ZENTECNSE26 October 2025

Zen Technologies Limited has informed the Exchange about Investor Presentation

Zen Technologies Limited

October 26, 2025

To Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

To Dept. of Corp. Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400001

Symbol: ZENTEC

Scrip Code: 533339

Dear Sir/Madam,

Sub:

Investor Presentation

Please find attached Investor Presentation on the Un-audited Financial Results of the Company for the quarter and half year ended September 30, 2025.

above

The https://www.zentechnologies.com/calls-and-conferences

information

available

also

the website

the Company:

This is for your kind information and records.

Thanking you

Yours faithfully,

For Zen Technologies Limited

Sourav Dhar Company Secretary & Compliance Officer

Encl: As above

Investor Presentation

Q 2 & H 1 F Y 2 6

NSE: ZENTEC BSE: ZENTEC - 533339

BLOOMBERG: ZEN IN REUTERS: ZETE.BO

Management Commentary

Mr Ashok Atluri CHAIRMAN & MANAGING DIRECTOR

Commenting on the results, Mr. Ashok Atluri – Chairman and Managing Director, said:

deepen its technological edge and expand its product portfolio.

“Our Q2 performance reflects continued operational strength and disciplined execution, even as revenue and profit were impacted by procedural delays in order finalisations. The fundamentals of our business remain solid, with strong liquidity and increasing value addition from our subsidiaries.

During the quarter, we reported lower turnover compared to the same period last year. Despite this, operational EBITDA margins remained healthy, demonstrating our ability to sustain profitability even amid temporary fluctuations in revenue. Contributions from subsidiaries, particularly Applied Research International Private Limited (ARIPL) and Unistring Tech Solutions (UTS), continued to reflect the success of Zen’s strategic investments. Looking ahead, we expect stronger subsidiary contributions as execution scales up and synergies are fully realised.

Zen’s financial position remains robust with liquidity of over ₹1,100 crore as of September 30, 2025. The Company continues to prioritise R&D investments to

address

immediate

In the aftermath of Operation Sindoor, the Government of initiated a series of emergency procurement India operational measures requirements. As a result, the closure timelines for certain regular Requests (RFPs) have been for Proposals temporarily delayed. This development is procedural in nature and does not impact the underlying demand or long-term revenue visibility. The deferred orders remain active within the procurement system and are expected to be released in due course. At the same time, Operation real-world validation of Zen’s Sindoor provided operational equipment, following which the Company is experiencing increased interest, particularly for its anti- drone systems.

We remain confident that the temporary headwinds being witnessed in FY26 will give way to a stronger performance in the years ahead, driven by our continued innovation, disciplined execution and the focus on expanding opportunities in India’s defence modernisation programme.”

Strengthening Strategic Capabilities through Targeted Acquisitions

Zen Technologies has completed four strategic acquisitions. These transactions mark a decisive move to diversify our capabilities, deepen our technological edge, and expand our market reach across land, air, and sea defence domains.

Applied Research International Private Limited • Expands Zen’s footprint into the naval and

maritime simulation sector

• Adds digital SaaS and AMC annuity streams • Strengthens technology portfolio with over

121 proprietary IP assets

• Enables cross-sell opportunities across a

shared defence client base

Vector Technics Private Limited • Enables Zen’s entry into the drone ecosystem

with aerospace-grade, customizable motors for UAV applications

• Reduces import dependency for domestic drone

manufacturers by offering locally produced, globally certified components

• Strengthens Zen’s position in drone

propulsion technology

Bhairav Robotics Private Limited • Fast tracks Zen’s entry into defence robotics Access to fully developed prototypes without R&D lag

• Expands Zen’s land combat offerings

beyond simulation

TISA Aerospace Private Limited • Adds loitering munitions to Zen’s drone warfare

portfolio

• Complements Zen’s C-UAS and propulsion

technologies

• Strong IP and product synergy for future

integrated offerings

• Timely entry in high-growth, nationally relevant

defense domain

• Reduces time-to-market by 18–24 months

through R&D head start

Quarterly Consolidated Highlights

Revenue from Operations (YoY)

EBITDA (YoY)

Profit After Tax (YoY)

(All Values ₹ in Crore)

90.05

88.48

241.84

173.57

92 .0 0

90 .0 0

88 .0 0

86 .0 0

84.00

82 .0 0

80 .0 0

65 .0 0

64.00

63 .0 0

62 .0 0

61.00

60 .0 0

59 .0 0

58 .0 0

62.66

59.39

189%

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

(Adjusted for Non-Controlling Interests)

H1 Consolidated Highlights

Revenue from Operations (YoY)

EBITDA (YoY)

Profit After Tax (YoY)

(All Values ₹ in Crore)

496.46

331.79

202.93

139.48

176.55

107.15

189%

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

*PAT Adjusted for Non-Controlling Interests

Financial Statement Summary

Summary of Consolidated Profit & Loss Statement

Particulars (₹ in Crore)

KEY PERFORMANCE INDICATORS

Sales

Other Operating Revenue

Total Revenue

Total Operating Expenses

EBITDA

EBITDA Margins

Operational EBITDA

Operational EBITDA Margins

Interest Cost

Depreciation

Profit Before Tax

Profit After Tax (Adjusted for Non-Controlling Interest)

