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ICICI Securities Report
Defence technology company Zen Technologies Ltd. reported a muted June-quarter performance, prompting brokerage firm ICICI Securities to downgrade the stock to 'Hold' from 'Add' while retaining its target price of Rs 1,610.
According to the brokerage, Zen's weak performance can be attributed to its weak execution trend extending owing to slower order book (OB) additions in FY26.
Zen's current OB stands at Rs 1,400 crore (includes RS 180 crore received in Jul'26, pertaining to tank simulator).
The company maintains its cumulative FY27–28 revenue guidance of Rs 4,000 crore, which hinges on it exiting FY27 with an OB of ~Rs 2,500 crore.
ICICI Securities believes that new verticals may take time to start contributing and the pace of addition in its OB could weigh on stock performance.
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