Zodiac Energy Limited has informed the Exchange about Investor Presentation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-F...
Date: May 19, 2025
To,
BSE Limited P J Towers, Dalal Street, Mumbai - 400 00 I Scrip Code: 543416
Dear Sir/Ma’am,
National Stock Exchange of India Limited "Exchange Plaza", Bandra - Kurla Complex, Bandra East, Mumbai - 400051 Symbol: ZODIAC
Sub: Investor Presentation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-FY25 Earnings Update
Ref: Zodiac Energy Limited (Security Id/Symbol: 543416 /ZODIAC)
Pursuant to the provisions of Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose the Investor Presentation of the Company for your reference.
Further, the above information is also available on the Company's website at www.zodiacenergy.com under the head of Investor.
We would like to clarify that no Unpublished Price Sensitive Information (UPSI) is included in this presentation.
The data provided is already available the public domain.
Kindly take the same on your records.
Thanking You. Yours faithfully For, Zodiac Energy Limited
Kunjbihari Shah Managing Director DIN: 00622460
Encl: A/a
Zodiac Energy Limited
Investor Presentation | FY25 Earnings Update
Agenda
1
2
3
Performance snapshot
Zodiac Energy at a glance
Strategic roadmap & forward outlook
4 Historic business performance
5
6
Income statement & balance sheet summary
India’s clean energy transition: A multi-decadal growth story
Performance snapshot – FY25
Scaling revenue and earnings
Prudent capital management
Growing with trust and talent
Revenue from operations
Debtor days
Overall orderbook
INR 408 crs.
85.5% Y-o-Y growth
51 days
Vs 130 days in FY24
INR 461 crores
320% Y-o-Y growth
Operating profit (EBIDTA)
Cash conversion days
No. of clients2
INR 37 crs.
95.3% Y-o-Y growth
100 days
Vs 129 days in FY24
1,177
Vs 1,180 in FY24
Operating margin1
Return on equity (RoE)
No. of C&I projects executed
Expanded by 47 bps Y-o-Y
9.1%
27.7%
Vs 26.2% in FY24
55
Vs 30 in FY24
Profit after tax (PAT)
Net debt/equity
Total workforce
INR 20 crs.
82.0% Y-o-Y growth
1.81
Vs 0.86 in FY24
135
21.6% Y-o-Y growth
1. EBIDTA margin 2. Includes residential rooftop clients
3
Performance highlights and management commentary – FY25
Business & operational highlights
Financial highlights
▪ ▪
▪ ▪
Commissioned 4 MW ground-mounted solar project in Zambia Successfully commissioned 55 C&I projects in FY25, further strengthening our track record
Revenue grew by 85.5% YoY in FY25 and 60.7% YoY in Q4 FY25 EBITDA grew by 95.3% YoY in FY25, with margins at 9.1%; PAT grew by 82.0% YoY in FY25, with margins at 4.9%
▪ Delivered the highest annual and quarterly revenue, EBIDTA and PAT, underscoring our
execution capability and increasing scale
Management commentary
▪
▪
▪
Reinforce our position as an export-oriented EPC player as we continue to consolidate our presence in Africa Continue to scale our ground-mounted business, whilst selectively deepening our presence in rooftop business Continue to actively execute BESS projects to capitalize on long-term tailwinds in energy storage
4
Agenda
1
2
3
Performance snapshot
Zodiac Energy at a glance
Strategic roadmap & forward outlook
4 Historic business performance
5
6
Income statement & balance sheet summary
India’s clean energy transition: A multi-decadal growth story
Zodiac Energy at a glance
End-to-end execution partner for scalable clean energy infrastructure
3-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
6.6x jump | CAGR: 88%
92.8
▪ Specializes in solar solutions, operating across 4 key verticals
o EPC ground-mounted solar
o EPC rooftop solar
o IPP1 (energy generation business)
o Distribution of solar products
▪ Provide turnkey solutions from design to commissioning, with an increasing focus on emerging technologies such as BIPV2, energy storage, and hybrid systems
▪ Commissioned company’s first hybrid renewable solution in Africa
▪ 500+ MW solar projects executed across rooftop, ground-mounted &
co-generation (incl. natural gas, diesel generation and solar)
▪ Landmark Projects: 5 MW rooftop solar for Honda, contributed to India’s
1st 1 MW canal-top
▪ 10,000+ grid connected solar power systems installed
34.2
14.1
16.6
FY22
FY23
FY24
FY25
1. Independent power producers 2. Building integrated photovoltaics
6
Consistent financial and operational growth
42% Revenue CAGR (FY21-FY25)1
52% EBIDTA CAGR (FY21-FY25)1
61% PAT CAGR (FY21-FY25)1
30+ years Industry experience
300+ MW Solar projects executed
150+ MW Captive co-generation installed
10,000+ Homes serviced
15,000+ Satisfied customers
