Zodiac Energy Ltd

₹ 201 -2.11%

16 Oct - close price

zodiacenergy.com BSE: 543416 NSE: ZODIAC

About

Incorporated in 1992, Zodiac Energy Ltd is in the business of installing Solar Power Generation Plant^[1]

Key Points

Business Overview:^[1]^[2]
ZEL is an Energy Solution Provider based in Ahmedabad. Company uses solar energy to provide turnkey solutions from concept to commissioning for power companies. It does Design, supply, installation, Testing and Commissioning (EPC), and Operation and Maintenance (O&M) in:
a) Residential rooftop
b) Commercial & Industrial rooftop
c) Ground-mounted captive projects
The company has served 10,000+ customers and installed more than 100,000 KW Rooftop solar power plants up to FY22

Website BSE NSE

Market Cap ₹ 304 Cr.
Current Price ₹ 201
High / Low ₹ 415 / 198
Stock P/E 12.0
Book Value ₹ 77.3
Dividend Yield 0.37 %
ROCE 15.6 %
ROE 18.7 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 35.3% CAGR over last 5 years
Company's median sales growth is 53.5% of last 10 years
Company's working capital requirements have reduced from 42.6 days to 23.0 days

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	32.10	34.41	46.92	106.63	79.34	52.77	104.33	171.34	98.05	96.78	137.56	211.12	141.81
	30.04	31.39	41.87	97.81	75.15	47.86	94.00	153.73	88.36	86.50	123.87	189.31	126.75
Operating Profit	2.06	3.02	5.05	8.82	4.19	4.91	10.33	17.61	9.69	10.28	13.69	21.81	15.06
OPM %	6.42%	8.78%	10.76%	8.27%	5.28%	9.30%	9.90%	10.28%	9.88%	10.62%	9.95%	10.33%	10.62%
	0.45	0.04	0.18	0.30	0.25	0.18	0.46	1.01	0.34	0.30	0.54	1.34	1.48
Interest	1.17	1.14	0.91	1.19	1.04	1.12	2.60	3.95	4.41	4.42	4.49	5.47	4.63
Depreciation	0.19	0.19	0.20	0.20	0.22	0.20	0.54	1.72	1.98	2.62	2.72	2.63	2.31
Profit before tax	1.15	1.73	4.12	7.73	3.18	3.77	7.65	12.95	3.64	3.54	7.02	15.05	9.60
Tax %	28.70%	14.45%	28.64%	26.39%	26.73%	33.95%	25.23%	27.10%	26.10%	24.29%	27.64%	29.37%	26.88%
	0.82	1.48	2.95	5.69	2.33	2.49	5.71	9.44	2.69	2.68	5.08	10.63	7.02
EPS in Rs	0.56	1.01	2.02	3.89	1.59	1.65	3.78	6.25	1.78	1.77	3.36	7.03	4.64
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	9	9	17	38	63	68	100	143	138	220	408	544	587
	8	9	16	35	58	63	93	134	130	201	371	488	526
Operating Profit	0	1	1	3	5	5	7	9	8	19	37	56	61
OPM %	3.6%	6%	4.8%	8%	8%	7%	7%	6%	5%	9%	9%	10%	10%
	0	0	0	0	0	0	0	1	1	1	2	2	4
Interest	0	0	0	0	0	1	1	2	3	4	9	19	19
Depreciation	0	0	0	0	0	0	0	1	1	1	3	10	10
Profit before tax	0	0	0	3	5	4	6	8	4	15	28	29	35
Tax %	17%	31%	31%	27%	31%	30%	26%	28%	27%	26%	27%	28%
	0	0	0	2	3	3	4	5	3	11	20	21	25
EPS in Rs	0.14	0.31	0.69	1.37	2.12	2.05	3.02	3.73	2.18	7.50	13.23	13.93	16.80
Dividend Payout %	44%	0%	0%	0%	59%	0%	0%	0%	0%	0%	6%	5%

