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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹42 Cr
verification pending
Revenue YoY
74%
reported change
EBITDA
₹11.6 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Z-Tech delivered a strong Q3 with revenue surging 74% YoY to ₹42 crore, driven by a 4x jump in the geotechnical (Terra) segment from new flood mitigation and mining stabilization projects. EBITDA grew 58% to ₹11.6 crore, though margins compressed ~280bps due to mix shift toward lower-margin geotech work. PAT rose 51% to ₹7.62 crore. Management reiterated FY26 guidance of ₹150 crore revenue and ₹40 crore PAT, implying a massive Q4 ramp. The parks vertical is transitioning from EPC to an asset-light O&M model, targeting 15+ operational parks by April 2026 (from 4 at start of year) and 100 parks in 3 years. Recurring revenue from ticketing/F&B is expected to reach 25% of parks revenue next year. Key risk: park inauguration delays due to government VIP schedules could push operational revenue recognition into FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year guidance despite 9-month revenue of ~₹85 crore and PAT of ~₹17 crore, implying a very strong Q4.
- Target to have at least 15 parks operationally ready by start of FY27, up from 4 at beginning of FY26.
- Expects parks vertical revenue of ₹170-200 crore in FY27, comprising ~₹125 crore EPC and ~₹60 crore ticketing/non-ticketing.
- Long-term aspiration to reach 100 operational parks nationally within three years.
Risks flagged
- Several parks are ready but awaiting formal inauguration by politicians, causing revenue recognition delays. Management admitted this is a 'balancing act' and lessons learned from Noida park delays.
- Geotech margins are 15-20% vs parks EPC margins of 25-40%, and geotech revenue grew 4x, dragging overall EBITDA margins down 280bps. Management expects mix to rebalance next year.
- Analyst noted sharp decline in water segment margins; management attributed it to building references in sewage recycling, but margins remain low at 15-25%.
- Outstanding warrants will cause ~3-4% dilution by September 2026, with some conversion expected within the current quarter.
Key quotes
- Our strategy of combining engineering design, technology integration and discipline project execution continues to guide our growth and strengthen our position in sustainable urban infrastructure and environmental solution.
- We want to probably move away from an only a park construction company to a park operator company.
- Our goal remains that we should look at growing our top line to probably bottom line in excess of 50 plus% year after year.
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