100+ Marquee C&I clients
1. 4-year CAGR
7
Integrated renewables offering with customer-centric approach
Utility-scale solar
Rooftop solar
Floating solar
Hybrid solutions1
s g n i r e f f o r u O
s P S U
Solar tree installations
Wind farm solutions
Solar car-parking installations
BESS2
Smart solutions
3D Engineering
Top-tier components
Customer centric approach
1. Includes solar, wind, diesel generator, battery and grid 2. Battery energy storage solutions
8
Evolving with India’s energy transition – From diesel to natural gas to solar
1992
2004
2006
2010
2013
▪ Incorporated as Zodiac Gensets Private Limited
▪ Entered the natural gas power solutions market
▪ Ventured into thermal
▪ Contributed in
▪ Contributed in
power
commissioning of India’s 1st 1 MW solar PV plant
▪ Contributed in
development of India’s 1st solar park (20 MW)
commissioning of India’s 1st 1 MW canal-top solar project
2024
2023
2021
2019
2017
▪ Commissioned 1st
▪ Entered OPEX-based
utility-scale solar projects
overseas hybrid project with BESS
▪ Expanded operations
into Africa
▪ Ventured in the IPP
businesses (under PM- Kusum)1
▪ Executed large-scale solar park in Gujarat ▪ Commissioned one of
Asia’s largest solar trees
▪ Became India’s #1 rooftop solar installer with 5,500+ homes
▪ Listed as an SME on NSE
Emerge
▪ Became authorized channel
partner for Adani Solar
9
Ground-mounted solar business
Revenue (INR crs.)
No. of clients
44%
65%
71%
4.8x jump | CAGR: 119%
289
59
144
30
38
60
FY23
FY24
FY25
FY23
FY24
FY25
% of consolidated revenue
Strategic focus on high-ticket size business to accelerate revenue growth
10
Rooftop solar business
Revenue (INR crs.)
No. of clients
22%
9%
4%
30
813
20
16
1,142
1,118
FY23
FY24
FY25
FY23
FY24
FY25
% of consolidated revenue
Selectively addressing customers who value quality, assurance, and service over low-cost offerings
11
Ventured in IPP business this fiscal year
FY25 revenue
INR 2.7 cr.
Units generated in FY25
Projects completed
Installed capacity
>9 mn units
6 projects
22MW
Prioritizing projects with strong IRRs to supplement earnings with predictable, annuity-style cash flows
12
Leveraging India’s EPC stronghold to expand across Africa
Solidifying our presence in India
Expanding our footprint in Africa
Market presence: 15+ states & UTs
C&I projects executed: 500+
C&I projects under execution: 110+
Zambia
Market presence: Zambia
C&I projects executed: 1
C&I projects under execution: 1
13
Building a comprehensive ecosystem for solar solutions
Marquee clients
Key partners
Empaneled with leading lending institutions
14
Board of Directors with deep cross functional expertise
Independent Directors
Mr. Dhaval Shah
19+ yrs of experience Skills & expertise ▪ Financial management ▪ Risk management
Mr. Ambar Patel
Mr. Rakesh Patel
Mr. Kalpesh Joshi
50+ yrs of experience Skills & expertise ▪ Manufacturing ▪ Stakeholder partnership
20+ yrs of experience Skills & expertise ▪ Business execution ▪ Manufacturing
30+ yrs of experience Skills & expertise ▪ Operations ▪ Supply chain management
Mr. Jaimin Shah
30+ yrs of experience Skills & expertise ▪ Technology ▪ Strategic partnership
Non-independent directors
Mr. Kunj Shah Chairman and Managing Director
35+ yrs of experience Skills & expertise ▪ Leadership and vision ▪ Project planning and execution
Mr. Jaxay Shah Non-Executive Director
30+ yrs of experience Skills & expertise ▪ Stakeholder relationship ▪ Renewable technology
Ms. Parul Shah Whole Time Director
22+ yrs of experience Skills & expertise ▪ Business management ▪ Human Resources
15
Execution focused leadership team
Mrugank Shah AVP - Operations Experience: 20+ years Prior engagements: TCS, Hitachi Home & Life Solutions
Imran Hashmi GM – Business Development Experience: 20+ years Prior engagements: Reliance Retail, Vodafone India
Shefali Karar Chief Financial Officer Experience: 20+ years Instrumental in managing Zodiac’s IPO
Anurag Mittal Head Institutional Sales Experience: 15+ years Prior engagements: Electrotherm India
Sagar Chandarana GM - Technical Experience: 10+ years Prior engagements: Shashwat Cleantech, Simms Engineering
Jay Shah EA to MD Experience: 5+ years Pedigree: Northeastern University
16
Landmark projects (1/2)
40 MW utility solar for UGVCL (Under PM KUSUM)
37.5 MW utility solar for Ahmedabad Municipal Corporation (AMC)*
12 MW utility solar for multiple clients
20 MW utility solar for Satyendra Packaging Limited
11 MW utility solar for multiple clients
5.2 MW utility solar for Shivam Steelcast
* Ongoing projects
17
Landmark projects (2/2)
10 MW utility solar for multiple clients*
