Zodiac Energy Ltd. · NSE:ZODIAC
Zodiac Energy — FY2025 Earnings Presentation
33 slides from Zodiac Energy's earnings presentation, May 19, 2025
Slide 1: Exchange filing cover letter for investor presentation
Date: May 19, 2025 To, BSE Limited National Stock Exchange of India Limited P J Towers, "Exchange Plaza", Bandra - Kurla Complex, Dalal Street, Bandra East, Mumbai - 400 00 I Mumbai - 400051 Scrip Code: 543416 Symbol: ZODIAC Dear Sir/Ma’am, Sub: Investor Presentation under Regulation 30 read with Sc
Slide 2: Zodiac Energy Limited Investor Presentation | FY25 Earnings Update
Zodiac Energy Limited Investor Presentation | FY25 Earnings Update
Slide 3: Agenda
Agenda 1 Performance snapshot 2 Zodiac Energy at a glance 3 Strategic roadmap & forward outlook 4 Historic business performance 5 Income statement & balance sheet summary 6 India’s clean energy transition: A multi-decadal growth story
Slide 4: Performance snapshot – FY25
Performance snapshot – FY25 Scaling revenue and earnings Prudent capital management Growing with trust and talent Revenue from operations Debtor days Overall orderbook INR 408 crs. 51 days INR 461 crores 85.5% Y-o-Y growth Vs 130 days in FY24 320% Y-o-Y growth Operating profit (EBIDTA) Cash conversi
Slide 5: Performance highlights and management commentary – FY25
Performance highlights and management commentary – FY25 ▪ Commissioned 4 MW ground-mounted solar project in Zambia Business & operational highlights ▪ Successfully commissioned 55 C&I projects in FY25, further strengthening our track record ▪ Revenue grew by 85.5% YoY in FY25 and 60.7% YoY in Q4 FY2
Slide 6: Agenda
Agenda 1 Performance snapshot 2 Zodiac Energy at a glance 3 Strategic roadmap & forward outlook 4 Historic business performance 5 Income statement & balance sheet summary 6 India’s clean energy transition: A multi-decadal growth story
Slide 7: Zodiac Energy at a glance
Zodiac Energy at a glance End-to-end execution partner for scalable clean energy infrastructure 3-year solar installation track record (MW) ▪ Founded by Mr. Kunj Shah in 1992 as Zodiac Genset, Zodiac Energy is a 92.8 fully integrated renewable energy EPC player 6.6x jump | CAGR: 88% ▪ Specializes in
Slide 8: Consistent financial and operational growth
Consistent financial and operational growth 42% 52% 61% Revenue CAGR (FY21-FY25)1 EBIDTA CAGR (FY21-FY25)1 PAT CAGR (FY21-FY25)1 30+ years 300+ MW 150+ MW Industry experience Solar projects executed Captive co-generation installed 10,000+ 15,000+ 100+ Homes serviced Satisfied customers Marquee C&I c
Slide 9: Our offerings
Integrated renewables offering with customer-centric approach Utility-scale solar Rooftop solar Floating solar Hybrid solutions1 Our offerings Solar tree Wind farm Solar car-parking solutions BESS2 installations installations USPs Top-tier Customer centric Smart solutions 3D Engineering components a
Slide 10: Evolving with India's energy transition – From diesel to natural gas to solar
Evolving with India’s energy transition – From diesel to natural gas to solar 1992 2004 2006 2010 2013 ▪ Incorporated as Zodiac ▪ Entered the natural gas ▪ Ventured into thermal ▪ Contributed in ▪ Contributed in Gensets Private Limited power solutions market power commissioning of India’s 1st commis
Slide 11: Ground-mounted solar business
Ground-mounted solar business Revenue (INR crs.) No. of clients 44% 65% 71% 4.8x jump | CAGR: 119% 289 59 38 144 30 60 FY23 FY24 FY25 FY23 FY24 FY25 % of consolidated revenue Strategic focus on high-ticket size business to accelerate revenue growth 10
Slide 12: Rooftop solar business
Rooftop solar business Revenue (INR crs.) No. of clients 22% 9% 4% 1,142 1,118 30 813 20 16 FY23 FY24 FY25 FY23 FY24 FY25 % of consolidated revenue Selectively addressing customers who value quality, assurance, and service over low-cost offerings 11
Slide 13: Ventured in IPP business this fiscal year
Ventured in IPP business this fiscal year FY25 revenue Units generated in FY25 Projects completed Installed capacity INR 2.7 cr. >9 mn units 6 projects 22MW Prioritizing projects with strong IRRs to supplement earnings with predictable, annuity-style cash flows 12
Slide 14: Leveraging India's EPC stronghold to expand across Africa
Leveraging India’s EPC stronghold to expand across Africa Solidifying our presence in India Expanding our footprint in Africa Zambia Market presence: 15+ states & UTs Market presence: Zambia C&I projects executed: 500+ C&I projects executed: 1 C&I projects under execution: 110+ C&I projects under ex
Slide 15: Building a comprehensive ecosystem for solar solutions
Building a comprehensive ecosystem for solar solutions Marquee clients Key partners Empaneled with leading lending institutions 14
Slide 16: Board of Directors with deep cross functional expertise
Board of Directors with deep cross functional expertise Independent Directors Mr. Dhaval Shah Mr. Ambar Patel Mr. Rakesh Patel Mr. Kalpesh Joshi Mr. Jaimin Shah 19+ yrs of experience 50+ yrs of experience 20+ yrs of experience 30+ yrs of experience 30+ yrs of experience Skills & expertise Skills & e
Slide 17: Execution focused leadership team
