Zodiac Energy MD, chairman and AGM
NSE: ZODIACBSE: 543416ConstructionSmall Cap
Share price at the NSE close on 30 Oct 2026. Previous close ₹225.26.
30 Oct: open ₹228.23, high ₹244.50, low ₹210.00
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹330 Cr1,946th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 10.34
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 2.48
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.34%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 27.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 18.4%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 1.41
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 1,13,55322.9% delivered
Zodiac Energy's chairperson and managing director is Kunjbihari Shah, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 23 Sep 2026.
Zodiac Energy board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorKunjbihari ShahRelated to the promoter
- Company Secretary and Compliance OfficerDivya Joshi
8 directors4 independent2 executive2 non-executive
- Kunjbihari Shah · Chairperson and managing directorExecutive · joined Jun 1992 · 1 listed board · 2 committee seats
- Parul Kunjbihari ShahExecutive · joined Apr 1998 · 1 listed board
- Jaxay ShahNon-executive · joined Mar 2020 · 1 listed board
- Dhaval ShahNon-executive · joined Sep 2017 · 2 listed boards · 1 as independent · 3 committee seats
- Kalpesh Lalitchandra JoshiIndependent · joined Sep 2017 · reappointed Sep 2022 · 108 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Ambar Jayantilal PatelIndependent · joined Sep 2021 · reappointed Sep 2026 · 61 months as independent · 4 listed boards · 3 as independent · 5 committee seats, 2 as chair
- Rakesh Arvindbhai PatelIndependent · joined Sep 2021 · reappointed Sep 2026 · 61 months as independent · 1 listed board · 1 as independent
- Jaiminbhai Jagdishbhai ShahIndependent · joined Sep 2023 · reappointed Sep 2023 · 36 months as independent · 4 listed boards · 2 as independent · 2 committee seats, 1 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 13 Aug 20267 of 8 present4 independent · 30 days in between
- 13 Jul 20267 of 8 present4 independent · 6 days in between
- 6 Jul 20267 of 8 present3 independent · 20 days in between
- 15 Jun 20267 of 8 present4 independent · 20 days in between
2 earlier meetings
- 25 May 20267 of 8 present3 independent · 31 days in between
- 23 Apr 20267 of 8 present4 independent
Audit Committee
Chair Ambar Jayantilal Patel
Kalpesh Lalitchandra Joshi, Kunjbihari Shah
- 13 Aug 20263 of 3 present2 independent · 37 days in between
- 6 Jul 20263 of 3 present2 independent · 20 days in between
- 15 Jun 20263 of 3 present2 independent · 20 days in between
- 25 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair Ambar Jayantilal Patel
Kalpesh Lalitchandra Joshi, Jaxay Shah
- 6 Jul 20262 of 3 present2 independent · 20 days in between
- 15 Jun 20262 of 3 present2 independent · 52 days in between
- 23 Apr 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Kalpesh Lalitchandra Joshi
Dhaval Shah, Kunjbihari Shah
- 25 May 20263 of 3 present2 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- N.P.K.U and AssociatesPeer-review certificate valid to Sep 2026
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Zodiac Energy AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Zodiac Energy dividend history
Annual general meeting, 23 Sep 2026
36,372 shareholders on the register on 16 Sep 2026; present: 9 promoters and 42 others; votes counted by Ms. Anjali Sangtani / M/s SCS & Co LLP.
