Any current/future new fundraising through debt or equity?

Zodiac Energy Limited is currently raising funds through a Qualified Institutional Placement (QIP). The purpose of the QIP is to raise equity to invest in PM KUSUM projects, including a 26.56 MW project with a Power Purchase Agreement (PPA) with UGVCL. The overall project cost is approximately INR 150 crores, with INR 30 crores already raised as equity; the balance funding is expected from internal accounts and bankers. The company is also open to future investment opportunities and capex, especially in the Independent Power Producer (IPP) segment, evaluating promising opportunities such as PM

Any current/future capex/capital investment/strategic investment?

Zodiac Energy Limited is actively evaluating investment opportunities in the Independent Power Producer (IPP) segment. A significant ongoing investment is the PM KUSUM scheme project, worth approximately INR150 crores, involving a 26.56 MW solar power plant with a PPA secured with UGVCL. The company is looking for further investment opportunities in the commercial and industrial (C&I) segment, particularly in group captive and third-party solar power plants. Future capex requirements will be met as opportunities arise, with the company indicating it will approach the market as needed for fundi

Future growth expectations in sales/revenue/volumes?

Zodiac Energy anticipates continued growth driven by the expanding solar energy sector and increasing deployment of solar power across India. The company expects most of its current 50 MW order book to be executed within FY25, supporting revenue growth. New investments in the Independent Power Producer (IPP) segment, notably a 26.56 MW PM KUSUM project valued at approximately INR150 crores, will contribute to future sales. Expansion beyond India, particularly in Africa, is planned with strong prospects for converting leads into confirmed orders. Government schemes like PM Surya Ghar Yojana and

Future growth expectations in earnings/operating earnings/profits/EPS?

Zodiac Energy showed strong Q1 FY25 growth with total income up 144.56% YoY and net profit up 184.36% YoY; EPS rose by 183.93% to INR 1.59. EBITDA margin contracted due to investments in growth and higher interest and employee costs but is expected to improve in coming quarters as market prices stabilize. Growth drivers include expanding solar energy sector demand, successful execution of projects including government contracts (e.g., PM KUSUM scheme), and entry into the Independent Power Producer (IPP) segment. New projects like the 26.56 MW PM KUSUM project with INR150 crore investment suppo

Current/ Expected Orderbook/ Pending Orders?

Zodiac Energy Limited currently has an order book of about 50 megawatts, including rooftop and ground-mounted open-access captive projects. Majority of these orders are expected to be executed within the current financial year (FY 2025). Execution timelines depend on factors such as land availability, so exact timelines are not provided. The company is actively bidding for government contracts through tenders and securing orders from private clients via marketing and techno-commercial negotiations. Zodiac is also expanding its project portfolio with investments like the PM KUSUM scheme project

Zodiac EnergyQ1 FY25Construction

Zodiac Energy Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹211.22P/E: 12.6Market Cap: ₹320 CrSector: Construction

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

Zodiac Energy anticipates continued growth driven by the expanding solar energy sector and increasing deployment of solar power across India.
The company expects most of its current 50 MW order book to be executed within FY25, supporting revenue growth.
New investments in the Independent Power Producer (IPP) segment, notably a 26.56 MW PM KUSUM project valued at approximately INR150 crores, will contribute to future sales.
Expansion beyond India, particularly in Africa, is planned with strong prospects for converting leads into confirmed orders.
Government schemes like PM Surya Ghar Yojana and PM KUSUM are significant growth drivers.
Increasing investments from customers in captive solar projects totaling around INR300 crores indicate rising demand.
Opening new offices in Lucknow (already operational) and Pune (soon operational) aims to enhance national presence and boost sales.
Overall, the sector's buoyancy and stable solar panel prices set a positive outlook for revenue and volume growth in coming years.

Margin guidance

Category 3

Zodiac Energy showed strong Q1 FY25 growth with total income up 144.56% YoY and net profit up 184.36% YoY; EPS rose by 183.93% to INR 1.59.
EBITDA margin contracted due to investments in growth and higher interest and employee costs but is expected to improve in coming quarters as market prices stabilize.
Growth drivers include expanding solar energy sector demand, successful execution of projects including government contracts (e.g., PM KUSUM scheme), and entry into the Independent Power Producer (IPP) segment.
New projects like the 26.56 MW PM KUSUM project with INR150 crore investment support growth.
The company expects most of its current 50 MW order book to be executed in FY25, contributing to revenue growth.
Operating margins expected to improve from Q2 onward and surpass FY24 levels on a full-year basis.
Investments in talent and technology are aimed to sustain long-term profitability and growth.

See what Zodiac Energy management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Zodiac Energy Limited is currently raising funds through a Qualified Institutional Placement (QIP).
The purpose of the QIP is to raise equity to invest in PM KUSUM projects, including a 26.56 MW project with a Power Purchase Agreement (PPA) with UGVCL.
The overall project cost is approximately INR 150 crores, with INR 30 crores already raised as equity; the balance funding is expected from internal accounts and bankers.
The company is also open to future investment opportunities and capex, especially in the Independent Power Producer (IPP) segment, evaluating promising opportunities such as PM KUSUM.
No specific mention of future debt raising; current debt stands at around INR 50 crores with interest of approximately 9.35%.
The company will approach the market for funding when suitable investment opportunities arise.

Order book

Yes

Zodiac Energy Limited currently has an order book of about 50 megawatts, including rooftop and ground-mounted open-access captive projects.
Majority of these orders are expected to be executed within the current financial year (FY 2025).
Execution timelines depend on factors such as land availability, so exact timelines are not provided.
The company is actively bidding for government contracts through tenders and securing orders from private clients via marketing and techno-commercial negotiations.
Zodiac is also expanding its project portfolio with investments like the PM KUSUM scheme project of 26.56 megawatts with UGVCL.
The company expects order execution to be robust in FY 2025, aligned with their growth initiatives.

See what Zodiac Energy management said on order book — free account, 30 seconds.

Capex plans

Yes

Zodiac Energy Limited is actively evaluating investment opportunities in the Independent Power Producer (IPP) segment.
A significant ongoing investment is the PM KUSUM scheme project, worth approximately INR150 crores, involving a 26.56 MW solar power plant with a PPA secured with UGVCL.
The company is looking for further investment opportunities in the commercial and industrial (C&I) segment, particularly in group captive and third-party solar power plants.
Future capex requirements will be met as opportunities arise, with the company indicating it will approach the market as needed for funding.
The company raised INR30 crores through QIP equity infusion for the PM KUSUM projects, with the balance funding expected from internal accruals and bankers.

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