ZTECH INDIA LIMITED (ZTECH): Financials & Fundamentals History

Share Price

₹382.95

P/E

25.5x

ROCE

28.0%

Market Cap

₹570 cr

Revenue (TTM)

₹94 cr

P/S

6.0x

P/B

3.3x

ROE

13.1%

Operating Margin

36.8%

Debt / Equity

0.0x

Promoter Holding

53.5%

12M Momentum

-33.2%

P/E vs its own history7th percentilesince Jun '24

P/E vs Industrial Services1.9xthe sector median

52-week range

₹379.95₹701.00

1% of the way from its 52-week low to its high

Price risk

1Y volatility

39.2%

Beta vs sector

1-year daily

0.45

Balance sheet & cash

Debt service

no meaningful debt

Cash from profit, 3Y

operating cash flow ÷ net profit

-2.00x

low

Share count, 1Y

unchanged

Was the rally earned?

-33%share price, 1 yearMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 38.2x to 25.5x); per-share earnings added 0 points.
The share count rose 6%.

Net profit growth+5 ptsNet profit rose about 6%, which lifts the price.

P/E change-33 ptsThe P/E fell from 38.2x to 25.5x, which lowers the price.

Share count change-4 ptsShare count rose 6%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

Is it expensive against its own past and its peers?

25.5xP/E todayNear its historic low

Against its own history7th percentileMedian 39.4x; usual range 30.7x to 54.3x since 2024-06.

Against Industrial Services25.5x vs 13.5xAbove the Industrial Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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P/B (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

What is the price implying?

~33%annual earnings growth implied by the price

At a P/E of 83.0x, the price would imply about 32.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

What changed?

Oct '26Fell 48% from the Jan 2025 peak to the Oct 2026 low.
Aug '26P/E fell below the 10th percentile of its own history to date (32.0x).
Aug '26Volume reached 6.4x its 50-day median on 2026-08-14; price +1.8% that day.
Jun '26Slipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
May '26Volume reached 7.9x its 50-day median on 2026-05-21; price +0.6% that day.
Mar '26Slipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
Dec '25Volume reached 15.0x its 50-day median on 2025-12-08; price +3.3% that day.
Aug '25Volume reached 34.1x its 50-day median on 2025-08-12; price -1.7% that day.

Show 9 earlier events

Jun '25Promoter holding fell 6.5 pts to 54.2%.
Jun '25Share count is up 55.6% over 12 months.
Jun '25Volume reached 14.3x its 50-day median on 2025-06-12; price +5.0% that day.
Mar '25Moved into the top quartile of Industrial Services on operating margin (from the 2nd quartile).
Feb '25Volume reached 10.4x its 50-day median on 2025-02-05; price +2.0% that day.
Dec '24Regained the 2024-10 peak, 1 month after the low.
Dec '24FII + DII holding fell 12.1 pts over 1 quarter to 1.8%.
Nov '24Fell 27% from the Oct 2024 peak to the Nov 2024 low.
Jul '24Volume reached 5.6x its 50-day median on 2024-07-11; price +5.0% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

3 of 7 checks are within range, 2 near a threshold, 2 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate32%Within range

Median quarterly effective tax rate over about 2.5 years: 31.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-3.03xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -3.03x (cash from operations ₹-91 cr, net profit ₹30 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+17 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 17 days (189 vs 172). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress290% of fixed assetsWithin range

Capital work-in-progress is 290% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+57 days / 2 yrsNear threshold

Days payable changed by +57 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 7.2 pts; DIIs trimmed 6.8 pts; FIIs trimmed 2.3 pts.
The number of shareholders rose from 1,444 to 2,263 (+57%) between Jun 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupJun '24Jun '26Change

Promoters60.8%53.5%-7.2 pts

FIIs6.7%4.5%-2.3 pts

DIIs7.2%0.4%-6.8 pts

Public and others25.3%41.6%+16.3 pts

Number of shareholders

2,263shareholders+57% since Jun '24

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-47.5%not yet recovered

1-year volatility39.2%annualised

Beta vs sector index0.433-year daily, correlation 0.20

Volume spikes4last 90 sessions, 5x the 50-day median

Monthly share price

Last 90 trading days

Drawdown from peak

Largest drawdowns

-47.5% (2025-01 peak to 2026-10 low, not yet recovered)

-26.8% (2024-10 peak to 2024-11 low, recovered 2024-12)

-20.7% (2024-07 peak to 2024-07 low, recovered 2024-08)

