Zen Technologies Ltd’s shares can’t find a respite, falling over 8.3% on Tuesday to ₹992.5.
The stock had become a major retail darling at one point, surging over a 1000% between 2023 and January this year.
ZENTEC shares are down over 59% year-to-date from an all-time high of ₹2,627.00.
The company disappointed with Q3 earnings, with a revenue from operations of ₹141.5 Crore, up year-over-year from the ₹99 Crore in Q3 2023 but down significantly sequentially from the ₹241 Crore in the September 2024-ended quarter.
Net profit for Q3 came at ₹38.6 Crore, down from ₹65 Crore in the previous quarter but up slughtly from the ₹31.6 Crore posted in Q3 last year.
Promoter holding has also decreased in the stock, from over 51% in Q2 to just a little over 49% in Q3.
Zen technologies rose to prominence as Modi government’s focus on defense for investments and the rising geopolitical tensions worldwide sparked retail enthusiasm about opportunities in the sector.
The Hyderabad-based company develops counter-drone solutions and is a key player in indigenization of military equipment.
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