Synopsis: A little-known infrastructure player has turned degraded and waste land into revenue-generating public parks, delivering multibagger returns in just two years while an ace investor quietly builds a stake.
Multibagger stories rarely come from the infrastructure space, where projects usually mean long gestation and thin margins. But one small-cap company has managed to combine government partnerships, recurring revenue, and a well-known ace investor’s backing to deliver an extraordinary re-rating. Here’s a closer look at the business behind the stock.
The stock has moved from around ₹100 at listing roughly two years ago to about ₹500 currently, translating into nearly 400% returns for early investors over this period.
Shares of Z-Tech (India) Limited, with a market capitalization of Rs.767 Crore, closed at Rs.522.5 i.e. around 1.02% above its previous closing price of Rs.517.2. It trades at a P/E ratio of 22.95.
Waste Land to Wealth: The Zinc Park Story
Z-Tech India Limited, has built its growth story around what it calls the Zinc Park platform. The company develops experiential public parks and recreational destinations, often on degraded or waste land, in partnership with government bodies. Instead of just building and handing over these projects like a typical EPC contractor, Z-Tech owns and operates them, earning revenue for years from ticketing, food and beverages, events, and brand partnerships.
This shift matters because it changes the nature of the business. From just four operational parks at the start of FY26, the company scaled to a much larger footprint during the year and is targeting 15 operational parks in FY27, taking the cumulative count to around 30. Visitor footfall grew from about 12 lakh last year to a targeted 50 lakh this year, and recurring revenue from park operations is expected to jump from roughly ₹8 crore to ₹40-42 crore in FY27.
Strong Q4 and FY26 Numbers
For the fourth quarter of FY26, consolidated revenue came in at ₹58.83 crore against ₹34.99 crore a year earlier, a growth of over 68%. EBITDA rose more than 50% to ₹19.34 crore, while profit after tax more than doubled to ₹19.19 crore.
For the full year, total income stood at ₹155.79 crore versus ₹94.40 crore in FY25, a growth of over 65%. EBITDA came in at ₹43 crore against ₹27.81 crore, up 55%, and profit after tax rose 82% to ₹35.86 crore. Management has guided for overall revenue of ₹250-260 crore in FY27, with the park business expected to contribute ₹135-140 crore and the engineered infrastructure vertical (covering geosynthetics and water treatment) expected to grow to around ₹75 crore.
Beyond Parks: Engineering and Water Verticals
The company also operates in geotechnical engineering and wastewater management, working on soil stabilization, slope protection, flood mitigation, and sewage treatment projects. It secured orders during the year from names like Afcons, and this segment, while operating at lower margins of around 11-12% compared to nearly 50% in the park business, helps build long-term order visibility and recurring operations and maintenance opportunities.
Shareholding Pattern and the Ace Investor Angle
Promoter holding stood at 53.54% as of June 2025, down from 60.75% in mid-2024. FII holding has been rising steadily, moving from under 1% to 4.47% over the past year, while public shareholding has climbed from around 25% to over 41% during the same period. Ace investor Ashish Kacholia has held a stake of around 3.71% as of the most recent quarter, a detail that has kept the stock on many retail investors’ radar.
The Road Ahead
Management struck a confident tone about FY27, calling it an “inflection year” as the park business scales toward 30 operational sites and recurring revenue climbs sharply. The company expects operating cash flow to turn positive by March 2027, with debt staying flat or declining from current levels. No further equity dilution is planned, with internal accruals and security deposit retentions expected to fund the next leg of growth. Management also flagged a balancing act between chasing faster park execution and managing receivable cycles from government partners.
Longer term, the ambition is bold. The company wants to operate around 100 experiential parks within three years, a scale it believes would make it the world’s largest experiential destination company, with room to eventually reach one park per district across India. Plans also include entering new states, early exploratory interest from African markets, and a possible split of the parks and engineering businesses into standalone entities over the next couple of years as each vertical matures independently.
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