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Investor Presentation NSE : ZENTEC BSE : ZENTEC - 533339 BLOOMBERG : ZEN IN REUTERS : ZETE .BO Q 3 & 9 M F Y 2 6
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The revenue for the quarter and nine months ended 31 December 2025 was impacted due to delays in the finalisation of regular procurement orders, following the security threats the country faced in May 2025. Consequently, we expect some of our revenue earlier expected to be recognized in FY26 to materialise in the subsequent financial years. Despite the impact on revenue, we delivered healthy profitability during the quarter, supported by a favourable product mix and continued focus on cost discipline. Encouragingly, we witnessed a sharp acceleration in order inflows during and after the quarter. During Q3 FY26, we secured new orders aggregating ₹586 crore. Subsequent to 31 December 2025, we received additional orders aggregating ₹345 crore, taking cumulative order inflows over the last four months to ₹931 crore. We also expect further order wins before the end of the financial year. The majority of these orders are scheduled for execution in FY27, providing strong revenue visibility ahead. Based on our current order book, we expect a stronger financial performance in FY27, supported by higher execution across both the standalone business and subsidiaries. Operationally, Q3 FY26 was a significant quarter for Zen, marked by strong order wins, disciplined execution and continued product innovation. We secured a ₹245 crore order for the upgradation of Anti-Drone Systems which reinforces the strategic importance of indigenous defence technologies, enabling faster adaptation to evolving threats at significantly lower lifecycle costs. Zen also secured a ₹102 crore order for the Combat Training Node (CTN), a first-of-its-kind training solution developed entirely by our in-house R&D team, underscoring our innovation focused approach. During the quarter, Zen received order, of ₹37 crore, for Anti-Drone Systems with hard-kill capabilities, a segment with strong growth potential in the evolving modern warfare. In addition, Zen successfully completed the Integrated Air Defence Combat Simulator (IADCS) project approximately 9 months ahead of contractual timelines, demonstrating its ability to deliver at scale and with speed. Towards the end of the quarter, we completed the acquisition of a 76% stake in Anawave Systems and Solutions Private Limited, further strengthening our presence in naval simulation. With a robust order pipeline, expanding capabilities and improving execution outlook, we remain highly confident about delivering sustained growth in the coming years. Performance Review
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©Zen Technologies Limited – All Rights Reserved. 100% 51% Electronic Warfare Naval Sim Naval Sim Drones Drone Components Automated Weapons & Surveillance Systems (AWSS) Robotics & Automated Weapons Station (AWS) 76% 76% 51% 49% 45%
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Advanced Product Suite ©Zen Technologies Limited – All Rights Reserved. Naval Simulation Anti Drone System Loitering Munition Live Ranges Live Simulation Virtual Simulation Combat Training Centre Force Multipliers ISR systems Marine Solutions Naval Solutions Drone & Counter-Drone Solutions Training Solutions Operational Equipment
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©Zen Technologies Limited – All Rights Reserved. Quarterly Consolidated Highlights Revenue from Operations (YoY) (All Values ₹ in Crore) EBITDA (YoY) (All Values ₹ in Crore) Profit After Tax (YoY) 39.72 54.77 0.00 10.00 20.00 30.00 40.00 50.00 60.00 Q3FY25 Q3FY26 (All Values ₹ in Crore) 66.24 82.42 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 Q3FY25 Q3FY26 152.21 177.82 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 Q3FY25 Q3FY26 PAT Adjusted for Non -Controlling Interests
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©Zen Technologies Limited – All Rights Reserved. 9M Consolidated Highlights Revenue from Operations (YoY) (All Values ₹ in Crore) EBITDA (YoY) (All Values ₹ in Crore) Profit After Tax (YoY) 179.20 161.92 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 9MFY25 9MFY26 (All Values ₹ in Crore) 269.17 258.97 9MFY25 9MFY26 648.67 509.61 9MFY25 9MFY26 189% PAT Adjusted for Non-Controlling Interests