5 MW C&I rooftop for HMSI1
3 MW utility solar for multiple clients
2.5 MW utility solar for GIFT Power Company
1.3 MW C&I rooftop for Satyendra Packaging
814 KW floating solar for GSFC2
140 KW car parking solar for GSFC2
* Ongoing projects 1. Honda Motorcycle and Scooter India | 2. Gujarat State Fertilizers and Chemicals
18
Awards and accreditations
Solar park developer of the year 2024
Solar EPC company of the year (C&I) 2023
Solar park developer of the year 2023
EPC company of the year in Gujarat in rural projects 2022
EPC company of the year (residential) in Gujarat 2021
Best performing rooftop solar project (Technical performance) 2020
Emerging MSME of the year Solar Industries 2019
Best rooftop solar EPC system installer (capex model) 2018
19
Agenda
1
2
3
Performance snapshot
Zodiac Energy at a glance
Strategic roadmap & forward outlook
4 Historic business performance
5
6
Income statement & balance sheet summary
India’s clean energy transition: A multi-decadal growth story
Strategic roadmap & forward outlook
Prioritizing ground-mounted solar projects due to their larger ticket sizes and operational efficiency
Targeting MENA region to address structural gaps with high-quality solar solutions and drive export-led revenue growth
Cautiously scaling our IPP business by pursuing margin-accretive projects
Addressing a niche for branded, high-quality EPC services to select residential customers
Executing BESS projects and positioning ourselves ahead of the curve to benefit from structural storage related tailwinds
21
Agenda
1
2
3
Performance snapshot
Zodiac Energy at a glance
Strategic roadmap & forward outlook
4 Historic business performance
5
6
Income statement & balance sheet summary
India’s clean energy transition: A multi-decadal growth story
Historic business performance (1/2)
Revenue from operations (INR crs.)
Operating profit (EBIDTA in crs.)
Profit after tax (INR crs.)
408
37
138
220
FY23
FY24
FY25
19
4
FY23
FY24
FY25
3
FY23
20
11
FY24
FY25
Gross margin
Operating margin (EBIDTA margin)
PAT margin
11.0%
13.1%
13.3%
8.6%
9.1%
5.0%
4.9%
FY23
FY24
FY25
3.2%
FY23
2.3%
FY24
FY25
FY23
FY24
FY25
23
Historic business performance (2/2)
Cash conversion cycle
Debtor days
Inventory Days
148
129
100
110
130
52
61
51
28
FY23
FY24
FY25
FY23
FY24
FY25
FY23
FY24
FY25
Return on equity (RoE)
Return on capital employed (RoCE)
Net debt to equity
9.3%
FY23
26.2%
27.7%
22.2%
16.7%
13.9%
1.3
0.9
1.8
FY24
FY25
FY23
FY24
FY25
FY23
FY24
FY25
24
Agenda
1
2
3
Performance snapshot
Zodiac Energy at a glance
Strategic roadmap & forward outlook
4 Historic business performance
5
6
Income statement & balance sheet summary
India’s clean energy transition: A multi-decadal growth story
Select income statement data
₹ crores unless otherwise mentioned
Revenue from operations
Cost of materials consumed including changes in inventories
Employee benefits expense
Total operating expenses
EBIDTA
EBIDTA Margin
Other income
Finance costs
Depreciation
Profit before tax
Tax expenses
Profit after tax
PAT Margin
EPS (₹)
Q4 FY24
Q4 FY25
YoY change (%)
FY24
FY25
YoY change (%)
106.6
92.4
2.2
3.4
8.8
171.3
141.0
2.5
10.2
17.6
61%
53%
17%
199%
100%
220.1
184.2
6.3
10.6
19.0
8.3%
10.3%
+201 bps
8.6%
0.3
1.2
0.2
7.7
2.0
5.67
5.3%
3.9
1.0
3.9
1.7
12.9
3.5
9.4
5.5%
6.2
239%
233%
747%
68%
72%
66%
+17 bps
59%
1.0
4.4
0.8
14.7
3.77
11.0
5.0%
7.5
407.8
337.8
9.3
23.6
37.0
9.1%
1.9
8.7
2.7
27.5
7.6
20.0
4.9%
13.4
85%
83%
48%
123%
95%
+47 bps
96%
98%
244%
87%
101%
82%
-9 bps
78%
26
Robust balance sheet
₹ crores unless otherwise mentioned
₹ crores unless otherwise mentioned
Assets
Non-current assets
Property, plant and equipment
Capital work in progress
Right to use assets
Other intangible assets
Financial assets
Other financial assets
Other non-current assets
Net deferred tax assets
Total non-current assets
Current assets
Inventories
Financial assets
Trade receivables
Cash & cash equivalents
Other bank balances
Other financial assets
Other current assets
Total current assets
Total assets
FY24
FY25
Equity and Liabilities
2.3
-
1.8
0.0
2.4
0.1
0.4
7.1
75.7
7.5
16.2
0.0
4.7
12.9
-
117.0
14.1
51.5
78.4
1.6
8.6
0.3
5.5
108.6
115.6
57.1
1.6
16.5
1.9
56.9
185.4
302.4
Equity capital
Non-current liabilities
Financial liabilities
Borrowings
Lease liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Lease liabilities
Trade payables
Other financial liabilities
Other current liabilities
Provisions
Current tax net liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
FY24
47.6
FY25
96.6
10.1
2.4
0.1
0.6
-
13.2
28.0
0.3
14.6
0.0
10.3
0.4
1.1
54.8
68.1
115.6
93.2
14.2
0.1
0.8
