Z-Tech (India)Share price, financial results, shareholding and management
- Market cap
- ₹612 cr
- Stock P/E
- 17.1peers 18.1
- Book value
- ₹117
- Price to book
- 3.22
- EV / operating profit
- 15.7
- Market cap to sales
- 3.93
- ROCE · FY26
- 22.5%
- ROE · FY26
- 21.3%
- ROE, 3-year average
- 32.3%
- Operating margin · FY26
- 27.6%peers 16.1%
- Sales growth, 3 years
- 81.6%
- Profit growth, 3 years
- 161.7%
- Debt to equity
- 0.39peers 0.21
- Borrowings
- ₹75 cr
- Interest cover
- 24.8×
- Cash from business / op. profit
- -89%
- Debtor days
- 220
- Pledged
- 0.00%
- Promoter holding
- 53.19%
- Change in promoter holding
- +0.49 pts
- Shareholders
- 2,246
- 52-week high / low
- ₹701 / ₹355
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Z-Tech (India) share price chart
Close on 6 Nov 2026 · -2.59% on the day · Vol 2,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -19.7%
- 3 months
- -27.9%
- 6 months
- -39.0%
- 1 year
- -33.5%
- Since IPO
- +244.1%
- Traded a day, 20 days
- ₹0.71 cr
- Taken for delivery
- 76%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +65% | +78% |
| 3 years, a year | +82% | +162% |
About Z-Tech (India): business, products and customers
Z-Tech (India) designs and builds themed public parks for city bodies, many made from scrap art, and then runs them for years, earning from tickets, food and events. It also does ground and slope strengthening for roads and mines, and treats factory waste water. Its shares trade on NSE Emerge.
Most of Z-Tech's revenue now comes from creative parks: waste to art parks, riverfront parks and children's zones built for development authorities and municipal corporations, mostly in north India, under the ZyngPark name. The government body gives the land and usually pays most of the building cost; Z-Tech puts in a share, builds the park and then runs it, typically for twenty years, keeping ticket, food, sports and event income and paying the authority a revenue share or a fixed rent.
That model shapes the numbers. Today most park revenue is construction billed to government bodies, which management puts at about a 38% margin, while the running income it says earns close to 50% is still small. Construction is billed heavily in the second half of the year and government bodies pay slowly, so money owed to the company and borrowings have risen while cash from the business has been negative.
Read more about the business
The other two arms are Terra, which uses geosynthetics to stabilise slopes, walls and embankments for highways, mines and flood works, and Agua, which treats industrial waste water and recovers chemicals for factories such as chlor-alkali plants. The company also uses these skills inside its parks, for example to fill and firm up a site in Patna.
The company says there is no meaningful competition for affordable themed parks and names no listed rival; for Terra and Agua the documents name no competitors either.
From the offer document, the FY26 annual report, the August 2026 investor presentation, the February, May and August 2026 earnings calls, the July 2026 order announcement and the subject line of the October 2026 press release.
Read the deeper study ↓In its favour
- Sales have grown very fast: 82% a year over three years.
- It earns a high return on the money it uses: ROCE 23% in FY26.
To watch
- Opening of 25 to 30 operating parks by March 2027, against 9 fully running in August 2026 (Earnings call, August 2026, p.5 and p.9).
- FY27 revenue of about ₹250 cr and park running income of about ₹40 cr, as the company expects (Earnings call, August 2026, p.7 and p.10).
- Collection of ₹94.0 cr of trade receivables held at 31 March 2026 (Annual report FY26, p.60).
- Borrowings, which management said in May 2026 it does not plan to raise in FY27 (Earnings call, May 2026, p.15).
