loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Zen Technologies (ZTL) has received a contract worth Rs 177.5 crore from Ministry of Defence

ICICIdirect Research 22 Jul 2026 DISCLAIMER

News: Zen Technologies (ZTL) has received a contract worth Rs 177.5 crore from Ministry of Defence (MoD) for upgradation and integration of Tank and Crew Gunnery Simulators. The company is expected to execute the contract within a year

View: ZTL holds key patents for T-72, T-90, and BMP-II containerized crew gunnery simulators, making it a single-vendor solution for Indian Army. With strong orders inflows of Rs 1500+ crore (from FY26 onwards), the total order book is estimated to be at Rs 1,330 crore (2x FY26 revenue), ensuring strong revenue visibility. We believe that the Anti-drone system segment (~30% of FY26 revenue and ~50% of current order backlog) would remain a key growth driver for ZTL, considering the increasing demand for these modern warfare systems. However, the simulation & training solutions segment (~70% of FY26 revenue) is also expected to grow at a steady pace as the company stands to benefit from sizable exports opportunity.

Impact: Positive

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere