Zodiac Energy Limited (ZODIAC)

Loading page…

Zodiac Energy Limited (ZODIAC) · mywealthgrid

About

Small-cap civil construction contractor in Industrials with ₹386.94 Cr market cap. Recent quarterly revenues range ₹96.78–₹211.13 Cr with consistent 10% OPM. ROE 19.75% shows profitable capital deployment.

Face value: ₹10

Market cap

₹328 Cr

P/E

12.9×

P/B

2.8×

Dividend yield

0.3%

ROE

19.7%

ROCE

21.1%

Debt / equity

1.96

OPM

10.3%

EPS (TTM)

₹16.8

Book value

₹77.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High leverage (D/E 1.96): Limits refinancing flexibility and constrains growth investment capacity.

Severe loss: Stock down 40.7% in 1y from ₹442.85 to ₹256.25; verify underlying operational or market drivers.

Thin margins (~10% OPM): Vulnerable to material cost (steel, cement) inflation and labor wage pressures; verify cost trends.

Revenue cyclicality: Quarterly swings from ₹96.78 Cr to ₹211.13 Cr; verify order pipeline and contract visibility.

Generated analysis · source review pending

Growth drivers

Consistent OPM 9.94–11.15% across quarters provides foundation; verify if operational improvements or project mix can expand margins as revenue scales.
Mar 2026 revenue ₹211.13 Cr was highest recent quarter; verify if order pipeline can sustain or exceed this run rate.
ROE 19.75% demonstrates productive capital deployment; verify if current project execution and new contract wins can drive revenue growth.

Generated analysis · source review pending

1,765 historical price candles were omitted because the exchange source has not been verified.

₹217.2+4.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24.6% (3-yr avg)
+High return on capital employed of 27.9%
+Profit CAGR of 36.7% over the last 5 years
+Revenue CAGR of 40.2% over the last 5 years
+High promoter holding of 70% with no pledge

Cons

−Heavily leveraged (debt/equity 2)
−Low dividend payout of 4.5% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 29
Growth: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	100	143	138	220	408	544
COGS	—	—	—	—	—	461
Gross profit	—	—	—	—	—	83
	—	—	—	—	—	27
	7	9	7	19	37	56
OPM %	7.1%	6.2%	5.4%	8.6%	9.1%	10.3%
Depreciation	0	1	1	1	3	10
Interest	1	2	3	4	9	19
	0	1	1	1	2	2
Profit before tax	6	8	4	15	28	28
Tax	—	—	—	—	—	8
Tax %	—	—	—	—	—	26.3%
	4	5	3	11	20	21
PAT margin %	4.4%	3.8%	2.3%	5%	4.9%	3.9%
EPS (₹)	—	—	—	—	—	13.9
EPS adjusted (₹)	3	3.7	2.2	7.5	13.2	13.9
	—	—	—	—	—	5.4%
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	15	15	15	15	15	15
Reserves	13	18	21	33	81	102
Minority interest	0	—	—	—	—	2
	13	17	45	38	158	229
	16	29	14	30	48	135
Total equity & liabilities	56	79	95	116	302	482
	2	3	3	4	92	118
CWIP	—	—	—	—	—	2
Investments	—	—	—	—	—	22
	—	—	—	—	—	341
Total assets	56	79	95	116	302	482

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-4	2	-23	16	-49	16
	-2	-4	-3	-5	-105	-54
	6	3	25	-10	153	50
Net cash flow	-0	1	-1	1	0	12
Free cash flow	—	—	—	—	—	-29
CFO / Operating profit %	-58.2%	25.9%	-309.1%	83.7%	-131.9%	29.2%

Compounded sales growth

7 years: —
5 years: 40%
3 years: 58%
1 year: 33%

Compounded profit growth

7 years: —
5 years: 37%
3 years: 87%
1 year: 5%

Return on equity

7 years: —
5 years: 17%
3 years: 21%
Last year: 18%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Solar Photovoltaic Modules & EPC Contracts	528.31	36.04	295.16	194.44	100.72	35.78
Generation of Power	15.58	-2.39

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	15.2%
EBITDA margin %	7.1%	6.2%	5.4%	8.6%	9.1%	10.3%
EBIT margin %	6.6%	5.8%	4.9%	8.3%	8.4%	8.4%
PAT margin %	4.4%	3.8%	2.3%	5%	4.9%	3.9%
Working capital
Receivable days	—	—	—	—	—	76
Inventory days	—	—	—	—	—	102
Payable days	—	—	—	—	—	38
NWC days	—	—	—	—	—	140
Leverage
Current ratio	2.03	1.97	1.64	1.98	1.96	1.42
Debt to EBITDA	1.76	1.92	6.02	2.01	4.25	4.11
Debt to equity	0.46	0.52	1.25	0.8	1.63	1.96
Interest coverage	6.9	5.8	2.4	4.3	4.2	2.5
Asset turnover	1.8	1.81	1.45	1.9	1.35	1.13
Return ratios
Return on assets %	7.9%	6.9%	3.4%	9.5%	6.6%	4.4%
Return on capital employed %	23.3%	25.5%	17%	35.6%	27%	21.1%
Return on equity %	16.1%	16.6%	8.8%	23.1%	20.7%	18%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.86%	72.86%	72.87%	72.73%	70.01%	70.01%	70.01%	69.89%	69.89%	69.91%	69.97%	69.97%
	0%	0%	0%	0%	1.46%	1.32%	0.91%	0.54%	0.54%	0.34%	0.15%	0.14%
	0%	0%	0%	0%	0.59%	0.56%	0.56%	0.34%	0.34%	0.34%	0.2%	0.2%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	27.14%	27.14%	27.13%	27.27%	27.94%	28.11%	28.52%	29.23%	29.23%	29.41%	29.68%	29.69%
No. of shareholders	—	—	—	—	—	—	—	—	39,591	38,120	36,867	36,307

Promoter holding down 2.89 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
Apeksha PatwaPromoter Group	SellGift	6,50,000	₹0	8.53% → 4.23%	16 Sept 20257(2)
Shefali KararKey Managerial Personnel	BuyESOP	2,000	₹20,000

4 deals · 3 Jan 2022 – 21 Feb 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Feb 2022	ALPHA LEON ENTERPRISES LLP	Bulk	NSE	Sell	1,00,000	₹99.44	₹0.99 Cr
18 Feb 2022	ALPHA LEON ENTERPRISES LLP	Bulk	NSE	Buy	94,000	₹85.78	₹0.81 Cr
4 Jan 2022	MEHTA ANILBHAI JASWANTLAL	Bulk	NSE	Sell	84,000	₹66.20	₹0.56 Cr
3 Jan 2022	PARIKH SHONA JAYESH	Bulk	NSE	Sell	88,000	₹63.05	₹0.55 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Kunjbihari ShahExecutive Director-Chairperson related to Promoter-MD
Mrs. Parul Kunjbihari ShahExecutive Director
Mr. Jaxay ShahNon-Executive - Non Independent Director
Mr. Dhaval ShahNon-Executive - Non Independent Director
Mr. Kalpesh Lalitchandra JoshiNon-Executive - Independent Director
Mr. Ambar Jayantilal PatelNon-Executive - Independent Director
Mr. Rakesh Arvindbhai PatelNon-Executive - Independent Director
Mr. Jaiminbhai Jagdishbhai ShahNon-Executive - Independent Director
Shefali Nirmal KararChief Financial Officer
Ms. Divya JoshiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Zodiac Energy Limited. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Analyst / investor meeting30 Sept 2026 · 2 days agomeeting

2

Final dividend16 Sept 2026 · ex-date₹0.75
Final dividend12 Sept 2025 · ex-date₹0.75

1

Board meeting to consider results13 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

28 Sept 2026, 5:39 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 5:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

19 Sept 2026, 5:53 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

18 Sept 2026, 12:27 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

18 Sept 2026, 10:47 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

18 Sept 2026, 10:46 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

16 Sept 2026, 3:55 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

16 Sept 2026, 3:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

Date	Category	Subject	Filing
28 Sept 2026, 5:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 5:48 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition

Loading announcements…

Zodiac Energy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Upcoming and recent1

Dividends2

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Upcoming and recent1

Dividends2

Board meetings1

No fund holdings on record

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Generation of Power · revenue

1

2

1

1

2

1