Zodiac Energy Ltd. · NSE:ZODIAC
Zodiac Energy — Q2 FY27 Earnings Presentation
33 slides from Zodiac Energy's earnings presentation, Nov 6, 2026
Slide 1: Regulation 30 filing cover letter to exchanges
November 06, 2026 To, BSE Limited National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Bandra East, Mumbai – 400 001 Mumbai – 400051 Scrip Code: 543416 Symbol: ZODIAC Sub: Investor Presentation under Regulation 30 read with Schedule III of the
Slide 2: Zodiac Energy Limited Investor Presentation Q2 FY27 Earnings Update
Zodiac Energy Limited Investor Presentation | Q2 FY27 Earnings Update
Slide 3: Agenda
Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 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 – Q2 FY27
Performance snapshot – Q2 FY27 Revenue from INR 166.2 crores Cash profit INR 12.4 crores operations (+72% y-o-y) (+266% y-o-y) INR 19.2 crores Cash profit 7.5% EBITDA margin (+199 bps in y-o-y) (+87% y-o-y) INR 11.6% Net debt to equity 1.6x EBITDA margin (-0.5x y-o-y) (+93 bps y-o-y) INR 9.2 crores
Slide 5: Performance highlights and management commentary – Q2 FY27
Performance highlights and management commentary – Q2 FY27 ▪ Acquired 63.5% stake in Zenwatt Clean Energy for ₹1.14 crores, making it a subsidiary ▪ Received solar project orders totaling 24.8 MWp Business & operational highlights ▪ Incorporated a wholly owned subsidiary for solar power and EPC proj
Slide 6: Agenda
Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 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 5-year solar installation track record (MW) ▪ Founded by Mr. Kunj Shah in 1992 as Zodiac Genset, Zodiac Energy is a fully integrated renewable energy EPC player 7.1x jump | CAGR: 47.9% ▪ Specializes in so
Slide 8: Integrated renewables offering with customer-centric approach
Integrated renewables offering with customer-centric approach Our offerings Utility-scale solar Rooftop solar Floating solar Hybrid solutions Solar tree installations Wind farm solutions Solar car-parking BESS1 installations USPs Smart Solutions 3D Engineering Customer Centric Top Tier Components Ap
Slide 9: Evolving with India's energy transition – From diesel to solar
Evolving with India’s energy transition – From diesel to solar • Contributed in commissioning of India’s • Entered the natural gas 1st 1 MW solar PV plant • Contributed in • power solutions market • Contributed in commissioning of India’s • Incorporated as Zodiac • Ventured into thermal development
Slide 10: Building a comprehensive ecosystem for solar solutions
Building a comprehensive ecosystem for solar solutions Marquee clients Key partners Empaneled with leading lending institutions 9
Slide 11: Execution focused leadership team
Execution focused leadership team Mrugank Shah Imran Hashmi AVP - Operations GM – Business Development Experience: 20+ years Experience: 20+ years Prior engagements: TCS, Prior engagements: Reliance Hitachi Home & Life Solutions Retail, Vodafone India Shefali Karar Anurag Mittal Chief Financial Offi
Slide 12: Board of directors with deep cross functional expertise
Board of directors with deep cross functional expertise Independent Directors Mr. Ambar Patel Mr. Rakesh Patel Mr. Kalpesh Joshi Mr. Jaimil Shah 50+ yrs of experience 20+ yrs of experience 30+ yrs of experience 30+ yrs of experience Skills & expertise Skills & expertise Skills & expertise Skills & e
Slide 13: Landmark projects (1/2)
Landmark projects (1/2) 38 MWp utility solar for Ahmedabad Municipal Corporation 40 MWp utility solar for UGVCL (Under PM KUSUM) 12 MWp utility solar for multiple clients (AMC)* 20 MWp utility solar for Satyendra Packaging Limited 11 MWp utility solar for multiple clients 5.2 MWp utility solar for S
Slide 14: Landmark projects (2/2)
Landmark projects (2/2) 3 MWp utility solar for multiple clients 5 MWp C&I rooftop for HMSI1 814 KWp floating solar for GSFC2 10 MWp utility solar for multiple clients* 2.5 MWp utility solar for GIFT Power Company 1.3 MWp C&I rooftop for Satyendra Packaging 13
Slide 15: Awards and accreditations
Awards and accreditations Solar developer of the year Solar park developer of the for KUSUM/DREEP projects year 2023 2026 Best performing KUSUM EPC company of the year projects for the state of (residential) in Gujarat 2021 Gujarat 2026 Tech & Business model Emerging MSME of the year innovation of t
Slide 16: Agenda
Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 4. Historic business performance 5. Income statement & balance sheet summary 6. India’s clean energy transition: A multi-decadal growth story
