Z-Tech (India) share price today
Z-Tech (India) Ltd · NSE: ZTECH · Amusement Parks · prices and results as of 5 November 2026, updated weekly · research updated 14 August 2026
Z-Tech (India) share price today: ₹388.55 at the NSE close on 5 November 2026, down 31.3% in a year. Z-Tech (India) (NSE: ZTECH) is worth ₹578 crore, trades at a P/E of 15.7 and has closed between ₹382.95 and ₹659.65 over the past 52 weeks. Latest change: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare).
Z-Tech (India) Ltd's earnings have grown faster than its share price. Earnings per share grew +81.3% in a year while the price moved −31.3%.
The main question: profits are rising, but only −202% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.
The price has been falling for 11 weeks, and the P/E is lower than 99% of its own last 2.4 years. Over the last four quarters, results have been improving, with profit +33.2% on a year earlier, and −202% of the last 3 years' profit came in as cash. What will decide it: whether the cash starts to follow the profit.
What is the Z-Tech (India) share price today?
Z-Tech (India) Ltd's share price was ₹388.55 at the close on 5 November 2026. It has been falling for 11 weeks. That is 24.1% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹383 and ₹660, and at that close it sat 2% of the way up from that low.
A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Z-Tech (India) Ltd is in stage 4. The phase helps read everything below.
Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 19 weeks running.
1Y
Nov 2026: ₹389, 24.1% below its 200-day average. The price has been falling for 11 weeks.
- Price ₹389
- 50-day avg ₹441
- 200-day avg ₹512
| Week | Price | 50-day avg | 200-day avg |
|---|---|---|---|
| 31 Oct 2025 | ₹573 | ₹578 | ₹548 |
| 7 Nov 2025 | ₹566 | ₹577 | ₹549 |
| 14 Nov 2025 | ₹526 | ₹570 | ₹549 |
| 21 Nov 2025 | ₹524 | ₹565 | ₹548 |
| 28 Nov 2025 | ₹508 | ₹554 | ₹546 |
| 5 Dec 2025 | ₹507 | ₹543 | ₹543 |
| 12 Dec 2025 | ₹554 | ₹541 | ₹543 |
| 19 Dec 2025 | ₹602 | ₹551 | ₹545 |
| 26 Dec 2025 | ₹657 | ₹564 | ₹549 |
| 2 Jan 2026 | ₹660 | ₹582 | ₹555 |
| 9 Jan 2026 | ₹654 | ₹594 | ₹559 |
| 16 Jan 2026 | ₹651 | ₹603 | ₹563 |
| 23 Jan 2026 | ₹593 | ₹606 | ₹566 |
| 1 Feb 2026 | ₹554 | ₹598 | ₹566 |
| 6 Feb 2026 | ₹565 | ₹592 | ₹566 |
| 13 Feb 2026 | ₹538 | ₹587 | ₹566 |
| 20 Feb 2026 | ₹535 | ₹579 | ₹564 |
| 27 Feb 2026 | ₹518 | ₹568 | ₹562 |
| 6 Mar 2026 | ₹506 | ₹559 | ₹560 |
| 13 Mar 2026 | ₹485 | ₹546 | ₹556 |
| 20 Mar 2026 | ₹509 | ₹539 | ₹554 |
| 27 Mar 2026 | ₹530 | ₹536 | ₹553 |
| 2 Apr 2026 | ₹524 | ₹534 | ₹552 |
| 10 Apr 2026 | ₹546 | ₹536 | ₹551 |
| 17 Apr 2026 | ₹560 | ₹539 | ₹551 |
| 24 Apr 2026 | ₹616 | ₹549 | ₹554 |
| 30 Apr 2026 | ₹619 | ₹560 | ₹556 |
| 8 May 2026 | ₹620 | ₹569 | ₹559 |
| 15 May 2026 | ₹577 | ₹574 | ₹561 |
| 22 May 2026 | ₹633 | ₹580 | ₹563 |
| 29 May 2026 | ₹581 | ₹582 | ₹564 |
| 4 Jun 2026 | ₹611 | ₹585 | ₹566 |
| 5 Jun 2026 | ₹603 | ₹585 | ₹566 |
| 9 Jun 2026 | ₹581 | ₹585 | ₹566 |
| 10 Jun 2026 | ₹581 | ₹585 | ₹566 |
| 12 Jun 2026 | ₹596 | ₹585 | ₹567 |
| 17 Jun 2026 | ₹596 | ₹587 | ₹568 |
| 19 Jun 2026 | ₹603 | ₹588 | ₹568 |
| 24 Jun 2026 | ₹623 | ₹590 | ₹569 |
| 25 Jun 2026 | ₹617 | ₹591 | ₹570 |
| 1 Jul 2026 | ₹636 | ₹595 | ₹572 |
| 3 Jul 2026 | ₹628 | ₹598 | ₹573 |
| 10 Jul 2026 | ₹590 | ₹597 | ₹574 |
| 17 Jul 2026 | ₹551 | ₹592 | ₹574 |
| 24 Jul 2026 | ₹524 | ₹584 | ₹572 |
| 31 Jul 2026 | ₹525 | ₹573 | ₹570 |
| 7 Aug 2026 | ₹525 | ₹564 | ₹568 |
| 14 Aug 2026 | ₹529 | ₹555 | ₹565 |
| 21 Aug 2026 | ₹494 | ₹545 | ₹562 |
| 28 Aug 2026 | ₹474 | ₹534 | ₹558 |
| 4 Sep 2026 | ₹476 | ₹526 | ₹555 |
| 11 Sep 2026 | ₹435 | ₹513 | ₹550 |
| 18 Sep 2026 | ₹412 | ₹498 | ₹545 |
| 25 Sep 2026 | ₹442 | ₹485 | ₹539 |
| 28 Sep 2026 | ₹435 | ₹483 | ₹538 |
| 1 Oct 2026 | ₹437 | ₹477 | ₹535 |
| 9 Oct 2026 | ₹460 | ₹476 | ₹532 |
| 16 Oct 2026 | ₹464 | ₹474 | ₹528 |
| 23 Oct 2026 | ₹403 | ₹466 | ₹524 |
| 30 Oct 2026 | ₹383 | ₹453 | ₹518 |
| 5 Nov 2026 | ₹389 | ₹441 | ₹512 |
3Y
Nov 2026: ₹389, 24.1% below its 200-day average. The price has been falling for 11 weeks.
- Price ₹389
- 50-day avg ₹441
- 200-day avg ₹512
| Week | Price | 50-day avg | 200-day avg |
|---|---|---|---|
| 7 Jun 2024 | ₹116 | ₹106 | ₹105 |
| 14 Jun 2024 | ₹148 | ₹111 | ₹107 |
| 21 Jun 2024 | ₹197 | ₹120 | ₹109 |
| 28 Jun 2024 | ₹224 | ₹140 | ₹115 |
| 5 Jul 2024 | ₹286 | ₹162 | ₹122 |
| 12 Jul 2024 | ₹273 | ₹184 | ₹130 |
| 19 Jul 2024 | ₹250 | ₹193 | ₹135 |
| 26 Jul 2024 | ₹283 | ₹209 | ₹142 |
| 2 Aug 2024 | ₹278 | ₹221 | ₹148 |
| 9 Aug 2024 | ₹318 | ₹235 | ₹156 |
| 16 Aug 2024 | ₹308 | ₹249 | ₹162 |
| 23 Aug 2024 | ₹331 | ₹265 | ₹171 |
| 30 Aug 2024 | ₹355 | ₹279 | ₹179 |
| 6 Sep 2024 | ₹354 | ₹293 | ₹188 |
| 13 Sep 2024 | ₹365 | ₹304 | ₹196 |
| 20 Sep 2024 | ₹331 | ₹309 | ₹203 |
| 27 Sep 2024 | ₹401 | ₹321 | ₹211 |
| 4 Oct 2024 | ₹440 | ₹339 | ₹220 |
| 11 Oct 2024 | ₹469 | ₹357 | ₹231 |
| 18 Oct 2024 | ₹424 | ₹371 | ₹240 |
| 25 Oct 2024 | ₹384 | ₹376 | ₹248 |
| 1 Nov 2024 | ₹411 | ₹378 | ₹255 |
| 8 Nov 2024 | ₹376 | ₹380 | ₹261 |
| 14 Nov 2024 | ₹361 | ₹376 | ₹265 |
| 22 Nov 2024 | ₹404 | ₹379 | ₹270 |
| 29 Nov 2024 | ₹391 | ₹380 | ₹276 |
| 6 Dec 2024 | ₹432 | ₹386 | ₹282 |
| 13 Dec 2024 | ₹458 | ₹395 | ₹289 |
| 20 Dec 2024 | ₹505 | ₹412 | ₹298 |
| 27 Dec 2024 | ₹547 | ₹429 | ₹308 |
| 3 Jan 2025 | ₹604 | ₹457 | ₹321 |
| 10 Jan 2025 | ₹667 | ₹490 | ₹337 |
| 17 Jan 2025 | ₹703 | ₹528 | ₹354 |
| 24 Jan 2025 | ₹687 | ₹561 | ₹372 |
| 1 Feb 2025 | ₹615 | ₹578 | ₹387 |
| 7 Feb 2025 | ₹630 | ₹584 | ₹398 |
| 14 Feb 2025 | ₹622 | ₹585 | ₹408 |
| 21 Feb 2025 | ₹590 | ₹588 | ₹417 |
| 28 Feb 2025 | ₹533 | ₹585 | ₹423 |
| 7 Mar 2025 | ₹579 | ₹576 | ₹428 |
| 13 Mar 2025 | ₹587 | ₹576 | ₹434 |
| 21 Mar 2025 | ₹595 | ₹580 | ₹442 |
| 28 Mar 2025 | ₹595 | ₹583 | ₹450 |
| 4 Apr 2025 | ₹594 | ₹587 | ₹456 |
| 11 Apr 2025 | ₹561 | ₹584 | ₹460 |
| 17 Apr 2025 | ₹581 | ₹583 | ₹464 |
| 25 Apr 2025 | ₹610 | ₹590 | ₹471 |
| 2 May 2025 | ₹619 | ₹591 | ₹476 |
| 9 May 2025 | ₹541 | ₹585 | ₹480 |
| 16 May 2025 | ₹547 | ₹580 | ₹484 |
| 23 May 2025 | ₹562 | ₹574 | ₹487 |
| 30 May 2025 | ₹584 | ₹571 | ₹491 |
| 6 Jun 2025 | ₹549 | ₹567 | ₹493 |
| 13 Jun 2025 | ₹652 | ₹572 | ₹498 |
| 20 Jun 2025 | ₹617 | ₹585 | ₹505 |
| 27 Jun 2025 | ₹572 | ₹586 | ₹509 |
| 4 Jul 2025 | ₹550 | ₹580 | ₹512 |
| 11 Jul 2025 | ₹583 | ₹577 | ₹514 |
| 18 Jul 2025 | ₹608 | ₹579 | ₹518 |
| 25 Jul 2025 | ₹579 | ₹579 | ₹521 |
| 1 Aug 2025 | ₹602 | ₹584 | ₹525 |
| 8 Aug 2025 | ₹592 | ₹584 | ₹528 |
| 14 Aug 2025 | ₹550 | ₹583 | ₹530 |
| 22 Aug 2025 | ₹528 | ₹575 | ₹530 |
| 29 Aug 2025 | ₹514 | ₹567 | ₹530 |
| 5 Sep 2025 | ₹549 | ₹563 | ₹531 |
| 12 Sep 2025 | ₹587 | ₹568 | ₹533 |
| 19 Sep 2025 | ₹610 | ₹575 | ₹537 |
| 26 Sep 2025 | ₹594 | ₹579 | ₹540 |
| 3 Oct 2025 | ₹596 | ₹582 | ₹542 |
| 10 Oct 2025 | ₹579 | ₹583 | ₹544 |
| 17 Oct 2025 | ₹574 | ₹582 | ₹546 |
| 24 Oct 2025 | ₹570 | ₹581 | ₹547 |
| 31 Oct 2025 | ₹573 | ₹578 | ₹548 |
| 7 Nov 2025 | ₹566 | ₹577 | ₹549 |
| 14 Nov 2025 | ₹526 | ₹570 | ₹549 |
