Zodiac Energy Ltd – Company Report
1. Company Overview
Zodiac Energy Limited, established in 1992 and headquartered in Ahmedabad, Gujarat, is a leading Indian solar energy and power generation solutions provider. The company began as an assembler of diesel generator sets (Zodiac Genset) before diversifying into solar power and renewable energy in the early 2000s. Zodiac now operates advanced manufacturing and engineering facilities, delivering turnkey EPC (Engineering, Procurement, and Construction) and O&M (Operations & Maintenance) services for solar power plants across India. Accredited by the Ministry of New and Renewable Energy (MNRE) and certified ISO 9001 and 14001, Zodiac has a strong reputation for quality, reliability, and innovation, serving major government bodies, corporates, and thousands of residential and industrial clients.
Key Highlights:
- Incorporated: 1992
- Headquarters: Ahmedabad, Gujarat, India
- Certifications: ISO 9001:2015, ISO 14001:2015, MNRE accreditation
- Service Portfolio: Solar EPC, rooftop and ground-mounted PV systems, solar water heaters, O&M, hybrid solar solutions
- Installed Base: 100+ MW active projects, 6000+ KW rooftop installations
- Major Clients: Adani Group, Torrent Power, SunEdison, Indian Oil, RBI, and various state and central agencies
2. Products and Services
- Solar EPC Solutions: Turnkey solar power systems (rooftop, ground-mounted, utility-scale)
- Rooftop & Distributed Solar: Residential, commercial, and industrial installations
- Solar Water Heaters & Thermal: Manufacturing and installation
- Hybrid & Captive Power: Gas/diesel/solar hybrid plants, grid-connected and off-grid systems
- Process Equipment: Solar modules, inverters, balance-of-system components, energy storage
- O&M: Operations and maintenance contracts for installed solar systems
- Energy Consulting: Feasibility studies, regulatory, system design, and asset management
3. Recent News and Business Developments
Awarded for most residential rooftop installations in India and multiple solar and hybrid EPC projects across government, railways, and industry sectors
October 2024: Zodiac Energy won a tender to develop a 30 MW ground-mounted solar project for Ahmedabad Municipal Corporation (AMC) in Gujarat. The project, valued at approximately ₹154.27 crore, includes design, supply, installation, testing, and commissioning, with 5 years of O&M.
December 2024: Secured its first international order from Strongpak Ltd. (Zambia). The USD 720,626 contract involves a 2 MWp rooftop solar plant with battery storage (BESS), targeted for completion by February 2025. May 2025: Zodiac Energy Limited has announced the acquisition of a majority 51% stake in Radhavallabh Solar Projects LLP and Priyapritam Solar Projects LLP, marking a strategic expansion of its solar energy portfolio.
July 2025: Zodiac announced successful commissioning of two solar power plants in Dhunsol, Gujarat, with a total capacity of 3.94 MWp.
August 2025: Acquired a 50% stake in Dhwarkesh Solar Projects LLP for Rs. 10,000 out of the total capital of Rs. 20,000. The acquisition, effective August 22, 2025, was made through direct capital contribution. Dhwarkesh Solar Projects LLP, incorporated in 2020, for setting up solar power plants and producing electricity through solar energy.
September 2025: Zodiac Energy Limited has successfully commissioned a new 2.340 MWP solar power plant in Village Paroya, Taluka Khedbrahma, District Sabarkantha, Gujarat. The plant was officially commissioned on September 1, with the company receiving the connectivity report on the same day.
September 2025: Zodiac Energy Limited has successfully commissioned two solar power plants in Dalisana village, Mehsana district, Gujarat. The plants have capacities of 1.57 MWp and 1.23 MWp, adding a total of 2.80 MWp to the company's renewable energy portfolio.
October 2025: Zodiac Energy Limited has successfully commissioned a new 10.4 MWp solar power plant in Karsanpura village, Kheralu taluka, Mehsana district, Gujarat.
November 2025: Zodiac Energy Limited has issued a postal ballot notice seeking shareholder approval to provide loans, guarantees, or securities up to Rs 500 crore to its subsidiaries, associates, joint ventures, or group entities. The e-voting period is set from November 8 to December 7, 2025.
November 2025: Zodiac Energy Limited has commissioned two new solar power plants in Gujarat, adding 5.16 MWp to its operational capacity. The plants, located in Village-Sudasana, Tal-Satlasna, Dist-Mahesana, have capacities of 4.14 MWp and 1.02 MWp respectively.
Order Book Growth: The company's order book expanded 320% YoY, reaching ₹461 crore in FY2025.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Total Revenue | ₹410 crore |
| Net Profit | ₹19.97 crore |
| Earnings Per Share (EPS) | ₹13.23 |
| Operating Profit Margin | 9.5% |
| Net Profit Margin | 5% |
| Dividend Payout % | 6% |