Z-Tech (India) Ltd

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.

Z-Tech (India) Ltd trades at ₹551, in a confirmed uptrend and 9 weeks into that stage. That is −3.9% against its own 200-day average. It sits at 38% of a 52-week range of ₹485 to ₹660. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹551 it trades −3.9% versus its 200-day average and sits at 38% of its 52-week range (₹485–₹660).

Against the market, two honest reads. Cumulative: over the last 2.1 years the stock moved +376% while the NIFTY 500 moved +6% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — 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 25th percentile of its own range.

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.

Z-Tech (India) Ltd trades at 37.9× P/E, near the bottom of its own range — cheaper only 25% of the time. Its long-run median P/E is 41.4×, measured across 2.1 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 37.9× is near the bottom of its own range — cheaper only 25% of the time, against a long-run median of 41.4× measured over 2.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +56.4% against a −9.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

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

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ 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.

Stage: No read 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).

Z-Tech (India) Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

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

4-Factor Sector Score

62.4/100 — rank 1 of 3 in Amusement Parks · 60% evidence confidence

Z-Tech (India) Ltd scores 62.4 out of 100 against the 3 companies it is compared with in Amusement Parks, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.7 + 19.6 + 10 + 9.1 = 62.4. 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.

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

Z-Tech (India) Ltd reported ₹35.0 Cr of revenue in the Mar 25 quarter, +58.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 4 years it has compounded at 42.2% a year. The last full year, FY25, came in at ₹94.0 Cr. The last four reported quarters add to ₹94.4 Cr.

Z-Tech (India) Ltd reported ₹35.0 Cr of revenue in the Mar 25 quarter, +58.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 4 years it has compounded at 42.2% a year. The last full year, FY25, came in at ₹94.0 Cr. The last four reported quarters add to ₹94.4 Cr.

FY25 revenue came in at ₹94.0 Cr (+40.3% on the year), capping 4 years at 42.2% compound. The latest quarter (Mar 25) printed ₹35.0 Cr, +58.0% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +40.9% growth against the decade's 42.2% — the current year is running slower than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 36.8% this quarter (+21.3 pp YoY).

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.

Z-Tech (India) Ltd's operating margin is 36.8% in the Mar 25 quarter, +21.3 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 1.0% to 30.0%. The current quarter is running above every full year in that window.

Z-Tech (India) Ltd's operating margin is 36.8% in the Mar 25 quarter, +21.3 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 1.0% to 30.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 36.8%, +21.3 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 1.0%–30.0%, and FY25's 30.0% is the top of that band — a record year.

Why the margin moved: operating margin went +21.3 pp year on year while gross margin went +25.0 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +236.3% in the latest quarter.

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

Z-Tech (India) Ltd earned ₹9.1 Cr of net profit in the Mar 25 quarter, +236.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹20.0 Cr. The 4-year compound rate is 111.5%. That is 26.0% of the quarter's revenue. The same quarter a year earlier earned ₹2.7 Cr.

Z-Tech (India) Ltd earned ₹9.1 Cr of net profit in the Mar 25 quarter, +236.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹20.0 Cr. The 4-year compound rate is 111.5%. That is 26.0% of the quarter's revenue. The same quarter a year earlier earned ₹2.7 Cr.

Mar 25 profit was ₹9.1 Cr, +236.3% year on year — the 2nd consecutive quarter of growth. On the full year, FY25 printed ₹20.0 Cr (+150.0%), and the 4-year compound rate is 111.5%.

Why profit moved: revenue contributed +58.0% and the margin +21.3 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +197.7% vs revenue +40.9%. 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: −303% of the last 3 years' profit arrived as cash.

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 −303% of Z-Tech (India) Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−91.0 Cr of operating cash against ₹20.0 Cr of profit. After ₹36.0 Cr of capital spending, ₹−127 Cr was left as free cash.

FY25: operating cash of ₹−91.0 Cr against reported profit of ₹20.0 Cr, leaving free cash of ₹−127 Cr after ₹36.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −303% of profit.

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

🚨 Why conversion sits at −303%: the cash cycle held roughly steady between FY21 and FY25 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 20.0× 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: ₹40.0 Cr of building over 3 years.

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).

Z-Tech (India) Ltd's cash conversion cycle runs 37 days in FY25, down from 40 days in FY21. Capital spending ran ₹40.0 Cr over the last 3 years. At FY25 sales of ₹94.0 Cr each day of that cycle holds about ₹0.3 Cr, so roughly ₹10.0 Cr sits inside the business at any moment.

FY25: debtors at 189 days, inventory at 15 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 37 days, tighter than FY21's 40.

The full loop: cash goes out to suppliers and production on day 0; stock waits 15 days to sell; customers pay about 189 days after that; and suppliers themselves are paid at 167 days — netting out to the 37-day cycle.

In money terms: at FY25 sales of ₹94.0 Cr, each day of the cycle holds about ₹0.3 Cr — so the 37-day loop keeps roughly ₹10.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹40.0 Cr over the last 3 fiscal years against ₹2.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹29.0 Cr (FY25) — capacity paid for but not yet earning.

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 28% and the ROIC − WACC spread is +2.0 pp.

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.⚠ unverified

Z-Tech (India) Ltd earns a ROCE of 28% in FY25. That is up from a trough of 3% in FY22. Return on invested capital clears the cost of that capital by +2.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 21.3% net margin on 0.45× asset turns.

FY25 ROCE is 28%, recovered from a FY22 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 21.3% net margin × 0.45× asset turns × 1.21× balance-sheet leverage ≈ 11.6% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 14.0% − 12.0% = a +2.0 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. Positive but thin — value creation with little room for error.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

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.⚠ unverified

Z-Tech (India) Ltd carries total debt of ₹75.0 Cr against shareholder equity of ₹224 Cr as of Mar 26, a debt-to-equity of 0.33. On the annual view that ratio went from 0.05 in FY24 to 0.33 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹75.0 Cr against shareholder equity of ₹224 Cr — a debt-to-equity of 0.33. On the annual view, debt-to-equity went from 0.05 (FY24) to 0.33 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 7.2 points over 8 quarters.

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.

Promoters cut 7.2 points of Z-Tech (India) Ltd over 8 quarters, the biggest move on the register. That takes promoters to 53.5% of the company. Domestic institutions moved −6.8 points over the same window, to 0.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −7.2 points over 8 quarters to 53.5%; Domestic institutions: −6.8 points over 8 quarters to 0.4%; Foreign institutions: −2.3 points over 8 quarters to 4.5%.

🚨 Why the register moved: promoters drove it (−7.2 points), alongside domestic institutions (−6.8 points) — distribution into the market’s bid.

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

Z-Tech (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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