To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended on March 31, 2026, together with the Reports of the Board of Directors and Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 71.13% · promoters 99.72% · institutions 0.00% · other public 5.01%
- To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended on March 31, 2026, together with the report of Auditors thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 71.13% · promoters 99.72% · institutions 0.00% · other public 5.01%
- To declare final dividend of Rs. 0.75/- (Rupees Seventy-five paisa only) per Equity share of face value Rs.10/- each (i.e. 7.5 % of face value) for the financial year ended on March 31, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 71.13% · promoters 99.72% · institutions 0.00% · other public 5.01%
- To appoint a director in place of Mrs. Parul Kunjbihari Shah (DIN: 00378095), Whole Time Director, who retire by rotation and being eligible, offers herself for re-appointmentOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 71.13% · promoters 99.72% · institutions 0.00% · other public 5.01%
- To Consider and approve the alteration of Articles of Association for provision relating to removal of common seal;Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 71.13% · promoters 99.72% · institutions 0.00% · other public 5.01%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 18 Jul 2026, 4 resolutions
37,426 shareholders on the register on 12 Jun 2026; votes counted by Anjali Sangtani / SCS and Co. LLP.The company's voting result
- TO CONSIDER AND APPROVE RE-APPOINTMENT OF MR. RAKESH ARVINDBHAI PATEL (DIN: 00373019) AS AN INDEPENDENT DIRECTORSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.27%
Turnout: all 68.19% · promoters 95.71% · institutions 0.00% · other public 4.14%
- TO CONSIDER AND APPROVE RE-APPOINTMENT OF MR. AMBAR JAYANTILAL PATEL (DIN:00050042) AS AN INDEPENDENT DIRECTORSpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.29%
Turnout: all 68.19% · promoters 95.71% · institutions 0.00% · other public 4.14%
- TO CONSIDER AND APPROVE THE REGULARIZATION OF MR. DHAVAL SHAH (DIN: 07933310) AS A NON-EXECUTIVE NON-INDEPENDENT DIRECTOR OF THE COMPANYOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.19%
Turnout: all 68.19% · promoters 95.71% · institutions 0.00% · other public 4.14%
- APPROVAL FOR INCREASE IN REMUNERATION OF MR. JAY KUNJBIHARI SHAH (ASSOCIATE DIRECTOR) WHO HOLDS AN OFFICE OR PLACE OF PROFIT IN THE COMPANYOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.27%
Turnout: all 68.19% · promoters 95.71% · institutions 0.00% · other public 4.14%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 7 Dec 2025, 1 resolution
39,947 shareholders on the register on 31 Oct 2025; votes counted by Anjali Sangtani / SCS and Co. LLP.
- Approval for giving loans or guarantees or providing security under Section 185 of the Companies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 71.79% · promoters 99.78% · institutions 0.00% · other public 7.00%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 19 Sep 2025, 4 resolutions
41,046 shareholders on the register on 12 Sep 2025; present: 8 promoters and 43 others; votes counted by Anjali Sangtani / SCS & Co. LLP.
Adoption of Audited Financial Statements To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended on March 31, 2025 together with the reports of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.77% · promoters 99.92% · institutions 0.00% · other public 13.45%
- To declare final dividend of Rs. 0.75/- (Rupees Seventy-five paisa only) per Equity share of face value Rs.10/- each (i.e. 7.5 % of face value) for the financial year ended on March 31, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.77% · promoters 99.92% · institutions 0.00% · other public 13.45%
- To re-appoint Mr. Jaxay Shah (DIN: 00468436), Director of the Company as director liable to retires by rotation and being eligible offers himself for reappointmentOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.77% · promoters 99.92% · institutions 0.00% · other public 13.45%
Appointment of M/s. SCS & Co LLP, Practicing Company Secretaries, as the Secretarial Auditor of the Company for a first term of five consecutive years from the financial year 2025-26 to the financial year 2029-30.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.77% · promoters 99.92% · institutions 0.00% · other public 13.45%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 13 Sep 2024, 6 resolutions
Present: 8 promoters and 36 others.
