NSE: ZODIAC · BSE: 543416
ZODIAC ENERGY LIMITED
Sells solar photovoltaic modules and executes engineering, procurement and construction (EPC) contracts for solar power plants, primarily ground-mounted installations in Gujarat and elsewhere in India. The Solar Photovoltaic Modules & EPC Contracts segment accounts for 97.1% of FY26 segment revenue, with the remaining 2.9% coming from a Generation of Power segment that runs the company's own solar plants. Customers are commercial and industrial buyers and other entities needing ground-mounted solar installations, including a recently commissioned 10.8 MWp plant for Amanta Healthcare in Gujarat. The order book stood at ₹382.3 crore at year-end, with ₹163.4 crore of new inflow during FY26, and the company commissioned 65.7 MW of C&I projects over the year. Materials — primarily solar modules, inverters and mounting hardware — make up 78.7% of revenue, making input costs the dominant driver of operating performance. A wholly owned subsidiary is being set up in Zambia to take solar EPC work into Africa. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar Photovoltaic Modules & EPC Contracts (97%), Generation of Power (3%). Solar EPC contractor with small own-power-generation arm, materially dependent on input costs
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 544 |
| EBITDA (ex other income) | 56 |
| margin % | 10.3 |
| Owners' profit | 21 |
| EPS, as reported (₹) | 13.88 |
| ROE % · ROCE % | 17.7 · 19.3 |
| Debt / equity (x) | 1.93 |
| Cash from operations | 16 |
| Capex | (45) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 98 | 97 | 138 | 211 | 142 |
| Profit before tax | 4 | 4 | 7 | 15 | 10 |
| Net profit | 3 | 3 | 5 | 11 | 7 |
| EPS (₹) | 1.78 | 1.76 | 2.68 | 7.02 | 4.57 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Solar Photovoltaic Modules & EPC Contracts | 528 | 97.1 |
| Generation of Power | 16 | 2.9 |
| Total, before eliminations | 544 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 13.5 | 44 of 101 | 57% |
| P/B | 2.5 | 1.3 | 65 of 85 | 24% |
| ROCE | 11.6 | 10.0 | 48 of 107 | 56% |
| ROE | 17.7 | 9.1 | 14 of 87 | 85% |
| Debt / Equity | 1.9 | 0.4 | 85 of 87 | 2% |
| EBITDA margin | 12.2 | 12.4 | 47 of 88 | 47% |
| Revenue growth | 44.6 | 6.2 | 13 of 86 | 86% |
| Profit growth | 167.1 | 2.7 | 6 of 84 | 94% |
| Market cap | 294 | 456 | 58 of 107 | 46% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September quarter results on October 30 | results | low | — | — |
| 17 Oct 2026 · Gujarat High Court quashes GST demand order against Zodiac Energy | regulatory legal | high | — | — |
| 9 Oct 2026 · CARE reaffirms Zodiac Energy rating at BBB; Stable, outlook stable | credit debt | medium | — | — |
| 8 Oct 2026 · Routine demat confirmation certificate submitted to BSE and NSE for Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Zodiac Energy incorporates wholly owned subsidiary for solar projects | strategic transactions | medium | — | — |
| 3 Oct 2026 · Revised Scrutinizer Report for 34th AGM - All Resolutions Passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1 for Q2 FY27 Results | compliance | minimal | — | — |
| 25 Sept 2026 · AGM results: All 5 resolutions passed, Rs 0.75 dividend declared | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 34th AGM concluded; final dividend of Rs 0.75 per share declared | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Zodiac Energy completes 63.5% stake buy in Zenwatt Clean Energy | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.