| 21 Nov 2025 | ₹524 | ₹565 | ₹548 |
| 28 Nov 2025 | ₹508 | ₹554 | ₹546 |
| 5 Dec 2025 | ₹507 | ₹543 | ₹543 |
| 12 Dec 2025 | ₹554 | ₹541 | ₹543 |
| 19 Dec 2025 | ₹602 | ₹551 | ₹545 |
| 26 Dec 2025 | ₹657 | ₹564 | ₹549 |
| 2 Jan 2026 | ₹660 | ₹582 | ₹555 |
| 9 Jan 2026 | ₹654 | ₹594 | ₹559 |
| 16 Jan 2026 | ₹651 | ₹603 | ₹563 |
| 23 Jan 2026 | ₹593 | ₹606 | ₹566 |
| 1 Feb 2026 | ₹554 | ₹598 | ₹566 |
| 6 Feb 2026 | ₹565 | ₹592 | ₹566 |
| 13 Feb 2026 | ₹538 | ₹587 | ₹566 |
| 20 Feb 2026 | ₹535 | ₹579 | ₹564 |
| 27 Feb 2026 | ₹518 | ₹568 | ₹562 |
| 6 Mar 2026 | ₹506 | ₹559 | ₹560 |
| 13 Mar 2026 | ₹485 | ₹546 | ₹556 |
| 20 Mar 2026 | ₹509 | ₹539 | ₹554 |
| 27 Mar 2026 | ₹530 | ₹536 | ₹553 |
| 2 Apr 2026 | ₹524 | ₹534 | ₹552 |
| 10 Apr 2026 | ₹546 | ₹536 | ₹551 |
| 17 Apr 2026 | ₹560 | ₹539 | ₹551 |
| 24 Apr 2026 | ₹616 | ₹549 | ₹554 |
| 30 Apr 2026 | ₹619 | ₹560 | ₹556 |
| 8 May 2026 | ₹620 | ₹569 | ₹559 |
| 15 May 2026 | ₹577 | ₹574 | ₹561 |
| 22 May 2026 | ₹633 | ₹580 | ₹563 |
| 29 May 2026 | ₹581 | ₹582 | ₹564 |
| 4 Jun 2026 | ₹611 | ₹585 | ₹566 |
| 5 Jun 2026 | ₹603 | ₹585 | ₹566 |
| 9 Jun 2026 | ₹581 | ₹585 | ₹566 |
| 10 Jun 2026 | ₹581 | ₹585 | ₹566 |
| 12 Jun 2026 | ₹596 | ₹585 | ₹567 |
| 17 Jun 2026 | ₹596 | ₹587 | ₹568 |
| 19 Jun 2026 | ₹603 | ₹588 | ₹568 |
| 24 Jun 2026 | ₹623 | ₹590 | ₹569 |
| 25 Jun 2026 | ₹617 | ₹591 | ₹570 |
| 1 Jul 2026 | ₹636 | ₹595 | ₹572 |
| 3 Jul 2026 | ₹628 | ₹598 | ₹573 |
| 10 Jul 2026 | ₹590 | ₹597 | ₹574 |
| 17 Jul 2026 | ₹551 | ₹592 | ₹574 |
| 24 Jul 2026 | ₹524 | ₹584 | ₹572 |
| 31 Jul 2026 | ₹525 | ₹573 | ₹570 |
| 7 Aug 2026 | ₹525 | ₹564 | ₹568 |
| 14 Aug 2026 | ₹529 | ₹555 | ₹565 |
| 21 Aug 2026 | ₹494 | ₹545 | ₹562 |
| 28 Aug 2026 | ₹474 | ₹534 | ₹558 |
| 4 Sep 2026 | ₹476 | ₹526 | ₹555 |
| 11 Sep 2026 | ₹435 | ₹513 | ₹550 |
| 18 Sep 2026 | ₹412 | ₹498 | ₹545 |
| 25 Sep 2026 | ₹442 | ₹485 | ₹539 |
| 28 Sep 2026 | ₹435 | ₹483 | ₹538 |
| 1 Oct 2026 | ₹437 | ₹477 | ₹535 |
| 9 Oct 2026 | ₹460 | ₹476 | ₹532 |
| 16 Oct 2026 | ₹464 | ₹474 | ₹528 |
| 23 Oct 2026 | ₹403 | ₹466 | ₹524 |
| 30 Oct 2026 | ₹383 | ₹453 | ₹518 |
| 5 Nov 2026 | ₹389 | ₹441 | ₹512 |
Price stage: Rising from Oct 2025 to Mar 2026; Falling from Mar 2026 to May 2026; Rising from Jun 2026 to Aug 2026; Falling from Aug 2026 to Oct 2026.
Price stage: Falling in Jun 2024; Rising from Jul 2024 to Mar 2026; Falling from Mar 2026 to May 2026; Rising from Jun 2026 to Aug 2026; Falling from Aug 2026 to Oct 2026.
Week by week since 2024: did it beat the NIFTY 500 over the past 13 weeks?
Ahead in 60 of 121 weeks
| Week | 13-week return vs NIFTY 500 |
|---|---|
| 7 Jun 2024 | no NIFTY 500 reading |
| 14 Jun 2024 | no NIFTY 500 reading |
| 21 Jun 2024 | no NIFTY 500 reading |
| 28 Jun 2024 | no NIFTY 500 reading |
| 5 Jul 2024 | no NIFTY 500 reading |
| 12 Jul 2024 | no NIFTY 500 reading |
| 19 Jul 2024 | no NIFTY 500 reading |
| 26 Jul 2024 | no NIFTY 500 reading |
| 2 Aug 2024 | no NIFTY 500 reading |
| 9 Aug 2024 | no NIFTY 500 reading |
| 16 Aug 2024 | no NIFTY 500 reading |
| 23 Aug 2024 | no NIFTY 500 reading |
| 30 Aug 2024 | no NIFTY 500 reading |
| 6 Sep 2024 | +198.7% |
| 13 Sep 2024 | +139.9% |
| 20 Sep 2024 | +59.4% |
| 27 Sep 2024 | +72.6% |
| 4 Oct 2024 | +51.2% |
| 11 Oct 2024 | +69.8% |
| 18 Oct 2024 | +70.1% |
| 25 Oct 2024 | +38.7% |
| 1 Nov 2024 | +47.0% |
| 8 Nov 2024 | +21.6% |
| 14 Nov 2024 | +23.0% |
| 22 Nov 2024 | +26.0% |
| 29 Nov 2024 | +12.9% |
| 6 Dec 2024 | +22.7% |
| 13 Dec 2024 | +29.4% |
| 20 Dec 2024 | +61.0% |
| 27 Dec 2024 | +44.3% |
| 3 Jan 2025 | +43.0% |
| 10 Jan 2025 | +51.1% |
| 17 Jan 2025 | +72.0% |
| 24 Jan 2025 | +85.6% |
| 1 Feb 2025 | +55.0% |
| 7 Feb 2025 | +72.3% |
| 14 Feb 2025 | +78.3% |
| 21 Feb 2025 | +55.9% |
| 28 Feb 2025 | +48.6% |
| 7 Mar 2025 | +47.3% |
| 13 Mar 2025 | +37.2% |
| 21 Mar 2025 | +22.7% |
| 28 Mar 2025 | +13.7% |
| 4 Apr 2025 | +6.7% |
| 11 Apr 2025 | −15.1% |
| 17 Apr 2025 | −21.2% |
| 25 Apr 2025 | −14.9% |
| 2 May 2025 | −0.6% |
| 9 May 2025 | −21.7% |
| 16 May 2025 | −21.8% |
| 23 May 2025 | −16.3% |
| 30 May 2025 | −3.0% |
| 6 Jun 2025 | −20.2% |
| 13 Jun 2025 | +1.2% |
| 20 Jun 2025 | −5.8% |
| 27 Jun 2025 | −14.6% |
| 4 Jul 2025 | −23.1% |
| 11 Jul 2025 | −5.7% |
| 18 Jul 2025 | −0.7% |
| 25 Jul 2025 | −9.6% |
| 1 Aug 2025 | −5.3% |
| 8 Aug 2025 | +8.4% |
| 14 Aug 2025 | −1.3% |
| 22 Aug 2025 | −6.0% |
| 29 Aug 2025 | −12.3% |
| 5 Sep 2025 | +1.0% |
| 12 Sep 2025 | −12.1% |
| 19 Sep 2025 | −0.7% |
| 26 Sep 2025 | +6.5% |
| 3 Oct 2025 | +10.3% |
| 10 Oct 2025 | −0.4% |
| 17 Oct 2025 | −6.9% |
| 24 Oct 2025 | −5.6% |
| 31 Oct 2025 | −9.3% |
| 7 Nov 2025 | −9.4% |
| 14 Nov 2025 | −7.7% |
| 21 Nov 2025 | −5.9% |
| 28 Nov 2025 | −4.7% |
| 5 Dec 2025 | −9.1% |
| 12 Dec 2025 | −5.9% |
| 19 Dec 2025 | −4.1% |
| 26 Dec 2025 | +6.6% |
| 2 Jan 2026 | +6.8% |
| 9 Jan 2026 | +12.6% |
| 16 Jan 2026 | +17.1% |
| 23 Jan 2026 | +7.7% |
| 1 Feb 2026 | −2.3% |
| 6 Feb 2026 | +0.2% |
| 13 Feb 2026 | +3.5% |
| 20 Feb 2026 | +4.3% |
| 27 Feb 2026 | +7.4% |
| 6 Mar 2026 | +3.9% |
| 13 Mar 2026 | −5.7% |
| 20 Mar 2026 | −5.6% |
| 27 Mar 2026 | −7.1% |
| 2 Apr 2026 | −12.7% |
| 10 Apr 2026 | −12.7% |
| 17 Apr 2026 | −14.6% |
| 24 Apr 2026 | +4.8% |
| 30 Apr 2026 | +13.1% |
| 8 May 2026 | +15.0% |
| 15 May 2026 | +11.8% |
| 22 May 2026 | +21.7% |
| 29 May 2026 | +11.0% |
| 4 Jun 2026 | +20.7% |
| 5 Jun 2026 | +21.8% |
| 9 Jun 2026 | +9.1% |
| 10 Jun 2026 | +1.8% |
| 12 Jun 2026 | +11.6% |
| 17 Jun 2026 | +6.8% |
| 19 Jun 2026 | +7.0% |
| 24 Jun 2026 | +0.0% |
| 25 Jun 2026 | −0.3% |
| 1 Jul 2026 | −0.9% |
| 3 Jul 2026 | +5.5% |
| 10 Jul 2026 | −9.9% |
| 17 Jul 2026 | −8.1% |
| 24 Jul 2026 | −16.1% |
| 31 Jul 2026 | −17.3% |
| 7 Aug 2026 | −14.7% |
| 14 Aug 2026 | −13.5% |
| 21 Aug 2026 | −21.1% |
| 28 Aug 2026 | −22.2% |
| 4 Sep 2026 | −21.5% |
| 11 Sep 2026 | −29.1% |
| 18 Sep 2026 | −32.0% |
| 25 Sep 2026 | −27.5% |
| 28 Sep 2026 | −24.5% |
| 1 Oct 2026 | −19.6% |
| 9 Oct 2026 | −10.2% |
| 16 Oct 2026 | −8.7% |
| 23 Oct 2026 | −14.5% |
| 30 Oct 2026 | −19.4% |
| 5 Nov 2026 | −19.3% |
Over the last 2.4 years the share price moved +236% while the NIFTY 500 moved +0%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 3 July 2026. The chart above shows the 13-week comparison for every week.
This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.
What changed at Z-Tech (India) this quarter?
Two changes stood out: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare) and profit up on a year earlier for 7 quarters in a row.
Revenue up on a year earlier for 9 quarters in a row (every quarter we can compare)
In the June 2026 quarter revenue was ₹29 crore, +42.3% on a year earlier.
Why: Revenue rose because the park business brought in much more money, and Terra sold more products for landslide and flood protection as demand rose.
Next results: check whether park openings and tender awards turn into operating revenue before election timing gets in the way.
From the earnings call on 14 Aug 2026.
