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Zodiac Energy Challenges GST Demand for FY 2018-19 in Gujarat High Court
Zodiac Energy Limited is contesting a tax demand for FY 2018-19 involving CGST, SGST, and IGST. The company has filed a Special Civil Application before the Gujarat High Court seeking a stay and has also initiated an appeal with the Deputy Commissioner of State Tax to quash the demand, interest, and penalties. Management is optimistic as the Gujarat High Court previously quashed a similar demand against the company in July 2025 on identical legal grounds. This legal action is a proactive step to mitigate potential financial liabilities arising from the tax notice.
Key Highlights
Show Cause Notice dated June 30, 2025, alleged GST demands for the 2018-19 financial year
Company filed a Special Civil Application on March 03, 2026, seeking a stay from the Gujarat High Court
Management decided on March 13, 2026, to file an appeal for quashing tax, interest, and penalties
A similar previous tax demand was quashed by the High Court on July 17, 2025, providing a strong legal precedent
The current appeal is based on identical facts and legal grounds as the successfully contested previous case
💼 Action for Investors
Investors should monitor the High Court's decision on the stay application, though the company's successful track record in similar litigation suggests a lower risk of actual financial impact.
Zodiac Energy Acquires 98% Stake in Shamli Solar Projects LLP
Zodiac Energy Limited has acquired a 98% majority stake in Shamli Solar Projects LLP, officially making it a subsidiary. The acquisition was completed for a nominal cash consideration of Rs. 19,600, as the target entity currently reports zero turnover. Shamli Solar is focused on solar power plant development and electricity sales, which aligns with Zodiac's core business objectives. This acquisition appears to be a strategic move to create a project-specific vehicle for future renewable energy expansion.
Key Highlights
Acquired 98% ownership interest in Shamli Solar Projects LLP for a cash consideration of Rs. 19,600.
Target entity is engaged in setting up solar power plants and electricity generation.
Shamli Solar Projects LLP reported nil turnover for the financial years 2022-23, 2023-24, and 2024-25.
The acquisition is intended to facilitate the further expansion of Zodiac Energy's business in the solar sector.
💼 Action for Investors
Investors should view this as a routine expansion of the company's corporate structure for future projects. Monitor for any upcoming contract wins or project developments specifically tied to this new subsidiary.
Zodiac Clothing Q3 FY26: Revenue falls 11% to ₹40.42 Cr; Net Loss narrows to ₹7.41 Cr
Zodiac Clothing Company Limited reported a standalone revenue of ₹40.42 crore for the quarter ended December 31, 2025, marking an 11.4% decline from ₹45.62 crore in the same period last year. While the quarterly net loss narrowed to ₹7.41 crore from ₹9.68 crore YoY, the nine-month loss widened to ₹26.96 crore compared to ₹22.67 crore in the previous year. The company also announced a leadership change, appointing Mr. Salman Yusuf Noorani as the Chairman and Managing Director. Export markets continue to be a significant contributor, accounting for approximately 55% of the quarterly revenue.
Key Highlights
Standalone Revenue from operations decreased by 11.4% YoY to ₹4,042.33 Lakhs in Q3 FY26.
Standalone Net Loss for the quarter narrowed to ₹740.89 Lakhs compared to a loss of ₹968.18 Lakhs in Q3 FY25.
9M FY26 Standalone Revenue stood at ₹11,579.05 Lakhs, down from ₹12,552.50 Lakhs in the corresponding period last year.
Export revenue for the quarter was ₹2,221.40 Lakhs, contributing approximately 55% of the total revenue.
Mr. Salman Yusuf Noorani appointed as Chairman and Managing Director effective February 13, 2026.
💼 Action for Investors
Investors should exercise caution as the company remains loss-making with declining year-on-year revenue. Monitor if the new leadership can drive a recovery in the domestic market and improve operational margins.
Zodiac Clothing Appoints Salman Yusuf Noorani as Chairman and Managing Director
Zodiac Clothing Company Limited has appointed Mr. Salman Yusuf Noorani as its new Chairman and Managing Director, effective February 13, 2026. The appointment was approved during a board meeting that also reviewed the financial results for the quarter and nine months ended December 31, 2025. Mr. Noorani is an experienced industrialist who currently manages the company's manufacturing, design, and sales operations. This leadership change is intended to streamline executive oversight as the company concludes its third quarter of the 2025-26 fiscal year.
Key Highlights
Salman Yusuf Noorani (DIN: 00068423) appointed as Chairman and Managing Director effective February 13, 2026.
