General Updates

September 03, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Bandra East, Mumbai – 400 001 Mumbai – 400051 Scrip Code: 543416 Symbol: ZODIAC Dear Sir/Ma’am, Sub: Investor Presentation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Q1 FY-27 Earnings Update 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 Q1 FY-27 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 We would like to clarify that no Unpublished Price Sensitive Information (UPSI) is included in this presentation.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 in the public domain. Kindly take the same on your record and oblige us. Thanking You. Yours Faithfully, For Zodiac Energy Limited Divya Joshi Company Secretary & Compliance Officer Place: Ahmedabad Encl: A/a Zodiac Energy Limited Investor Presentation | Q1 FY27 Earnings Update Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 4. Historic business performance 5. Income statement & balance sheet summary 6. India’s clean energy transition: A multi-decadal growth story Performance snapshot – Q1 FY27 INR 28.3 crores Revenue from INR 141.8 crores Gross profit (+41% y-o-y) operations (+45% y-o-y) Gross profit 20.0% INR 15.1 crores EBITDA margin (-260 bps in y-o-y) (+55% y-o-y) 1.9x INR 10.6% Net debt to equity EBITDA margin (+0.1x y-o-y) (+70 bps y-o-y) Return on Equity 19.8% INR 7.0 crores Profit after tax (RoE) (-796 bps y-o-y) (+157% y-o-y) Return on Capital 19.9% 4.9% PAT margin Employed (RoCE) (-703 bps y-o-y) (+221 bps y-o-y) 1. Earnings before interest, taxes, depreciation, and amortization Performance highlights and management commentary – Q1 FY27 ▪ Won a ~₹7.1 crore contract to build a 2 MW solar power plant in Gujarat ▪ Incorporated a wholly owned subsidiary for solar power and EPC projects. Business & operational highlights ▪ Successfully commissioned 65.7 MW C&I projects in FY26, further strengthening our track record ▪ Debtor days improved to 57 days from 61 days, reflecting healthy cash inflows ▪ IPP portfolio revenue scaling up to ₹5.0 crs. as a long-term growth driver ▪ Revenue grew by 45% YoY to 141.8 crs in Q1 FY27 ▪ EBITDA grew by 55% YoY to 15.1 crs in Q1 FY27, with margins at 10.6% ▪ PAT grew by 157% YoY to 7.0 crs in Q1 FY27, with margins at 5.0% Financial highlights ▪ Strong cash PAT of 31.0 in FY26 from 22.7 crore in FY25, driven by EPC-IPP1 dual advantage, supporting robust cash EPS of 25.6 ▪ Improvement in cash conversion cycle to 94 days in FY26 from 83 days in FY25 ▪ Net debt to equity ratio improved to 1.9x in FY26 from 1.8x in FY25 ▪ 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 Management commentary business ▪ Scaling BESS execution to tap a 20-25%2 CAGR energy storage market opportunity ▪ Strong growth visibility with Zenwatt-led expansion; 1,000 crore revenue target by FY29 1. EPC-Engineering, Procurement and Construction IPP-Independent Power Producer 4 2. Source: World Energy Outlook Agenda 1. Performance snapshot 2. Zodiac Energy at a glance 3. Strategic roadmap and investment rationale for Zenwatt 4. Historic business performance 5. Income statement & balance sheet summary 6. 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 5-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 7.1x jump | CAGR: 47.9% ▪ Specializes in solar solutions, operating across 4 key verticals ⚬ EPC ground-mounted solar ⚬ EPC rooftop solar ⚬ IPP (energy generation business) 99.7 ⚬ Distribution of solar products 92.8 ▪ Provide turnkey solutions from design to commissioning, with an increasing focus on emerging technologies such as BIPV1, energy storage, and hybrid systems ▪ Commissioned the company’s first hybrid renewable solution in Africa 34.2 ▪ 500+ MW solar projects executed across rooftop & ground-mounted ▪ Landmark Projects: 5 MW rooftop solar for Honda, contributed to India’s 1st 1 MW 14.1 16.6 canal-top FY22 FY23 FY24 FY25 FY26 ▪ 10,000+ grid-connected solar power systems installed Consistent financial and operational growth 30.6% 49.1% 30.7% 30+ years Revenue CAGR (FY22-FY26)1 EBIDTA CAGR (FY22-FY26)1 PAT CAGR (FY22-FY26)1 Industry experience 500+ MW 150+ MW 16,000+ 100+ Solar projects executed Captive co-generation installed Satisfied customers Marquee C&I clients 1. Building Integrated Photovoltaics Integrated renewables offering with customer-centric approach Our offerings Utility-scale solar Rooftop solar Floating solar Hybrid solutions Solar tree installations Wind farm solutions Solar car-parking BESS1 installations USPs Smart Solutions 3D Engineering Customer Centric Top Tier Components Approach 1. BESS: Battery Energy Storage Systems Evolving with India’s energy transition – From diesel to natural gas to solar • Contributed in commissioning of India’s 1st 1 MW solar PV plant • Contributed in • Contributed in commissioning of India’s • Incorporated as Zodiac • Entered the natural gas • Ventured into thermal development of India’s 1st 1st 1 MW canal-top solar Gensets Private Limited power solutions market power solar park (20 MW) project 1992 2004 2006 2010 2013 2024 2023 2021 2019 2017 • Commissioned 1st overseas • Entered OPEX-based • Executed large-scale solar • Became India’s #1 rooftop • Listed as an SME on NSE hybrid project with BESS utility-scale solar projects park in Gujarat solar installer with 5,500+ Emerge • Expanded operations into • Commissioned one of homes Africa Asia’s largest solar trees • Became authorized • Ventured in the IPP channel partner for Adani businesses (under PM- Solar Kusum) Building a comprehensive ecosystem for solar solutions Marquee clients Key partners Empaneled with leading lending institutions Execution focused leadership team Mrugank Shah Imran Hashmi AVP - Operations GM – Business Development Experience: 20+ years Experience: 20+ years Prior engagements: TCS, Prior engagements: Reliance Hitachi Home & Life Solutions Retail, Vodafone India Shefali Karar Anurag Mittal Chief Financial Officer Head Institutional Sales Experience: 20+ years Experience: 15+ years Instrumental in managing Prior engagements: Zodiac’s IPO Electrotherm India Sagar Chandarana Jay Shah GM - Technical EA to MD Experience: 10+ years Experience: 5+ years Prior engagements: Shashwat Pedigree: Northeastern Cleantech, Simms Engineering University Board of directors with deep cross functional expertise Independent Directors Mr. Ambar Patel Mr. Rakesh Patel Mr. Kalpesh Joshi Mr. Jaimil Shah 50+ yrs of experience 20+ yrs of experience 30+ yrs of experience 30+ yrs of experience Skills & expertise Skills & expertise Skills & expertise Skills & expertise • Manufacturing • Business execution • Operations • Technology • Stakeholder partnership • Manufacturing • Supply chain management • Strategic partnership Non-independent directors Mr. Kunj Shah Mr. Jaxay Shah Ms. Parul Shah Mr. Dhaval Shah Chairman and Managing Director Non-Executive Director Whole Time Director Non-Executive Director 19+ yrs of experience 35+ yrs of experience 30+ yrs of experience 22+ yrs of experience Skills & expertise Skills & expertise Skills & expertise Skills & expertise • Financial management • §Leadership and vision • Stakeholder relationship • Business management • Risk mana [Showing first 8,000 characters — download PDF for full document]