BSE: 503641
ZODIAC VENTURES LIMITED
Operates as a Mumbai-based real estate developer, with its main project — Zodiac Guruchhaya, a residential development in Vile Parle East — currently under construction after commencing in July 2025. FY26 net sales of Rs. 3.43 crore are small relative to the asset base, reflecting that the company is still in the inventory-build phase before unit sales are recognised. Operating costs are dominated by 'other operating expenses' at 66.0% of revenue and employee costs at 11.9% of revenue; there are no material input costs and no capex booked in the year. In September 2025 the company raised fresh equity through a rights issue to fund working capital, repay loans and support the new project. Routine disclosures include trading-window closures, RTA correspondence and secretarial filings, alongside board-approved progress on the project. The company has also approved selling its 100% stake in associate Mumbai Mega Development Private Limited, a small contributor to profits. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate development. Asset-heavy, project-cycle real estate development with revenue back-loaded
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 99 | 1 | 2 | 3 |
| EBITDA (ex other income) | 4 | 11 | 10 | 4 | 2 |
| margin % | 542.4 | 10.7 | 1483.2 | 225.1 | 66.5 |
| Owners' profit | 0 | 2 | 5 | 1 | 0 |
| EPS, as reported (₹) | (1.48) | 0.55 | 1.44 | 0.27 | 0.19 |
| ROE % · ROCE % | 2.3 · 17.0 | 16.4 · 26.0 | 1.9 · 22.1 | 7.0 · 24.7 | 3.9 · 4.2 |
| Debt / equity (x) | 0.80 | 1.46 | 1.88 | 1.89 | 0.43 |
| Cash from operations | 7 | 73 | (8) | 3 | (19) |
| Capex | (0) | (0) | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| EPS (₹) | 0.09 | 0.06 | 0.07 | 0.08 | 0.04 | 0.04 | 0.08 | 0.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL MINE P N D INST L | 13,338 | 43.9 | 5.84 | — | 26.9 | 34.6 | — | 34.9 |
| IIRM HOLDINGS INDIA LTD | 695 | 28.3 | 4.41 | 11.8 | 15.5 | 14.4 | — | 24.9 |
| Qualitek Labs Limited | 582 | 37.3 | — | — | — | 8.5 | — | — |
| Monarch Surveyors and Engineer | 358 | 7.3 | — | — | — | 20.9 | — | — |
| LIKHAMI CONSULTING LIMITED | 307 | 965.6 | 8.75 | — | 0.7 | 0.9 | — | 67.2 |
| Ekansh Concepts Limited | 245 | 77.9 | 5.40 | 148.1 | (6.7) | (6.8) | (12.2) | 48.8 |
| EKI ENERGY SERVICES LTD | 206 | — | 0.54 | 20.9 | (4.3) | (3.0) | — | (6.1) |
| AAA TECHNOLOGIES LIMITED | 158 | 74.1 | 5.10 | — | 6.7 | 8.9 | — | 31.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.9 | 7.6 | 9 of 23 | 64% |
| P/B | 0.2 | 2.0 | 2 of 17 | 94% |
| ROCE | 2.2 | 8.2 | 19 of 26 | 28% |
| ROE | 3.9 | 6.7 | 12 of 17 | 31% |
| Debt / Equity | 0.4 | 0.0 | 12 of 17 | 31% |
| EBITDA margin | 70.4 | 31.8 | 3 of 17 | 88% |
| Revenue growth | 74.9 | 10.3 | 4 of 18 | 82% |
| Profit growth | (42.3) | (29.8) | 11 of 18 | 41% |
| Market cap | 10 | 35 | 21 of 26 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Postal ballot notice published in newspapers for director reappointment | compliance | minimal | — | — |
| 15 Oct 2026 · Postal Ballot: Re-appointment of MD and WTD, New Independent Director | management changes | high | — | — |
| 15 Oct 2026 · Board re-appoints MD and WTD for 5 years; regularises Independent Director | management changes | high | — | — |
| 15 Oct 2026 · Board approves re-appointment of MD and WTD, regularises new Independent Director | management changes | high | — | — |
| 15 Oct 2026 · Routine quarterly compliance certificate from RTA filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · Zodiac Ventures appoints Mangilal Jogani as Independent Director | management changes | medium | — | — |
| 29 Sept 2026 · Voting Result of the 45th Annual General Meeting of the Company along with Scrutinizer report | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closed From Oct 1 Until Q2 Results | compliance | minimal | — | — |
| 28 Sept 2026 · Zodiac Ventures 45th AGM: 7 resolutions voted, includes stake sale | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Zodiac Ventures files 45th AGM notice publication with BSE | compliance | minimal | — | — |
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.