Profit up on a year earlier for 7 quarters in a row
In the June 2026 quarter profit was ₹4 crore, +33.2% on a year earlier.
Why: Profit rose because the park business and Terra brought in more money.
Next results: check whether higher salary costs ease as more parks open, since staffing was increased ahead of operating expansion.
From the earnings call on 14 Aug 2026.
What are Z-Tech (India)'s latest quarterly results?
For April to June 2026 (the quarter ended 30 June 2026), Z-Tech (India) reported revenue of ₹29.1 crore, up 42.3% from ₹20.5 crore a year earlier, and a profit of ₹4.05 crore, up 33.2% from ₹3.04 crore.
Z-Tech (India) results: April to June 2026 against a year earlier
| Measure | April to June 2026 | April to June 2025 | Change |
|---|---|---|---|
| Revenue | ₹29.1 crore | ₹20.5 crore | +42.3% |
| Profit | ₹4.05 crore | ₹3.04 crore | +33.2% |
| Earnings per share | ₹2.78 | ₹2.12 | +31.1% |
| Operating margin | 22.8% | 24.4% | −1.6 points |
The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).
Z-Tech (India)'s management discussed these results on a call held on 14 August 2026; what it said is further down this page.
From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.
What is the Z-Tech (India) share price history?
Z-Tech (India) closed at ₹388.55 on 5 November 2026, down 31.3% from ₹565.50 a year earlier (7 November 2025). Its highest weekly close since June 2024 was ₹702.55 on 17 January 2025.
Z-Tech (India) share price: then and now
| When | Close | Change to 5 Nov 2026 |
|---|---|---|
| 1 week ago · 30 Oct 2026 | ₹382.95 | +1.5% |
| 1 month ago · 9 Oct 2026 | ₹460.05 | −15.5% |
| 6 months ago · 8 May 2026 | ₹620.30 | −37.4% |
| 1 year ago · 7 Nov 2025 | ₹565.50 | −31.3% |
| Earliest and lowest weekly close in our records · 7 Jun 2024 | ₹115.75 | +235.7% |
| Highest weekly close since June 2024 · 17 Jan 2025 | ₹702.55 | −44.7% |
| 52-week high (weekly close) · 2 Jan 2026 | ₹659.65 | −41.1% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹382.95 | +1.5% |
Weekly closing prices. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.
134 weekly closes from 7 June 2024 to 5 November 2026.
What is the latest news on Z-Tech (India)?
5 Nov 2026: Z-Tech (India) closed at ₹388.55, up 1.5% on the week and down 15.5% on the month. 14 Aug 2026: Z-Tech (India) held its results call for April to June 2026. Management guided: FY27 operating parks planned at 25-30 by March; awarded projects executable within 6 months where land is clear.
Earlier
- Results for April to June 2026: Revenue up 42.3% and profit up 33.2% on a year earlier.
What dividend does Z-Tech (India) pay?
Z-Tech (India) has paid no dividend on the NSE since its first NSE close in our records (7 June 2024), the start of the period we checked.
No. Z-Tech (India) Ltd paid out 0% of its profit as dividends in each of its last 6 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.
From the NSE corporate-actions record, read 5 November 2026.
What did Z-Tech (India) management say on the latest results call?
On the call for April to June 2026, held on 14 August 2026, Z-Tech (India)'s management guided: FY27 operating parks planned at 25-30 by March; awarded projects executable within 6 months where land is clear.
“The pitch we have recently made to various heads of state is that if they give us any park, we guarantee delivery within 180 days.”Sunil Phulwar, on the call for April to June 2026
What management guided
- FY27 consolidated revenue planned around ₹250 crore, including around ₹75 crore from Geotech and water together; balance from parks.
- FY27 parks planned at around ₹170 crore, comprising around ₹130 crore construction and ₹40 crore operations; operations almost 5x last year and around 25% of park revenue.
- Recurring revenue mix planned around 40% next year and 60% in 3 years; cash generation expected to become sufficient by FY28 once recurring revenue reaches 35-40%.
- FY27 blended operating margin expected broadly similar to last year, with possible 1-2 percentage-point improvement; recurring margins expected to exceed 35-40%.
Management’s own plans and goals, from our notes of the call. A plan is not a result.
Source: the call transcript.
From the call for April to June 2026, 14 August 2026.
What to watch in Z-Tech (India)'s next results?
When Z-Tech (India) reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Park openings and tender awards - check whether government-dependent assets convert into operating revenue before election-related timing constraints.
| What to check (from the call) |
|---|
| Park openings and tender awards - check whether government-dependent assets convert into operating revenue before election-related timing constraints. |
| Aged receivables - confirm whether collection quality improves without further working-capital strain. |
| Terra landslide and flood-embankment enquiries - check conversion into orders and revenue through the monsoon period. |
| Harmony Park pop-up events and banqueting - check whether footfall and non-ticket revenue improve the weak location. |
Which stock lists is Z-Tech (India) on?
Z-Tech (India) is on one of our India lists: 52 week high & low.
Is Z-Tech (India) profitable?
Z-Tech (India) Ltd earned ₹4.0 Cr of net profit in the Jun 2026 quarter, +33.2% on the same quarter a year earlier. That is the 7th quarter in a row of profit growth. Full-year FY26 profit was ₹36.0 Cr. Over 5 years profit has grown 104.8% a year on average. That is 13.9% of the quarter's revenue.
Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.
The same quarter a year earlier earned ₹3.0 Cr.
For the full year, FY26 profit was ₹36.0 Cr (+80.0% on the year before).
FY26 profit ₹36.0 Cr (+80.0% on the year before), 104.8% a year over 5 years
- Net profit ₹36.0
| Quarter | Net profit |
|---|---|
| FY21 | ₹1 |
| FY22 | ₹0 |
| FY23 | ₹2 |
| FY24 | ₹8 |
| FY25 | ₹20 |
| FY26 | ₹36 |
Growth on a year earlier
- Growth on a year earlier 80%
| Quarter | Growth on a year earlier |
|---|---|
| FY21 | – |
| FY22 | −100% |
| FY23 | – |
| FY24 | 300% |
| FY25 | 150% |
| FY26 | 80% |
Jun 2026: ₹4.0 Cr (+33.2% on a year earlier), the 7th quarter in a row of growth
- Net profit (quarterly) ₹4.1
| Quarter | Net profit (quarterly) |
|---|---|
| Sep 2023 | ₹4 |
| Dec 2023 | ₹1 |
| Mar 2024 | ₹3 |
| Jun 2024 | ₹2 |
| Sep 2024 | ₹3 |
| Dec 2024 | ₹6 |
| Mar 2025 | ₹9 |
| Jun 2025 | ₹3 |
| Sep 2025 | ₹6 |
| Dec 2025 | ₹8 |
| Mar 2026 | ₹19 |
| Jun 2026 | ₹4 |
Growth on a year earlier
- Growth on a year earlier 33.2%
| Quarter | Growth on a year earlier |
|---|---|
| Sep 2023 | – |
| Dec 2023 | – |
| Mar 2024 | – |
| Jun 2024 | 130.4% |
| Sep 2024 | −18.5% |
| Dec 2024 | 443.4% |
| Mar 2025 | 216% |
| Jun 2025 | 29.4% |
| Sep 2025 | 102% |
| Dec 2025 | 32.3% |
| Mar 2026 | 125.2% |
| Jun 2026 | 33.2% |
Why profit moved: revenue changed +42.3% on a year earlier and the margin moved −1.6 percentage points. Sales did the work, and the margin was about flat.