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Financial Statement Summary ©Zen Technologies Limited – All Rights Reserved. Summary of Consolidated Profit & Loss Statement Particulars (₹ in Crore) Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) KEY PERFORMANCE INDICATORS Sales 177.82 173.57 152.21 509.61 648.67 Other Operating Revenue 15.62 25.31 22.04 62.72 33.62 T otal Revenue 193.44 198.88 174.25 572.33 682.29 T otal Operating Expenses 111.02 108.83 108.01 313.36 413.12 EBITDA 82.42 90.05 66.24 258.97 269.17 EBITDA Margins 46.35% 51.88% 43.52% 50.82% 41.50% Operational EBITDA 66.80 64.75 44.20 196.25 235.55 Operational EBITDA Margins 37.57% 37.30% 29.04% 38.51% 36.31% Interest Cost 2.75 2.04 2.96 8.25 6.42 Depreciation 6.49 5.71 3.81 18.55 10.66 Profit Before T ax 73.18 82.30 59.47 232.17 252.08 Profit After T ax (Adjusted for Non-Controlling Interest) 54.77 59.40 39.72 161.92 179.20
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©Zen Technologies Limited – All Rights Reserved. Quarterly Standalone Highlights Revenue from Operations (YoY) (All Values ₹ in Crore) EBITDA (YoY) (All Values ₹ in Crore) Profit After Tax (YoY) (All Values ₹ in Crore) Revenue Segmentation (Sale of Equipment vs AMC) (All Values ₹ in Crore) Revenue Segmentation (Domestic vs Exports) (All Values ₹ in Crore) 141.52 116.15 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 Q3FY25 Q3FY26 58.69 66.93 54.00 56.00 58.00 60.00 62.00 64.00 66.00 68.00 Q3FY25 Q3FY26 38.62 47.82 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00 Q3FY25 Q3FY26 130.82 106.11 10.70 10.05 Q3FY25 Q3FY26 Sales of Equipment AMC 68.82 115.82 62.00 0.59 Q3FY25 Q3FY26 Domestic Exports
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©Zen Technologies Limited – All Rights Reserved. 9M Standalone Highlights Revenue from Operations (YoY) (All Values ₹ in Crore) EBITDA (YoY) (All Values ₹ in Crore) Profit After Tax (YoY) 178.03 131.10 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 9MFY25 9MFY26 (All Values ₹ in Crore) 252.77 189.66 0.00 30.00 60.00 90.00 120.00 150.00 180.00 210.00 240.00 270.00 9MFY25 9MFY26 637.17 351.87 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 9MFY25 9MFY26 189%
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Financial Statement Summary ©Zen Technologies Limited – All Rights Reserved. Particulars (₹ in Crore) Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) KEY PERFORMANCE INDICATORS Sales 116.15 124.65 141.52 351.87 637.17 Other Operating Revenue 14.34 22.99 21.96 57.22 33.43 T otal Revenue 130.49 147.65 163.48 409.09 670.60 T otal Operating Expenses 63.56 82.86 104.79 219.43 417.83 EBITDA 66.93 64.79 58.69 189.66 252.77 EBITDA Margins 57.62% 51.97% 41.47% 53.90% 39.67% Operational EBITDA 52.60 41.80 36.73 132.44 219.34 Operational EBITDA Margins 45.28% 33.53% 25.95% 37.64% 34.42% Interest Cost 1.00 0.43 2.73 2.81 5.81 Depreciation 3.58 3.32 2.60 9.98 7.16 Profit Before T ax 62.35 61.04 53.36 176.87 239.80 Profit After T ax 47.82 46.16 38.62 131.10 178.03 Summary of Standalone Profit & Loss Statement
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©Zen Technologies Limited – All Rights Reserved. Consolidated Order Book Status as of 31 December 2025 Order Book as at 1 October 2025 Total: 675.04 Cr New Order bagged in Q3FY26 Total: 585.55 Cr Orders executed in Q3FY26 Total: 177.83 Cr Order Book as at 31 December 2025 Total: 1,082.76 Cr Order Book New Orders Orders Executed Total Order Book=-+ *Note :- 1. Order book as at 31 December 2025 includes ₹ 201.71 Cr relating to subsidiaries companies. 2. Closing order book includes domestic orders amounting to ₹ 987.38 Cr and export orders amounting to ₹ 95.38 Cr.
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Thank Y ou ©2018 ZEN TECHNOLOGIES LIMITED., ALL RIGHTS RESERVED. ZEN TECHNOLOGIES LOGO IS A TRADEMARK OF ZEN TECHNOLOGIES LIMITED. IN ADDITION TO COMPANY DATA, DATA FROM MARKET RESEARCH AGENCIES, STOCK EXCHANGES AND INDUSTRY PUBLICATIONS HAS BEEN USED FOR THIS PRESENTATION. THIS MATERIAL WAS USED DURING AN ORAL PRESENTATION; IT IS NOT A COMPLETE RECORD OF THE DISCUSSION. THIS WORK MAY NOT BE USED, SOLD, TRANSFERRED, ADAPTED, ABRIDGED, COPIED OR REPRODUCED IN WHOLE ON OR IN PART IN ANY MANNER OR FORM OR IN ANY MEDIA WITHOUT THE PRIOR WRITTEN CONSENT. ALL PRODUCT NAMES AND COMPANY NAMES AND LOGOS MENTIONED HEREIN ARE THE TRADEMARKS OR REGISTERED TRADEMARKS OF THEIR RESPECTIVE OWNERS. Disclaimer: Certain Statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, intense competition, political instability and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. Hari Haran Chalat investors@zentechnologies.com Chief Financial Officer Zen Technologies Limited Let’s connect