ZODIAC
Zodiac Energy financials
- Market cap
- ₹345 Cr
- Sector
- Construction
What Zodiac Energy Limited does
Zodiac Energy, founded in 1992 as Zodiac Gensets, is a fully integrated renewable-energy EPC company operating across four verticals: EPC ground-mounted solar, EPC rooftop solar, an Independent Power Producer (IPP) generation business, and distribution/trading of solar PV modules. It provides turnkey solutions from design through commissioning for utility, C&I and residential clients across India, with an increasing focus on floating solar, solar trees, hybrid systems and battery energy storage (BESS). The company has commenced power generation as an IPP under India's PM-KUSUM scheme and has begun executing EPC and hybrid renewable projects overseas, starting with its first project in Zambia.
Segments
- EPC – ground-mounted solar
- EPC – rooftop solar
- Independent Power Producer (IPP)
- Distribution of solar products
- Cumulative solar projects executed
- 500+ MW across rooftop, ground-mounted & co-generation
- Captive co-generation capacity installed
- 150+ MW
- IPP installed capacity
- 22 MW (PM-KUSUM sites, 6 projects completed)
- FY25 annual solar installations
- 92.8 MW (up from 34.2 MW in FY22)
- Grid-connected solar systems installed / homes serviced
- 10,000+
- Cumulative satisfied customers
- 15,000+
Quarterly results
Q1 FY27: revenue up 44.6%, net profit up 161.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53 | 104 | 171 | 98 | 97 +83% | 138 +32% | 211 +23% | 142 +45% |
| EBITDA | 5 | 10 | 18 | 10 | 10 +109% | 14 +33% | 22 +24% | 15 +55% |
| Net profit | 2 | 6 | 9 | 3 | 3 +8% | 5 −11% | 11 +13% | 7 +161% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −40.6% 1Y
1Y: ₹383.9 on 10 Sept 2025 → ₹227.98. High ₹398.45 (17 Sept 2025), low ₹213.5 (30 Mar 2026).
Financials, as filed
Revenue grew 58.1% a year over 3 years, FY23 to FY26. Operating margin widened to 10.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹138 Cr | ₹220 Cr | ₹408 Cr | ₹544 Cr |
| Operating profit | ₹8 Cr | ₹19 Cr | ₹37 Cr | ₹55 Cr |
| Operating margin | 5.7% | 8.6% | 9.1% | 10.2% |
| Interest | ₹3 Cr | ₹4 Cr | ₹9 Cr | ₹19 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹10 Cr |
| Net profit | ₹4 Cr | ₹11 Cr | ₹20 Cr | ₹21 Cr |
| Net margin | 2.6% | 5.0% | 4.9% | 3.9% |
| Cash from operations | ₹-23 Cr | ₹16 Cr | ₹-49 Cr | ₹48 Cr |
| Free cash flow | ₹-23 Cr | ₹14 Cr | ₹-147 Cr | ₹8 Cr |
| ROCE | 11.0% | 22.0% | 20.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹13 Cr | ₹18 Cr | ₹21 Cr | ₹33 Cr | ₹86 Cr | ₹102 Cr |
| Borrowings | ₹13 Cr | ₹18 Cr | ₹46 Cr | ₹41 Cr | ₹178 Cr | ₹217 Cr |
| Other liabilities | ₹16 Cr | ₹28 Cr | ₹13 Cr | ₹27 Cr | ₹51 Cr | ₹151 Cr |
| Total liabilities | ₹56 Cr | ₹79 Cr | ₹95 Cr | ₹116 Cr | ₹330 Cr | ₹485 Cr |
| Fixed assets | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹151 Cr | ₹128 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹18 Cr |
| Other assets | ₹53 Cr | ₹76 Cr | ₹92 Cr | ₹111 Cr | ₹174 Cr | ₹338 Cr |
| Total assets | ₹56 Cr | ₹79 Cr | ₹95 Cr | ₹116 Cr | ₹330 Cr | ₹485 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.48 pp while FIIs trimmed −0.40 pp. The shareholder count shrank 13% to 36,307.
- Promoters
- 70.0%
- FIIs
- 0.1%
- DIIs
- 0.2%
- Public
- 29.7%
Since Jun 2025
- Public +0.48 pp
- FIIs −0.40 pp
- DIIs −0.14 pp
How it drifted, 12 quarters
Over this window promoters fell from 72.9% to 70.0% — −2.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 72.9%, Public 27.1%.Dec '23: Promoters 72.9%, Public 27.1%.Mar '24: Promoters 72.9%, Public 27.1%.Jun '24: Promoters 72.7%, Public 27.3%.Sep '24: Promoters 70.0%, FIIs 1.5%, DIIs 0.6%, Public 27.9%.Dec '24: Promoters 70.0%, FIIs 1.3%, DIIs 0.6%, Public 28.1%.Mar '25: Promoters 70.0%, FIIs 0.9%, DIIs 0.6%, Public 28.5%.Jun '25: Promoters 69.9%, FIIs 0.5%, DIIs 0.3%, Public 29.2%.Sep '25: Promoters 69.9%, FIIs 0.5%, DIIs 0.3%, Public 29.2%.Dec '25: Promoters 69.9%, FIIs 0.3%, DIIs 0.3%, Public 29.4%.Mar '26: Promoters 70.0%, FIIs 0.1%, DIIs 0.2%, Public 29.7%.Jun '26: Promoters 70.0%, FIIs 0.1%, DIIs 0.2%, Public 29.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Zodiac Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kunjbihari Jugalkishor Shah | 62.58% | unchanged |
| Jugalkishor Harikrishnadas Shah | 4.23% | unchanged |
| Parul Kunjbihari Shah | 2.81% | unchanged |
| Jaxay Sharadkumar Shah | 1.68% | unchanged |
| Jay Kunjbihari Shah | 0.13% | unchanged |
| Nehaben Trirupbhai Patwa | 0.05% | unchanged |
| Rinki Kuntal Shah | 0.05% | unchanged |
| Apeksha Patwa | 0.05% | unchanged |
| Geetaben Prakashbhai Shah | 0.04% | unchanged |
| Rameshkumar Shah | 0.01% | unchanged |
| Arunaben Jugalkishor Shah | 0.01% | unchanged |
| Priyasharan Shah | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Zodiac Energy Limited
Guides on how to read this kind of business and the numbers that matter.