In my opinion
1- zen entered in anti drone in 2018, I don’t think they have some kind of edge in this sector, but company is winning orders from export so there might be something we don’t know (surely will be asking this question to management in upcoming concall)
2- remember management itself clearly stated that they are no 1 in simulator but in anti drone they are 4-5th in world, thats why OPM is less, but they are optimistic for 50/50 shares of order in simulation and ADS
3-Will not see any major order win for next 2-3 months but expecting huge orders in FY2025 ( not disclosed about order they quoted) last concall they mentioned me that have quoted for 500cr orders in H2 and there win rate was around 80-90% but reflected in single order of 42cr no clarification given my management to me.
4- We need at least 1300-1500cr of orders in Q1&Q2 of FY2025 then only we will see their PE around 70-80 otherwise we might see PE de rating irrespective of 900Cr of sales in FY2025 which they are guiding
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