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Source: Krish Capital Pty Ltd
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Zodiac Energy Limited (NSE:ZODIAC) disclosed on 19 September 2026, under Regulation 30 of the SEBI LODR Regulations, that it has received purchase orders from four domestic entities, all registered in Gujarat, for solar PV power plants aggregating 24,760 KWp in total capacity.
Zodiac Energy Limited (NSE:ZODIAC), headquartered in Ahmedabad, Gujarat, is a renewable energy company engaged in the design, supply, installation, and commissioning of solar photovoltaic power systems in India. The company serves industrial, commercial, and institutional clients, primarily focusing on grid-interactive rooftop and ground-mounted solar projects across domestic markets. It is listed on both BSE (scrip code 543416) and NSE.
According to the exchange filing dated 19 September 2026, Zodiac Energy has secured purchase orders from four separate domestic entities, each with a registered office in Gujarat. The projects involve the supply, installation, and commissioning of grid-interactive ground-mounted solar PV power plants. Entity 1 awarded two plants aggregating 9,640 KWp (4,235 KWp and 5,405 KWp), Entity 2 a single plant of 5,405 KWp, Entity 3 a plant of 5,405 KWp, and Entity 4 a plant of 4,310 KWp.
The company has not disclosed the names of the four awarding entities, citing confidentiality obligations and mutual understanding with each party. All orders fall within the related party transaction framework, with the promoter and promoter group confirmed as having an interest in each entity. The company has stated that every transaction is being undertaken on an arm’s length basis and in compliance with applicable laws.
Investors will note that the aggregate order size of 24,760 KWp represents a meaningful addition to Zodiac Energy’s project pipeline, which the filing states is expected to contribute to the company’s revenues over the execution period. The six-month execution timeline from advance receipt provides a near-term revenue recognition horizon that shareholders will observe when monitoring quarterly disclosures.
The disclosed terms indicate that all four orders constitute related party transactions. While the company affirms arm’s length pricing and legal compliance, investors should note that related party transactions of this scale warrant close review of the company’s formal related party transaction policy and any approvals required under the Companies Act, 2013, and SEBI LODR norms. No financial consideration or contract value in monetary terms has been disclosed in the filing.
India’s solar energy sector has seen sustained policy support through the Ministry of New and Renewable Energy, with the government targeting 500 GW of non-fossil fuel capacity by 2030. Open-access solar installations, the arrangement under which at least one of these Zodiac Energy orders is structured, have grown steadily as industrial and commercial consumers seek to procure renewable power directly, driven by favourable state-level open-access regulations and declining solar module costs recorded across successive MNRE tenders.
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