- Its borrowings rose a lot last year: ₹75 cr, from ₹1.8 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Z-Tech (India) revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Z-Tech (India) half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 54.98 | 100.82 |
| Expenses | 42.96 | 69.83 |
| Operating profit | 12.02 | 30.99 |
| OPM | 21.9% | 30.7% |
| Interest | 0.28 | 1.61 |
| Depreciation | 0.52 | 1.49 |
| Profit before tax | 12.65 | 32.06 |
| Net profit | 9.10 | 26.76 |
Z-Tech (India) profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 23 | 31 | 26 | 67 | 94.40 | 155.79 |
| Expenses | 23 | 30 | 23 | 56 | 66.59 | 112.79 |
| Operating profit | 1 | 0 | 3 | 12 | 27.81 | 43.01 |
| OPM | 3.4% | 1.1% | 12.0% | 17.0% | 29.5% | 27.6% |
| Other income | 0 | 0 | 0 | 0 | 0.39 | 5.60 |
| Interest | 0 | 0 | 0 | 0 | 0.09 | 1.88 |
| Depreciation | 0 | 0 | 0 | 1 | 0.66 | 2.01 |
| Profit before tax | 1 | 0 | 3 | 11 | 27.46 | 44.71 |
| Tax rate | 0.0% | 56.0% | 33.3% | 27.3% | 26.5% | 19.8% |
| Net profit | 1 | 0 | 2 | 8 | 20.18 | 35.86 |
| EPS ₹ | · | · | · | 9 | 16.52 | 24.95 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Z-Tech (India) profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 3.4% | 1.1% | 12.0% | 17.0% | 29.5% | 27.6% |
| Tax rate | 0.0% | 56.0% | 33.3% | 27.3% | 26.5% | 19.8% |
| ROCE | · | 0.0% | 30.0% | 66.7% | 32.2% | 22.5% |
| ROE | · | 0.0% | 22.2% | 51.6% | 23.9% | 21.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Z-Tech (India) debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Z-Tech (India) balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 9 | 14.33 | 14.46 |
| Reserves | 7 | 7 | 9 | 12 | 133.23 | 175.42 |
| Net worth | 8 | 8 | 10 | 21 | 147.56 | 189.87 |
| Borrowings | 1 | 1 | 1 | 1 | 1.80 | 74.95 |
| Other liabilities | 11 | 10 | 12 | 20 | 57.52 | 73.06 |
| Total liabilities | 20 | 19 | 23 | 42 | 206.88 | 337.88 |
| Fixed assets | 1 | 1 | 2 | 4 | 9.98 | 58.83 |
| Capital work in progress | 0 | 0 | 0 | 0 | 29 | 24 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 19 | 18 | 21 | 38 | 167.90 | 255.05 |
| Receivables | · | · | · | · | 48.87 | 93.97 |
| Inventory | · | · | · | · | 2.17 | 3.39 |
| Cash | · | · | · | · | 3.80 | 12.59 |
| Trade payables | · | · | · | · | 24.16 | 27.96 |
Z-Tech (India) cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -1 | 2 | 0 | 0 | -91.37 | -38.38 |
| Cash from investing | 0 | -1 | -1 | -4 | -34.80 | -41.20 |
| Cash from financing | 0 | 0 | 0 | 4 | 129.15 | 88.36 |
| Net cash flow | -1 | 1 | -1 | 0 | 2.98 | 8.78 |
| Capital spending | · | · | · | · | 0 | 45.68 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 189 | 145 | 214 | 155 | 189 | 220 |
| Inventory days | 21 | 8 | 21 | 8 | 15 | 14 |
| Days payable | 170 | 144 | 214 | 110 | 167 | 118 |
| Cash conversion cycle | 40 | 9 | 20 | 53 | 37 | 117 |
| Working capital days | 100 | 60 | 103 | 83 | 471 | 310 |
Z-Tech (India) peers and competitors
Listed SME companies in the same industryBy sales, Z-Tech (India) is number 6 of the 15 listed SME companies in other utilities.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Namo eWaste Management | 807 | 56.2 | 195 | 14.4 | 11.6% | 0.03 |
| Urban Enviro Waste Management | 106 | 7.2 | 182 | 14.9 | 17.4% | 0.72 |
| Z-Tech (India) | 612 | 17.1 | 156 | 35.9 | 27.6% | 0.39 |
| Apex Ecotech | 336 | 19.8 | 149 | 17 | 14.6% | 0.02 |
| Sattva Engineering Construction | 102 | 7.8 | 143 | 13.1 | 15.4% | 0.34 |
| Hi-Green Carbon | 344 | 100.4 | 139 | 3.4 | 16.7% | 0.70 |
| Organic Recycling Systems | 214 | 8.6 | 105 | 25 | 29.0% | 0.37 |
| Felix Industries | 330 | 18.2 | 102 | 18.1 | 27.6% | 0.22 |
| GEM Enviro Management | 90 | 18.0 | 101 | 5 | 5.0% | 0.09 |
| Filtra Consultants and Engineers | 71 | 18.9 | 97.7 | 3.7 | 4.8% | 0.05 |
| Greenleaf Envirotech | 76 | 10.5 | 60.6 | 7.2 | 16.9% | 0.19 |
| Median of the 10 others | 160 | 18.1 | 122 | 13.7 | 16.1% | 0.21 |
Z-Tech (India) shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Z-Tech (India) shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Aug 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 54.25% | 54.25% | 53.18% | 53.54% | 53.54% | 53.54% | 52.70% | 53.19% |
| Foreign investors (FIIs) | 0.96% | 0.88% | 1.04% | 3.77% | 4.47% | 4.47% | 4.25% | 4.14% |
| Indian institutions (DIIs) | 1.47% | 1.67% | 1.89% | 0.37% | 0.37% | 0.37% | 0.60% | 0.58% |
| HNIs (over ₹2 lakh each) | 19.21% | 21.81% | 16.53% | 19.67% | 19.46% | 18.79% | 18.92% | 20.46% |
| Small holders (up to ₹2 lakh) | 15.15% | 16.14% | 16.72% | 15.28% | 14.11% | 14.04% | 13.40% | 12.58% |
| Companies and others | 8.96% | 5.25% | 10.64% | 7.37% | 8.05% | 8.79% | 10.13% | 9.05% |
| Number of shareholders | 1,540 | 1,979 | 2,095 | 2,008 | 2,004 | 2,263 | 2,255 | 2,246 |
The named holders are at 13 Sept 2026, beside 8 Sept 2026, each under the group the pattern files them in.