- To receive, consider and adopt the audited financial statements of the Company for the financial year ended on March 31, 2024 together with the Reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.62% · promoters 100.00% · institutions 9.79% · other public 6.52%
- To appoint a Director in place of Mr. Kunjbihari Shah (DIN: 00622460), who retires by rotation and being eligible offers himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.62% · promoters 100.00% · institutions 9.79% · other public 6.52%
- To approve the appointment of M/s. NPKU & Associates, Chartered Accountants (FRN: 0127079W) as Statutory Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.62% · promoters 100.00% · institutions 9.79% · other public 6.52%
- To approve revision in Remuneration payable to Mr. Kunjbihari Shah (DIN: 00622460), Managing Director of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.62% · promoters 100.00% · institutions 9.79% · other public 6.52%
- To approve revision in Remuneration payable to Mrs. Parul Kunjbihari Shah (DIN: 00378095), Whole-Time Director of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.62% · promoters 100.00% · institutions 9.79% · other public 6.52%
- To approve the material related party transaction(s) proposed to be entered into by the Company with M/s. Vedang Infra Projects LLP during the financial year 2024-25OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.62% · promoters 100.00% · institutions 9.79% · other public 6.52%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 29 May 2024, 3 resolutions
- To give authority to the board to borrow money in excess of paid-up share capital and free reserves of the company under section 180(1) (c) of the Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 73.99% · promoters 100.00% · institutions 0.00% · other public 4.15%
To sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of such undertakings.MoreLess
Special99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.44%
Turnout: all 73.99% · promoters 100.00% · institutions 0.00% · other public 4.15%
- Approval to increase the threshold of loans / guarantees, providing securities and making investments in securities under section 186 of The Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.19%
Turnout: all 73.99% · promoters 100.00% · institutions 0.00% · other public 4.15%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 12 May 2024, 2 resolutions
- To Approve Increase in Authorised Share Capital of the Company and make Consequent Alteration in clause V of the Memorandum of Association of the CompanyOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.20%
Turnout: all 76.24% · promoters 100.00% · institutions 0.00% · other public 12.45%
- To Raise Capital by way of a Qualified Institutions Placement to eligible investors through issuance of Equity SharesSpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.19%
Turnout: all 76.24% · promoters 100.00% · institutions 0.00% · other public 12.45%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 18 Oct 2023, 1 resolution
- To Appoint Mr. Jaiminbhai Jagdishbhai Shah (DIN: 00021880) as a Non-Executive Independent Director of the company:Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.12%
Turnout: all 75.23% · promoters 100.00% · institutions 0.00% · other public 8.71%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Tax disputes and stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake boughtHarikrishna Solar Projects LLPSince 13 Aug 2026
83.00% bought in the quarter; holding 98.00%, from 15.00%
- Unlisted stake boughtGovind Solar Projects LLPSince 13 Aug 2026
83.00% bought in the quarter; holding 98.00%, from 15.00%
- Unlisted stake boughtUmaputra Solar Projects LLPSince 13 Aug 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtKripalu Solar Projects LLPSince 13 Aug 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtGirdhari Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtParvati Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtIndranuj Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtRidhika Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
11 more
- Unlisted stake boughtMaatangi Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtKrishnapriya Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtNarayani Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtSumitra Solar Projects LLPSince 16 Sep 2026
98.00% bought in the quarter; holding 98.00%, from 0.00%
- Unlisted stake boughtZodiac Energy IPP-1 Pvt LtdSince 30 Jul 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtZodiac Energy IPP-2 Pvt LtdSince 25 Aug 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtZodiac Energy IPP-3 Pvt LtdSince 14 Sep 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtZenwatt Clean Energy Pvt LtdSince 21 Sep 2026
63.50% bought in the quarter; holding 63.50%, from 0.00%
- Tax disputeState Tax Officer, Jurisdiction : Ghatak 5 (Ahmedabad): Range - 2:Division -1:Gujarat, State/UT :GujaratSince 29 Dec 2023The proceedings are currently ongoing and there has been no change in the status of the litigation during the reporting period.
At the filing before: The State Tax Officer, Jurisdiction : Ghatak 5 (Ahmedabad):Range - 2:Division -1:Gujarat, State/UT :Gujarat, has issued a Demand Order under Section 73 of the CGST Act, 2017, for FY 2018-19, reflecting Tax Demand of ₹1.75 Crore including CGST, SGST, and IGST, along with interest and penalties. After evaluating the order and reviewing the available legal remedies, the Company has submitted a response to this notice and the proceedings are were ongoing.MoreLess
- Tax disputeAssistant Commissioner Ghatak 5 (Ahmedabad):Range - 2:Division - 1:GujaratSince 29 Dec 2023
During the quarter, the Company received an order in its favour from the competent authority, whereby the demand pertaining to tax, interest, and penalty has been set aside and quashed. Accordingly, the matter has been decided in favour of the Company.MoreLess
At the filing before: A Show Cause Notice was issued under Section 74 of the CGST Act, 2017 for FY 2018–19 for a tax demand of ₹4,77,96,200/-, including interest and penalty. The Company had sought relevant supporting documents from the department to assess the matter.MoreLess
- Tax disputeAssistant Commissioner of State Tax, Unit-5, AhmedabadSince 30 Jun 2025The Company is in the process of examining the notice and shall submit an appropriate and detailed reply to the same within the prescribed time limit.At the filing before: A Show Cause Notice was received by the company for a tax demand of ₹ 1,75,01,519/-, including interest and penalty under Section 73 of the CGST Act, 2017 for the Assessment Yeas 2022–23.
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- No
- The company has a risk management committee
- No
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.