On average over the last four quarters, profit changed +73.2% and revenue +66.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.
FY26-Q4. revenue ₹59 Cr and profit ₹19 Cr as reported.
FY27-Q1. revenue ₹29 Cr and profit ₹4 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
How much revenue does Z-Tech (India) make, and is it growing?
Z-Tech (India) Ltd reported ₹29.1 Cr of revenue in the Jun 2026 quarter, +42.3% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 5 years it has grown 46.6% a year on average. The last full year, FY26, came in at ₹156 Cr.
Revenue is everything the company billed its customers in the period.
The last four reported quarters add to ₹164 Cr.
FY26 revenue was ₹156 Cr, +66.0% on the year before.
FY26 revenue ₹156 Cr (+66.0% on the year before), 46.6% a year over 5 years
- Revenue ₹156
| Quarter | Revenue |
|---|---|
| FY21 | ₹23 |
| FY22 | ₹31 |
| FY23 | ₹26 |
| FY24 | ₹67 |
| FY25 | ₹94 |
| FY26 | ₹156 |
Growth on a year earlier
- Growth on a year earlier 66%
| Quarter | Growth on a year earlier |
|---|---|
| FY21 | – |
| FY22 | 34.8% |
| FY23 | −16.1% |
| FY24 | 157.7% |
| FY25 | 40.3% |
| FY26 | 66% |
Jun 2026: ₹29.1 Cr (+42.3% on a year earlier), the 9th quarter in a row of growth
- Revenue (quarterly) ₹29.1
| Quarter | Revenue (quarterly) |
|---|---|
| Sep 2023 | ₹19 |
| Dec 2023 | ₹16 |
| Mar 2024 | ₹22 |
| Jun 2024 | ₹16 |
| Sep 2024 | ₹19 |
| Dec 2024 | ₹24 |
| Mar 2025 | ₹35 |
| Jun 2025 | ₹20 |
| Sep 2025 | ₹35 |
| Dec 2025 | ₹42 |
| Mar 2026 | ₹59 |
| Jun 2026 | ₹29 |
Growth on a year earlier
- Growth on a year earlier 42.3%
| Quarter | Growth on a year earlier |
|---|---|
| Sep 2023 | – |
| Dec 2023 | – |
| Mar 2024 | – |
| Jun 2024 | 50.8% |
| Sep 2024 | 2.4% |
| Dec 2024 | 52.5% |
| Mar 2025 | 58% |
| Jun 2025 | 26.2% |
| Sep 2025 | 81.2% |
| Dec 2025 | 73.9% |
| Mar 2026 | 68.1% |
| Jun 2026 | 42.3% |
Recent pace: the last four quarters grew +66.4% on average, against 46.6% a year over the longer run, so this year is growing faster than its own long-run rate.
Is growth speeding up? Revenue over the last 12 months grew +66.7%, against +50.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +81.6%, against +94.2% a year (rolling over).
FY26-Q4. revenue ₹59 Cr and profit ₹19 Cr as reported.
FY27-Q1. revenue ₹29 Cr and profit ₹4 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
How much of every ₹100 of sales does Z-Tech (India) keep?
Z-Tech (India) Ltd's operating margin was 22.8% in the Jun 2026 quarter, 1.6 percentage points lower than the same quarter a year ago. Across 6 years it has been between 1.1% and 30.0%. The latest quarter is within that range.
Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.
Why this happened. The May 2026 concall provided specific quantification: Rs 8 Cr recurring revenue in FY26 (from 4-9 parks operational through the year) goals Rs 40-42 Cr in FY27 from 15+ parks contributing full-year O&M revenue. F&B, events, brand partnerships are additive. EBITDA margins 50-60% on this stream vs 38% on EPC, each incremental recurring rupee is structurally higher quality. The Noida company-funded park delivering Rs 1 Cr/month at 50,000-60,000 visitors provides a verifiable proof-point. 21 activations (FY26) plus 20 in the first 45 FY27 days indicate events revenue is…
Why the margin moved: operating margin changed −1.6 percentage points on the year while gross margin changed −1.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged.
FY26: 28.0%, within a range of 1.1% to 30.0% over 6 years
- Operating margin 28.0%
| Quarter | Operating margin |
|---|---|
| FY21 | 3.5% |
| FY22 | 1.1% |
| FY23 | 12% |
| FY24 | 17% |
| FY25 | 30% |
| FY26 | 28% |
Change on the year before (points)
- Change on the year before (points) −2.0 pts
| Quarter | Change on the year before (points) |
|---|---|
| FY21 | – |
| FY22 | −2.4 pts |
| FY23 | +10.9 pts |
| FY24 | +5.0 pts |
| FY25 | +13.0 pts |
| FY26 | −2.0 pts |
Jun 2026: operating margin 22.8% (−1.6 points on a year earlier)
- Operating margin 22.82%
| Quarter | Operating margin |
|---|---|
| Sep 2023 | 25.71% |
| Dec 2023 | 15.03% |
| Mar 2024 | 15.49% |
| Jun 2024 | 20.76% |
| Sep 2024 | 20.17% |
| Dec 2024 | 32.06% |
| Mar 2025 | 36.78% |
| Jun 2025 | 24.41% |
| Sep 2025 | 20.35% |
| Dec 2025 | 27.77% |
| Mar 2026 | 32.89% |
| Jun 2026 | 22.82% |
Change on a year earlier (points)
- Change on a year earlier (points) −1.6 pts
| Quarter | Change on a year earlier (points) |
|---|---|
| Sep 2023 | – |
| Dec 2023 | – |
| Mar 2024 | – |
| Jun 2024 | +10.1 pts |
| Sep 2024 | −5.5 pts |
| Dec 2024 | +17.0 pts |
| Mar 2025 | +21.3 pts |
| Jun 2025 | +3.6 pts |
| Sep 2025 | +0.2 pts |
| Dec 2025 | −4.3 pts |
| Mar 2026 | −3.9 pts |
| Jun 2026 | −1.6 pts |
FY26-Q4. revenue ₹59 Cr and profit ₹19 Cr as reported.
FY27-Q1. revenue ₹29 Cr and profit ₹4 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
Watch next
- Metric
- Recurring O&M Revenue 5x Inflection, Rs 8 Cr to Rs 40-42…
- Threshold
- Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026
- Which result
- the next result
Is Z-Tech (India)'s profit turning into cash?
Over the last 3 years Z-Tech (India) Ltd's operations used more cash than they brought in, so cash conversion was −202%, a gap worth watching. In FY26 its operations used ₹38.0 Cr of cash, against ₹36.0 Cr of profit. After ₹46.0 Cr of spending on assets, free cash was −₹84.0 Cr: it spent more than its operations brought in.
The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.
Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.
FY26: operating cash −₹38.0 Cr against profit ₹36.0 Cr; −202% of 3 years' profit came in as cash
- Operating cash −₹38.0
- Net profit ₹36.0
- Free cash −₹84
| Quarter | Operating cash | Net profit | Free cash |
|---|---|---|---|
| FY21 | −₹1 | ₹1 | – |
| FY22 | ₹2 | ₹0 | ₹2 |
| FY23 | ₹0 | ₹2 | ₹0 |
| FY24 | ₹0 | ₹8 | −₹4 |
| FY25 | −₹91 | ₹20 | −₹127 |
| FY26 | −₹38 | ₹36 | −₹84 |
FY26: operating cash was −106% of profit (−202% over three years)
- Operating cash as % of profit −106%
- Break-even line 100%
| Quarter | Operating cash as % of profit | Break-even line |
|---|---|---|
| FY21 | −100% | 100% |
| FY22 | – | 100% |
| FY23 | 0% | 100% |
| FY24 | 0% | 100% |
| FY25 | −455% | 100% |
| FY26 | −106% | 100% |
Why −202% of profit came in as cash: the cash cycle got 49 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.
What to look at next: less of the profit turns into cash than it should, and the cash cycle is 49 days longer. The next section looks at where the cash is stuck.
Where does Z-Tech (India)'s cash go?
Z-Tech (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 117 days in FY26, up from 68 days in FY21. It spent ₹86.0 Cr on assets over the last 3 years. Customers take 220 days to pay, and stock sits for 14 days on average.
Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.
At FY26 sales of ₹156 Cr, each day of that cycle ties up about ₹0.4 Cr, so roughly ₹50.0 Cr is tied up in the business at any time.
FY26: customers took 220 days to pay and stock sat for 14 days, about 0.5 months of sales sitting as stock, for a full cycle of 117 days, longer than FY21's 68.
The full loop: cash goes out to suppliers and production on day 0. Stock sits for 14 days. Customers pay about 220 days after that. Suppliers are paid at 118 days. Together that makes the 117-day cycle.
FY26: a 117-day cash cycle, +49 days compared with FY21
- Cash cycle 117d
- Inventory days 14d
- Debtor days 220d
- Payable days 118d
| Quarter | Cash cycle | Inventory days | Debtor days | Payable days |
|---|---|---|---|---|
| FY21 | 68d | 22d | 196d | 150d |
| FY22 | 31d | 8d | 145d | 122d |
| FY23 | 48d | 21d | 214d | 186d |
| FY24 | 53d | 8d | 155d | 110d |
| FY25 | 37d | 15d | 189d | 167d |
| FY26 | 117d | 14d | 220d | 118d |
Spending on assets: ₹86.0 Cr over the last 3 years, against ₹4.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹24.0 Cr (FY26): assets paid for that are not earning yet.
