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 ₹ 12,742 Cr.
- Current Price ₹ 560
- High / Low ₹ 895 / 536
- Stock P/E 19.5
- Book Value ₹ 141
- Dividend Yield 2.32 %
- 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.264 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 | 2,578 | |
| 673 | 813 | 937 | 1,006 | 1,034 | 1,070 | 1,052 | 951 | 1,214 | 1,478 | 1,493 | 1,735 | 1,995 | |
| Operating Profit | 247 | 267 | 308 | 267 | 252 | 300 | 318 | 410 | 415 | 345 | 526 | 491 | 583 |
| OPM % | 27% | 25% | 25% | 21% | 20% | 22% | 23% | 30% | 25% | 19% | 26% | 22% | 23% |
| 42 | 21 | 53 | 22 | 63 | 85 | 91 | 74 | 134 | 152 | 173 | 303 | 264 | |
| Interest | 1 | 1 | 2 | 2 | 12 | 9 | 23 | 22 | 30 | 18 | 15 | 11 | 8 |
| Depreciation | 30 | 33 | 35 | 34 | 46 | 43 | 81 | 89 | 88 | 76 | 56 | 49 | 40 |
| Profit before tax | 258 | 253 | 324 | 253 | 257 | 334 | 304 | 373 | 431 | 403 | 628 | 734 | 800 |
| 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 | 634 | |
| 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 | 27.87 |
| 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: | 19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 22% |
| 3 Years: | 23% |
| TTM: | 16% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 16% |
| 3 Years: | 25% |
| 1 Year: | -29% |
| 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)-Credit Rating
2d - NSE Sustainability assigned Zensar ESG score 80 ('Leader') for FY2024–25; report received Feb 17, 2026.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
12 Feb - 5.5-year framework deal worth $210 million with major financial client for AI-led automation, technical and professional services.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
6 Feb - Newspaper Publication in respect of a special window opened for lodgement of transfer and dematerialisation (''demat'') request(s)
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Rumour verification - Regulation 30(11)
3 Feb - Zensar denies needing disclosure regarding $900mn Mastek bid rumor (Times of India), Feb 3, 2026.
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Clarification sought from Zensar Technologies Ltd
3 Feb - Exchange has sought clarification from Zensar Technologies Ltd on February 03, 2026, with reference to news appeared in https://timesofindia.indiatimes.com dated February 3, 2026 quoting "Zensar …
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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Group Overview[1]
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.