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Zodiac Energy Q2 FY27 results: net profit ₹9.17 crore vs ₹2.66 crore, revenue up 71.8%
Zodiac Energy Limited reported consolidated revenue of ₹166.22 crore and a net profit of ₹9.17 crore for Q2 FY27, with EBITDA of ₹19.24 crore and an EBITDA margin of 11.6%. Revenue and profit increased year on year and from Q1 FY27, while the stock ended the reaction day 6.2% below its pre-results close.
Key points
- Consolidated Q2 FY27 revenue was ₹166.22 crore, up 71.8% from ₹96.78 crore in Q2 FY26.
- EBITDA was ₹19.24 crore, up 86.8%, while the margin rose 1.0 percentage point to 11.6%.
- Net profit was ₹9.17 crore, up 244.7% from ₹2.66 crore, and basic EPS was ₹5.92.
- H1 FY27 revenue was ₹308.03 crore and net profit was ₹16.18 crore, compared with ₹194.83 crore and ₹5.28 crore in H1 FY26.
- Borrowings were ₹189.96 crore as of 30 September 2026, while cash was ₹5.64 crore and operating cash flow for H1 FY27 was ₹76.83 crore.
How did Zodiac Energy perform in Q2 FY27?
Zodiac Energy reported consolidated revenue of ₹166.22 crore for Q2 FY27, up ₹69.44 crore or 71.8% from ₹96.78 crore in Q2 FY26 and ₹24.41 crore or 17.2% from ₹141.81 crore in Q1 FY27. EBITDA rose to ₹19.24 crore from ₹10.30 crore a year ago and ₹15.81 crore in the previous quarter, with the margin increasing 1.0 percentage point year on year to 11.6%.
The company reported a net profit of ₹9.17 crore for the quarter, against ₹2.66 crore in Q2 FY26 and ₹7 crore in Q1 FY27. Basic EPS was ₹5.92, up from ₹1.76 a year ago and ₹4.57 in the preceding quarter. On the standalone basis, revenue was ₹164.78 crore and net profit was ₹9.18 crore, while profit attributable to owners was ₹2.68 crore in the year-ago period.
The board approved the unaudited standalone and consolidated results for the quarter and half year ended on 30 September 2026. The results were reviewed by the audit committee and accompanied by the statutory auditor’s limited review report.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 166.22 | 141.81 | 96.78 | +71.8% | +17.2% |
| Other income | 0.83 | 1.49 | 0.31 | +167.7% | −44.3% |
| Total expenses | 155.45 | 133.49 | 93.58 | +66.1% | +16.5% |
| EBITDA | 19.24 | 15.81 | 10.30 | +86.8% | +21.7% |
| EBITDA margin | 11.6% | 11.1% | 10.6% | +1.0 pp | +0.5 pp |
| Profit before tax | 11.60 | 9.81 | 3.50 | +231.4% | +18.2% |
| Tax | 2.43 | 2.81 | 0.84 | +189.3% | −13.5% |
| Net profit | 9.17 | 7 | 2.66 | +244.7% | +31.0% |
| EPS (₹) | 5.92 | 4.57 | 1.76 | +236.4% | +29.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Zodiac Energy's costs and profit?
Cost of materials rose ₹58.52 crore or 77.3% to ₹134.19 crore from ₹75.67 crore in Q2 FY26, while employee cost increased ₹1.12 crore or 36.6% to ₹4.18 crore. Finance costs were higher by ₹0.73 crore or 16.3% at ₹5.21 crore, and depreciation was higher by ₹0.64 crore or 24.4% at ₹3.26 crore.
Other income increased ₹0.52 crore or 167.7% to ₹0.83 crore from ₹0.31 crore, while other expenses fell ₹3.63 crore or 46.8% to ₹4.12 crore from ₹7.75 crore. Total expenses increased ₹61.87 crore or 66.1% to ₹155.45 crore. There was no exceptional item.
Tax expense increased ₹1.59 crore or 189.3% to ₹2.43 crore from ₹0.84 crore. Profit before tax rose ₹8.10 crore or 231.4% to ₹11.60 crore, and net profit increased ₹6.51 crore or 244.7% to ₹9.17 crore. Against Q1 FY27, other income and tax were lower, while other expenses were higher.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 134.19 | 75.67 | +58.52 | +77.3% |
| Employee cost | 4.18 | 3.06 | +1.12 | +36.6% |
| Finance costs | 5.21 | 4.48 | +0.73 | +16.3% |
| Depreciation | 3.26 | 2.62 | +0.64 | +24.4% |
| Other expenses | 4.12 | 7.75 | −3.63 | −46.8% |
| Total expenses | 155.45 | 93.58 | +61.87 | +66.1% |
| Other income | 0.83 | 0.31 | +0.52 | +167.7% |
| Tax | 2.43 | 0.84 | +1.59 | +189.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹308.03 crore, up ₹113.2 crore or 58.1% from ₹194.83 crore in H1 FY26. Total income increased ₹114.88 crore or 58.8% to ₹310.35 crore from ₹195.47 crore, while profit before tax rose ₹14.22 crore or 198.1% to ₹21.4 crore.
Net profit for the first half was ₹16.18 crore, up ₹10.9 crore or 206.4% from ₹5.28 crore in H1 FY26. Basic EPS increased ₹17.79 to ₹21.29 from ₹3.50, and the reported net profit margin was 5.5% against 2.8% in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 308.03 | 194.83 | +58.1% |
| Profit before tax | 21.40 | 7.18 | +198.1% |
| Net profit | 16.18 | 5.28 | +206.4% |
| EPS (₹) | 21.29 | 3.50 | +508.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹405.27 crore on 30 September 2026, against ₹482.41 crore on 31 March 2026. Total equity was ₹134.96 crore compared with ₹118.66 crore, while borrowings fell to ₹189.96 crore from ₹229.0 crore and cash declined to ₹5.64 crore from ₹13.48 crore.
