Zodiac Energy Q1 FY27 Results (NSE: ZODIAC)
Signal: Growth reaccelerated
The read
The key inflection is earnings conversion: consolidated revenue grew 44.6% YoY to ₹141.81 crore and owner-attributable PAT grew 160.9% to ₹7.02 crore, helped by the power segment turning profitable; however, revenue and PAT fell 32.8% and 34.0% sequentially from Q4FY26, so the durability of the rebound depends on sustaining EPC execution and power profitability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹141.81 Cr | +44.6% | -32.8% |
| Net profit | ₹7.02 Cr | +160.9% | |
| EPS | ₹4.57 | +156.7% |
P&L walk
Consolidated revenue rose to ₹141.81 crore, +44.6% YoY but -32.8% QoQ; PAT attributable to owners increased to ₹7.02 crore, +160.9% YoY, while the power segment moved from a ₹1.06 crore loss to a ₹0.66 crore profit.
Segments
Solar Modules & EPC Contracts drove the group with ₹137.86 crore revenue and ₹10.35 crore segment result, while Generation of Power improved from a ₹1.06 crore loss in Q1FY26 to a ₹0.66 crore profit, providing the key turnaround contribution.
Key positives
- Solar Modules & EPC Contracts revenue was ₹137.86 crore, up 44.9% YoY, and its segment result rose 79.5% YoY to ₹10.35 crore.
- Generation of Power revenue rose 70.4% YoY to ₹5.01 crore and segment result turned positive at ₹0.66 crore from a ₹1.06 crore loss in Q1FY26.
- Owner-attributable PAT of ₹7.02 crore grew 160.9% YoY, while EPS rose 156.7% to ₹4.57 and broadly tracked PAT.
Key concerns
- Revenue of ₹141.81 crore declined 32.8% sequentially from Q4FY26 revenue of ₹211.12 crore, and owner-attributable PAT declined 34.0% from ₹10.63 crore.
- The filing does not separately disclose EBITDA, operating margin, order book, volumes, capacity utilisation, receivables or operating cash flow, limiting visibility into earnings quality and execution sustainability.
- The company approved 98% acquisitions in Umaputra Solar Projects LLP and Kripalu Solar Projects LLP and increased holdings in Govind Solar Projects LLP and Harikrishna Solar Projects LLP from 15% to 98%; financial contribution and funding impact were not disclosed in this filing.
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