Z-Tech (India) study: the business from its own documents
Read from 13 of the company's own documentsZ-Tech (India) so far
From the company's own record
- 5 June 2024Listed on NSE Emerge at ₹110
- 22 Sept 2026An order announced
- 8 Oct 2026An order announced
- 9 Oct 2026An order announced
- 30 Sept 2026Promoters at 53.19%
- 21 Jan 2025Highest close since listing, ₹729.90
Z-Tech (India) key facts from the filings
Each figure with the document it comes from
- Latest order
- Afcons Infrastructure
- A press release of 8 October 2026 is titled as work orders from Afcons Infrastructure Limited; its text, and so the value and scope, is not among the documents read.Press release, 8 October 2026 (subject line only)
- FY26 revenue
- ₹155.8 cr
- Up 65.0% on FY25, with profit after tax of ₹35.9 cr.Investor presentation, Aug 2026, p.30
- Parks share
- 72.28%
- Share of FY26 revenue from creative parks; the rest came from geotech and waste water work.Annual report FY26, p.8
- Parks running
- 9
- Fully operational in August 2026, with 4 more ready to open, 7 under construction and 3 at award stage.Investor presentation, Aug 2026, p.17
- Park running income
- About ₹8 cr
- Recurring revenue from operating parks in FY26; about ₹4 cr came in the June 2026 quarter alone.Earnings call, August 2026, p.5
Show 5 more facts
- Money owed by customers
- ₹94.0 cr
- Trade receivables at 31 March 2026, up from ₹48.9 cr a year earlier.Annual report FY26, p.60
- Cash from operations
- Minus ₹38.4 cr
- Cash used by the business in FY26, after minus ₹91.4 cr in FY25, even as profits rose.Annual report FY26, p.62
- Borrowings
- ₹75.0 cr
- Long and short term borrowings at 31 March 2026, against ₹1.8 cr a year earlier.Annual report FY26, p.60 and p.79
- Government share
- 63.10%
- Share of FY26 revenue from government contracts; private contracts made up the rest.Annual report FY26, p.8
- Geotech order book
- About ₹228 cr
- Terra's order book in August 2026, plus about ₹20 cr for the waste water arm.Investor presentation, Aug 2026, p.25
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the August 2026 call, the company said it expects 25 to 30 operating parks by March 2027, against 9 fully running in August, and total FY27 revenue of about ₹250 cr, of which about ₹75 cr from geotech and waste water. It targets about ₹40 cr of park running income in FY27, up from about ₹8 cr, and expects operating margins close to last year's. It says park openings depend on government inauguration dates and land titles, and that it does not plan to add debt in FY27.
| What management said | When | What happened |
|---|---|---|
| Revenue of about ₹150 cr and profit of about ₹40 cr in FY26 | February 2026 call | Revenue ₹155.8 cr; profit ₹35.9 cr |
| At least 15 operational parks by March 2026 | February 2026 call and presentation | 8 at the end of FY26 and 9 fully running in August 2026, with 4 more ready |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Z-Tech earns most of its money building parks for city bodies today, and is trying to turn them into a long running stream of ticket and food income.
Its weak spots are slow payment by government customers, opening dates it does not control, and cash from the business that has stayed below zero while profits rose.
AverageCan it set its own prices?Park building and running both earn good margins, but contracts come through government tenders and tickets are kept cheap on purpose.
StrongHow strong is it against rivals?Few others build and then run affordable themed public parks, and once signed its contracts run for many years.
WatchWho are its customers?Mostly government bodies, with a few large customers making up much of revenue.
WatchDoes it need a lot of money?Yes. It funds a share of each park and waits a long time to be paid, so it has borrowed and raised equity even while reporting profits.
StrongCan it keep finding new work?City bodies keep awarding parks and the geotech arm's order book has grown.
WatchDo good and bad years swing a lot?Results bunch up late in the year and depend on when politicians open finished parks and when land is cleared.
