Zodiac Energy Limited has announced a change in the designation of Mr. Dhaval Shah from Non-Executive Independent Director to Non-Executive Non-Independent Director effective April 23, 2026, subject to shareholder approval at the ensuing General Meeting or within a period of three months from the date of appointment, whichever is earlier. The decision was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee.

Board Meeting Details

The Board meeting was held on April 23, 2026, at the company's registered office located at "Zodiac House", 12 Times Corporate Park, Near Baghban Party Plot, Thaltej-Shilaj Road, Thaltej, Ahmedabad, Gujarat. The meeting commenced at 04:15 P.M. and concluded at 05:00 P.M.

Director Profile and Qualifications

Mr. Dhaval Shah is a member of the Institute of Chartered Accountants of India and the CFA Institute, USA. He holds B.Com, LLB, FCA, and CFA (USA) qualifications, demonstrating a strong academic foundation. His academic excellence is evidenced by securing 9th rank in India in CA Final Exam and 49th rank in India in CA PE II Exam.

Professional Experience

With approximately nineteen years of professional experience, Mr. Shah has developed expertise across multiple financial domains including credit and risk management, relationship management, corporate banking, investment banking, stressed asset management, credit rating, accounting, and audit. He has held positions at several prominent organizations including ICICI Bank, Citi Bank, CARE Ratings, Hero Finance, and Reliance Communications, working in Mumbai and Ahmedabad locations at middle and senior management levels.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, ensuring full regulatory transparency regarding directorial changes.

Zodiac Energy has received a Letter of Intent from an international entity based in Zambia for the execution of a turnkey solar power project valued at USD 3,288,000. The project involves designing, supplying, installing, testing, and commissioning a Ground Mounted Solar PV Power Plant with a capacity of 6 MWp DC, 5 MW AC, and 1 MWh Battery Energy Storage System (BESS) at Lusaka, Zambia.

Project Specifications

The comprehensive scope of work includes complete project implementation from design to delivery on a DAP (Delivery on Place) basis. The project encompasses packing and forwarding, dispatch, transportation with transit insurance, and final delivery at the site.

Strategic Significance

This international order is expected to strengthen Zodiac Energy's presence in the renewable energy sector and contribute to the company's revenues over the project execution period. The turnkey nature of the contract demonstrates the company's capability to manage the entire project lifecycle, from initial planning through final delivery and commissioning.

Market Expansion

The Zambian solar project represents Zodiac Energy's expansion into the African renewable energy market. The company has confirmed that the order has been awarded by an international entity and that neither the promoter group nor group companies have any interest in the entity that awarded the order. The transaction does not fall within related party transactions.