Inventories were ₹70.45 crore against ₹128.5 crore at the previous balance sheet date. Trade receivables fell to ₹54.24 crore from ₹113.05 crore, and trade payables decreased to ₹22.53 crore from ₹47.63 crore.
For H1 FY27, operating cash flow was ₹76.83 crore, compared with ₹68.35 crore in H1 FY26. Investing cash flow was negative ₹38.26 crore against negative ₹64.03 crore, financing cash flow was negative ₹46.42 crore against negative ₹4.74 crore, and capital expenditure was ₹35.26 crore against ₹59.4 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 405.27 | 482.41 |
| Total equity | 134.96 | 118.66 |
| Borrowings | 189.96 | 229 |
| Cash and equivalents | 5.64 | 13.48 |
| Inventories | 70.45 | 128.50 |
| Trade receivables | 54.24 | 113.05 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 76.83 | 68.35 |
| Cash from investing | −38.26 | −64.03 |
| Cash from financing | −46.42 | −4.74 |
| Capital expenditure | 35.26 | 59.40 |
Source: Company's results filing (XBRL).
How has Zodiac Energy done over the last 6 quarters?
Revenue and profit both reached their lowest quarterly levels in Q2 FY26, at ₹96.78 crore and ₹2.66 crore, before rising to ₹211.13 crore of revenue and ₹10.62 crore of profit in Q4 FY26. Revenue then fell to ₹141.81 crore in Q1 FY27 and recovered to ₹166.22 crore in Q2 FY27, while profit moved from ₹7 crore to ₹9.17 crore.
The EBITDA margin bottomed at 9.9% in Q1 FY26 and reached 11.6% in Q2 FY27, after easing from 10.4% in Q4 FY26 to 11.1% in Q1 FY27. Revenue and profit have risen year on year in each of the last two quarters.
Which businesses drove the quarter?
Solar Photovoltaic Modules & EPC Contracts reported revenue of ₹160.85 crore, up 72.0% from ₹93.51 crore in Q2 FY26. Segment EBIT was ₹12.89 crore, compared with ₹5.49 crore in the year-ago quarter, while the EBIT margin was 8.0%.
Generation of Power reported revenue of ₹5.02 crore, up 50.5% from ₹3.34 crore in Q2 FY26. Segment EBIT was a loss of ₹0.12 crore, compared with a loss of ₹1.31 crore in the year-ago quarter, and the EBIT margin was negative 2.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Solar Photovoltaic Modules & EPC Contracts | 160.85 | +72.0% | 12.89 | 8.0% |
| Generation of Power | 5.02 | +50.5% | −0.12 | -2.4% |
Source: Company's results filing (XBRL segment data).
How did Zodiac Energy shares react?
After the filing appeared in the market, the stock was up 0.2% after five minutes, then down 1.4% after 15 minutes and down 2.3% after 30 minutes. It ended the reaction day down 6.2% from the pre-results close, and by the next day’s close it was down 7.3% from that close. The Civil Construction industry median moved down 1.6% on the reaction day and up 0.5% by the next day’s close.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +0.2% | |
| 15 minutes | −1.4% | |
| 30 minutes | −2.3% | |
| Reaction day | −6.2% | −1.6% |
| Next day | −7.3% | +0.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | +8.9% |
| 25 May 2026 | +6.4% |
| 9 February 2026 | +3.0% |
| 12 November 2025 | +0.3% |
| 12 August 2025 | −4.8% |
| 10 February 2025 | +8.9% |
| 12 November 2024 | −5.5% |
| 14 August 2024 | −5.0% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Eighteen other Civil Construction companies had filed this quarter by 4 November 2026. Their median revenue growth was 8.5%, compared with Zodiac Energy’s revenue growth of 71.8% in Q2 FY27.
Of the other companies, 14 grew revenue more slowly than Zodiac Energy and four grew faster. Among the 19 companies for which profit was compared, 14 reported higher profit. The peer figures cover the companies available as of 4 November 2026.
| Zodiac Energy revenue growth (YoY) | +71.8% |
|---|---|
| Median of 18 other Civil Construction companies | +8.5% |
| Companies with slower revenue growth than Zodiac Energy | 14 of 18 |
| Companies with faster revenue growth than Zodiac Energy | 4 of 18 |
| Companies whose net profit rose | 14 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Zodiac Energy's revenue in Q2 FY27?
Revenue from operations was ₹166.22 crore, up 71.8% from ₹96.78 crore in Q2 FY26 (consolidated).
Did Zodiac Energy make a profit in Q2 FY27?
Yes. Net profit was ₹9.17 crore, against a net profit of ₹2.66 crore in Q2 FY26.
What was Zodiac Energy's EPS in Q2 FY27?
Basic earnings per share were ₹5.92, against ₹1.76 in Q2 FY26.
How did Zodiac Energy shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.2% from the previous close; the median Civil Construction stock moved −1.6%.
When did Zodiac Energy announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Quarterly Financial Results For The 2Nd Quarter And Half Year Ended On 30Th September, 2026 (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Approval Of Unaudited Financial Result For The Quarter Ended On September 30, 2026. (BSE, 30 October 2026) · PDF
- Unaudited Financial Results For The Quarter Ended On September 30, 2026 (BSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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