Who runs Z-Tech (India)?
Promoters, directors and officers; tap a name for the background
SBSanghamitra BorgohainPromoter and Managing Director
Holds a Bachelor of Arts in Political Science. Described as a first generation entrepreneur with more than 13 years in civil construction at the time of the IPO; earlier a business development and administration head at Raj Group of Companies. With the company since 2019 and Managing Director since January 2024. Holds 90% of the corporate promoter, Terramaya Enterprises.
Offer document, p.189, p.199, p.203 and p.204TETerramaya Enterprises Private LimitedCorporate promoter
A management consulting company set up in 2020 that held 93.95% of Z-Tech before the IPO. Its directors are Sonam Gupta and Sanghamitra Borgohain.
Offer document, p.203AKAnuj Kumar PoddarWhole Time Director
Holds a B.A. in Fine Arts (Painting) from MS University, Vadodara, and has more than 25 years in the glass industry, starting as a glass designer.
Offer document, p.189, p.190 and p.199SASteve A PereiraIndependent Director
Holds a Bachelor's degree in Hotel Management and a Post Graduate Diploma in HR and Industrial Relations, with over 23 years in hospitality, aviation, healthcare and business operations.
Offer document, p.190ARAditya RungtaIndependent Director
A Fellow member of the Institute of Company Secretaries of India with about 14 years of experience, including at Koutons Retail and Phoenix Lamps.
Offer document, p.189 and p.190SGSunil GhorawatChief Business Officer
Leads the business discussion on earnings calls; the company lists 25 years of experience.
Investor presentation, Aug 2026, p.7; Earnings call, August 2026, p.2ICIsha ChaudharyChief Financial Officer
Appointed Chief Financial Officer on 29 May 2026, when Vikas Jain resigned; also heads business development.
Annual report FY26, p.16; Investor presentation, Aug 2026, p.7Z-Tech (India) latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters 52.70% to 53.19%.
- 9 Oct 2026: an order announced.
- 8 Oct 2026: an order announced.
Z-Tech (India) announcements
153 on record, latest first; each opens the filing on the exchange
- Press Releasea press release dated October 09, 2026, titled "Enhanced work order from EKK Infrastructure Limited"PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Press Releasea press release dated October 08, 2026, titled "Work orders from M/s. Afcons Infrastructure Limited"PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Outcome of Board MeetingHeld on September 24, 2026PDF ↗
- Press Releasea press release dated September 22, 2026, titled "Z-Tech (India) Limited Expands Its Operational Footprint with Landmark Contract at Indira Gandhi Memorial BotaPDF ↗
- General Updatesintimation of Lapse and Forfeiture of 24,000 Convertible Warrants issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ( SEBI PDF ↗
- Outcome of Board MeetingHeld on September 13, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- General Updatesspecimen copy of letter sent to those shareholders, whose e-mail address are not registered in the records of the Company/Registrar and Share Transfer Agent (RTPDF ↗
Z-Tech (India) annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Z-Tech (India) share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Z-Tech (India)'s data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,61,70,248 shares).
- !The FY26 results imply 1,44,60,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Z-Tech (India)
What does Z-Tech (India) do?
Z-Tech (India) designs and builds themed public parks for city bodies, many made from scrap art, and then runs them for years, earning from tickets, food and events. It also does ground and slope strengthening for roads and mines, and treats factory waste water. Its shares trade on NSE Emerge.
What is the share price of Z-Tech (India)?
₹379 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Z-Tech (India)?
₹612 cr at the close on 6 Nov 2026, on 1,61,70,248 shares.
What is the P/E of Z-Tech (India)?
17.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Z-Tech (India)'s revenue and profit?
Revenue ₹156 cr and profit after tax ₹36 cr in FY26.
Who are the promoters of Z-Tech (India)?
Sanghamitra Borgohain, Terramaya Enterprises Private Limited; promoters held 53.19% at 30 Sept 2026.
What was the IPO price of Z-Tech (India)?
₹110 a share; it listed on 5 June 2024.
What is Z-Tech (India)'s website?
www.z-techindia.com
More SME companies like Z-Tech (India)
Other listed SME companies in other utilities, the closest in size first, each read from its own documents.
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- Namo eWaste ManagementNAMOEWASTE · NSE Emerge · Other Utilities · listed 2024Market cap ₹776 cr
- VVIP InfratechVVIPIL · BSE SME · Other UtilitiesMarket cap ₹395 cr
- Apex EcotechAPEXECO · NSE Emerge · Other Utilities · listed 2024Market cap ₹347 cr
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Every listed SME company in Other Utilities → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 3 press releases, 2 annual reports, 1 offer document, 1 result filing, 153 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.