Investor Presentation

November 06, 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 Sub: Investor Presentation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-Q2 FY27 Earnings Update Dear Sir/Ma’am, 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 Q2 FY27 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 We would like to clarify that no Unpublished Price Sensitive Information (UPSI) is included in this presentation.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 record and oblige us. Thanking You. Yours Faithfully, For Zodiac Energy Limited Kunjbihari Shah Chairman & Managing Director Place: Ahmedabad Encl: A/a Zodiac Energy Limited Investor Presentation | Q2 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 – Q2 FY27 INR 12.4 crores Revenue from INR 166.2 crores Cash profit (+266% y-o-y) operations (+72% y-o-y) Cash profit 7.5% INR 19.2 crores EBITDA margin (+199 bps in y-o-y) (+87% y-o-y) 1.6x INR 11.6% Net debt to equity EBITDA margin (-0.5x y-o-y) (+93 bps y-o-y) Return on Equity 25.2% INR 9.2 crores Profit after tax (RoE) (+557 bps y-o-y) (+242% y-o-y) Return on Capital 23.6% 5.5% PAT margin Employed (RoCE) (+358 bps y-o-y) (+274 bps y-o-y) 1. Earnings before interest, taxes, depreciation, and amortization 3 Performance highlights and management commentary – Q2 FY27 ▪ Acquired 63.5% stake in Zenwatt Clean Energy for ₹1.14 crores, making it a subsidiary ▪ Received solar project orders totaling 24.8 MWp Business & operational highlights ▪ Incorporated a wholly owned subsidiary for solar power and EPC projects ▪ Won ~₹7.1 crore contract to build a 2 MW solar power plant in Gujarat ▪ Successfully commissioned 80.7 MW C&I projects in Q2 FY27, further strengthening our track record ▪ Revenue grew by 72% YoY to ₹ 166.2 crores in Q2 FY27 ▪ EBITDA grew by 87% YoY to ₹ 19.2 crores, with margins at 11.6% Financial highlights ▪ PAT grew by 242% YoY to ₹ 9.2 crores, with margins at 5.5% ▪ Strong cash PAT of ₹12.4 crores in Q2 FY27 from ₹5.3 crores in, driven by EPC-IPP1 dual advantage ▪ Net debt to equity ratio improved to 1.4x in Q2 FY27 from 2.1x in FY26 ▪ 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 2. Source: World Energy Outlook 4 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 600+ 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 7 Evolving with India’s energy transition – From diesel to solar • Contributed in commissioning of India’s • Contributed in • Entered the natural gas 1st 1 MW solar PV plant commissioning of India’s • power solutions market • Contributed in • Incorporated as Zodiac • Ventured into thermal development of India’s 1st 1st 1 MW canal-top solar • Listed as an SME on NSE Gensets Private Limited power solar park (20 MW) project Emerge 1992 2004-2006 2010 2013 2017 2026 2024 2023 2021 2019 • Acquired majority stake in • Commissioned 1st overseas • Entered OPEX-based • Executed large-scale solar • Became India’s #1 rooftop Zenwatt Clean Energy, hybrid project with BESS utility-scale solar projects park in Gujarat solar installer with 5,500+ entering BESS segment • 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 management • Project planning and execution • Renewable technology • Human Resourc [Showing first 8,000 characters — download PDF for full document]