Shares of Zen Technologies hit a fresh high of Rs 453.15 in intraday trade on Thursday, surging 10% on the BSE after the company said it had secured an order worth Rs 202 from the Ministry of Defence and expected more orders in future.

Shares of India’s leading provider of counter-drone technology and defence training solutions have gained 146% so far in 2023, compared with a gain of less than 3.3% for the S&P BSE Sensex.

The company, a leading provider of military training and counter-drone solutions, has announced that it has won a major order from the Indian Ministry of Defence worth approximately Rs 202 crore.

“The company looks forward to securing additional large contracts over the next quarter. The win of this order underscores Zen Technologies’ strong commitment to delivering innovative solutions and driving transformative impact,” it said in an exchange filing.

Zen Technologies is engaged in the self-design, development and manufacture of defence training systems, drones and anti-drone solutions based on sensor and simulator technology, and has been relentlessly providing defence training solutions to the Ministry of Defence (Armed Forces), Security Forces and Serving police and paramilitary forces seamlessly.

For the fiscal year 2023 (FY23), Zen Technologies posted strong earnings, with stand-alone profit after tax (PAT) up 1,763% YoY to Rs 37.64 crore. The company posted an after-tax profit of Rs 2.02 crore for FY22.

Revenue rose 201% year-on-year to Rs 161.44 crore. EBITDA margin improved significantly from 12.34% in FY22 to 34.62% in FY23.

As of March 31, 2023, the company has an order book of approximately Rs 473 crore. According to management, the company has tendered many orders, and the results are expected to be announced in H1FY24.

Last month, the company’s board approved the conversion of mandatory convertible debentures (CCDs) to holders of public class CCDs, allotment of 4.06 million equity shares of Re 1 each. The board also approved the allotment of 469,333 convertible warrants to holders of promoter class warrants to convert share capital.

The company will allot more than 1 million shares to the University of Notre Dame DU LAC (1.41 million) and investor Mukul Mahavir Agrawal (1.13 million).