Zodiac Energy Ltd

Order details

• Domestic entity in Uttar Pradesh has awarded the PO for a 2500 Kwp solar plant.
• Scope includes supply, installation, and commissioning of the ground-mounted solar PV plant.
• Target completion before December 31, 2026, subject to PO terms.

Acquisitions & holdings

• Umaputra Solar Projects LLP: incorporated 24 Dec 2020; solar plants; India; turnover Nil.
• Kripalu Solar Projects LLP: incorporated 23 Dec 2020; solar plants; India; turnover Nil.
• Harikrishna Solar Projects LLP: incorporated 11 Nov 2020; solar plants; India; turnover Nil.
• Govind Solar Projects LLP: incorporated 11 Nov 2020; solar plants; India; turnover Nil.
• Umaputra: 98% stake acquired; becomes subsidiary.
• Kripalu: 98% stake acquired; becomes subsidiary.
• Harikrishna: holding increased from 15% to 98% (83% rise).
• Govind: holding increased from 15% to 98% (83% rise).
• Promoter group interest; related party transaction; arm's length.
• Acquisition completed; effective August 13, 2026.
• Consideration: cash; Rs 19,600 per LLP.
• Cost of acquisition: Rs 19,600 per LLP; total capital Rs 20,000.
• Post-acquisition holding stands at 98% for Harikrishna and Govind.
• Acquisition size: majority stake via direct capital contribution.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved with Limited Review Report.

Acquisitions

• Acquisition of Umaputra and Kripalu Solar Projects LLPs with 98% stake, via capital contribution, effective Aug 13, 2026.

Stake increases

• Boost stake in Govind and Harikrishna Solar Projects LLP to 98% from 15%, effective Aug 13, 2026.

Governance changes

• Alter AOAs to remove common seal provisions, subject to member approval at AGM.

Dividend & record date

• Fixed record date of Sep 16, 2026 for final dividend of Rs 0.75 per share.

AGM & notices

• Draft Notice of 34th AGM and Directors' Report approved; AGM on Sep 23, 2026 via VC/OAVM.

AGM logistics

• Appointed Scrutinizer (SCS & Co. LLP) for E-Voting; NSDL as Remote E-Voting Agency.

Other actions

• Approved all other business as per agenda.

Business Overview

• Fully integrated renewable-energy EPC covering ground-mounted, rooftop, IPP, and solar product distribution.
• Strategic focus on BESS, hybrid solutions, and Zenwatt-led growth.

Key Operational Highlights

• Commissioned 6 MW ground-mounted solar project in Zambia.
• Commissioned 65.7 MW C&I projects in FY26.
• Order book ₹382.3 cr; up 23% YoY.
• IPP revenue ₹15.6 cr; 478% YoY growth.
• Debtor days improved to 57 days.
• Cash conversion cycle 94 days.

Financial Performance

• Revenue from operations ₹543.5 cr; 33% YoY growth.
• EBITDA ₹55.3 cr; 50% YoY growth.
• Operating margin 10.2% (up 114 bps YoY).
• PAT ₹21.0 cr; margin 3.9% (YoY -104 bps).
• Cash PAT ₹31.0 cr; cash EPS ₹25.6.
• Net debt/equity 1.9x.
• Total workforce 168; 24% YoY growth.

Capital Structure & Liquidity

• Equity capital ₹118.7 cr.
• Long-term borrowings ₹107.1 cr; current borrowings ₹121.9 cr.
• Lease liabilities ₹12.6 cr.
• Current liabilities ₹232.4 cr; total assets ₹329.7 cr.
• Cash and cash equivalents ₹113.1 cr.

Strategic Priorities & Outlook

• Zenwatt-led expansion targets ₹1,000 cr revenue by FY29.
• Scale ground-mounted solar; selectively deepen rooftop footprint.
• Scale BESS to capture 20-25% storage CAGR.
• Pursue margin-accretive IPP projects; expand in MENA region.
• Africa expansion to strengthen export-led EPC footprint (Zambia, Kenya).

Risks & Mitigation

• Regulatory and policy shifts risk project timelines.
• Mitigation: geographic diversification and robust cash generation.

Governance & Leadership

• CFO: Ms. Shefali Karar.
• Company Secretary & Compliance Officer: Divya Joshi.

Dematerialisation processing and listing

• Dematerialisation requests processed and confirmed to depositories (accepted/rejected) during the quarter.
• Securities dematerialised have been listed on the exchanges where earlier issued securities are listed.
• Physical certificates for dematerialisation mutilated and cancelled; depositories' names substituted as registered owners within timelines.

Corporate Actions

• Approved allotment of 28,943 equity shares under ESOP 2023.
• Post-allotment capital up to ₹15,15,26,330 with 1,51,52,633 shares.
• Approved incorporation of Indian Wholly Owned Subsidiaries for solar EPC expansion.
• Approved incorporation of a Zambia Wholly Owned Subsidiary to pursue regional solar EPC.
• Approved all other business as per agenda.

Senior Management appointment

• Apexa Prajapati appointed General Manager - Procurement & Planning, effective July 1, 2026.
• She will be part of Zodiac's Senior Management Personnel under Regulation 16(1)(d).
• Profile: 20+ years in techno-commercial and supply chain leadership across renewables and EPC sectors.

Resignation details

• Name and role: Hitakshi Thakkar, AGM - Supply Chain Management.
• Resignation effective at close of business on 30 June 2026.
• Reason: personal reasons.