Financial Performance Highlights (FY 2025-26)

Standalone Performance

  • Revenue from Operations: ₹543.52 crore (33.29% growth YoY from ₹408.86 crore)
  • Total Income: ₹545.94 crore
  • EBITDA: ₹57.98 crore (49% growth YoY)
  • Profit After Tax: ₹21.07 crore (5.51% growth YoY from ₹19.98 crore)
  • Earnings Per Share: ₹13.94 (Basic) and ₹13.88 (Diluted)

Segment Reporting

The company operates in two business segments:

  • Solar Photovoltaic Modules & EPC Contracts: Revenue of ₹528.31 crore (97.3% of total), Segment result of ₹36.04 crore
  • Generation of Power: Revenue of ₹15.58 crore (2.7% of total), Segment loss of ₹1.88 crore

Geographical Revenue Breakdown:

  • India: ₹533.25 crore (98.1% of total)
  • Outside India: ₹10.27 crore (1.9% of total)

Meeting Details

  • Date: Wednesday, September 23, 2026
  • Time: 11:30 a.m. (IST)
  • Location: Through Video Conferencing (VC)/Other Audio-Visual Means (OAVM)
  • Proposed Resolutions: Adoption of financial statements, declaration of final dividend of ₹0.75 per share, and re-appointment of Mrs. Parul Kunjbihari Shah as Whole-time Director

Key Dates and Cut-off Information

| Particulars | Date |

| Cut-off date for dividend eligibility | September 16, 2026 |

| Dividend Payment Date | On or around September 29, 2026 |

| Remote e-voting period | September 20-22, 2026 |

| Cut-off date for e-voting eligibility | September 16, 2026 |

Strategic Developments

  • IPP Capacity: 320 MW operational with 60 MW in pipeline, targeting 400 MW by FY29
  • BESS Entry: Acquisition of controlling stake in Zenwatt Clean Energy for battery energy storage systems
  • Project Commissioning: 38 MWp/30 MW solar project for Ahmedabad Municipal Corporation
  • Subsidiary Acquisitions: Acquired controlling interests in four solar project LLPs during the year

Financial Position and Capital Structure

  • Total Assets: ₹500.40 crore (FY25: ₹297.32 crore)
  • Total Borrowings: ₹229.00 crore with debt-equity ratio of 1.86
  • Equity Share Capital: ₹15.12 crore (1,51,23,690 equity shares)
  • ESOP Outstanding: 62,400 options under Employee Stock Option Plan 2023
  • Promoter Shareholding: Mr. Kunjbihari J. Shah holds 62.58% (95 lakh shares)

Key Ratios and Metrics

  • Return on Equity: 19.75% (FY25: 27.71%)
  • Inventory Turnover Ratio: 4.75 times (FY25: 10.30 times)
  • Trade Receivables Turnover Ratio: 6.42 times (FY25: 6.05 times)
  • Net Profit Margin: 3.86% (FY25: 4.88%)
  • Current Ratio: 1.26 (FY25: 1.42)

Contingent Liabilities and Commitments

  • GST demands: ₹6.80 crore (FY25: ₹3.74 crore)
  • Bank guarantees: ₹9.10 crore (FY25: ₹17.71 crore)
  • Guarantees on behalf of others: ₹22.42 crore

Compliance and Governance

The Company confirms compliance with Companies Act, 2013 and SEBI Listing Regulations. The financial statements received an unmodified audit opinion from N P K U & Associates, with key audit matters focusing on revenue recognition and solar power plant accounting. The company maintained prescribed CSR expenditure of ₹0.32 crore on child education initiatives.

Voting Process and Shareholder Information

  • Methods: Remote e-voting through NSDL and voting at AGM through VC/OAVM
  • Scrutinizer: M/s. SCS and Co. LLP, Practicing Company Secretaries
  • Annual Report Availability: https://www.zodiacenergy.com/images/pdf/financials/annual_report/Annual%20Report%202025-26.pdf