2.8
111.2
64.3
2.9
9.9
0.9
15.2
0.5
1.0
94.7
205.9
302.4
27
Agenda
1
2
3
Performance snapshot
Zodiac Energy at a glance
Strategic roadmap & forward outlook
4 Historic business performance
5
6
Income statement & balance sheet summary
India’s clean energy transition: A multi-decadal growth story
Structural tailwinds that drove solar PV capacity growth in India
PV-solar installed capacity (GW)
2.5x jump | CAGR: 20%
100.0
Policy push and institutional support
▪ Aggressive targets under National Solar Mission and international
commitments like Paris Agreement have driven growth
▪ UDAY, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), and
Saubhagya supported grid access and solar deployments
81.8
Cost reductions
▪ Solar PV module prices fell drastically (~80% from 2010–2020),
making solar increasingly competitive with fossil fuels
66.9
54.0
40.1
2021
2022
2023
2024
2025
Scale and investment
▪ Entry of large IPPs and improved financing enabled GW-scale installations, especially ground-mounted utility-scale projects
Infrastructure expansion
▪ Strengthened transmission networks and green energy corridors
facilitated higher renewable integration
Source: NEP Estimates
29
PV-solar installed capacity: Poised for structural growth
PV-solar installed capacity (GW)
Electrification of economy and demand growth
CAGR: 14%
364.6
▪ Increasing electrification of transport and industrial sectors creates
demand for clean power
CAGR: 36%
185.6
100.0
2025
2026
2027
2028
2029
2030
2031
2032
Energy transition & climate commitments
▪ India’s 2030 targets: 500 GW non-fossil capacity and 50% electricity
from renewables by 2030
Technological advancements & hybrid models
▪ Widespread deployment of solar-wind hybrid, BESS (battery energy
storage systems), and round-the-clock (RTC) power offerings
Market mechanisms & decentralization
▪ Green open access rules, renewable energy certificates (RECs), and
real-time markets will improve viability & attractiveness of renewables
Source: NEP Estimates
30
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 jurisdiction. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. The information contained in this presentation is strictly confidential and is intended solely for your reference and shall not be reproduced (in whole or in part), retransmitted, summarized or distributed to any other persons without Company’s prior written consent. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify you or any person of such revision or changes.
This presentation may contain forward‐looking statements that involve risks and uncertainties. Forward‐looking statements are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements assumptions and assumptions and risks, uncertainties and assumptions. Although Company believes that such forward‐looking statements are based on reasonable assumptions, it can give no assurance that your expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India’s political and economic status, government policies, applicable laws, the renewable and solar sector in India, international and domestic events having a bearing on Company’s business, particularly assumptions and the regulatory changes that are applicable to our sector in India, and such other factors beyond our control. You are cautioned not to place undue reliance on these forward-looking statements, which are based on knowledge, experience and current view of Company’s management based on relevant facts and circumstances.
The data herein with respect to Zodiac is based on several assumptions and is subject to several known and unknown risks, which may cause Zodiac’s actual results or performance to differ materially from any projected future results or performance expressed or implied by such statements. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Company’s control. Past performance is not a reliable indication of future performance. This presentation has been prepared by the Company. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward-looking statements, whether and you new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice or a recommendation regarding the securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and you should seek independent financial advice.
For further information, please contact:
Company Zodiac Energy Limited Ms. Shefali Karar Chief Financial Officer compliance@zodiacenergy.com
FY24 Annual Report
Investor relations consultants Capital Bridge Advisors Mr. Rutul Shah rutul@capbridge.in (M) +91.820.024.7366
Mr. Raj Shah, CFA raj@capbridge.in (M) +91.992.591.1296