Zodiac Energy Ltd

Zodiac Energy Ltd. announced reaffirmations and adjustments to its credit ratings from both CARE Ratings Limited and CARE Ratings Ltd. (CareEdge Ratings), with CARE Ratings reaffirming bank facilities amounting to Rs 71.55, Long Term Bank Facilities of Rs 115.95, and Short Term Bank Facilities of Rs 1.50, all carrying ratings of CARE BBB; Stable, CARE A3+, and CARE A3+ respectively, with the bank facilities enhanced from Rs 63.55; a Long Term Bank Facilities instrument was withdrawn; CARE Ratings also reaffirmed ratings on various fund-based and non-fund-based facilities, including a Bank Loan of Rs 100 crore assigned a BWR A3 rating, and assigned ratings to several new fund-based and non-fund-based instruments, while withdrawing the rating for Fund-based - LT-Cash Credit of 0.00; CareEdge Ratings provided a stable outlook for an IPP project, noting benefits from a long-term power purchase agreement and sustained order execution, and clarified that its ratings represent opinions on the likelihood of timely payment.

Zodiac Energy Limited submitted a certificate to the BSE Limited and National Stock Exchange of India Limited under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026, confirming the dematerialization of share certificates received from MUFG Intime India Private Limited, formerly Link Intime India Private Limited, the company’s Registrar and Share Transfer Agent.

Zodiac Energy Limited has incorporated a wholly-owned subsidiary, Zodiac Energy IPP-4 Private Limited, on October 6, 2026, according to a regulatory filing. The new company, with a nominal share capital of Rs 10,00,000, will operate as a Special Purpose Vehicle (SPV) to undertake solar power generation and engineering, procurement, and construction (EPC) activities, aligning with Zodiac Energy’s business expansion strategy. Zodiac Energy subscribed to 100% of the initial paid-up share capital, comprising 10,000 equity shares of Rs 10 each, making it a wholly-owned subsidiary.

Zodiac Energy Limited informed the BSE Limited and National Stock Exchange of India Limited that the trading window for dealing in securities of the company will be closed from October 1, 2026, until 48 hours after the announcement of the unaudited financial results for the quarter ended September 30, 2026.

Zodiac Energy Limited has completed the acquisition of a 63.5% majority equity stake in Zenwatt Clean Energy Private Limited for a total consideration of Rs 11,43,00,000, according to a regulatory filing. The acquisition, which was previously announced on February 9, 2026, will result in Zenwatt Clean Energy becoming a subsidiary of Zodiac Energy, and is intended to expand the company’s renewable energy portfolio and strengthen its operational capabilities. The purchase price was Rs 18 per equity share, and the transaction was undertaken on an arm’s length basis with interest from the promoter and members of the promoter group.

Zodiac Energy Limited announced it has received purchase orders from four domestic entities in Gujarat for a total solar power project capacity of 24,760 kWp. The orders, expected to bolster the company's renewable energy presence and contribute to revenues during project execution, involve the supply, installation, and commissioning of ground-mounted solar power plants with capacities ranging from 4,235 kWp to 5,405 kWp (DC). The project completion timeframe is six months from the receipt of advance payments, and the transaction falls under related party transactions conducted at arm’s length. The company has withheld the names of the entities awarding the orders due to confidentiality agreements.

Zodiac Energy Limited has acquired 98% ownership in eight Limited Liability Partnerships, Gopala, Narayana, Maatangi, Krishnapriya, Narayani, Sumitra, Ganesh, and Lakshmi Solar Projects LLP, all engaged in solar power plant development and electricity generation. Each LLP has a capital contribution of Rs. 20,000, and Zodiac Energy’s acquisition cost was Rs. 19,600 per LLP, valuing each entity at approximately Rs. 20,000. Notably, all eight LLPs, incorporated between December 2020 and January 2021, have reported zero turnover for the past three fiscal years. The acquisition, considered a related party transaction, was conducted in compliance with applicable laws and required no governmental approvals, and the LLPs are now subsidiaries of Zodiac Energy. The lack of business activity over the three-year period raises questions regarding the strategic rationale and valuation of the acquisition.

Zodiac Energy Limited has incorporated a wholly-owned subsidiary, ZODIAC ENERGY IPP-3 PRIVATE LIMITED, with a nominal share capital of Rs 10,00,000, according to a regulatory filing on September 15, 2026. The new company, incorporated on September 14, 2026, will operate as a Special Purpose Vehicle (SPV) for solar power generation and engineering, procurement, and construction (EPC) activities, aligning with Zodiac Energy’s business expansion strategy. Zodiac Energy Limited subscribed to 100% of the subsidiary’s initial paid-up share capital, comprising 10,000 equity shares of Rs 10 each.

Zodiac Energy Limited has incorporated a wholly-owned subsidiary, Zodiac Energy IPP-2 Private Limited, with a nominal share capital of Rs 10,00,000, according to a regulatory filing on August 25, 2026. The new company, registered in Gujarat, will operate as a Special Purpose Vehicle (SPV) for solar power generation and engineering, procurement, and construction (EPC) activities, aligning with Zodiac Energy’s business expansion strategy. Zodiac Energy subscribed to 100% of the subsidiary’s initial paid-up share capital, comprising 10,000 equity shares of Rs 10 each.

Zodiac Energy Limited announced it has received a purchase order from a domestic entity based in Uttar Pradesh for a ground-mounted solar PV power plant project of 2500 Kwp, with an approximate execution deadline of December 31, 2026. The order, the size of which is stated as 2500 Kwp, is expected to bolster the company’s presence in the renewable energy sector and contribute to its revenues, with the company noting that the entity's name is being withheld due to confidentiality obligations.