Board approved standalone and consolidated financial results for the 9-month period ending December 31, 2025.
Mr. Noorani brings specialized expertise in upgrading manufacturing facilities and overseeing global sales and marketing.
The board meeting was conducted over a duration of 1 hour and 44 minutes, concluding at 5:44 p.m.
💼 Action for Investors
Investors should review the Q3 FY26 financial results to evaluate the company's performance trajectory under the new Chairman. No immediate portfolio changes are recommended as this appears to be a planned leadership transition.
Zodiac Clothing Appoints Salman Noorani as CMD and Approves Q3 FY26 Financial Results
Zodiac Clothing Company Limited held a board meeting on February 13, 2026, to approve its un-audited financial results for the quarter and nine-month period ending December 31, 2025. A significant leadership change was announced with the appointment of Mr. Salman Yusuf Noorani as the Chairman and Managing Director. Mr. Noorani, an experienced industrialist, will oversee the company's overall operations, product design, and marketing. The board also reviewed and took on record the Limited Review Report provided by the statutory auditors, MSKA & Associates LLP.
Key Highlights
Approved un-audited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025.
Appointed Mr. Salman Yusuf Noorani as Chairman and Managing Director effective February 13, 2026.
The board meeting was conducted between 04:00 p.m. and 05:44 p.m. on February 13, 2026.
Independent Auditors MSKA & Associates LLP issued a Limited Review Report on the financial results.
💼 Action for Investors
Investors should review the detailed financial performance metrics for the quarter ended December 31, 2025, once the full report is available. The transition in leadership to Mr. Noorani should be monitored for any potential changes in the company's strategic direction.
Zodiac Energy Q3 Revenue Jumps 32% YoY to ₹137.56 Cr; Plans Strategic Stake in BESS Firm
Zodiac Energy reported a strong 32% YoY revenue growth for Q3 FY26, reaching ₹137.56 crore. While revenue grew significantly, Profit After Tax (PAT) saw a YoY decline of 11% to ₹5.07 crore, primarily due to higher finance costs and depreciation. On a sequential basis (QoQ), the company showed a robust recovery with revenue up 42% and PAT up 89%. Additionally, the board approved a strategic investment in Zenwatt Clean Energy Limited to enter the Battery Energy Storage Systems (BESS) market.
Key Highlights
Revenue from operations grew 31.8% YoY to ₹137.56 crore in Q3 FY26.
Net Profit (PAT) for the quarter stood at ₹5.07 crore, down 11.1% YoY but up 89.3% QoQ.
Finance costs increased significantly to ₹4.49 crore compared to ₹2.60 crore in the same quarter last year.
Nine-month revenue (Apr-Dec 2025) reached ₹332.38 crore, a 40.6% increase over the previous year.
Board approved acquiring a strategic stake in Zenwatt Clean Energy Limited, focusing on Battery Energy Storage Systems (BESS).
💼 Action for Investors
Investors should monitor the impact of rising finance costs on margins while viewing the entry into the BESS segment as a long-term growth catalyst. The strong top-line growth suggests healthy demand in the solar EPC segment.
Zodiac Clothing Allots 14.64 Lakh Equity Shares to Promoters for Rs 15 Crore
Zodiac Clothing Company Limited has successfully allotted 14,64,414 equity shares to its promoter and promoter group through a preferential issue. The shares were issued at a price of Rs 102.43 per share, raising a total of approximately Rs 15 crore for the company. This move increases the company's total paid-up equity capital to Rs 27.46 crore. Such capital infusion by promoters is generally viewed as a sign of strong internal confidence in the company's long-term growth prospects.
Key Highlights
Allotment of 14,64,414 equity shares to 7 members of the Promoter & Promoter Group.
Issue price fixed at Rs 102.43 per share, aggregating to a total value of Rs 14,99,99,926.
Post-allotment, the paid-up equity share capital stands at Rs 27,45,81,310 consisting of 2,74,58,131 shares.
The allotment was approved via a Circular Resolution by the Board of Directors on January 16, 2026.
💼 Action for Investors
The promoter participation in this fundraise at Rs 102.43 per share provides a positive valuation signal. Investors should monitor the company's utilization of these funds and its impact on future earnings growth.
Zodiac Clothing Shareholders Approve Preferential Issue to Promoters and MD Re-appointment
Zodiac Clothing Company Limited has received overwhelming shareholder approval for four key special resolutions via a postal ballot. The most significant resolution involves raising funds through the preferential allotment of equity shares to the Promoter and Promoter Group for cash, which passed with 99.99% of votes in favor. Shareholders also approved the re-appointment of Mr. S. Y. Noorani as Managing Director and the appointment of Mr. Mohamed Musaed Abu Nasr Noorani as a Non-Executive Director. The total voter turnout represented approximately 48.32% of the company's total equity base.