Q2FY26 (Unaudited)

Q1FY26 (Unaudited)

Q2FY25 (Unaudited)

H1FY26 (Unaudited)

H1FY25 (Unaudited)

173.57

25.31

198.88

108.83

90.05

51.88%

65.54

37.76%

2.04

5.71

82.30

59.40

158.22

21.79

180.01

93.52

86.49

54.67%

65.93

41.67%

3.46

6.34

76.69

47.75

241.84

8.47

250.31

161.84

88.48

36.58%

80.31

33.21%

2.26

3.84

82.37

62.67

331.79

47.10

378.89

202.34

176.55

53.21%

131.47

39.62%

5.50

12.05

158.99

107.15

496.46

11.58

508.04

305.11

202.93

40.88%

192.53

38.78%

3.46

6.85

192.62

139.48

Quarterly Standalone Highlights

Revenue from Operations (YoY)

EBITDA (YoY)

Profit After Tax (YoY)

(All Values ₹ in Crore)

241.69

87.84

124.65

65.24

46.16

64.79

70.0 0

60 .0 0

50 .0 0

40 .00

30 .0 0

20 .0 0

10.00

0.00

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Revenue Segmentation (Sale of Equipment vs AMC)

Revenue Segmentation (Domestic vs Exports)

R&D Expenses

(All Values ₹ in Crore)

8.46

233.23

9.76

114.90

241.69

Q2FY25

Q2FY26

Q2FY25

10.00

9.00

8.00

7.00

6.00

5.00

4.0 0

3.00

2.00

1.00

0.00

124.65

Q2FY26

7.84

6.90

Q2FY25

Q2FY26

Sales of Equipment

AMC

Domestic

Exports

H1 Standalone Highlights

Revenue from Operations (YoY)

EBITDA (YoY)

Profit After Tax (YoY)

(All Values ₹ in Crore)

495.64

47 5.00

42 5.00

375 .00

32 5.00

275 .00

22 5.00

175.0 0

125 .0 0

75.0 0

25 .0 0

235.71

185 .0 0

155 .0 0

125 .0 0

95 .0 0

65 .0 0

35 .0 0

5.00

194.08

122.72

180 .0 0

160 .0 0

140 .00

120 .0 0

100 .0 0

80 .0 0

60 .0 0

139.42

189%

83.28

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

Financial Statement Summary

Summary of Standalone Profit & Loss Statement

Particulars (₹ in Crore)

KEY PERFORMANCE INDICATORS

Sales

Other Operating Revenue

Total Revenue

Total Operating Expenses

EBITDA

EBITDA Margins

Operational EBITDA

Operational EBITDA Margins

Interest Cost

Depreciation

Profit Before Tax

Profit After Tax

Q2FY26 (Unaudited)

Q1FY26 (Unaudited)

Q2FY25 (Unaudited)

H1FY26 (Unaudited)

H1FY25 (Unaudited)

124.65

22.99

147.65

82.86

64.79

51.97%

42.10

33.77%

0.43

3.32

61.04

46.16

111.06

19.89

130.95

73.01

57.94

52.17%

39.17

35.27%

1.38

3.07

53.48

37.12

241.69

8.43

250.11

162.27

87.84

36.34%

79.69

32.97%

2.07

2.32

83.46

65.24

235.71

42.88

278.59

155.87

122.72

52.07%

81.27

34.48%

1.81

6.40

114.52

83.28

495.64

11.47

507.12

313.03

194.08

39.16%

183.73

37.07%

3.08

4.56

186.44

139.42

Consolidated Order Book Status as of 30 September 2025

Order Book

New Orders

Orders Executed

Total Order Book

Order Book as at 1st July 2025

New Order bagged in Q2FY26

Orders executed in Q2FY26

Order Book as at 30th September 2025

Total: 754.56 Cr

Total: 94.05 Cr

Total: 173.57 Cr

Total: 675.04 Cr

*Note: Order book as at 30th September 2025 includes ₹190.53Cr relating to subsidiaries companies.

Diversified Consolidated Order Book

Total 675.04

Domestic 554.12

Export 120.92

R&D Spends over the Years (In crores)

14.83

13.87

12.30

7.90

8.16

16.00

14.0 0

12.00

10.00

8.00

6.00

4.0 0

2.00

0.00

H1FY22

H1FY23

H1FY24

H1FY25

H1FY26

Strategic Priorities

Continue to grow the sales of Equipment and expand the product portfolio with strong focus on emerging space drones & Anti-Drone systems.

Look for inorganic acquisition which fit in with company’s vision and positioning.

Scale the AMC business, where the contributions from AMC can take care of the fixed operating expenses.

Enhance technical capabilities by increasing our investments R&D and getting into high value-added complex systems.

The business model of the company has been strategically positioned to reduce lumpiness and enhance the profitability in the coming years.

Streamlining operational efficiencies and focusing on cost optimisation and enhancing financial performance.

Evaluating tie ups with OEMs.

Thank You

Let’s connect

Afzal Malkani

investo rs@z e nte c h no lo g ies . co m C hief F inancial Officer Zen Techno lo gie s Limited

©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 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 these statements include, but are not limited to, risks and uncertainties regarding fluctuations intense competition, political in earnings, 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.

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