Slide 17: Strategic roadmap & forward outlook
Strategic roadmap & forward outlook Executing BESS Cautiously scaling Targeting MENA Addressing a niche Prioritizing ground- projects and our IPP business by region to address for branded, high- mounted solar positioning ourselves pursuing margin- structural gaps with quality EPC services projects d
Slide 18: Building a scalable distributed energy platform
Building a scalable distributed energy platform Business model: Zenwatt-led BESS entry ▪ Strategic stake of 63.5% in Zenwatt Clean Energy for in-house BESS capability ▪ Mobile, plug-and-play BESS for diesel replacement and temporary & critical power ▪ Managed clean-power model (EMS/BMS + remote moni
Slide 19: Building a growing annuity-style IPP earnings base
Building a growing annuity-style IPP earnings base Q2 FY27 revenue INR 4.8 cr. Units generated in Q2 FY27 11.2 mn units Projects completed 14 projects Installed capacity 54.3 MWp Prioritizing projects with strong IRRs to supplement earnings with predictable, annuity-style cash flows 18
Slide 20: 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 Kenya Zambia Market presence: 15+ states & UTs Market presence: Zambia, Kenya C&I projects executed: 500+ C&I projects executed: 2 C&I projects under execution: 110+ C&I proj
Slide 21: Ground-mounted solar business
Ground-mounted solar business Revenue (INR crs.) No. of clients 65% 71% 65% 42% 53% 352.0 13 87.6 59 289.2 10 38 144.1 41.1 27 FY24 FY25 FY26 Q2 FY26 Q2 FY27 FY24 FY25 FY26 Q2 FY26 Q2 FY27 % of consolidated revenue Selectively addressing customers who value quality, assurance, and service over low-c
Slide 22: Rooftop solar business
Rooftop solar business Revenue (INR crs.) No. of clients 9% 4% 4% 4% 15% 1,142 1,118 107 22.0 25.5 20.0 70 15.8 565 4.1 FY24 FY25 FY26 FY24 FY25 FY26 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 % of consolidated revenue Selectively addressing customers who value quality, assurance, and service over low-cost off
Slide 23: Agenda
Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 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.) 544 56 20 21 408 37 11 220 19 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Gross margin Operating margin (EBIDTA margin) PAT margin 10.3% 21.3% 5.0% 4.9% 16.3% 17.2%
Slide 25: Historic business performance (2/2)
Historic business performance (2/2 ) Cash conversion cycle Debtor days Inventory days 118 106 77 94 63 61 57 31 35 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Return on equity (RoE) Return on capital employed (RoCE) Net debt to equity 26.2% 27.7% 33.8% 2.4 19.6% 2.1 25.6% 20.0% 0.9 FY24 FY25 FY26 F
Slide 26: Agenda
Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 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 Particulars FY25 FY26 YoY change Q2 FY26 Q2 FY27 YoY change Revenue from operations 407.8 543.5 33% 96.8 166.2 71.8% Cost of materials consumed including changes in inventories 337.8 427.7 27% 75.7 134.2 77.3% Employee benefits expense
Slide 28: Robust balance sheet
Robust balance sheet ₹ crores unless otherwise mentioned ₹ crores unless otherwise mentioned Assets FY25 FY26 H1 FY27 Equity and Liabilities FY25 FY26 H1 FY27 Equity capital 96.6 118.7 135 Non-current assets Non-current liabilities Property, plant and equipment 75.7 118.0 148.7 Financial liabilities
Slide 29: Agenda
Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 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 PV-solar installed capacity (GW) Policy push and institutional support ▪ Aggressive targets under National Solar Mission and international commitments like Paris Agreement have driven growth 143.6 ▪ UDAY, Deen Dayal Upadhyaya Gram Jyo
Slide 31: PV-solar installed capacity: Poised for structural growth
PV-solar installed capacity: Poised for structural growth PV-solar installed capacity (GW) Electrification of economy and demand growth ▪ Increasing electrification of transport and industrial sectors creates demand for clean power 364.6 CAGR: 14% Energy transition and climate commitments ▪ India’s
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: Thank you
Thank you For further information, please contact: Company Zodiac Energy Limited Ms. Shefali Karar Chief Financial Officer compliance@zodiacenergy.com Investor relations & strategy consultant Meeting Request Link NeoAtlas Capital Advisory LLP Harsha Hotwani Mr. Rutul Shah harsha@atlascapital.in rutu