Zodiac Energy shareholders approve director re-appointments

Zodiac Energy shareholders have approved the re-appointment of two independent directors and the regularization of a non-executive director through a remote e-voting process. The postal ballot, which concluded on July 21, 2026, also sanctioned a remuneration increase for an associate director. The resolutions were passed with the required majority, ensuring continuity in the company's board leadership and governance structure.

The voting process was scrutinized by Anjali Sangtani of SCS and Co. LLP, appointed pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The remote e-voting period commenced on June 19, 2026, and concluded on July 18, 2026. A total of 70 shareholders participated in the voting process, representing 68.19% of the outstanding shares.

Voting Results

The postal ballot notice dated June 15, 2026, proposed four resolutions for shareholder approval. The results, declared on July 21, 2026, showed strong support from the promoter group and public non-institutional shareholders.

Resolution	Type	Votes For	Votes Against	% For	% Against
Re-appointment of Mr. Rakesh Arvindbhai Patel	Special	10312758	495	99.9952	0.0048
Re-appointment of Mr. Ambar Jayantilal Patel	Special	10312720	533	99.9948	0.0052
Regularization of Mr. Dhaval Shah	Ordinary	10312901	352	99.9966	0.0034
Remuneration increase for Mr. Jay Kunjbihari Shah	Ordinary	10312758	495	99.9952	0.0048

Key Approvals

The re-appointment of Mr. Rakesh Arvindbhai Patel (DIN: 00373019) and Mr. Ambar Jayantilal Patel (DIN: 00050042) as Independent Directors was approved via special resolutions. Shareholders also passed an ordinary resolution to regularize the appointment of Mr. Dhaval Shah (DIN: 07933310) as a Non-Executive Non-Independent Director.

Additionally, the voting approved an increase in remuneration for Mr. Jay Kunjbihari Shah, an Associate Director who holds an office or place of profit in the company. This resolution was passed as an ordinary resolution. The record date for determining the eligibility of shareholders to vote was June 12, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.51%	+4.76%	-2.79%	+0.84%	-41.82%	+1,331.11%

Zodiac Energy reported a 33% year-on-year increase in revenue from operations to ₹543.5 crore for the financial year ended March 31, 2026 (FY26). The fully integrated renewable energy EPC player attributed this growth to robust execution across its solar verticals, including EPC ground-mounted, rooftop, and Independent Power Producer (IPP) businesses. EBITDA for the period surged 50% to ₹55.3 crore, with margins expanding by 114 basis points to 10.2%. Profit after tax (PAT) increased 5% to ₹21.0 crore, while cash profit after tax grew 36% to ₹31.0 crore.

The company’s operational efficiency improved as debtor days reduced to 57 from 61 in the previous year, and cash conversion days stood at 94 compared to 83 in FY25. Return on equity (RoE) improved to 19.5% from 18% in the prior year. The net debt-to-equity ratio was recorded at 1.9x. Zodiac Energy’s overall orderbook stood at ₹382.3 crore, with order inflow for the year reaching ₹163.4 crore. The IPP business contributed ₹15.6 crore in revenue, a 478% year-on-year growth.

Strategic Initiatives and Expansion

Zodiac Energy is focusing on building a scalable distributed energy platform through its Zenwatt business model, which offers mobile Battery Energy Storage Systems (BESS) for diesel replacement. The company targets high-usage segments such as construction, events, and commercial facilities. It has also expanded its footprint into Africa, commissioning its first hybrid renewable solution in the region. In India, the company maintains a presence across 15+ states and union territories, with over 500 C&I projects executed.

Financial Performance

The income statement highlights a consistent rise in top-line and operational metrics. Total operating expenses increased 102% year-on-year to ₹47.6 crore, while finance costs rose 116% to ₹18.8 crore. Depreciation for the year stood at ₹10.0 crore. The balance sheet remained robust, with total assets growing to ₹329.7 crore in FY26 from ₹302.4 crore in the previous year. Equity capital increased to ₹118.7 crore from ₹96.6 crore.

Metric (₹ crores)	FY25	FY26	YoY Change
Revenue from operations	407.8	543.5	33%
EBITDA	37.0	55.3	50%
EBITDA Margin	9.1%	10.2%	114 bps
Profit after tax	20.0	21.0	5%
EPS (₹)	13.4	13.9	4%

Business Outlook

Management highlighted the structural tailwinds driving India’s clean energy transition, including policy support, cost reductions in solar PV modules, and infrastructure expansion. The company continues to leverage its EPC stronghold to expand geographically and technologically, focusing on emerging areas like Building Integrated Photovoltaics (BIPV) and hybrid systems.