FY26: capex ₹46.0 Cr, work in progress ₹24.0 Cr, a build-out
- Capex ₹46.0
- Work-in-progress ₹24.0
| Quarter | Capex | Work-in-progress |
|---|---|---|
| FY22 | ₹0 | ₹0 |
| FY23 | ₹0 | ₹0 |
| FY24 | ₹4 | ₹0 |
| FY25 | ₹36 | ₹29 |
| FY26 | ₹46 | ₹24 |
In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.
What is Z-Tech (India)'s P/E ratio, and how does it compare with its own history?
Z-Tech (India) Ltd's P/E is 15.7×, about the lowest it has ever been. Its usual P/E (the middle reading) is 43.7×, over 2.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.
P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.
The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹25.52.
P/E 15.7× against a usual 43.7×: about the lowest it has ever been
- P/E 15.7×
- Median 43.7×
| Week | P/E | Median |
|---|---|---|
| 7 Jun 2024 | 17.5× | 43.7× |
| 14 Jun 2024 | 22.3× | 43.7× |
| 21 Jun 2024 | 29.8× | 43.7× |
| 28 Jun 2024 | 33.9× | 43.7× |
| 5 Jul 2024 | 43.2× | 43.7× |
| 12 Jul 2024 | 41.3× | 43.7× |
| 19 Jul 2024 | 37.8× | 43.7× |
| 26 Jul 2024 | 42.9× | 43.7× |
| 2 Aug 2024 | 42.0× | 43.7× |
| 9 Aug 2024 | 48.1× | 43.7× |
| 16 Aug 2024 | 46.6× | 43.7× |
| 23 Aug 2024 | 50.1× | 43.7× |
| 30 Aug 2024 | 53.7× | 43.7× |
| 6 Sep 2024 | 53.5× | 43.7× |
| 13 Sep 2024 | 55.2× | 43.7× |
| 20 Sep 2024 | 50.0× | 43.7× |
| 27 Sep 2024 | 60.6× | 43.7× |
| 4 Oct 2024 | 66.6× | 43.7× |
| 11 Oct 2024 | 71.0× | 43.7× |
| 18 Oct 2024 | 64.2× | 43.7× |
| 25 Oct 2024 | 58.0× | 43.7× |
| 1 Nov 2024 | 62.1× | 43.7× |
| 8 Nov 2024 | 56.9× | 43.7× |
| 14 Nov 2024 | 54.6× | 43.7× |
| 22 Nov 2024 | 61.2× | 43.7× |
| 29 Nov 2024 | 59.2× | 43.7× |
| 6 Dec 2024 | 65.3× | 43.7× |
| 13 Dec 2024 | 69.3× | 43.7× |
| 20 Dec 2024 | 76.5× | 43.7× |
| 27 Dec 2024 | 82.7× | 43.7× |
| 3 Jan 2025 | 91.3× | 43.7× |
| 10 Jan 2025 | 100.8× | 43.7× |
| 17 Jan 2025 | 104.5× | 43.7× |
| 24 Jan 2025 | 103.9× | 43.7× |
| 1 Feb 2025 | 93.0× | 43.7× |
| 7 Feb 2025 | 95.3× | 43.7× |
| 14 Feb 2025 | 87.5× | 43.7× |
| 21 Feb 2025 | 83.0× | 43.7× |
| 28 Feb 2025 | 75.0× | 43.7× |
| 7 Mar 2025 | 81.4× | 43.7× |
| 13 Mar 2025 | 82.5× | 43.7× |
| 21 Mar 2025 | 93.7× | 43.7× |
| 28 Mar 2025 | 93.7× | 43.7× |
| 4 Apr 2025 | 93.5× | 43.7× |
| 11 Apr 2025 | 88.4× | 43.7× |
| 17 Apr 2025 | 91.5× | 43.7× |
| 25 Apr 2025 | 96.1× | 43.7× |
| 2 May 2025 | 97.4× | 43.7× |
| 9 May 2025 | 85.2× | 43.7× |
| 16 May 2025 | 86.1× | 43.7× |
| 23 May 2025 | 88.5× | 43.7× |
| 30 May 2025 | 99.0× | 43.7× |
| 6 Jun 2025 | 93.0× | 43.7× |
| 13 Jun 2025 | 104.5× | 43.7× |
| 20 Jun 2025 | 104.5× | 43.7× |
| 27 Jun 2025 | 96.9× | 43.7× |
| 4 Jul 2025 | 93.2× | 43.7× |
| 11 Jul 2025 | 98.8× | 43.7× |
| 18 Jul 2025 | 103.0× | 43.7× |
| 25 Jul 2025 | 98.1× | 43.7× |
| 1 Aug 2025 | 102.0× | 43.7× |
| 8 Aug 2025 | 100.2× | 43.7× |
| 14 Aug 2025 | 93.1× | 43.7× |
| 22 Aug 2025 | 89.4× | 43.7× |
| 29 Aug 2025 | 87.0× | 43.7× |
| 5 Sep 2025 | 92.9× | 43.7× |
| 12 Sep 2025 | 99.5× | 43.7× |
| 19 Sep 2025 | 44.7× | 43.7× |
| 26 Sep 2025 | 43.6× | 43.7× |
| 3 Oct 2025 | 43.7× | 43.7× |
| 10 Oct 2025 | 42.4× | 43.7× |
| 17 Oct 2025 | 42.1× | 43.7× |
| 24 Oct 2025 | 41.8× | 43.7× |
| 31 Oct 2025 | 42.0× | 43.7× |
| 7 Nov 2025 | 41.5× | 43.7× |
| 14 Nov 2025 | 38.5× | 43.7× |
| 21 Nov 2025 | 38.5× | 43.7× |
| 28 Nov 2025 | 37.3× | 43.7× |
| 5 Dec 2025 | 37.1× | 43.7× |
| 12 Dec 2025 | 41.0× | 43.7× |
| 19 Dec 2025 | 44.6× | 43.7× |
| 26 Dec 2025 | 48.6× | 43.7× |
| 2 Jan 2026 | 48.8× | 43.7× |
| 9 Jan 2026 | 48.4× | 43.7× |
| 16 Jan 2026 | 48.1× | 43.7× |
| 23 Jan 2026 | 43.9× | 43.7× |
| 1 Feb 2026 | 41.0× | 43.7× |
| 6 Feb 2026 | 41.8× | 43.7× |
| 13 Feb 2026 | 30.9× | 43.7× |
| 20 Feb 2026 | 30.6× | 43.7× |
| 27 Feb 2026 | 29.7× | 43.7× |
| 6 Mar 2026 | 29.0× | 43.7× |
| 13 Mar 2026 | 27.8× | 43.7× |
| 20 Mar 2026 | 29.2× | 43.7× |
| 27 Mar 2026 | 30.4× | 43.7× |
| 2 Apr 2026 | 30.0× | 43.7× |
| 10 Apr 2026 | 31.3× | 43.7× |
| 17 Apr 2026 | 32.1× | 43.7× |
| 24 Apr 2026 | 35.3× | 43.7× |
| 30 Apr 2026 | 35.5× | 43.7× |
| 8 May 2026 | 35.6× | 43.7× |
| 15 May 2026 | 33.1× | 43.7× |
| 22 May 2026 | 25.7× | 43.7× |
| 29 May 2026 | 23.6× | 43.7× |
| 4 Jun 2026 | 43.5× | 43.7× |
| 5 Jun 2026 | 24.5× | 43.7× |
| 9 Jun 2026 | 41.4× | 43.7× |
| 10 Jun 2026 | 41.4× | 43.7× |
| 12 Jun 2026 | 24.2× | 43.7× |
| 17 Jun 2026 | 42.5× | 43.7× |
| 19 Jun 2026 | 24.5× | 43.7× |
| 24 Jun 2026 | 44.3× | 43.7× |
| 25 Jun 2026 | 25.1× | 43.7× |
| 1 Jul 2026 | 45.2× | 43.7× |
| 3 Jul 2026 | 25.5× | 43.7× |
| 10 Jul 2026 | 24.3× | 43.7× |
| 17 Jul 2026 | 22.7× | 43.7× |
| 24 Jul 2026 | 21.6× | 43.7× |
| 31 Jul 2026 | 21.6× | 43.7× |
| 7 Aug 2026 | 21.6× | 43.7× |
| 10 Aug 2026 | 20.5× | 43.7× |
| 14 Aug 2026 | 21.3× | 43.7× |
| 21 Aug 2026 | 19.9× | 43.7× |
| 28 Aug 2026 | 19.1× | 43.7× |
| 4 Sep 2026 | 19.2× | 43.7× |
| 11 Sep 2026 | 17.5× | 43.7× |
| 18 Sep 2026 | 16.6× | 43.7× |
| 25 Sep 2026 | 17.8× | 43.7× |
| 28 Sep 2026 | 17.1× | 43.7× |
| 1 Oct 2026 | 17.6× | 43.7× |
| 9 Oct 2026 | 18.6× | 43.7× |
| 16 Oct 2026 | 18.7× | 43.7× |
| 23 Oct 2026 | 16.3× | 43.7× |
| 30 Oct 2026 | 15.4× | 43.7× |
| 5 Nov 2026 | 15.7× | 43.7× |
Earnings per share, 12 months
- Earnings per share, 12 months ₹25
| Week | Earnings per share, 12 months |
|---|---|
| 7 Jun 2024 | – |
| 14 Jun 2024 | – |
| 21 Jun 2024 | – |
| 28 Jun 2024 | ₹7 |
| 5 Jul 2024 | ₹7 |
| 12 Jul 2024 | ₹7 |
| 19 Jul 2024 | ₹7 |
| 26 Jul 2024 | ₹7 |
| 2 Aug 2024 | ₹7 |
| 9 Aug 2024 | ₹7 |
| 16 Aug 2024 | ₹7 |
| 23 Aug 2024 | ₹7 |
| 30 Aug 2024 | ₹7 |
| 6 Sep 2024 | ₹7 |
| 13 Sep 2024 | ₹7 |
| 20 Sep 2024 | ₹7 |
| 27 Sep 2024 | ₹7 |
| 4 Oct 2024 | ₹7 |
| 11 Oct 2024 | ₹7 |
| 18 Oct 2024 | ₹7 |
| 25 Oct 2024 | ₹7 |
| 1 Nov 2024 | ₹7 |
| 8 Nov 2024 | ₹7 |
| 14 Nov 2024 | ₹7 |
| 22 Nov 2024 | ₹7 |
| 29 Nov 2024 | ₹7 |
| 6 Dec 2024 | ₹7 |
| 13 Dec 2024 | ₹7 |
| 20 Dec 2024 | ₹7 |
| 27 Dec 2024 | ₹7 |
| 3 Jan 2025 | ₹7 |
| 10 Jan 2025 | ₹7 |
| 17 Jan 2025 | ₹7 |
| 24 Jan 2025 | ₹7 |
| 1 Feb 2025 | ₹7 |
| 7 Feb 2025 | ₹7 |
| 14 Feb 2025 | ₹7 |
| 21 Feb 2025 | ₹7 |
| 28 Feb 2025 | ₹7 |
| 7 Mar 2025 | ₹7 |
| 13 Mar 2025 | ₹7 |
| 21 Mar 2025 | ₹7 |
| 28 Mar 2025 | ₹6 |
| 4 Apr 2025 | ₹6 |
| 11 Apr 2025 | ₹6 |
| 17 Apr 2025 | ₹6 |
| 25 Apr 2025 | ₹6 |
| 2 May 2025 | ₹6 |
| 9 May 2025 | ₹6 |
| 16 May 2025 | ₹6 |
| 23 May 2025 | ₹6 |
| 30 May 2025 | ₹6 |
