Zodiac Energy
ZODIAC · NSE_SME · Micro Cap
Zodiac Energy
C&I and rooftop solar EPC with growing IPP and O&M arms.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Zodiac Energy: order book visibility + working capital discipline determine equity returns through the next solar capex cycle.
Bull case for Zodiac Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Zodiac Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Working capital days and customer concentration
- 06Commodity pass-through clauses in contracts
- 07Margin trajectory on order book mix
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 24.0x | — |
| Forward P/E | — | — |
| EV/EBITDA | 17.6x | — |
| EV/Sales | 1.6x | — |
| P/B | 4.7x | — |
| FCF Yield | — | — |
Project pipeline
0 tracked projects
Financials
Source: Screener.in (consolidated) · ticker ZODIAC · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 1 year
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2025 |
|---|---|
| Sales | 408 |
| Operating Profit | 37 |
| OPM % | 9% |
| Net Profit | 20 |
| EPS (₹) | 13.23 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Sales | 171 | 98 | 97 | 138 |
| OPM % | 10% | 10% | 11% | 10% |
| Net Profit | 9 | 3 | 3 | 5 |
Balance sheet · 1 year
₹ Crore.
| Item | Mar 2025 |
|---|---|
| Equity Capital | 15 |
| Reserves | 81 |
| Borrowings | 175 |
| Fixed Assets | — |
| Total Assets | 302 |
Cash flow · 0 years
₹ Crore.
| Activity |
|---|
| Operating |
| Investing |
| Financing |
| Net Cash Flow |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary