What we do Zodiac Energy Limited is an integrated renewable energy EPC company providing turnkey solutions in solar power generation, including design, installation, and operation. |
Founded in 1,992 |
Market share Leading rooftop solar EPC player in India; expanding presence in Africa with strong EPC execution capabilities. |
Problem solved Addresses clean energy needs with scalable solar power infrastructure, reducing dependence on fossil fuels and supporting energy transition. |
Top clients or who we serve Serves industrial, commercial, government, and residential sectors; marquee clients include Adani, Honda, and Indian Oil; B2B and B2C focus. |
Key management Kunjbihari Shah (MD) with 30+ years' industry experience; executive and independent directors with expertise in finance, operations, and technology. |
Our journey and innovations Started with diesel gensets in 1992; expanded to natural gas power, then solar EPC and IPP operations; first Overseas hybrid project with BESS in Africa. |
Where we operate India (15+ states and union territories) and Africa (Zambia, expanding in MENA). |
Top products or what we offer EPC for ground-mounted and rooftop solar, energy storage (BESS), hybrid solar solutions, solar water heaters, and captive power plants. |
Top brands Solar EPC services, IPP solar projects under PM-KUSUM, solar rooftops with 10,000+ installations, 500+ MW solar projects executed. |
Raw materials needed Solar photovoltaic modules, batteries for energy storage, electrical components, mounting structures. |
Raw materials supplier Collaboration with Adani Solar, Clarke Energy (GE Jenbacher engines), and Caterpillar distributors. |
Recurring vs cyclical contribution Revenue primarily project-based EPC with growing recurring revenues from IPP solar generation and O&M contracts. |
Our industry position Among top solar rooftop installers in India; recognized EPC awards; rapidly scaling utility-scale solar projects. |
Financial highlights FY25 revenue ₹408 crore (+85%), PAT ₹20 crore (+82%), EBITDA margin 9.1%, ROE 27.7%. |
Geographical revenue split India contributes over 97% of revenues; expanding business in Africa contributes remaining share. |
Order book Order book of ₹461 crore, a 320% growth YoY, driven by large-scale solar and C&I projects. |
Whats driving growth India’s renewable energy policies, cost competitiveness of solar, export expansion, and energy storage demand. |
Our future plans Scaling ground-mounted solar, expanding IPP and BESS projects, growing rooftop segment selectively, exploring MENA and African markets. |
Our green promise Committed to clean energy transition, reducing carbon footprint, and sustainable project development. |
Our people and values 141 employees with focus on inclusive growth, training, and employee stock option plan to retain talent. |
Key challenges ahead Capital intensive projects, competitive bidding, regulatory changes, and supply chain constraints. |
Interesting facts First Indian company to commission hybrid renewable project with energy storage in Africa; over 10,000 grid-connected solar systems. |
Risks and strategy Mitigating financial and operational risks through diversification, strong governance, and expanding annuity-based IPP portfolio. |
