Zensar Technologies Ltd
Zensar Technologies is a leading digital solutions and technology services company. It is a part of the Mumbai-based RPG group and is headquartered in Pune, India. It operates in two segments: Application Management Service and Infrastructure management service. It is focused on industry verticals, such as Hitech & manufacturing, consumer services, and banking, financial services, and insurance. They have offices located in India, the USA, UK, Europe, and Africa. [1] [2]
- Market Cap ₹ 16,562 Cr.
- Current Price ₹ 728
- High / Low ₹ 985 / 536
- Stock P/E 26.5
- Book Value ₹ 141
- Dividend Yield 1.75 %
- ROCE 24.6 %
- ROE 20.2 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 43.0%
Cons
- The company has delivered a poor sales growth of 10.2% over past five years.
- Earnings include an other income of Rs.296 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 920 | 1,080 | 1,245 | 1,272 | 1,286 | 1,370 | 1,370 | 1,362 | 1,629 | 1,823 | 2,019 | 2,226 | 2,436 | |
| 673 | 813 | 937 | 1,006 | 1,034 | 1,070 | 1,052 | 951 | 1,214 | 1,478 | 1,493 | 1,735 | 1,904 | |
| Operating Profit | 247 | 267 | 308 | 267 | 252 | 300 | 318 | 410 | 415 | 345 | 526 | 491 | 532 |
| OPM % | 27% | 25% | 25% | 21% | 20% | 22% | 23% | 30% | 25% | 19% | 26% | 22% | 22% |
| 42 | 21 | 53 | 22 | 63 | 85 | 91 | 74 | 134 | 152 | 173 | 303 | 296 | |
| Interest | 1 | 1 | 2 | 2 | 12 | 9 | 23 | 22 | 30 | 18 | 15 | 11 | 9 |
| Depreciation | 30 | 33 | 35 | 34 | 46 | 43 | 81 | 89 | 88 | 76 | 56 | 49 | 42 |
| Profit before tax | 258 | 253 | 324 | 253 | 257 | 334 | 304 | 373 | 431 | 403 | 628 | 734 | 778 |
| Tax % | 27% | 28% | 27% | 29% | 25% | 23% | 24% | 22% | 25% | 24% | 24% | 19% | |
| 187 | 183 | 238 | 180 | 193 | 258 | 231 | 290 | 321 | 308 | 477 | 595 | 624 | |
| EPS in Rs | 8.56 | 8.26 | 10.67 | 8.03 | 8.56 | 11.46 | 10.25 | 12.84 | 14.20 | 13.62 | 21.05 | 26.19 | 27.49 |
| Dividend Payout % | 23% | 27% | 22% | 30% | 28% | 24% | 27% | 28% | 35% | 37% | 43% | 50% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 10% |
| 3 Years: | 11% |
| TTM: | 16% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 22% |
| 3 Years: | 23% |
| TTM: | 23% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 25% |
| 3 Years: | 50% |
| 1 Year: | -8% |
| Return on Equity | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 17% |
| 3 Years: | 18% |
| Last Year: | 20% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 46 |
| Reserves | 600 | 726 | 912 | 1,083 | 1,208 | 1,426 | 1,529 | 1,791 | 2,037 | 2,257 | 2,635 | 3,053 | 3,163 |
| 5 | 3 | 15 | 18 | 9 | 6 | 0 | 219 | 193 | 164 | 117 | 77 | 79 | |
| 111 | 142 | 147 | 164 | 291 | 272 | 505 | 242 | 284 | 304 | 341 | 335 | 369 | |
| Total Liabilities | 760 | 916 | 1,118 | 1,310 | 1,554 | 1,749 | 2,078 | 2,297 | 2,559 | 2,770 | 3,139 | 3,510 | 3,656 |
| 83 | 103 | 105 | 100 | 210 | 201 | 457 | 414 | 390 | 326 | 254 | 233 | 232 | |
| CWIP | 2 | 1 | 2 | 3 | 5 | 7 | 8 | 0 | 1 | 0 | 4 | 1 | 6 |
| Investments | 158 | 100 | 113 | 224 | 257 | 109 | 284 | 645 | 568 | 1,142 | 1,589 | 1,780 | 1,638 |
| 517 | 711 | 899 | 984 | 1,081 | 1,433 | 1,330 | 1,238 | 1,601 | 1,302 | 1,291 | 1,496 | 1,780 | |
| Total Assets | 760 | 916 | 1,118 | 1,310 | 1,554 | 1,749 | 2,078 | 2,297 | 2,559 | 2,770 | 3,139 | 3,510 | 3,656 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 153 | 126 | 140 | 130 | 141 | 53 | 336 | 794 | 52 | 549 | 461 | 368 | |
| -111 | -81 | -25 | -135 | -92 | 111 | -263 | -665 | 82 | -410 | -326 | -162 | |
| -39 | -50 | -81 | -22 | -81 | -67 | -162 | -78 | -133 | -159 | -158 | -232 | |
| Net Cash Flow | 3 | -5 | 34 | -27 | -32 | 96 | -89 | 51 | 1 | -20 | -22 | -26 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 109 | 153 | 154 | 171 | 202 | 233 | 281 | 176 | 208 | 144 | 141 | 126 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 109 | 153 | 154 | 171 | 202 | 233 | 281 | 176 | 208 | 144 | 141 | 126 |
| Working Capital Days | 125 | 162 | 183 | 200 | 203 | 252 | 237 | 127 | 179 | 119 | 101 | 100 |
| ROCE % | 45% | 35% | 37% | 24% | 22% | 23% | 21% | 21% | 21% | 17% | 24% | 25% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
26 Nov - About allotment of Equity shares by the Nomination and Remuneration Committee.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
10 Nov - Transcript of Earnings Call held on October 31, 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
5 Nov - Newspaper publication of reminder notice issued to Shareholders in respect to Special Window for re-lodgement of Physical Shares
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2 Nov - Copies of newspaper advertisements published in Financial Express (All India Edition) and Loksatta (Pune edition) regarding Financial Results for the quarter and half year ended …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1 Nov - Audio recording of Zensar Q2 FY26 earnings call (Oct 31, 2025) made available on company website.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Nov 2025Transcript PPT
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Oct 2025TranscriptAI SummaryPPT REC
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May 2024Transcript PPT REC
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Oct 2023Transcript PPT REC
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Jul 2023Transcript PPT
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Jul 2023TranscriptAI SummaryPPT
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Oct 2022Transcript PPT
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Oct 2021TranscriptAI SummaryPPT
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Oct 2019Transcript PPT
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Aug 2019Transcript PPT
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Aug 2019TranscriptAI SummaryPPT
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Nov 2018TranscriptAI SummaryPPT
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Nov 2016Transcript PPT
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Oct 2016TranscriptAI SummaryPPT
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Jan 2016TranscriptAI SummaryPPT
Zensar is part of the RPG Enterprises. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation-led technology businesses.[1]