Zodiac Energy Q4 FY26: PAT up 12.6%, sales 23.2%

Q4 FY26 earnings at a glance

Zodiac Energy (NSE: ZODIAC) reported a rise in profit and revenue for the quarter ended March 2026 (Q4 FY26), extending a year that also delivered strong full-year sales growth. Net profit rose 12.61% to ₹10.63 crore in Q4 FY26, compared with ₹9.44 crore in the quarter ended March 2025. Revenue increased 23.22% to ₹211.12 crore in Q4 FY26 versus ₹171.34 crore in the year-ago quarter.

The March quarter matters because it closes the financial year and often reflects execution pace, project billing, and working-capital intensity for companies in solar EPC and related segments. In Zodiac Energy’s case, the March quarter numbers indicate a faster top-line run rate than the previous year, while profit growth remained lower than revenue growth.

Q4 FY26: profit grew, but slower than revenue

On a year-on-year basis for Q4 FY26, sales grew by 23.22% while net profit grew by 12.61%. The gap between revenue growth and profit growth suggests that costs, finance charges, depreciation, or project mix could be influencing profitability. The data shared does not include Q4 margins, but the relative pace of growth points to a more measured expansion in bottom-line performance than in sales.

The company’s Q4 FY26 revenue of ₹211.12 crore is also higher than the quarterly revenue figures cited for earlier quarters of FY26, such as Q3 FY26 revenue near ₹138 crore. That indicates a stronger finish to the year in terms of reported sales.

FY26 full-year performance: sales up 33.29%

For the full year ended March 2026 (FY26), Zodiac Energy reported net profit of ₹21.07 crore, up 5.51% from ₹19.97 crore in FY25. Full-year sales rose 33.29% to ₹543.52 crore, compared with ₹407.78 crore in FY25.

The FY26 pattern is notable: a sharp rise in sales was accompanied by a comparatively modest rise in profit. When profit grows slower than revenue at the annual level, investors typically track whether the reason lies in input costs, interest burden, depreciation, tax outgo, or a shift in project mix. The provided data points to such pressures becoming visible at least in Q3 FY26.

Q3 FY26 recap: higher sales, lower YoY profit

Zodiac Energy announced its Q3 FY 2025-26 results on 10 February, 2026. Key highlights cited for Q3 FY26 include revenue of ₹138.00 crore and net profit of ₹5.08 crore. Another Q3 FY26 snapshot reports net sales of ₹137.56 crore, which is consistent in scale with the ₹138.00 crore figure.

The quarter also saw a reported year-on-year decline in profitability: net profit in Q3 FY26 was flagged as down about 11% YoY (for example, “▼ 11.21% YoY” alongside net profit of about ₹5.07 crore). At the same time, net sales rose 31.85% YoY to ₹137.56 crore, and the sequential improvement was strong, with a 42.14% rise from Q2 FY26 revenue of ₹96.78 crore.

Cost and margin cues visible in Q3 FY26 numbers

Some additional Q3 FY26 operating indicators were provided. Operating profit (PBDIT) excluding other income was reported at ₹13.70 crore, with an operating margin of 9.96%. Profit before tax (PBT) for Q3 FY26 was cited at ₹6.89 crore, while tax expense was ₹1.81 crore, resulting in net profit (PAT) of ₹5.08 crore.

A PAT margin of 3.69% was also cited for the quarter, and the narrative attributed the pressure on profitability to higher interest costs and depreciation charges. These figures help explain how a quarter can post strong revenue growth yet show weaker profit progression.

Q2 FY26 snapshot: revenue nearly doubled YoY

For Q2 FY26 (quarter ended September 30, 2025), the board approved unaudited standalone and consolidated financial results. Standalone revenue from operations for the quarter was ₹96.78 crore (₹9,677.59 lakhs), while total income was ₹97.08 crore (₹9,707.72 lakhs).

Profit after tax (PAT) for Q2 FY26 was cited at ₹2.68 crore (₹268.13 lakhs). The data also highlighted that revenue was up 83.5% YoY in Q2 FY26 (from ₹52.77 crore in Q2 FY25, i.e., ₹5,276.55 lakhs), while PAT rose 7.7% YoY (from ₹2.49 crore in Q2 FY25).

Stock context: sharp fall from 52-week high

Alongside the financial updates, the stock price context shared indicates a steep correction. Zodiac Energy’s stock was cited as falling 52.44% from a 52-week high of ₹563.45 to about ₹268.00.

Such a move means investors are likely to scrutinise execution consistency, the durability of margins, and the impact of finance and depreciation costs, especially when revenue growth is strong but profit growth is comparatively muted.

Key numbers table: quarterly and annual snapshot (₹ crore)

Market impact: what investors may track next

The latest numbers show that Zodiac Energy exited FY26 with a strong Q4 revenue print and year-on-year profit growth for the quarter. But the full-year picture shows profit growth lagging revenue growth. And Q3 FY26 data points highlight how higher interest costs and depreciation can compress profitability even when operating performance and sales are improving.

Investors following NSE: ZODIAC may therefore focus on whether the company can sustain the higher quarterly revenue run rate seen in Q4 FY26, while preventing a repeat of the Q3 FY26 pattern where profitability weakened on a year-on-year basis despite strong sales growth.

Conclusion

Zodiac Energy reported Q4 FY26 net profit of ₹10.63 crore on sales of ₹211.12 crore, and FY26 net profit of ₹21.07 crore on sales of ₹543.52 crore. Earlier-quarter disclosures for FY26 show strong sequential growth in Q3 revenue and profit, alongside margin pressure linked to interest and depreciation. The next set of periodic updates will be important to confirm whether the stronger year-end revenue pace translates into steadier profitability.