| Total Capacity | 24,760 kWpSolar Projects |
|---|---|
| Market Cap | ₹336.77 CrSmall Cap |
| Revenue TTM | ₹587.26 CrOperating |
| P/E TTM | 13.26Sector PE 25.83 |
| Order from | Four domestic entities |
| Execution period | 6 months |
Key highlights
- Aggregate solar capacity of 24,760 kWp secured across four distinct domestic projects
- Project scope includes full supply, installation, and commissioning of solar PV plants
- Execution timeline set at six months from the receipt of advance or documentation
- Transactions identified as related party deals conducted on an arm’s length basis
- Individual project capacities range from 4,310 kWp to 9,640 kWp ground-mounted systems
Details of the Solar Mandate
Zodiac Energy has received four separate purchase orders from domestic entities based in Gujarat for the development of solar power systems. The largest single mandate involves the supply, installation, and commissioning of two grid-interactive ground-mounted plants with a combined capacity of 9,640 kWp. The remaining three orders involve individual plants with capacities of 5,405 kWp and 4,310 kWp.
All projects must be executed within six months from the date of receiving the necessary advances or purchase order documentation. These orders are expected to strengthen the company's presence in the renewable energy sector and contribute to revenue throughout the execution period.
Client Profile and Transaction Nature
The purchase orders have been awarded by four domestic entities, though specific names remain undisclosed due to confidentiality obligations and mutual agreements between the parties. Notably, these contracts are identified as related party transactions because members of Zodiac Energy’s promoter group hold interests in the awarding entities. Despite this relationship, the company has clarified that the transactions are being undertaken on an arm’s length basis and in full compliance with applicable statutory laws.
This arrangement underscores the internal demand for renewable energy solutions within the promoter-associated corporate ecosystem in Gujarat, supporting the company's regional order book.
Financial and Market Context
Zodiac Energy currently holds a market capitalization of ₹336.77 crore, with its stock trading at a TTM P/E ratio of 13.26x, which is lower than the sector average of 25.83x. The company reported an annual operating revenue of ₹543.52 crore for the previous fiscal year, reflecting a 33.27% year-on-year growth. However, the stock has faced market pressure, with a one-year price decline of 44.22% and a current RSI of 29.1, placing it in oversold territory.
Despite recent price volatility, the company maintains a robust promoter holding of 69.97% and a Piotroski score of 5, indicating stable financial health.
Industry Landscape
The Indian solar industry is experiencing significant tailwinds driven by the national target of achieving 500 GW of non-fossil fuel capacity by 2030. Gujarat has emerged as a leader in solar adoption due to favorable state policies and high solar radiation levels. Competitive dynamics in the EPC space are intensifying as specialized players like Zodiac Energy compete for regional mandates while larger utilities scale up national projects.
Rising input costs for PV modules and supply chain fluctuations remain primary headwinds; however, the shift toward open access arrangements for industrial consumers continues to drive demand for decentralized solar power plants across the state.
| Share price | ₹222.25 |
|---|---|
| Market capitalisation | ₹336.77 Cr |
| Revenue (annual) | ₹543.52 Cr |
| Net profit (annual) | ₹21.07 Cr |
| Revenue (latest quarter) | ₹141.81 Cr-32.83% vs previous quarter |
| Net profit (latest quarter) | ₹7.02 Cr-33.96% vs previous quarter |
| P/E (TTM) | 13.26×Sector 25.83× |
| Promoter holding | 69.97%0.00% QoQ |
| FII holding | 0.14%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Zodiac Energy Ltd announcing the receipt of purchase orders for solar power projects totaling 24,760 kWp. Market figures from a third-party data provider.
