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
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Solar Photovoltaic Modules & EPC Contracts | 528 | 97.1 |
| Generation of Power | 16 | 2.9 |
| Total, before eliminations | 544 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 42,722 | 47.5 | 4.35 | 30.4 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Zodiac Energy wins three awards at Global Solar Expo 2026 | business updates | medium | — | — |
| 3 Sept 2026 · Zodiac Energy Q1 FY27 investor presentation: revenue up 45%, PAT jumps 157% | investor communications | medium | — | — |
| 2 Sept 2026 · Annual Report 2025-26 link shared; 34th AGM on September 23 | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 34th AGM scheduled for September 23, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Zodiac Energy FY26 Annual Report and 34th AGM Notice | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Zodiac Energy 34th AGM Sep 23, 2026: Rs 0.75 dividend, director re-appointment | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Incorporation of Wholly Owned Subsidiary - Zodiac Energy IPP-2 | strategic transactions | medium | — | — |
| 21 Aug 2026 · Zodiac Energy bags 2500 Kwp solar power plant order | business updates | high | — | — |
| 13 Aug 2026 · Zodiac Energy acquires 98 percent stake in four solar LLPs | strategic transactions | medium | — | — |
| 13 Aug 2026 · Zodiac Energy Q1 profit rises to Rs 7.02 crore; 98% solar stakes approved | general | low | — | — |
| 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 |
| IRB INFRA DEV LTD. |
| 23,770 |
| 18.2 |
| 1.13 |
| 10.5 |
| 4.1 |
| 2.5 |
| 7.6 |
| 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 14.9 | 48 of 107 | 56% |
| P/B | 2.9 | 1.4 | 65 of 86 | 25% |
| ROCE | 11.6 | 10.0 | 49 of 109 | 56% |
| ROE | 17.7 | 9.2 | 17 of 91 | 82% |
| Debt / Equity | 1.9 | 0.3 | 89 of 91 | 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 | 342 | 485 | 59 of 108 | 46% |
| 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 |
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.
