 days, looser than FY21's 57.

In money terms: at FY26 sales of ₹5,687 Cr, each day of the cycle holds about ₹15.6 Cr — so the 59-day loop keeps roughly ₹919 Cr sitting inside the business at any moment.

FY26: a 59-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+2 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
43431018661−63days59d304d59d400dFY14FY17FY20FY23FY26
43431018661−63days59d304d59d400dFY14FY20FY26

On the investment side: capital spending of ₹552 Cr over the last 3 fiscal years against ₹327 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹176 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹319 Cr, work-in-progress ₹176 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
58140021836−145₹ Cr₹319₹176FY16FY18FY21FY23FY26
58140021836−145₹ Cr₹319₹176FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 23% and the ROIC − WACC spread is +14.9 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Zensar Technologies Ltd earns a ROCE of 23% in FY26. That is up from a trough of 15% in FY23. Return on invested capital clears the cost of that capital by +14.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 13.6% net margin on 0.94× asset turns.

FY26 ROCE is 23%, recovered from a FY23 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 13.6% net margin × 0.94× asset turns × 1.29× balance-sheet leverage ≈ 16.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 26.9% − 12.0% = a +14.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 23% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY23's 15%
ROCEROIC (annual)WACC
36%29%23%17%10%%23%28%FY14FY20FY26
36%29%23%17%10%%23%28%FY14FY20FY26
Q4 FY26: ROCE 16.5% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
28%24%19%15%11%%16.5%26.3%Q1 FY24Q2 FY25Q4 FY26
28%24%19%15%11%%16.5%26.3%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.02.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Zensar Technologies Ltd carries total debt of ₹79.0 Cr against shareholder equity of ₹4,719 Cr as of Mar 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.12 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹79.0 Cr against shareholder equity of ₹4,719 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.12 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹79.0 Cr at 0.02× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3620.13×2710.10×1810.07×900.04×00.01×₹ Cr×₹790.02×FY22FY24FY26
3620.13×2710.10×1810.07×900.04×00.01×₹ Cr×₹790.02×FY22FY24FY26
Mar 26: debt ₹79.0 Cr, debt-to-equity 0.02 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
2950.10×2210.08×1470.05×740.03×00.01×₹ Cr×₹790.02×Jun 23Sep 24Mar 26
2950.10×2210.08×1470.05×740.03×00.01×₹ Cr×₹790.02×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 5.0 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 5.0 points of Zensar Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 10.7% of the company. Domestic institutions moved +2.9 points over the same window, to 22.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −5.0 points over 8 quarters to 10.7%; Domestic institutions: +2.9 points over 8 quarters to 22.0%; Promoters: −0.2 points over 8 quarters to 49.0%.

Why the register moved: rotation — foreign institutions −5.0 points against domestic institutions +2.9 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −0.2 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
52%41%30%19%7.4%%49.0%10.5%23.7%16.5%Mar 24Mar 25Mar 26
52%41%30%19%7.4%%49.0%10.5%23.7%16.5%Mar 24Mar 25Mar 26
Foreign institutions cut 5.0 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
52%41%30%19%7.4%%49%10.7%22.0%17.9%Jun 23Dec 24Jun 26
52%41%30%19%7.4%%49%10.7%22.0%17.9%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Zensar Technologies Ltd: the Z-score reads 10.30. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 10.30 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 10.30.

Related companies · same sector · IT - Software Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Zensar Technologies Ltd this page15.1×₹11,511 CrTurning around
Tata Consultancy Services Ltd15.2×₹8.2L CrConsistent
Infosys Ltd13.6×₹4.2L CrConsistent
HCL Technologies Ltd19.0×₹3.4L CrMixed
Wipro Ltd13.3×₹1.8L CrTopping out
Tech Mahindra Ltd28.7×₹1.5L CrTopping out
LTM Ltd21.6×₹1.2L CrConsistent
Coforge Ltd40.0×₹65,726 CrMixed
Mphasis Ltd22.6×₹43,674 CrConsistent
Hexaware Technologies Ltd23.0×₹33,719 CrNo read
IDream Film Infrastructure Company Ltd₹17,180 CrNo read
Sonata Software Ltd15.8×₹8,079 CrMixed
Tanla Platforms Ltd14.9×₹7,954 CrTurning around
Birlasoft Ltd14.8×₹7,896 CrTurning around
Seshaasai Technologies Ltd23.6×₹6,221 CrNo read
ASM Technologies Ltd103.0×₹6,206 CrNo read
AvenuesAI Ltd20.2×₹5,700 CrMixed
Mastek Ltd12.0×₹5,242 CrConsistent
Datamatics Global Services Ltd20.3×₹4,856 CrTopping out
Aurionpro Solutions Ltd21.0×₹4,562 CrMixed
Moschip Technologies Ltd141.0×₹4,508 CrMixed
Capillary Technologies India Ltd128.0×₹3,790 Cr
TechNVision Ventures Ltd984.0×₹3,563 CrNo read
Cigniti Technologies Ltd11.4×₹3,472 CrMixed
63 Moons Technologies Ltd₹3,264 CrNo read
ASM Technologies Ltd52.8×₹3,220 CrNo read
TechNVision Ventures Ltd14,485.0×₹3,187 CrNo read
R Systems International Ltd12.6×₹2,909 CrTurning around
Sasken Technologies Ltd48.1×₹2,765 CrImproving
BLS E-Services Ltd44.6×₹2,565 CrMixed
Silver Touch Technologies Ltd71.0×₹2,538 CrTurning around
Saksoft Ltd16.3×₹2,231 CrMixed
Blue Cloud Softech Solutions Ltd31.2×₹1,889 CrMixed
Hypersoft Technologies Ltd440.0×₹1,798 CrNo read
Kody Technolab Ltd104.0×₹1,748 Cr
IZMO Ltd34.8×₹1,653 CrImproving
NINtec Systems Ltd50.3×₹1,610 CrMixed
Dynacons Systems & Solutions Ltd18.6×₹1,580 CrMixed
Magellanic Cloud Ltd13.6×₹1,568 CrMixed
InfoBeans Technologies Ltd18.0×₹1,526 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Zensar Technologies Ltd's share price today?

