Operational Parks (end of FY26 target)
15+
+11 parks vs start of year
From 4 operational parks at beginning of FY26 to 15+ by April 2026.
ZTECH
Information Technology
10 Feb 2026
Z-Tech Ltd — Q3 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Geotech Revenue Growth (Q3 YoY)
4x
+300% YoY
Driven by new flood mitigation and mining stabilization projects.
Noida Park Monthly Visitors
50,000-60,000
N/A (new park)
Noida Jungle Trail park generating ₹80 lakh-₹1 crore monthly revenue.
Order Book (Parks Vertical, end FY26E)
₹125-150 crore
+64% vs current ₹76 crore
Includes ₹35 crore orders received but not yet announced; largest-ever park order in Mathura.
Management Guidance
FY26 Revenue Guidance of ₹150 crore and PAT of ₹40 crore
Management reiterated full-year guidance despite 9-month revenue of ~₹85 crore and PAT of ~₹17 crore, implying a very strong Q4.
Management guidance revenue15+ Operational Parks by April 2026
Target to have at least 15 parks operationally ready by start of FY27, up from 4 at beginning of FY26.
Management guidance growthFY27 Parks Revenue Target of ₹170-200 crore
Expects parks vertical revenue of ₹170-200 crore in FY27, comprising ~₹125 crore EPC and ~₹60 crore ticketing/non-ticketing.
Management guidance revenue100 Parks in 3 Years
Long-term aspiration to reach 100 operational parks nationally within three years.
Management guidance growthKey Risks
Park Inauguration Delays Due to Government VIP Schedules
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.
high · management_commentaryMargin Compression from Geotech Mix Shift
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.
medium · data_observationWater Business Margins Declining Sharply
Analyst noted sharp decline in water segment margins; management attributed it to building references in sewage recycling, but margins remain low at 15-25%.
medium · analyst_questionEquity Dilution from Warrant Conversions
Outstanding warrants will cause ~3-4% dilution by September 2026, with some conversion expected within the current quarter.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was Z-Tech's revenue in Q3 FY26?
Z-Tech reported revenue of ₹42 Cr in Q3 FY26, representing a +74% change compared to the same quarter last year.
What guidance did Z-Tech management give for FY27?
FY26 Revenue Guidance of ₹150 crore and PAT of ₹40 crore: Management reiterated full-year guidance despite 9-month revenue of ~₹85 crore and PAT of ~₹17 crore, implying a very strong Q4. 15+ Operational Parks by April 2026: Target to have at least 15 parks operationally ready by start of FY27, up from 4 at beginning of FY26. FY27 Parks Revenue Target of ₹170-200 crore: Expects parks vertical revenue of ₹170-200 crore in FY27, comprising ~₹125 crore EPC and ~₹60 crore ticketing/non-ticketing. 100 Parks in 3 Years: Long-term aspiration to reach 100 operational parks nationally within three years.
What are the key risks for Z-Tech in FY27?
Key risks include Park Inauguration Delays Due to Government VIP Schedules — 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.; Margin Compression from Geotech Mix Shift — 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.; Water Business Margins Declining Sharply — Analyst noted sharp decline in water segment margins; management attributed it to building references in sewage recycling, but margins remain low at 15-25%.; Equity Dilution from Warrant Conversions — Outstanding warrants will cause ~3-4% dilution by September 2026, with some conversion expected within the current quarter..
Did Z-Tech meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Z-Tech Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.