Zodiac Energy

What Zodiac Energy does

Zodiac Energy Limited is an Indian renewable energy solutions provider founded in 1992 and headquartered in Ahmedabad, Gujarat. The company designs, supplies, installs, and operates solar photovoltaic systems across ground-mounted, commercial/industrial rooftop, residential rooftop, hybrid (solar + wind + DG + battery + grid), floating, and BIPV configurations, alongside Battery Energy Storage Systems (BESS), wind farm, solar water heating, solar car parking, and solar tree offerings. Its technology stack includes a Battery Management System for storage regulation, an AI-based monitoring layer for predictive maintenance, and the Zodiac Solar Connect mobile application (white-labeled from AHAsolar) supporting estimation, lead management, and project workflows.

The business operates across multiple revenue streams: one-time Solar EPC contracts for ground-mounted, rooftop, and hybrid systems; managed-services-style IPP (Independent Power Producer) operations via wholly-owned solar project LLPs (Shamli, Dhwarkesh, Dharmik); subscription-style Operations & Maintenance services; and a transaction-fee dealer/distributor channel. Customer segments span residential homeowners (4,500+ rooftop projects cited), commercial & industrial enterprises, government/public-sector buyers, utility-scale developers, and dealers. Marquee enterprise and government clients include Adani Group, Tata Motors, Honda, Bosch, L&T, ISRO, RBI, SBI, Bank of Baroda, Indian Oil, Torrent Power, Indian Railway, Nirma, Torrent Pharma, Zydus, Amul, Toyota, Decathlon, and GIFT City, with cumulative footprint reported at 500+ MWp across 16,000+ clients.

Distribution combines direct enterprise field-sales, EMI-financing partnerships with banks (20% down / 80% loan), a nationwide dealer/distributor network, and branch offices in Gujarat. The company is publicly listed on the National Stock Exchange (ticker: ZODIAG) following its maiden IPO in November 2017, holds ISO 9001:2015 and ISO 14001:2015 certifications, and has received national awards including the ET Enterprise Award (2019) and Future Global Green Leader (2020). Recent strategic activity includes three LLP acquisitions between August 2025 and March 2026, commissioning of a new solar plant in Baroda in May 2026, an LOI for projects in Zambia, and consolidation of physical branches.

Name

Zodiac Energy

Legal name

Zodiac Energy Limited

Website

https://zodiacenergy.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

Zodiac Energy Limited is an Indian NSE-listed (ZODIAG) solar EPC and IPP founded in 1992 and headquartered in Ahmedabad, Gujarat, delivering ground-mounted, rooftop, hybrid, BESS, and floating solar solutions to residential, commercial/industrial, government, and utility customers across a cumulative 500+ MWp portfolio serving 16,000+ clients.

Ownership category

akta.pro rank

Product category

Solar EPC and Renewable Energy Solutions

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC)

Keywords

• Solar EPC solutions
• Rooftop solar installation
• Ground-mounted solar systems
• Battery energy storage systems
• Hybrid renewable energy solutions

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Solar EPC (Engineering, Procurement, Construction): Design, supply, and installation of solar power systems including ground-mounted, rooftop (residential, commercial, industrial), and hybrid solutions. End-to-end project execution from feasibility studies to commissioning and operations & maintenance.
2. IPP (Independent Power Producer) Operations: Operating owned solar power plants to generate and sell electricity, transitioning from pure EPC to including power generation assets.
3. Operations & Maintenance Services: Ongoing maintenance services for solar power plants including panel cleaning, thermal scans, firmware updates, diagnostics, vegetation trimming, and minor repairs.
4. Dealer/Distributor Network: Revenue generated through dealer network with competitive commissions and incentives for selling Zodiac Energy solar solutions.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Zodiac Energy Limited designs, supplies, and installs solar power systems across ground-mounted, rooftop (commercial, industrial, residential), hybrid (solar + wind + DG + battery + grid), and Battery Energy Storage System (BESS) configurations for utility, commercial, industrial, government, and residential customers. The company operates an end-to-end EPC model covering feasibility studies, site surveys, system design, commissioning, and ongoing operations & maintenance. Beyond EPC, the company operates owned solar power plants as an Independent Power Producer (IPP), delivers recurring O&M services, and distributes solutions through a national dealer and distributor network.

