Small-cap multibagger defence stock jumps on receipt of order from Ministry of Defence. Do you own?

Zen Technologies share price rallied over 3% after the company announced receipt of order from the Ministry of Defence. The small-cap defence stock gained as much as 3.27% to ₹1,443.05 apiece on the BSE.

Zen Technologies said it has been awarded a major contract from the Ministry of Defence, Government of India, totalling ₹108 crore (including GST) for tank crew gunnery training simulators. The order will be executed within a year.

“A TERI study showed that just 15% penetration of crew gunnery simulators saves ₹1,123 crore annually for our armed forces — that’s an 18:1 return on investment of ₹61 crore. These aren’t just training tools; they’re force multipliers that free up resources for more capability building,” said Ashok Atluri, Chairman and Managing Director, Zen Technologies.

This procurement is a direct outcome of the Ministry of Defence's Simulation Framework released in September 2021, which recognized simulation-based training as a strategic priority for force modernization.

Zen Technologies’ consolidated order book as on 30 September 2025 stood at ₹675.04 crore.

Technical Outlook

Zen Technologies share price is shaping a 12-month triangle on the monthly chart, with clear boundaries at ₹2,150 on the upside and ₹1,350 on the downside, noted Anshul Jain, Head of Research, Lakshmishree Investments.

“The pattern has emerged after nearly five bases on the weekly timeframe, making it a late-stage structure. Such late-stage triangles often struggle to deliver reliable breakouts and, in many cases, resolve with a breakdown instead. With momentum slowing and volatility compressing, Zen Technologies stock is at a critical juncture. A decisive close below ₹1,350 would confirm a bearish breakdown and open the gates for an immediate slide toward the ₹1,150 zone,” said Jain.

He advises traders to stay cautious until clarity emerges.

Zen Technologies Share Price Performance

Zen Technologies share price has gained just 1% in one month, but the smallcap stock has fallen 6% in three months, and has declined 25% in six months. The defence stock has dropped 43% on a year-to-date (YTD) basis and has fallen 22% in the past one year.

Zen Technologies share price has jumped 86% in two years, and has delivered multibagger returns of 1,705% in the past five years.

At 10:35 AM, Zen Technologies share price was trading 1.20% higher at ₹1,414.00 apiece on the BSE.

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