Compounded Sales Growth
10 Years:	50%
5 Years:	40%
3 Years:	58%
TTM:	38%

Compounded Profit Growth
10 Years:	68%
5 Years:	35%
3 Years:	87%
TTM:	25%

Stock Price CAGR
10 Years:	%
5 Years:	48%
3 Years:	15%
1 Year:	-46%

Return on Equity
10 Years:	20%
5 Years:	21%
3 Years:	23%
Last Year:	19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0.88	0.88	0.88	7	7	7	15	15	15	15	15	15
Reserves	0	0	1	10	13	16	13	18	21	33	81	102
	3	3	4	1	4	6	13	18	46	41	175	217
	2	1	3	3	4	14	16	28	13	27	67	151
Total Liabilities	7	6	8	21	28	43	56	79	95	116	339	485
	1	1	0	1	0	1	2	3	3	4	92	128
CWIP	0	0	0	0	0	0	0	0	0	0	7	1
Investments	0	0	0	0	0	0	0	0	0	0	0	18
	6	5	7	20	28	43	53	76	92	111	239	338
Total Assets	7	6	8	21	28	43	56	79	95	116	339	485

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0	-8	-6	-0	-4	2	-23	16	-49	48
	0	-1	1	-1	-2	-4	-3	-5	-105	-59
	0	11	3	1	6	3	25	-10	153	23
Net Cash Flow	0	2	-2	0	0	1	-1	1	0	11
Free Cash Flow	-0	-8	-5	-0	-5	1	-23	14	-147	8
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-6%	-248%	-98%	26%	-35%	41%	-280%	103%	-120%	88%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	206	133	108	100	102	136	83	78	110	130	51	76
Inventory Days	49	69	41	54	44	77	82	88	52	28	56	110
Days Payable	96	49	35	10	12	30	45	59	14	29	50	41
Cash Conversion Cycle	159	153	113	144	134	183	120	106	148	129	57	145
Working Capital Days	86	111	18	131	109	113	88	82	67	72	33	23
ROCE %	6%	12%	16%	26%	23%	19%	20%	20%	11%	22%	20%	16%

Insights

In beta

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Total Workforce
count

xx	xx	xx	xx	xxx	xxx	xxx
		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			xx	x	xx	xx
			xxx	x,xxx	x,xxx	xxx
				xx	xx
					xx.xx	xx.xx
					xxx.xx	xxx.xx
				x,xxx	x,xxx

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Annual Solar Installation
MW

Ground-Mounted Solar - Number of Clients
count

Rooftop Solar - Number of Clients
count

C&I Projects Executed
count

IPP Installed Capacity
MW AC

Order Book
INR crores

Total Number of Clients
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.86%	72.86%	72.87%	72.73%	70.01%	70.01%	70.01%	69.89%	69.89%	69.91%	69.97%	69.97%
	0.00%	0.00%	0.00%	0.00%	1.46%	1.32%	0.91%	0.54%	0.54%	0.33%	0.15%	0.14%
	0.00%	0.00%	0.00%	0.00%	0.59%	0.56%	0.56%	0.34%	0.34%	0.34%	0.20%	0.20%
	27.14%	27.14%	27.14%	27.27%	27.93%	28.11%	28.52%	29.22%	29.22%	29.42%	29.68%	29.70%
No. of Shareholders	25,368	26,569	30,059	31,859	37,420	40,229	41,641	41,708	39,591	38,120	36,867	36,307

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	72.44%	72.44%	72.44%	72.44%	72.85%	72.86%	72.87%	70.01%	69.97%	69.97%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.91%	0.15%	0.14%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.56%	0.20%	0.20%
	27.56%	27.56%	27.57%	27.57%	27.15%	27.15%	27.14%	28.52%	29.68%	29.70%
No. of Shareholders	574	534	485	456	5,899	20,980	30,059	41,641	36,867	36,307

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Zodiac Energy Ltd

Zodiac Energy Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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