Product overview

Zodiac Energy offers an integrated portfolio of renewable energy solutions centered on solar power, encompassing ground-mounted solar systems, commercial/industrial rooftop installations, residential rooftop solutions, hybrid energy systems combining solar/wind/diesel/battery/grid, and battery energy storage systems (BESS). The company also provides wind farm solutions, floating solar installations (800+ kWp), solar tree structures, and car parking solar canopies, alongside solar water heaters in flat plate and evacuated tube variants. Supporting its hardware offerings, Zodiac provides digital tools including a Solar Calculator for capacity estimation, an EMI Calculator for financing planning, and the Zodiac Solar Connect mobile application for solar estimation and project management. The company also offers a dealer/distributor partnership program and solar financing through its EMI program. Together, these products form a comprehensive one-stop renewable energy solutions ecosystem spanning design, installation, financing, and maintenance.

Differentiator

Problem solved

Functional benefit

Brands

• Zodiac Solar Connect: Mobile application for solar estimation, cost calculation, applicable government incentives, and finance across several cities in India. Also serves as a project management tool for internal team lead management.

Products and services

• Ground Mounted Solar Solutions Large-scale solar power generation systems installed on open land, delivering reliable, efficient, and sustainable energy with long-term cost savings for utility and commercial clients. The company has 400+ MWp of ground-mounted solar capacity in its portfolio.
• Rooftop Solar Solutions (Commercial & Industrial) Solar installations for commercial and industrial rooftops providing cost-effective energy solutions that optimize operational savings and ensure sustainable energy usage for businesses. Backed by the "free electricity for 22 years" value proposition and capable of meeting sustainability/ESG requirements of enterprise customers.
• Residential Rooftop Solar Solutions Affordable solar energy systems for homes that reduce electricity bills and carbon footprint, offering free electricity for up to 22 years. Eligible for central government subsidies (40% up to first 3 kW and 20% from 3 to 10 kW) and accessible through the EMI financing program with 20% down payment and 80% loan.
• Hybrid Solutions (Solar + Wind + DG + Battery + Grid) Comprehensive energy systems integrating multiple power sources including solar, wind, diesel generator, battery, and grid connection for consistent and efficient power supply, suited to industrial and institutional clients with reliability requirements.
• BESS (Battery Energy Storage System) Advanced energy storage systems ensuring uninterrupted power supply and grid stability by storing excess renewable energy for later use. Managed by an in-house Battery Management System (BMS) that automates regulation of when and how stored power is used, with AI-based solar operations monitoring for anomaly detection and predictive maintenance.
• Wind Farm Solutions Wind energy generation solutions offered as part of the company's renewable energy portfolio, deliverable as standalone wind projects or as part of integrated hybrid systems with solar, battery, and grid.
• Floating Solar Solutions Solar panel installations installed on water bodies, with the company having executed 800+ kWp of floating solar projects; an alternative to land-intensive ground-mounted plants in geographies with suitable water bodies.
• Solar Tree Innovative solar installations designed as tree structures for aesthetic and space-efficient solar power generation, suitable for campuses, public spaces, and locations where space efficiency and visual appeal matter.
• Car Parking Solar Solutions Solar canopies installed over parking areas that generate renewable energy while providing shaded parking spaces, popular among commercial and industrial premises for dual-use roof and parking area utilization.
• Solar Water Heaters Solar thermal systems that heat water using solar energy for residential, commercial, and industrial use, available in flat plate collector and evacuated tube collector variants and part of the institutional business led by Head Institutional Business Anurag Mittal.
• Solar Power Plant on EMI Program Financing service allowing homeowners and businesses to spread the cost of solar power plants over several months, with 20% down payment and 80% loan component delivered in partnership with banks and financial institutions, including variable interest rates and tenure options.
• Zodiac Solar Connect Mobile Application Mobile software platform providing solar estimation tools, approximate cost calculation, applicable government incentives, and finance calculations for customers across Indian cities, and doubling as a project management and lead management tool for the internal team. White-labelled by AHAsolar Private Limited, a wholly-owned subsidiary.

