Zodiac energy wins Rs 7.12 crore work order from undisclosed client for 2 MWp solar plant
Zodiac energy secures Rs 7.12 crore work order for 2 MWp solar plant. Total disclosed backlog is Rs 72.59 crore, covering 0.53 quarters of revenue. Execution momentum is strong with Q4FY26 revenue at Rs 212.50 crore, but lean backlog highlights need for fresh order flow.
*this image is generated using AI for illustrative purposes only.
WHAT HAPPENED
Zodiac Energy has received a confirmed work order worth Rs 7.12206 crore for the execution of a solar power system. The scope includes supply, installation, and commissioning of a ground-mounted solar PV power plant with a capacity of 2000 Kwp (kilowatt peak). The project is scheduled for completion before December 31, 2026, subject to the terms of the purchase order. The awarding entity remains undisclosed in the filing.
ORDER IN FINANCIAL CONTEXT
At Rs 7.12206 crore, this order represents approximately 5.2% of the company's average quarterly revenue of Rs 136.50 crore. The total disclosed order book now stands at Rs 72.59 crore (sum of the 4 orders disclosed across the last 3 fiscal quarters shown in the table below). This backlog covers only 0.53 quarters of average quarterly revenue, indicating a lean pipeline relative to current execution velocity. The book-to-bill ratio, calculated as total disclosed order book divided by TTM revenue of Rs 546.0 crore, is low, suggesting the company is operating largely on a just-in-time or rapid-conversion basis rather than accumulating significant multi-year visibility.
COMPANY ORDER TRACK RECORD
Order inflow data is available only for Q1FY27 in the provided pre-computed summary. The company recorded Rs 72.59 crore in orders during April-June 2026, driven by four significant contracts. Data for Q4FY26 and Q3FY26 is not available in the pre-computed quarterly summary. The current order value of Rs 7.12 crore is consistent with the smaller end of the company's recent per-order size range, which has varied between Rs 5.44 crore and Rs 30.85 crore in the disclosed history.
| Quarter: | Total Order Inflow (Rs Cr): | Key Awarding Entities: |
|---|---|---|
| Q1FY27 (Apr-Jun 2026) | 72.59 | *** |
EXECUTION AND REVENUE QUALITY
Revenue execution has accelerated sharply over the last three quarters. Consolidated revenue rose from Rs 97.10 crore in Q2FY26 to Rs 212.50 crore in Q4FY26. Net profit followed a similar trajectory, increasing from Rs 2.70 crore to Rs 10.60 crore over the same period. Operating profit margin (OPM) remained stable, fluctuating between 9.96% and 10.64%, indicating consistent margin quality despite volume growth. No quarters reported net losses or negative OPM.
| Quarter: | Revenue (Rs Cr): | Net Profit (Rs Cr): | OPM (%): |
|---|---|---|---|
| Q4FY26 | 212.50 | 10.60 | 10.44% |
| Q3FY26 | 138.00 | 5.10 | 9.96% |
| Q2FY26 | 97.10 | 2.70 | 10.64% |
REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE
As Zodiac energy has sustained order wins, its annual revenue has grown significantly based on historical standalone data. Revenue expanded from lower bases in earlier years to reflect a YoY growth of +85.3% in FY25, following +59.6% growth in FY24. This historical trend demonstrates that past order inflows have successfully translated into top-line expansion, although the current disclosed backlog suggests a reset in the order cycle post-FY25.
WORKING CAPITAL AND EXECUTION CAPACITY
The company's balance sheet shows a Total Liabilities/Equity figure that requires monitoring, though specific leverage ratios are not explicitly flagged as critical in the pre-computed context. Operating cashflow trends are not detailed in the input, but the consistent positive net profit and stable OPM suggest reasonable conversion efficiency. The lean order book coverage of 0.53 quarters implies that working capital deployment will be closely tied to immediate project execution rather than long-term inventory buildup.
WHAT TO WATCH
- Execution rate: Monitor whether quarterly revenue continues to grow at the pace seen in Q4FY26 (Rs 212.50 crore) given the modest disclosed backlog of Rs 72.59 crore.
- Order pipeline refresh: With only 0.53 quarters of coverage, new order announcements are critical to sustain the current revenue run-rate.
- Margin stability: Watch if OPM remains near the 10.44% level as the mix of projects shifts between domestic and international assignments.
- Client concentration: The awarding entities are undisclosed (***), limiting analysis of client diversification risk.
KEY OBSERVATIONS
- Backlog signal: Book-to-bill is low at 0.13x (Rs 72.59 crore backlog vs Rs 546.0 crore TTM revenue). Execution capacity is not the binding constraint; order generation is.
- Valuation check (as of 01 Aug 2026): P/E of 17.4x against ROCE of 17.44%. At the time of this article, valuation was broadly aligned with return ratios, pricing in steady execution without excessive premium. (P/E is price-derived and will change; ROCE is from audited financials)
- Promoter holding: Stable at 69.97% in Q1FY27, unchanged from Q4FY26, indicating no significant insider movement.
Historical Stock Returns for Zodiac Energy
| 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% |
20
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
