Zen Technologies – Q2 Key Takeaways

EBITDA came in at ₹646M versus ₹800M YoY — lower in absolute terms. EBITDA Margin improved sharply to 37.24% vs 33.08% YoY — efficiency gains despite softer topline. Financial View Margins show operational discipline even in a quarter with lower EBITDA. Defence order pipeline continues to support medium-term revenue visibility. Balance sheet remains light and cash-positive, allowing self-funded growth without leverage pressure. Future Projects & Growth Drivers Execution of large defence training & simulation orders from Indian Army / Air Force / Navy remains the next big driver. Company is also pursuing export markets in Middle East, ASEAN and African defence customers — incremental upside if deals convert. Ongoing work on AI-based combat simulation, UAV anti-drone solutions and live-fire training systems positions Zen in high-margin niche defence tech space. Government’s Atmanirbhar + defence capex cycle continues to be a major structural tailwind.