Zodiac Energy Limited – Investor Presentation Summary
Key Operational Highlights
- Successfully commissioned 80.7 MW C&I projects in Q2 FY27
- 16,000+ MW cumulative capacity installed with 150+ MW captive co-generation
- 100+ marquee C&I clients served across 15+ Indian states and UTs
- Expanding footprint in Africa with presence in Zambia and Kenya (2 projects executed, 1 under execution)
- IPP business: 11.2 million units generated in Q2 FY27, 14 projects completed, 54.3 MWp installed capacity
Key drivers of operational performance: Export-oriented EPC strategy, ground-mounted project focus, selective rooftop solar presence, and African market expansion
Segment-wise Performance
Ground-mounted solar business: Primary revenue contributor (percentage not specified)
Rooftop solar business: Selective presence focusing on quality-conscious customers (percentage not specified)
BESS business: New segment through Zenwatt stake, targeting ₹50 crore revenue by FY28
Explanation of significant changes in segment performance: Strategic shift toward larger ground-mounted projects for operational efficiency and larger ticket sizes, while maintaining selective presence in rooftop segment for quality-focused customers
Financial Highlights
Revenue: ₹166.2 crores in Q2 FY27 (71.8% YoY growth from ₹96.8 crores in Q2 FY26)
EBITDA: ₹19.2 crores in Q2 FY27 (86.8% YoY growth from ₹10.3 crores)
PAT: ₹9.2 crores in Q2 FY27 (241.7% YoY growth from ₹2.7 crores)
EPS: ₹5.9 in Q2 FY27 (237% YoY growth from ₹1.8)
Margins: EBITDA margin 11.6% (+93 bps YoY), PAT margin 5.5% (+274 bps YoY)
YoY/QoQ comparison: All key metrics showed strong YoY growth in Q2 FY27
Drivers of financial performance: EPC-IPP dual advantage, operational efficiencies, scale benefits
Comparison to market estimates: Not specified
Key Risks: Not explicitly disclosed in presentation
Geographical Revenue Split
Domestic vs Export/Regional Revenue: Not quantitatively specified, but company describes itself as "export-oriented EPC player" consolidating presence in international markets
Regional Breakdown: Domestic presence across 15+ Indian states and UTs; International presence in Zambia, Kenya with expansion targeting MENA region
Balance Sheet Snapshot
Total Assets: ₹405.3 crores in H1 FY27 (up from ₹482.4 crores in FY26)
Property, plant and equipment: ₹148.7 crores in H1 FY27
Inventories: ₹70.5 crores in H1 FY27
Trade receivables: ₹54.2 crores in H1 FY27
Cash & cash equivalents: ₹5.6 crores in H1 FY27
Net Debt to Equity: Historical trend shown but current value not specified
Reserves: Not explicitly stated
Current Assets/Liabilities: Current assets ₹216.8 crores, Current liabilities ₹232.4 crores in H1 FY27
Financial Health Insights: Strong growth trajectory with 49.1% EBITDA CAGR from FY22-FY26, maintained operational efficiency
Capex & Cash Flow Health
Capital Expenditure: 2 GW BESS manufacturing facility near Ahmedabad (commissioning in 12 months)
Free Cash Flow: Not specified
Operating Cash Flow: Not specified
Net Debt Movement: Not specified
Investment Rationale: Focus on BESS capacity expansion, technology upgrades for integrated cell-to-pack assembly, cost efficiency improvements
Strategic & R&D Initiatives
Investments in Innovation: Strategic 63.5% stake in Zenwatt Clean Energy for in-house BESS capability; Mobile, plug-and-play BESS for diesel replacement; Managed clean-power model with EMS/BMS + remote monitoring
Expected impact on growth: Target of ₹50 crore BESS revenue by FY28 with 14-15% EBITDA margin; ₹1,000 crore total revenue target by FY29
Strategic Rationale: Building scalable distributed energy platform; Addressing structural storage demand from renewable penetration; Diesel displacement driven by regulatory and cost factors; Corporates pushing decarbonization mandates
Industry Trends & Business Environment
Macro/Industry Trends: India's 2030 targets of 500 GW non-fossil capacity and 50% electricity from renewables; Solar PV module price reduction (~80% from 2010-2020); Technological advancements in solar-wind hybrid, BESS, and round-the-clock power offerings; Market mechanisms including green open access rules and renewable energy certificates
Impact on Company: Positions company to benefit from multi-decadal clean energy growth story; Enables expansion into high-growth BESS segment; Supports export-led revenue growth strategy
Management Commentary & Growth Outlook
Strategic Outlook: "Reinforce our position as an export-oriented EPC player"; "Continue to scale our ground-mounted business, whilst selectively deepening our presence in rooftop"; "Strong growth visibility with Zenwatt-led expansion"
FY Guidance: ₹1,000 crore revenue target by FY29; ₹50 crore BESS revenue target by FY28 with 14-15% EBITDA margin
Market Share Targets: Not specified
Risks and Opportunities: Not explicitly detailed beyond market tailwinds mentioned in BESS section
ESG Updates
Not specifically addressed in presentation
Digital Transformation
Not specifically addressed in presentation