Quantifiable outcome

• 500+ MWp of RE Portfolio delivered
• +6 more outcomes

Named customers21 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• Solaxess (Swiss Company)coreTechnology or IntegrationPartnership with Swiss company Solaxess to bring Building Integrated Photovoltaic (BIPV) White Solar technology to India. This allows aesthetic solar integration in buildings where traditional panels may not be desired, enabling solar power generation without compromising building aesthetics.
• AHAsolar Private LimitedcoreTechnology or IntegrationSoftware development partnership where AHAsolar developed the Zodiac Solar Connect mobile application and website (white labelled) for Zodiac Energy. The platform provides solar estimation tools, project management, lead management, feasibility studies, site surveys, and techno-commercial proposal preparation capabilities.
• Banks and Financial Institutions (EMI Partners)supportingChannel Partner/ Reseller/ DistributorPartnership with lending institutions to provide EMI financing for solar power plant purchases. Customers can finance 80% of solar system cost through loans with 20% down payment, making solar adoption more accessible through monthly installment payments.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Larsen & Toubro (L&T) Solar / Power: Diversified engineering major with significant solar EPC capability under its power and renewables vertical. Existing Zodiac customer and broader-incumbent competitor for large utility-scale tenders.

Emerging players

• Insolation Energy: Listed Indian solar EPC and module manufacturer serving utility-scale and rooftop segments. Comparable scale and business model to Zodiac with similar capital constraints.
• Gensol Engineering: Ahmedabad-based solar EPC and electric mobility company with similar Gujarat roots and rooftop/utility-scale solar capabilities. Geographic peer with overlapping customer base in Gujarat C&I segment.
• KPI Green Energy: Gujarat-based solar IPP and EPC company with captive power and utility-scale focus. Overlaps with Zodiac's ground-mounted and IPP ambitions, particularly within Gujarat.

Direct peers

• Waaree Energies: India's largest solar module manufacturer with EPC capabilities across utility-scale, commercial, and residential rooftop segments. Competes head-to-head with Zodiac in Gujarat and pan-India rooftop solar tenders.
• Adani Solar: Vertically integrated solar manufacturer and EPC arm of Adani Group offering module manufacturing plus ground-mounted, rooftop, and utility-scale solar solutions. Zodiac is already a supplier/installer for Adani Group entities, making it a peer in the same ecosystem.
• Vikram Solar: Kolkata-based solar module manufacturer and EPC player offering utility-scale and rooftop solar solutions across India. Comparable product portfolio and customer segments to Zodiac, with module manufacturing as an additional moat.
• Fourth Partner Energy (now Suzlon Energy captive): Specialist C&I rooftop solar EPC and IPP in India with significant distributed-generation portfolio. Directly comparable to Zodiac's C&I rooftop focus and IPP transition strategy.
• Tata Power Solar Systems: Subsidiary of Tata Power offering utility-scale, commercial/industrial, and residential rooftop solar EPC across India. Direct competitor to Zodiac across all three solar segments with significantly larger scale and brand recognition.
• Sterling and Wilson Solar (now Serentica Renewables): Large-scale solar EPC contractor historically executing utility-scale and C&I rooftop projects across India and international markets. Direct comparable on EPC execution model and customer mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/zodiacsolar
• Facebookfacebook.com/zodiacenergysolar
• LinkedInlinkedin.com/company/zodiac-energy-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zodiac Energy