Most recent volume spikes

2026-08-17: 6.2x the 50-day median, price -5.5% that day

2026-08-14: 6.4x the 50-day median, price +1.8% that day

2026-06-30: 5.4x the 50-day median, price +1.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26

Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

Company	Sector	Similarity	Closest on
MODIS NAVNIRMAN (MODIS)	Finance	61%	P/E, ROCE
ACCENT MICROCELL (ACCENTMIC)	Health Technology	57%	promoter holding, ROCE
ARROW GREENTECH (ARROWGREEN)	Process Industries	55%	debt/equity, operating margin
GLOBAL EDUCATION (GLOBAL)	Commercial Services	50%	revenue, operating margin
RAJOO ENGINEERS (RAJOOENG)	Producer Manufacturing	49%	ROCE, revenue
GARUDA CONSTRUCTION n ENG (GARUDA)	Industrial Services	32%	operating margin, debt/equity
DENTA WATER AND INFRA SOL (DENTA)	Industrial Services	25%	market cap, revenue
SATHLOKHAR SYNERGY EnC GLO (SSEGL)	Industrial Services	19%	ROCE, promoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

−10.9%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like ZTECH INDIA LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −22% to +26% vs the market, against −4% for all non-financial companies in the same months.
The gap against the base rate (−6.7%, 80% range −13.3% to 0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median

−10.9%

All companies' median

−4.2%

Beat the market

36% vs 45%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
GANDHITUBE Non-Energy Minerals	Jan 2020	10x	26%	−26%	−34%	−25%
MAYURUNIQ Process Industries	Jan 2020	12x	27%	−38%	−40%	+2%
TVTODAY Consumer Services	Jan 2020	11x	26%	−31%	−33%	−15%
INGERRAND Producer Manufacturing	Feb 2021	28x	28%	+16%	−13%	+49%
JAGSNPHARM Health Technology	Dec 2023	38x	25%	+4%	−19%	+34%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
NEWGEN Technology Services	Jan 2023	18x	27%	−26%	−27%	+186%
MOLDTKPAC Producer Manufacturing	Oct 2023	41x	22%	−2%	−19%	−44%
LAOPALA Consumer Durables	Mar 2025	24x	19%	−29%	−45%	−21%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/E and ROCE. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to ZTECH INDIA LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Monthly history (29 months)

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-10	25.5x	₹94 cr	13.1%	28.0%	0.0x
2026-09	28.7x	₹94 cr	12.4%	28.0%	0.0x
2026-08	32.0x	₹94 cr	12.4%	28.0%	0.0x
2026-07	35.0x	₹94 cr	12.4%	28.0%	0.0x
2026-06	41.6x	₹94 cr	12.4%	28.0%	0.0x
2026-05	38.7x	₹94 cr	12.4%	28.0%	0.0x
2026-04	41.3x	₹94 cr	12.4%	28.0%	0.0x
2026-03	33.8x	₹94 cr	12.4%	28.0%	0.0x
2026-02	34.5x	₹94 cr	12.4%	28.0%	0.0x
2026-01	37.2x	₹94 cr	12.4%	28.0%	0.0x
2025-12	44.0x	₹94 cr	12.4%	28.0%	0.0x
2025-11	33.9x	₹94 cr	12.4%	28.0%	0.0x
2025-10	38.2x	₹94 cr	12.4%	28.0%	0.0x
2025-09	39.7x	₹94 cr	12.4%	28.0%	0.0x
2025-08	34.2x	₹94 cr	12.4%	28.0%	0.0x
2025-07	41.3x	₹94 cr	12.4%	28.0%	0.0x
2025-06	37.3x	₹94 cr	12.4%	28.0%	0.0x
2025-05	50.6x	₹82 cr	68.9%	67.0%	0.0x
2025-04	51.1x	₹82 cr	68.9%	67.0%	0.0x
2025-03	51.6x	₹82 cr	68.9%	67.0%	0.0x
2025-02	65.2x	₹73 cr	45.5%	67.0%	0.0x
2025-01	76.7x	₹73 cr	45.5%	67.0%	0.0x
2024-12	69.6x	₹73 cr	45.5%	67.0%	0.0x
2024-11	43.5x	₹73 cr	48.8%	67.0%	0.0x
2024-10	44.0x	₹73 cr	48.8%	67.0%	0.0x
2024-09	46.7x	₹73 cr	48.8%	67.0%	0.0x
2024-08	39.4x	₹67 cr	42.2%	67.0%	0.0x
2024-07	31.2x	₹67 cr	42.2%	67.0%	0.0x
2024-06	24.9x	₹67 cr	42.2%	67.0%	0.0x

Methodology and data notes