| 6 Jun 2025 | ₹6 |
| 13 Jun 2025 | ₹6 |
| 20 Jun 2025 | ₹6 |
| 27 Jun 2025 | ₹6 |
| 4 Jul 2025 | ₹6 |
| 11 Jul 2025 | ₹6 |
| 18 Jul 2025 | ₹6 |
| 25 Jul 2025 | ₹6 |
| 1 Aug 2025 | ₹6 |
| 8 Aug 2025 | ₹6 |
| 14 Aug 2025 | ₹6 |
| 22 Aug 2025 | ₹6 |
| 29 Aug 2025 | ₹6 |
| 5 Sep 2025 | ₹6 |
| 12 Sep 2025 | ₹6 |
| 19 Sep 2025 | ₹6 |
| 26 Sep 2025 | ₹14 |
| 3 Oct 2025 | ₹14 |
| 10 Oct 2025 | ₹14 |
| 17 Oct 2025 | ₹14 |
| 24 Oct 2025 | ₹14 |
| 31 Oct 2025 | ₹14 |
| 7 Nov 2025 | ₹14 |
| 14 Nov 2025 | ₹14 |
| 21 Nov 2025 | ₹14 |
| 28 Nov 2025 | ₹14 |
| 5 Dec 2025 | ₹14 |
| 12 Dec 2025 | ₹14 |
| 19 Dec 2025 | ₹14 |
| 26 Dec 2025 | ₹14 |
| 2 Jan 2026 | ₹14 |
| 9 Jan 2026 | ₹14 |
| 16 Jan 2026 | ₹14 |
| 23 Jan 2026 | ₹14 |
| 1 Feb 2026 | ₹14 |
| 6 Feb 2026 | ₹14 |
| 13 Feb 2026 | ₹14 |
| 20 Feb 2026 | ₹14 |
| 27 Feb 2026 | ₹14 |
| 6 Mar 2026 | ₹14 |
| 13 Mar 2026 | ₹14 |
| 20 Mar 2026 | ₹14 |
| 27 Mar 2026 | ₹17 |
| 2 Apr 2026 | ₹17 |
| 10 Apr 2026 | ₹17 |
| 17 Apr 2026 | ₹17 |
| 24 Apr 2026 | ₹17 |
| 30 Apr 2026 | ₹17 |
| 8 May 2026 | ₹17 |
| 15 May 2026 | ₹17 |
| 22 May 2026 | ₹17 |
| 29 May 2026 | ₹17 |
| 4 Jun 2026 | ₹17 |
| 5 Jun 2026 | ₹17 |
| 9 Jun 2026 | ₹17 |
| 10 Jun 2026 | ₹17 |
| 12 Jun 2026 | ₹17 |
| 17 Jun 2026 | ₹17 |
| 19 Jun 2026 | ₹17 |
| 24 Jun 2026 | ₹17 |
| 25 Jun 2026 | ₹25 |
| 1 Jul 2026 | ₹25 |
| 3 Jul 2026 | ₹25 |
| 10 Jul 2026 | ₹25 |
| 17 Jul 2026 | ₹25 |
| 24 Jul 2026 | ₹25 |
| 31 Jul 2026 | ₹25 |
| 7 Aug 2026 | ₹25 |
| 10 Aug 2026 | ₹25 |
| 14 Aug 2026 | ₹25 |
| 21 Aug 2026 | ₹25 |
| 28 Aug 2026 | ₹25 |
| 4 Sep 2026 | ₹25 |
| 11 Sep 2026 | ₹25 |
| 18 Sep 2026 | ₹25 |
| 25 Sep 2026 | ₹25 |
| 28 Sep 2026 | ₹25 |
| 1 Oct 2026 | ₹25 |
| 9 Oct 2026 | ₹25 |
| 16 Oct 2026 | ₹25 |
| 23 Oct 2026 | ₹25 |
| 30 Oct 2026 | ₹25 |
| 5 Nov 2026 | ₹25 |
PEG 0.34: below 1.0, so the P/E is smaller than the earnings growth rate
- PEG 0.34×
- PEG = 1.0 1.00×
| Quarter | PEG | PEG = 1.0 |
|---|---|---|
| Q2 FY26 | 0.35× | 1.00× |
| Q3 FY26 | 0.72× | 1.00× |
| Q4 FY26 | 0.29× | 1.00× |
| Q1 FY27 | 0.34× | 1.00× |
Why the multiple is where it is: over the past year earnings per share moved +81.3% while the price moved −31.3%. Earnings did better than the price, which pulled the multiple down within its own range.
In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.
Is the Z-Tech (India) business getting better or worse?
Z-Tech (India) Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +73.9% at its peak to +42.3% (from single-quarter figures), but the business is still expanding, with ROCE falling at 23.2%. This is based on 10 quarters of 3 measures, with some gaps.
Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.
Growth year by year: revenue +66.0% in FY26, profit +80.0%
- Revenue growth 66.0%
| Quarter | Revenue growth |
|---|---|
| FY21 | – |
| FY22 | 34.8% |
| FY23 | −16.1% |
| FY24 | 157.7% |
| FY25 | 40.3% |
| FY26 | 66% |
Profit growth, EPS growth
- Profit growth 80%
- EPS growth 81.3%
| Quarter | Profit growth | EPS growth |
|---|---|---|
| FY21 | – | – |
| FY22 | −100% | – |
| FY23 | – | – |
| FY24 | 300% | – |
| FY25 | 150% | 52.2% |
| FY26 | 80% | 81.3% |
Three growth lines over twelve quarters: revenue accelerating, profit rolling over
- Revenue 42.3%
| Quarter | Revenue |
|---|---|
| Sep 2023 | – |
| Dec 2023 | – |
| Mar 2024 | – |
| Jun 2024 | 50.8% |
| Sep 2024 | 2.4% |
| Dec 2024 | 52.5% |
| Mar 2025 | 58% |
| Jun 2025 | 26.2% |
| Sep 2025 | 81.2% |
| Dec 2025 | 73.9% |
| Mar 2026 | 68.1% |
| Jun 2026 | 42.3% |
Profit, EPS
- Profit 33.2%
- EPS 71.4%
| Quarter | Profit | EPS |
|---|---|---|
| Sep 2023 | – | – |
| Dec 2023 | – | – |
| Mar 2024 | – | – |
| Jun 2024 | 130.4% | – |
| Sep 2024 | −18.5% | – |
| Dec 2024 | 300% | – |
| Mar 2025 | 216% | – |
| Jun 2025 | 29.4% | – |
| Sep 2025 | 102% | 105.4% |
| Dec 2025 | 32.3% | 52.1% |
| Mar 2026 | 125.2% | 70.2% |
| Jun 2026 | 33.2% | 71.4% |
ROCE: the return line, worked out each quarter
- ROCE 23.2%
| Quarter | ROCE |
|---|---|
| Sep 2023 | – |
| Dec 2023 | – |
| Mar 2024 | 48.5% |
| Jun 2024 | 58% |
| Sep 2024 | 32.7% |
| Dec 2024 | 48.3% |
| Mar 2025 | 28.1% |
| Jun 2025 | 29.8% |
| Sep 2025 | 27.3% |
| Dec 2025 | 30.5% |
| Mar 2026 | 22% |
| Jun 2026 | 23.2% |
Why it matters: when the lines disagree, each line above matters more than any single label.
One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.
This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.
Compound annual growth rate (%)
Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.
| Measure | 1yr | 3yr | 5yr | 10yr |
|---|---|---|---|---|
| Revenue | +66.0% | +81.7% | +46.6% | — |
| Profit | +80.0% | +162.1% | +104.8% | — |
| EPS | +81.3% | — | — | — |
| Share price | −31.3% | — | — | — |
What is the Z-Tech (India) story, and has it been checked?
Z-Tech (India) Ltd's story is not scored yet against the checks our research set on 14 June 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: Management credibility pattern, 4 documented cross-call reversals + post-hoc history revision
NOT YET CHECKED
From the numbers. Earnings curve EXPANDING at 238% slope per year (R2=0.83), EPS compounding hard.
From the price. Price stage 4, week 11, below its 200-day line, relative strength falling.
Where they disagree. Earnings curve EXPANDING at 238% slope per year (R2=0.83), EPS compounding hard. Cycle position score = -11 reflects extension penalty tempered by EPS compounding (M5 rule: extension tempered when EPS compounding hard and not absolutely rich). Fresh Stage-2 grace bonus (S12) applies as price curve.stage=2 with only 4 weeks in stage.
What is not proven yet. Management credibility pattern, 4 documented cross-call reversals + post-hoc history revision
The test written in advance. Management credibility pattern, 4 documented cross-call reversals + post-hoc history revision. Measured by: Management credibility pattern, 4 documented cross-call reversals + post-hoc history revision Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026 by the next result.
The test written in advance. Structural negative OCF, Rs -91 Cr FY25, 3y aggregate OCF/PAT = -3.03. Measured by: Structural negative OCF, Rs -91 Cr FY25, 3y aggregate OCF/PAT = -3.03 FY26 annual cash flow statement, working capital expansion rate and OCF direction by the next result.
