Zodiac Energy Limited , a fully integrated renewable energy EPC company, has reported its highest-ever financial performance in FY25, driven by robust project execution, international expansion, and strategic entry into the Independent Power Producer (IPP) segment.
For the full year FY25, the company reported revenue from operations of ₹408 crore, up 85% year-on-year, supported by strong commissioning activity in both domestic and overseas markets. EBITDA grew 95% to ₹37 crore, with margins expanding to 9.1%. Profit After Tax (PAT) rose 82% to ₹20 crore, driven by scale benefits and cost efficiency. Return on Equity improved by 150 basis points to 27.7%, highlighting strong capital productivity.
In Q4 FY25, Zodiac achieved revenue of ₹171 crore, registering 100% growth year-on-year. EBITDA doubled to ₹18 crore, with margins improving to 10.3%, while PAT grew 66% to ₹9 crore. The strong quarterly performance reflects improved execution across ground-mounted solar projects.
FY25 also marked a major milestone in Zodiac’s international journey, as the company successfully commissioned its first international ground-mounted solar project in Africa. Zodiac further expanded its presence across the continent through partnerships and competitive bidding in key growth markets.
The company also entered the IPP segment during the year, with plans to build a portfolio of solar assets that offer recurring revenue and higher margin potential. Management stated that this move aligns with its long-term strategy to diversify revenue streams and enhance cash flow stability.
Zodiac continued the execution of Battery Energy Storage System (BESS) projects, tapping into the rising demand for round-the-clock renewable energy solutions. The company views BESS as a long-term growth driver, supported by policy incentives and increasing global focus on hybrid systems.
Operationally, Zodiac achieved industry-leading project execution timelines and improved cost controls, aided by the deployment of digital monitoring and resource optimization tools.
Commenting on the performance, Zodiac Energy Limited’s chairman, Kunj Shah said, “FY25 has been a defining year for Zodiac Energy. With record financials, our first international project, and a strategic entry into the IPP business, we’ve set the foundation for sustainable, high-margin growth. As we scale, we remain committed to innovation, execution, and expanding our footprint in both domestic and global clean energy markets.”
Looking ahead to FY26 and beyond, Zodiac plans to deepen its global EPC footprint in high-growth regions such as Africa, Southeast Asia, and the Middle East. It will continue to leverage India’s engineering cost advantage to compete effectively in international tenders.
The company also aims to scale its IPP portfolio through a mix of greenfield development and brownfield acquisitions, focusing on utility-scale and commercial & industrial (C&I) solar projects. Further, Zodiac plans to strengthen its capabilities in battery storage, investing in solar-plus-storage solutions and forming technology partnerships.
From a digital and operational standpoint, Zodiac will adopt AI/ML-based tools for energy output forecasting, and roll out enterprise-wide ERP systems to enhance supply chain and financial control.
In line with global ESG trends, the company will initiate ESG reporting aligned with SEBI and international frameworks. It will also invest in carbon accounting, green building certification, and sustainable procurement practices.
To support its growth ambitions, Zodiac will pursue strategic partnerships with financial institutions, OEMs, and climate-focused funds, aiming to access competitive capital, secure key equipment, and reduce project risk.
Zodiac Energy Limited is emerging as one of India’s fastest-growing renewable energy EPC firms, now poised to become a global clean energy player with a focus on technology, sustainability, and long-term value creation.
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