Zodiac Energy Ltd. · NSE:ZODIAC
Zodiac Energy — FY2026 Earnings Presentation
32 slides from Zodiac Energy's earnings presentation
Slide 1: Zodiac Energy Limited Investor Presentation FY26 Earnings Update
Zodiac Energy Limited Investor Presentation | FY26 Earnings Update
Slide 2: 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 3: Performance snapshot – FY26
Performance snapshot – FY26 Revenue and profitability Return and capital Client and people Revenue from operations Debtor days Overall orderbook ₹ 543.5 crs. 57 days ₹ 382.3 crs. 33% Y-o-Y growth Vs 61 days in FY25 23% Y-o-Y growth Operating profit (EBITDA) Cash conversion days Order inflow ₹ 55.3 c
Slide 4: Performance highlights and management commentary – FY26
Performance highlights and management commentary – FY26 ▪ Commissioned 6 MW ground-mounted solar project in Zambia ▪ Successfully commissioned 65.7 MW C&I projects in FY26, further strengthening our track record Business & operational highlights ▪ Robust order pipeline with ₹382.3 crs. worth orders
Slide 5: 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 6: 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 7: 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 8: 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 • Contributed in commissioning of India’s 1st 1 MW solar PV plant • Contributed in • Contributed in commissioning of India’s • Incorporated as Zodiac • Entered the natural gas • Ventured into thermal development of India’s
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: Awards and accreditations
Awards and accreditations Solar park developer of the Solar EPC company of the year 2024 year (C&I) 2023 Solar park developer of the EPC company of the year in year 2023 Gujarat in rural projects 2022 EPC company of the year Best performing rooftop (residential) in Gujarat 2021 solar project (Techni
Slide 15: 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 16: 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 17: Building a scalable distributed energy platform
Building a scalable distributed energy platform Business model: Mobile BESS for diesel replacement ▪ Provides plug-and-play battery systems for temporary & critical power ▪ Targets high-usage segments: o Construction o Events & infrastructure o Commercial facilities ▪ Operates on managed clean-power
Slide 18: Building a growing annuity-style IPP earnings base
Building a growing annuity-style IPP earnings base FY26 revenue INR 15.6 cr. Units generated in FY26 65.7 mn units Projects completed 12 projects Installed capacity 44.5 MWp Prioritizing projects with strong IRRs to supplement earnings with predictable, annuity-style cash flows 18
Slide 19: 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 C&I projects executed: 500+ C&I projects executed: 2 C&I projects under execution: 110+ C&I projects un
Slide 20: Rooftop solar business
Rooftop solar business Revenue (INR crs.) No. of clients 9% 4% 4% 1,142 1,118 22 20 16 565 FY24 FY25 FY26 FY24 FY25 FY26 % of consolidated revenue Selectively addressing customers who value quality, assurance, and service over low-cost offerings 20
Slide 21: Ground-mounted solar business
Ground-mounted solar business Revenue (INR crs.) No. of Clients 1.5x jump | CAGR: 20.9% 65% 71% 65% 352 22 289 13 144 7 FY24 FY25 FY26 FY24 FY25 FY26 % of consolidated revenue Strategic focus on high-ticket size business to accelerate revenue growth 21
Slide 22: 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 23: 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 55 20 21 408 37 11 220 19 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Gross margin Operating margin (EBIDTA margin) PAT margin 21.3% 10.2% 5.0% 4.9% 16.3% 17.2%
Slide 24: Historic business performance (2/2)
Historic business performance (2/2 ) Cash conversion cycle Debtor days Inventory days 118 106 77 94 83 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 27.7% 1.8 1.9 26.2% 35.6% 19.5% 27.0% 20.9% 0.8 FY24 FY25 FY26 F
Slide 25: 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 26: Select income statement data
Select income statement data ₹ crores unless otherwise mentioned Q4 FY25 Q4 FY26 YoY change FY25 FY26 YoY change Revenue from operations 171.3 211.1 23% 407.8 543.5 33% Cost of materials consumed including changes in inventories 141.0 166.0 18% 337.8 427.7 27% Employee benefits expense 2.5 3.4 34% 9
Slide 27: Robust balance sheet
Robust balance sheet ₹ crores unless otherwise mentioned ₹ crores unless otherwise mentioned Assets FY25 FY26 Equity and Liabilities FY25 FY26 Non-current assets Equity capital 96.6 118.7 Property, plant and equipment 75.7 118.0 Non-current liabilities Capital work in progress 7.5 2.2 Financial liab
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 Link NeoAtlas Capital Advisory LLP Mr. Rutul Shah Research Team rutul.shah@atlascapital