Zodiac Energy Limited is an established energy solutions provider incorporated in 1992 and based in Ahmedabad, specializing in solar power generation and renewable energy solutions. The company uses solar energy to provide comprehensive turnkey solutions from concept to commissioning of power plants, positioning itself as a significant player in India's rapidly growing renewable energy sector.
Zodiac Energy operates across multiple segments including residential rooftop, commercial and industrial rooftop, and ground-mounted captive solar projects, offering Design, Supply, Installation, Testing and Commissioning (EPC) and Operation and Maintenance (O&M) services. The company has built an impressive track record, having served over 10,000 customers and installed more than 100,000 KW of rooftop solar power plants up to FY22.
As of July 10, 2025, Zodiac Energy Limited commands a market capitalization of ₹715.65 crores, reflecting its substantial presence in the renewable energy sector. The company belongs to the Industrials sector and specifically operates in the Renewable Energy Equipment & Services sub-sector.
The company demonstrates strong financial health with an annual revenue growth of 60%, a pre-tax margin of 7%, and an exceptional ROE of 23%. The company maintains a reasonable debt-to-equity ratio of 13%, signaling a healthy balance sheet.
The Board of Directors recommended a final dividend of ₹0.75 per equity share (7.5%) for FY25, subject to shareholder approval.
• Q4 FY25 Performance: Net profit rose 65.91% to ₹9.44 crores versus ₹5.69 crores in Q4 FY24. Sales increased 60.69% to ₹171.34 crores compared to ₹106.63 crores in Q4 FY24.
• Full Year FY25 Performance: Net profit surged 82.04% to ₹19.97 crores versus ₹10.97 crores in FY24. Operating revenue stands at ₹343.07 crores on a trailing 12-month basis.
• Q2 FY25 Performance: Consolidated net profit jumped 68.2% to ₹2.49 crores on a 53.4% increase in net sales to ₹52.77 crores compared to Q2 FY24.
• Market Capitalization: ₹715.65 crores (as of July 10, 2025)
• Promoter Holding: 70.01% (as of March 2025)
• Valuation Metrics: P/E ratio of 35.84, P/B ratio of 15.04.
• Stock Range: 52-week high of ₹809.40 and a 52-week low of ₹318.80.
Zodiac Energy has established relationships with prominent clients across various sectors. The company has installed solar power plants for notable clients including Sun-Edison India Limited, Adani Group, Torrent Power Ltd., Gujarat Energy Development Agency, Reserve Bank of India, Directorate of Lighthouse and Lightships GoI, and Indian Oil Corporation Limited. The company has successfully installed more than 6,000 KW of rooftop solar power plants, demonstrating its execution capabilities.
A significant milestone was achieved in 2017 when Zodiac Energy installed a 1 MW ground-mounted solar PV power plant for Adani Transmission Limited at Mohindergarh, Haryana. The company also secured international recognition, having received an order for designing, engineering, supplying, installing, testing, and commissioning a grid-tied 2 MWp Rooftop Solar System with Battery Energy Storage System (BESS) valued at USD $720,626, expected to be completed by February 28, 2025.
Over the last 5 years, Zodiac Energy has demonstrated impressive revenue growth at a yearly rate of 43.01%, significantly outpacing the industry average of 24.58%. The company's market share has also expanded from 0.6% to 1.15% over the past five years, indicating successful market penetration and competitive positioning.
The company achieved SP2C solar grading in 2016, indicating High Technical Capability and Moderate Financial Strength according to Brickwork ratings. Zodiac Energy is also an MNRE-approved manufacturer of solar water heaters, showcasing its diversified capabilities within the renewable energy ecosystem.
Promoter holding in Zodiac Energy Limited stands at 70.01% as of March 2025, down from 70.63% as of August 2024, indicating strong promoter commitment while allowing for some public participation. The company has implemented an Employee Stock Option Plan (ESOP) with 27,550 equity shares allotted under the "Zodiac Energy Limited Employee Stock Option Plan - 2023", demonstrating focus on employee engagement and retention.
Zodiac Energy went public on November 27, 2017, raising capital of ₹10.14 crores through the issuance of 19,50,000 equity shares. The company was originally incorporated as Zodiac Genset Private Limited in 1992 and later renamed to Zodiac Energy Private Limited in 2007 before converting to a public limited company.
Zodiac Energy Limited represents a compelling investment opportunity in India's renewable energy sector, combining strong operational performance, robust client relationships, and significant growth potential. The company's consistent financial performance, expanding market presence, and strategic positioning in the high-growth solar energy segment make it an attractive proposition for investors seeking exposure to India's clean energy transformation. With the government's continued focus on renewable energy targets and the increasing adoption of solar power across commercial and residential segments, Zodiac Energy appears well-positioned to capitalize on these favorable industry tailwinds.