Zensar Technologies Ltd trades at ₹518, −37.3% over the past year. The company is valued at ₹11,511 Cr. The stock sits at 21% of its 52-week range of ₹426–₹858, −12.4% versus its 200-day average. On the tape, the price is in a downtrend, 34 weeks in. — as of 24 July 2026.

What were Zensar Technologies Ltd's latest quarterly results?

Zensar Technologies Ltd reported revenue of ₹1,450 Cr and net profit of ₹211 Cr for the Mar 26 quarter. Revenue rose 6.7% and profit rose 19.9% year on year. Earnings per share were ₹9.26. The operating margin was 16.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.

What is Zensar Technologies Ltd's revenue?

Zensar Technologies Ltd reported revenue of ₹1,450 Cr in the Mar 26 quarter, +6.7% year on year. For the full FY26 fiscal year, revenue was ₹5,687 Cr (+7.7%). Over the last 10 years revenue compounded at 6.8% a year. — as of 24 July 2026.

What is Zensar Technologies Ltd's profit?

Zensar Technologies Ltd earned ₹211 Cr of net profit in the Mar 26 quarter, +19.9% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹775 Cr. The operating margin ran 16.0% in the latest quarter. — as of 24 July 2026.

What is Zensar Technologies Ltd's market cap?

Zensar Technologies Ltd's market capitalisation is ₹11,511 Cr at a share price of ₹518. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Zensar Technologies Ltd's P/E ratio?

Zensar Technologies Ltd trades at a P/E of 15.1×, at the 26th percentile of its own 10-year range, against a long-run median of 18.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Zensar Technologies Ltd pay a dividend?

Yes — Zensar Technologies Ltd's dividend payout was 44% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Zensar Technologies Ltd overvalued?

On its own history, Zensar Technologies Ltd looks cheap against its own history: its P/E of 15.1× has been cheaper only 26% of the time in 10 years (long-run median 18.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Zensar Technologies Ltd growing?

Yes — Zensar Technologies Ltd is growing: latest-quarter revenue +6.7% year on year, profit +19.9%, and the margin +0.0 pp at 16.0%. The 10-year compound rates are 6.8% (revenue) and 10.3% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Zensar Technologies Ltd performing?

Zensar Technologies Ltd is in a downtrend, 34 weeks in. Its latest quarter's revenue rose 6.7% and profit rose 19.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Zensar Technologies Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 23.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +7.7% latest, profit growth +19.2% latest, eps growth +19.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Zensar Technologies Ltd in an uptrend?

No — the price is in a downtrend (week 34 of stage 4), trading −12.4% versus its 200-day average and at 21% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Zensar Technologies Ltd beating the market?

On recent form, yes — Zensar Technologies Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +214% against the NIFTY 500's +280% — behind the index over the full window. — as of 24 July 2026.

Will Zensar Technologies Ltd's share price go up?

This page publishes no price forecast for Zensar Technologies Ltd. What it measures instead: the share price is ₹518, the price is in a downtrend 34 weeks in. Its P/E of 15.1× sits at the 26th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Zensar Technologies Ltd?

Promoters hold 49.0% of Zensar Technologies Ltd, foreign institutions 10.7%, domestic institutions 22.0% and the public 17.9% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 5.0 points over 8 quarters. — as of 24 July 2026.

Does Zensar Technologies Ltd have too much debt?

No — Zensar Technologies Ltd's debt-to-equity is 0.02, and operating profit covers the interest bill 76×. FY26 borrowings were ₹79.0 Cr against equity of ₹4,719 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Zensar Technologies Ltd's capex?

Zensar Technologies Ltd spent ₹552 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹319 Cr, with ₹176 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Zensar Technologies Ltd's cash flow?

Zensar Technologies Ltd generated ₹771 Cr of operating cash flow in FY26 and ₹452 Cr of free cash flow after ₹319 Cr of capital spending. Reported profit that year was ₹775 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Zensar Technologies Ltd's profit real cash?

Yes — over the last 3 fiscal years, 95% of Zensar Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹771 Cr against reported profit of ₹775 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

How financially safe is Zensar Technologies Ltd?

On the balance sheet, the Z-score reads 10.30 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.

Where is Zensar Technologies Ltd in its business cycle?

Zensar Technologies Ltd's FY26 operating margin was 16.0%, against a 13-year band of 11.0%–18.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Zensar Technologies Ltd story?

The sharpest disagreement: annual EPS moved +19.0% against a −37.3% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Zensar Technologies Ltd a stock worth studying right now?

This is not investment advice. The machine read: Zensar Technologies Ltd's earnings have outrun its stock. EPS grew +19.0% in a year against a −37.3% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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