The test written in advance. Working capital 471 days, 5.7x expansion from historical 83-day average. Measured by: Working capital 471 days, 5.7x expansion from historical 83-day average FY26 annual balance sheet working capital number and delta from FY25 by the next result.
The key numbers to watch, and the level that would change the picture
| Measure | Now | Why it matters |
|---|---|---|
| Recurring O&M Revenue 5x Inflection, Rs 8… | HIGH | With 15 parks now operational, recurring ticketing/F&B/events revenue goals 5x growth, this is the margin floor shift from… |
| Parks Ramp 15 to 30 to 100, Each Park Rs… | HIGH | 30 parks by March 2027 from 15 today, with Rs 3-4 Cr net profit per park at scale, the government-land asset-light model keeps… |
| Repeat Government Customer Validation… | MED HIGH | Lucknow DA 2nd park, Delhi MCD 4th project, Pimpri Chinchwad 4th project, repeat orders prove the procurement model and reduce… |
| Engineered Infrastructure Multi-Vertical… | MED LOW | Restructured into 5 focused verticals aiming for Rs 75 Cr FY27 from Rs 43 Cr FY26, a secondary revenue leg with improving margin… |
Everything further down this page is evidence for or against these.
FY26-Q2FY27-Q1
What the surface reading misses. The surface reading is: OPM 36.75% in Q4 FY26, the highest margin quarter in the company's observable history, at 88th percentile of own 8-quarter range. The research reads it further: This OPM step-change from ~20% (H1 FY26) to 32-37% (H2 FY26) is caused by: (1) parks EPC mix shifting toward larger, more complex Rs 19+ Cr projects vs earlier Rs 5-10 Cr parks; (2) O&M recurring revenue at 50-60% EBITDA margins beginning to show, Rs 8 Cr in FY26 is 5% of Rs 155.79 Cr revenue but carries disproportionate margin. GPM also expanded in the same direction (22% Jun 2023 to 51.7% Mar 2025 per), confirming genuine gross-level improvement not SG&A reduction. Q4 additionally benefits from seasonal concentration (March government budget utilization), a partially cyclical peak.
- 1 · Operating leveragebuilding
- 2 · Value-added mixbuilding
- 3 · Management changebuilding
- 4 · Paying down debtbuilding
- 5 · Regulatory approvalquiet
- 6 · Order-book winsquiet
- 7 · Consolidationquiet
- 8 · Demerger or value unlockquiet
- 9 · Buybackquiet
- 10 · New geographiesquiet
- 11 · More business from existing customersquiet
- 12 · New product launchquiet
- 13 · Mandatory normsquiet
- 14 · A bigger market to servequiet
- 15 · Market-share gainsquiet
- 16 · Asset qualityquiet
Lever 1 · Operating leverage: building. What proves it keeps working: Recurring O&M Revenue 5x Inflection, Rs 8 Cr to Rs 40-42 Cr FY27. It stops working if Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026.
Lever 2 · Value-added mix: building. 30 parks by March 2027 from 15 today, with Rs 3-4 Cr net profit per park at scale, the government-land asset-light model keeps capex requirements minimal. What proves it keeps working: Parks Ramp 15 to 30 to 100, Each Park Rs 3-4 Cr Net Profit at Scale. It stops working if Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026.
Lever 3 · Management change: building. Lucknow DA 2nd park, Delhi MCD 4th project, Pimpri Chinchwad 4th project, repeat orders prove the procurement model and reduce bid risk per new park. What proves it keeps working: Repeat Government Customer Validation, Institutional Moat. It stops working if Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026.
Lever 4 · Paying down debt: building. Restructured into 5 focused verticals aiming for Rs 75 Cr FY27 from Rs 43 Cr FY26, a secondary revenue leg with improving margin mix toward higher-value projects. What proves it keeps working: Engineered Infrastructure Multi-Vertical, Rs 43 Cr to Rs 75 Cr Goal. It stops working if Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026.
Sources: our stock research file (14 June 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
The whole page in one table. Each row links to its section.
| Section | Where it is now | The one thing to watch next |
|---|---|---|
| Margin | 20.35% | Recurring O&M Revenue 5x Inflection, Rs 8 Cr to Rs 40-42… |
| Ownership | see the section | Repeat Government Customer Validation, Institutional Moat |
| Debt | see the section | Engineered Infrastructure Multi-Vertical, Rs 43 Cr to Rs… |
Did Z-Tech (India) management deliver what it promised?
What Z-Tech (India) Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Park Operating Milestone Rolled Forward · 14 August 2026. The Jun 2025 call planned 24 operating parks by the end of FY26. In the Aug 2026 call, after that milestone period had passed, management said only 9 parks were fully operational and moved the goal to 25-30 parks by the end of FY27, while not acknowledging a meaningful slippage in the prior goal; the cited inauguration and land issues do not reconcile the gap.
Operational Park Goal Miss and Revised History · 21 May 2026. During the Jun 2025 call, management confidently projected reaching 24 operational parks by the end of FY26. However, in the May 2026 call, they reported only reaching 15 operational parks, contradicting previous guidance while falsely claiming this lower number was their "earlier strategy" and "as promised.".
International Expansion Commitments Shelved · 21 May 2026. In both the Feb 2025 and Jun 2025 calls, management firmly committed to opening their first international park by FY26, specifically aiming for Dubai. In the May 2026 call, they pushed this initiative into the indefinite future, citing geopolitical headwinds and vaguely shifting focus to African countries without addressing the failure to execute their prior Dubai plans.
Operational Park Guidance Miss · 13 February 2026. Management significantly reduced their goal for operational parks for the fiscal year. In the June 2025 call, they explicitly planned having around 24 parks operating by year-end, but in the latest call, this goal was lowered to 15 parks, representing a material reduction in execution velocity. Earlier call (Jun 2025): “Our hope is that by end of the year, we should have around 24 parks operating.” Later call (Feb 2026): “We have been determined to move from four operational parks at the beginning of the year to at least 15 parks by the end of this financial year.”
Every quote above is taken word for word from the company’s own earnings calls.
How much does Z-Tech (India) earn on its capital?
Z-Tech (India) Ltd earned a ROCE of 20% in FY26. That is up from a low of 2% in FY22. Its return on capital used (ROIC) is 0.3 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.
Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.
It comes from a 23.1% net margin and 0.46× asset turnover (sales divided by assets).
Why the return is what it is (FY26): a 23.1% net margin × 0.46× asset turnover × 1.52× leverage (assets divided by equity) ≈ 16.2% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed.
The key test, return on capital used minus the cost of capital: 11.7% − 12.0% = −0.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.
The 11.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 14.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.
FY26: ROCE 20%, the climb back from FY22's 2%
- ROCE 20%
- ROIC (annual) 14.9%
- Cost of capital 12%
| Quarter | ROCE | ROIC (annual) | Cost of capital |
|---|---|---|---|
| FY22 | 2% | 1.2% | 12% |
| FY23 | 25% | 24.3% | 12% |
| FY24 | 61% | 53.2% | 12% |
| FY25 | 28% | 20.3% | 12% |
| FY26 | 20% | 14.9% | 12% |
Q4 FY26: ROCE 16.8% (last 12 months) against a 12.0% cost of capital
- ROCE (12 months) 16.8%
- ROIC (12 months) 16.5%
- Cost of capital 12.0%
| Quarter | ROCE (12 months) | ROIC (12 months) | Cost of capital |
|---|---|---|---|
| Q2 FY24 | 35.6% | – | 12% |
| Q3 FY24 | – | – | 12% |
| Q4 FY24 | 49.3% | – | 12% |
| Q1 FY25 | – | – | 12% |
| Q2 FY25 | 20.6% | – | 12% |
| Q3 FY25 | – | – | 12% |
| Q4 FY25 | 15.7% | 41.7% | 12% |
| Q1 FY26 | – | 37.2% | 12% |
| Q2 FY26 | 17.2% | 28.4% | 12% |
| Q3 FY26 | – | 23.6% | 12% |
| Q4 FY26 | 16.8% | 16.5% | 12% |
| Q1 FY27 | – | 16.5% | 12% |
Does Z-Tech (India) have too much debt?
Z-Tech (India) Ltd has total debt of ₹75.0 Cr against shareholder equity of ₹224 Cr as of Jun 2026, so its debt is 0.33× its equity. Year by year, that ratio went from 0.05 in FY24 to 0.33 in FY26. Keep that borrowing in mind when reading the returns on this page.
Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.
Why this happened. Restructured from a generalized model into five focused verticals: ground improvement, hydrology, environment, rockfall protection, core infrastructure. Revenue aiming for Rs 75 Cr in FY27 from Rs 43 Cr FY26 (+74%), with 2pp EBITDA margin expansion from ~12% to ~14%. Securing orders from major contractors (Afcons, Bhardwaj). The Geotech mining stabilization business drove the Rs 75 Cr FY26 debt; management confirmed no further capex needed, only revenue scaling from here.
FY26: debt ₹75.0 Cr, 0.33× equity
- Total debt ₹75.0
| Quarter | Total debt |
|---|---|
| FY24 | ₹1 |
| FY25 | ₹2 |
| FY26 | ₹75 |
Debt-to-equity
- Debt-to-equity 0.33×
| Quarter | Debt-to-equity |
|---|---|
| FY24 | 0.05× |
| FY25 | 0.01× |
| FY26 | 0.33× |
Jun 2026: debt ₹75.0 Cr, debt-to-equity 0.33
- Total debt (quarterly) ₹75.0
| Quarter | Total debt (quarterly) |
|---|---|
| Jun 2023 | ₹1 |
| Sep 2023 | ₹1 |
| Mar 2024 | ₹1 |
| Jun 2024 | ₹1 |
| Sep 2024 | ₹2 |
| Dec 2024 | ₹2 |
| Mar 2025 | ₹2 |
| Jun 2025 | ₹2 |
| Sep 2025 | ₹4 |
| Dec 2025 | ₹4 |
| Mar 2026 | ₹75 |
| Jun 2026 | ₹75 |
Debt-to-equity
- Debt-to-equity 0.33×
| Quarter | Debt-to-equity |
|---|---|
| Jun 2023 | 0.11× |
| Sep 2023 | 0.07× |
| Mar 2024 | 0.05× |
| Jun 2024 | 0.05× |
| Sep 2024 | 0.03× |
| Dec 2024 | 0.03× |
| Mar 2025 | 0.01× |
| Jun 2025 | 0.01× |
| Sep 2025 | 0.02× |
| Dec 2025 | 0.02× |
| Mar 2026 | 0.33× |
| Jun 2026 | 0.33× |
Watch next
- Metric
- Engineered Infrastructure Multi-Vertical, Rs 43 Cr to Rs…
- Threshold
- Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026
- Which result
- the next result
What is the Z-Tech (India) shareholding pattern?