Execution focused leadership team Mrugank Shah Imran Hashmi Shefali Karar AVP - Operations GM – Business Development Chief Financial Officer Experience: 20+ years Experience: 20+ years Experience: 20+ years Prior engagements: TCS, Hitachi Prior engagements: Reliance Retail, Instrumental in managing
Slide 18: Landmark projects (1/2)
Landmark projects (1/2) 40 MW utility solar for UGVCL (Under PM KUSUM) 37.5 MW utility solar for Ahmedabad Municipal Corporation (AMC)* 12 MW utility solar for multiple clients 20 MW utility solar for Satyendra Packaging Limited 11 MW utility solar for multiple clients 5.2 MW utility solar for Shiva
Slide 19: Landmark projects (2/2)
Landmark projects (2/2) 10 MW utility solar for multiple clients* 5 MW C&I rooftop for HMSI1 3 MW utility solar for multiple clients 140 KW car parking solar for GSFC2 2.5 MW utility solar for GIFT Power Company 1.3 MW C&I rooftop for Satyendra Packaging 814 KW floating solar for GSFC2 * Ongoing pro
Slide 20: Awards and accreditations
Awards and accreditations EPC company of the Solar park developer Solar EPC company Solar park developer year in Gujarat in of the year of the year (C&I) of the year rural projects 2024 2023 2023 2022 Best performing Best rooftop solar EPC company of the Emerging rooftop solar project EPC system yea
Slide 21: Agenda
Agenda 1 Performance snapshot 2 Zodiac Energy at a glance 3 Strategic roadmap & forward outlook 4 Historic business performance 5 Income statement & balance sheet summary 6 India’s clean energy transition: A multi-decadal growth story
Slide 22: Strategic roadmap & forward outlook
Strategic roadmap & forward outlook Prioritizing ground-mounted solar projects due Targeting MENA region to address structural Cautiously scaling our IPP business by pursuing to their larger ticket sizes and operational gaps with high-quality solar solutions and drive margin-accretive projects effic
Slide 23: Agenda
Agenda 1 Performance snapshot 2 Zodiac Energy at a glance 3 Strategic roadmap & forward outlook 4 Historic business performance 5 Income statement & balance sheet summary 6 India’s clean energy transition: A multi-decadal growth story
Slide 24: Historic business performance (1/2)
Historic business performance (1/2) Revenue from operations (INR crs.) Operating profit (EBIDTA in crs.) Profit after tax (INR crs.) 408 37 20 220 19 11 138 4 3 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Gross margin Operating margin (EBIDTA margin) PAT margin 13.1% 13.3% 9.1% 11.0% 8.6% 5.0% 4.9%
Slide 25: Historic business performance (2/2)
Historic business performance (2/2) Cash conversion cycle Debtor days Inventory Days 148 130 61 129 110 52 100 51 28 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Return on equity (RoE) Return on capital employed (RoCE) Net debt to equity 26.2% 27.7% 22.2% 1.8 16.7% 1.3 13.9% 0.9 9.3% FY23 FY24 FY25
Slide 26: Agenda
Agenda 1 Performance snapshot 2 Zodiac Energy at a glance 3 Strategic roadmap & forward outlook 4 Historic business performance 5 Income statement & balance sheet summary 6 India’s clean energy transition: A multi-decadal growth story
Slide 27: Select income statement data
Select income statement data ₹ crores unless otherwise mentioned Q4 FY24 Q4 FY25 YoY change (%) FY24 FY25 YoY change (%) Revenue from operations 106.6 171.3 61% 220.1 407.8 85% Cost of materials consumed including changes in inventories 92.4 141.0 53% 184.2 337.8 83% Employee benefits expense 2.2 2.
Slide 28: Robust balance sheet
Robust balance sheet ₹ crores unless otherwise mentioned ₹ crores unless otherwise mentioned Assets FY24 FY25 Equity and Liabilities FY24 FY25 Non-current assets Equity capital 47.6 96.6 Property, plant and equipment 2.3 75.7 Non-current liabilities Capital work in progress - 7.5 Financial liabiliti
Slide 29: Agenda
Agenda 1 Performance snapshot 2 Zodiac Energy at a glance 3 Strategic roadmap & forward outlook 4 Historic business performance 5 Income statement & balance sheet summary 6 India’s clean energy transition: A multi-decadal growth story
Slide 30: Structural tailwinds that drove solar PV capacity growth in India
Structural tailwinds that drove solar PV capacity growth in India Policy push and institutional support PV-solar installed capacity (GW) ▪ Aggressive targets under National Solar Mission and international commitments like Paris Agreement have driven growth ▪ UDAY, Deen Dayal Upadhyaya Gram Jyoti Yoj
Slide 31: PV-solar installed capacity: Poised for structural growth
PV-solar installed capacity: Poised for structural growth Electrification of economy and demand growth PV-solar installed capacity (GW) ▪ Increasing electrification of transport and industrial sectors creates demand for clean power 364.6 CAGR: 14% Energy transition & climate commitments ▪ India’s 20
Slide 32: Safe Harbor Statement
Safe Harbor Statement This presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of Zodiac Energy Limited (“Zodiac” or the “Company”) in India or any other jurisdict
Slide 33: For further information, please contact
For further information, please contact: Company Investor relations consultants Zodiac Energy Limited Capital Bridge Advisors Ms. Shefali Karar Mr. Rutul Shah Mr. Raj Shah, CFA Chief Financial Officer rutul@capbridge.in raj@capbridge.in compliance@zodiacenergy.com (M) +91.820.024.7366 (M) +91.992.59