Zodiac Energy Q2 FY27 Revenue Rises 71.8% to ₹166.22 Crore

Zodiac Energy Limited reported consolidated revenue from operations of ₹166.22 crore in Q2 FY27, a 71.8% increase from ₹96.77 crore a year earlier, while profit after tax rose to ₹9.17 crore from ₹2.66 crore. The September 2026 quarter shows higher activity in its solar PV modules and EPC business, alongside growth in power generation revenue.

What did Zodiac Energy report for Q2 FY27?

Zodiac Energy reported a substantial year-on-year increase in revenue and profit for the quarter ended September 30, 2026. Consolidated revenue from operations was ₹166.22 crore, while total income, including ₹0.83 crore of other income, reached ₹167.05 crore. Consolidated PAT was ₹9.17 crore and basic earnings per share were ₹5.92.

The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, on October 30, 2026. The reported numbers cover the July to September period and were filed under Regulation 33 of the SEBI Listing Regulations.

Profit before tax rose to ₹11.60 crore from ₹3.50 crore in Q2 FY26. Total expenses were ₹155.45 crore, led by material consumption of ₹134.19 crore, finance costs of ₹5.21 crore and depreciation of ₹3.26 crore. These expenses provide context for the company’s execution-intensive solar EPC operations.

How did the quarter compare with the preceding quarter?

Zodiac Energy’s consolidated revenue rose from ₹142.87 crore in Q1 FY27 to ₹165.87 crore in Q2 FY27 under one reported presentation of the quarterly financials. The company’s consolidated total income increased from ₹143.30 crore in the preceding quarter to ₹167.05 crore in the September quarter.

PAT increased from ₹7.00 crore in Q1 FY27 to ₹9.17 crore in Q2 FY27, while basic EPS rose from ₹4.57 to ₹5.92. Profit before tax improved from ₹9.81 crore to ₹11.60 crore. The sequential comparison indicates that both revenue and reported profit expanded during the quarter.

Standalone figures also showed an increase from the prior-year period. Standalone revenue from operations was ₹164.78 crore, standalone PAT was ₹9.18 crore and standalone basic EPS was ₹5.93. The standalone result was close to the consolidated outcome, although the reported revenue and income figures differ between the two bases of reporting.

Which business lines contributed to Zodiac Energy’s revenue?

Zodiac Energy reported ₹160.85 crore from solar PV modules and EPC and ₹5.02 crore from power generation for Q2 FY27. Solar PV modules and EPC was therefore the company’s principal reported operating business during the quarter, with power generation a much smaller contributor.

The reported mix is relevant because Zodiac Energy has developed across successive energy segments, moving from diesel to gas and solar, and from building plants for customers toward owning generation assets. Its current financial disclosures separately identify the EPC-related solar business and power generation, reflecting those operating activities.

EPC revenue can be affected by project execution and the timing of billing, while power generation represents a separate operating stream. The quarterly statement does not provide project-level details, capacity additions, customer names or an order-book figure, so the reported results should be assessed based on the disclosed revenue and profitability data.

Material consumption of ₹134.19 crore was the largest cost item in the quarter. This is consistent with a business where equipment and project inputs form a major part of execution costs. Finance costs and depreciation together amounted to ₹8.47 crore, based on the reported figures.

What do the Q2 FY27 results mean for investors and operations?

Zodiac Energy’s Q2 FY27 results show that profit grew faster than revenue on a year-on-year basis. Revenue increased by 71.8%, whereas PAT increased by 244.7%, and profit before tax rose from ₹3.50 crore to ₹11.60 crore. The figures point to a stronger reported quarterly outcome than in the comparable period of FY26.

The improvement is also visible in the company’s reported profitability comparison. Based on revenue from operations of ₹166.22 crore and profit before tax of ₹11.60 crore, the PBT-to-revenue ratio was about 7.0% in Q2 FY27, compared with about 3.6% using ₹3.50 crore of PBT and ₹96.77 crore of revenue in Q2 FY26. This is a calculation from the disclosed numbers, rather than a separately reported margin.

For investors, the results provide updated data on revenue, costs, earnings and business mix after the September quarter. They do not, by themselves, establish the pace of future revenue, profit or project execution. The supplied disclosures do not state an order inflow, pending order position, future capex plan or forward financial guidance.

The reported Q2 outcome also matters for the broader solar industry because it highlights the role of EPC activity in revenue formation. However, the company’s filing does not provide comparable sector data, pricing information or a commentary on industry demand. Any assessment of industry-wide conditions would require information beyond this quarterly result.

Conclusion

Zodiac Energy delivered a higher consolidated Q2 FY27 result, with revenue from operations of ₹166.22 crore and PAT of ₹9.17 crore for the quarter ended September 30, 2026. The year-on-year gains in revenue, PBT and PAT were accompanied by sequential increases from Q1 FY27, while solar PV modules and EPC remained the main reported business line.

Investors can next watch for the company’s subsequent quarterly filing and any official disclosure on order inflow, project execution, owned power-generation assets or capital expenditure. The available Q2 FY27 material identifies the business mix and financial performance but does not disclose a future target or order-book update.