Promoters cut their stake in Z-Tech (India) Ltd by 8.7 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 52.0% of the company. Foreign institutions moved +3.1 points over the same period, to 4.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.
Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.
Why this happened. Repeat orders from the same government bodies (Lucknow DA, Delhi MCD, Pimpri Chinchwad) demonstrate that Z-Tech's model survived operational delivery and passed the local government satisfaction test, a significant selection filter. The Khurja Tier-3 park generating 25,000-30,000 monthly visitors proves demand extends beyond metros. This creates a defensible competitive position: once a government body has experienced one Zing Park, the procurement cycle for subsequent parks is shorter and the bid risk lower, the pipeline of 20+ active UP conversions reflects this dynamic.
Over the last two years: Promoters: −8.7 points over 8 quarters, to 52.0%; Foreign institutions: +3.1 points over 8 quarters, to 4.3%; Domestic institutions: −0.3 points over 8 quarters, to 0.6%.
Why the owners changed: promoters drove it (−8.7 points), with the other side taken by foreign institutions (+3.1 points). They reduced their stake.
Year ends: promoters −0.7 points from Mar 2025 to Mar 2026
- Promoters 53.54%
- Foreign inst. 4.47%
- Domestic inst. 0.37%
- Public 41.62%
| Quarter | Promoters | Foreign inst. | Domestic inst. | Public |
|---|---|---|---|---|
| Mar 2025 | 54.25% | 0.96% | 1.47% | 43.32% |
| Mar 2026 | 53.54% | 4.47% | 0.37% | 41.62% |
Promoters cut their stake by 8.7 points over 8 quarters
- Promoters 52.05%
- Foreign inst. 4.34%
- Domestic inst. 0.61%
- Public 43%
| Quarter | Promoters | Foreign inst. | Domestic inst. | Public |
|---|---|---|---|---|
| Jun 2024 | 60.75% | 6.74% | 7.17% | 25.34% |
| Sep 2024 | 60.75% | 1.73% | 0.06% | 37.46% |
| Dec 2024 | 60.75% | 1.21% | 0.87% | 37.18% |
| Mar 2025 | 54.25% | 0.96% | 1.47% | 43.32% |
| Jun 2025 | 54.25% | 0.88% | 1.67% | 43.21% |
| Sep 2025 | 53.18% | 1.04% | 1.89% | 43.9% |
| Dec 2025 | 53.54% | 3.77% | 0.37% | 42.32% |
| Mar 2026 | 53.54% | 4.47% | 0.37% | 41.62% |
| Jun 2026 | 53.54% | 4.47% | 0.37% | 41.63% |
| Aug 2026 | 52.7% | 4.25% | 0.6% | 42.45% |
| Sep 2026 | 52.05% | 4.34% | 0.61% | 43% |
Watch next
- Metric
- Repeat Government Customer Validation, Institutional Moat
- Threshold
- Q1 FY27 recurring revenue quantum, parks count reaching 18-20 by Sep 2026
- Which result
- the next result
How far is Z-Tech (India) from balance-sheet trouble?
For Z-Tech (India) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.
The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.
How does Z-Tech (India) rank in its industry?
51.8 out of 100, rank 2 of 3 in Amusement Parks, with 90% of the evidence available.
Z-Tech (India) Ltd scores 51.8 out of 100 against the 3 companies it is compared with in Amusement Parks, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
The four parts add up to the total exactly: 19.6 + 18.3 + 13.9 + 0 = 51.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.
What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.
Which companies is Z-Tech (India) compared with?
Z-Tech (India) ranks 2 of 3 Amusement Parks companies on the 4-Factor Sector Score, with 51.8 out of 100.
- 1Wonderla Holidays LtdWONDERLA · breaking out · Evidence leans up · 97% evidence52.2out of 100
How the score adds up
Growth & earnings 17.3/35 · Revenue 30.8% · Profit 2% · Operating margin change 0 points · 100% evidenceCapital efficiency 10.2/25 · ROCE 6.2% · Operating margin 46% · 100% evidenceValuation 6.6/20 · P/E 29.5× · PEG 5.41 · 85% evidenceRelative strength 18.1/20 · Lead over its industry 15.3% · Lead over NIFTY 500 1.1% · 1 year -14.4% · 100% evidence · 10 of 12 weeks aheadExact sum: 17.3 + 10.2 + 6.6 + 18.1 = 52.2 · What this means: Relative strength against the index is 1.1%, and revenue and profit growth are weak. - 2Z-Tech (India) Ltd this pageZTECH · basing · Evidence leans up · 90% evidence51.8out of 100
How the score adds up
Growth & earnings 19.6/35 · Revenue 66.7% · Profit 81.6% · Operating margin change -1.6 points · 100% evidenceCapital efficiency 18.3/25 · ROCE 20% · Operating margin 22.8% · 100% evidenceValuation 13.9/20 · P/E 15.7× · PEG 0.94 · 50% evidenceRelative strength 0.0/20 · Lead over its industry -15.3% · Lead over NIFTY 500 -25.9% · 1 year -33.2% · 100% evidence · 0 of 12 weeks aheadExact sum: 19.6 + 18.3 + 13.9 + 0 = 51.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. - 3Imagicaaworld Entertainment LtdIMAGICAA · quiet · Most evidence points down · 65% evidence32.8out of 100
How the score adds up
Growth & earnings 10.3/35 · Revenue 8% · Profit -75.4% · Operating margin change 2 points · 100% evidenceCapital efficiency 5.0/25 · ROCE 1.8% · Operating margin 51% · 100% evidenceValuation 10.0/20 · P/E 190× · PEG — · 0% evidenceRelative strength 7.5/20 · Lead over its industry — · Lead over NIFTY 500 -8.6% · 1 year -20.5% · 25% evidence · 9 of 12 weeks aheadExact sum: 10.3 + 5 + 10 + 7.5 = 32.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.
The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.
Related companies: Amusement Parks, all 3 compared on one page.
Which companies are close to Z-Tech (India) in size?
Z-Tech (India) is the 3rd largest of 3 Amusement Parks companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Wonderla Holidays and Imagicaaworld Entertainment. It is the smallest.
Amusement Parks companies close in size
- Wonderla Holidays Ltd ₹3,118 crore
- Imagicaaworld Entertainment Ltd ₹2,419 crore
- Z-Tech (India) Ltd ₹578 crore
All 3 Amusement Parks companies, largest first
Companies close in size in other industries
- Tuticorin Alkali Chemicals & Fertilizers Ltd ₹579 crore · Chemicals - Inorganic - Caustic Soda/Soda Ash
- JTL Defence Ltd ₹578 crore · Metal - Copper/Copper Alloy Products
- Z-Tech (India) Ltd ₹578 crore
- Voith Paper Fabrics India Ltd ₹577 crore · Textiles - General
- Artson Ltd ₹576 crore · Infra - Engineering - General
What else do people ask about Z-Tech (India)?
What were Z-Tech (India)'s latest quarterly results?
Z-Tech (India) Ltd reported revenue of ₹29.1 Cr and net profit of ₹4.0 Cr for the Jun 2026 quarter. Revenue rose 42.3% and profit rose 33.2% compared with a year earlier. Earnings per share were ₹2.78.
The operating margin was 22.8%, 1.6 percentage points lower than a year earlier (as of 5 November 2026).
What is Z-Tech (India)'s market cap?
Z-Tech (India) Ltd's market capitalisation is ₹578 Cr at a share price of ₹388.55. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 5 November 2026).
What is Z-Tech (India)'s P/E ratio?
Z-Tech (India) Ltd's P/E is 15.7×, higher than 1% of its own last 2 years. Its usual level (the middle reading) is 43.7×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 5 November 2026).
How is Z-Tech (India) valued against its own history?
Against its own history, Z-Tech (India) Ltd's valuation is low: its P/E of 15.7× has been lower only 1% of the time in 2 years (usual level 43.7×).
This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next (as of 5 November 2026).
How is Z-Tech (India) performing?
Z-Tech (India) Ltd's share price has been falling for 11 weeks. In its latest quarter, revenue rose 42.3% and profit rose 33.2% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 19 weeks running (as of 5 November 2026).
Will Z-Tech (India)'s share price go up?
This page does not forecast Z-Tech (India) Ltd's share price. What it shows instead: the share price is ₹388.55, and it has been falling for 11 weeks. Its P/E of 15.7× is higher than 1% of its own last 2 years (as of 5 November 2026).
Who owns Z-Tech (India)?
Promoters own 52.0% of Z-Tech (India) Ltd, foreign institutions 4.3%, domestic institutions 0.6% and the public 43.0% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 8.7 percentage points over 8 quarters (as of 5 November 2026).
Does Z-Tech (India) have too much debt?
Z-Tech (India) Ltd has a moderate amount of debt: its debt is 0.34× its equity, and its operating profit is 22 times its interest bill. FY26 borrowings were ₹75.0 Cr against equity of ₹223 Cr.
Keep that borrowing in mind when reading the returns on this page (as of 5 November 2026).
Where is Z-Tech (India) in its business cycle?
Z-Tech (India) Ltd's FY26 operating margin was 28.0%, against a 6-year range of 1.1% to 30.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 22.8%.
Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 5 November 2026).
What could break the Z-Tech (India) story?
The main question: profits are rising, but only −202% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.
On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 5 November 2026).
Is Z-Tech (India) a stock worth studying right now?
What the numbers show: Z-Tech (India) Ltd's earnings have grown faster than its share price. Earnings per share grew +81.3% in a year while the price moved −31.3%. The main open question: whether the cash starts to follow the profit.
Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 5 November 2026).
Is there a Z-Tech (India) share price forecast for 2026?
What management itself guided: FY27 operating parks planned at 25-30 by March; awarded projects executable within 6 months where land is clear.
Where do these numbers come from?
Sector Alpha, written by code from the published numbers. Data as of 5 November 2026.
Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.
See the plain-text version of this page.
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