Key Highlights
Preferential allotment of equity shares to Promoters approved with 99.9972% of votes in favor
Re-appointment of Mr. S. Y. Noorani as Managing Director confirmed with 99.9924% majority
Total of 12.56 million votes polled, representing 48.32% of the total 25.99 million outstanding shares
All four special resolutions, including alterations to the Articles of Association, passed with requisite majority
Promoter group participation in the vote was 100% in favor of all resolutions
💼 Action for Investors
The promoter-led fund infusion is a positive signal of confidence in the company's long-term prospects. Investors should monitor the final pricing and total capital raised through this preferential issue to evaluate the impact on earnings per share.
Zodiac Energy Secures Agreement for 10.8 MWp Solar Power Plant Installation
Zodiac Energy Limited has entered into a formal agreement with Amanta Healthcare Limited for the installation of a 10.8 MWp solar power plant. The project will be located in the Kheda district of Gujarat and is dedicated to generating electricity for captive consumption. This development signifies a healthy addition to the company's project pipeline in the renewable energy sector. The transaction is confirmed to be at arm's length with no promoter group involvement.
Key Highlights
10.8 MWp solar power plant installation agreement signed on January 02, 2026.
Strategic partnership with Amanta Healthcare Limited for captive power generation.
Project site located at Village Baroda, Kheda District, Gujarat.
Transaction is non-related party and adheres to standard regulatory disclosures.
💼 Action for Investors
This is a positive development for the order book; investors should track the company's execution capabilities and margin profile for such EPC projects.
Zodiac Clothing to Raise Rs 15 Cr via Preferential Issue to Promoters at Rs 102.43/share
Zodiac Clothing Company Limited is raising approximately Rs 15 crore through the preferential allotment of 14,64,414 equity shares. The shares are being issued exclusively to the Promoter and Promoter Group at a price of Rs 102.43 per share, which includes a premium of Rs 92.43. This corrigendum clarifies the pricing methodology, confirming that the shares are 'frequently traded' on the NSE as per SEBI regulations. The e-voting process for shareholders to approve this capital infusion is currently active and will conclude on January 3, 2026.
Key Highlights
Preferential allotment of 14,64,414 equity shares to seven members of the Promoter Group.
Total capital infusion of Rs 14,99,99,926.02 at an issue price of Rs 102.43 per share.
Pricing determined based on SEBI ICDR Regulations using NSE trading volumes.
The relevant date for floor price determination was December 4, 2025.
100% of the consideration is payable by the promoters on or before the date of allotment.
💼 Action for Investors
The promoter's decision to infuse capital at a premium is a positive signal of their long-term commitment and confidence in the company. Investors should monitor the final voting results and the subsequent impact on the company's debt or expansion plans.
Zodiac Energy: Disposes 50% stake in Dhwarkesh Solar, Increases stake in 2 LLPs to 98%
Zodiac Energy Limited has increased its stake in Priyapritam Solar Projects LLP and Radhavallabh Solar Projects LLP from 51% to 98% effective November 17, 2025. The company's contribution to each LLP is now ₹98,000 out of a total capital of ₹1,00,000. Simultaneously, Zodiac Energy disposed of its entire 50% stake in Dhwarkesh Solar Projects LLP, effective November 21, 2025, for a consideration of ₹50,000. The buyer of the Dhwarkesh stake is Ms. Miti Kunjbihari Shah, a relative of a Director and part of the Promoter Group.
Key Highlights
Increased stake in Priyapritam Solar Projects LLP to 98% from 51%
Increased stake in Radhavallabh Solar Projects LLP to 98% from 51%
Disposed of 50% stake in Dhwarkesh Solar Projects LLP for ₹50,000
New contribution to Priyapritam Solar Projects LLP is ₹98,000
New contribution to Radhavallabh Solar Projects LLP is ₹98,000
💼 Action for Investors
Investors should monitor the impact of these stake changes on Zodiac Energy's future revenue and profitability. Keep an eye on related party transactions and ensure they are conducted at arm's length.
Zodiac Energy Increases Stake to 98% in Two Solar LLPs; Exits One Subsidiary
Zodiac Energy has consolidated its ownership in two subsidiaries, Priyapritam Solar Projects LLP and Radhavallabh Solar Projects LLP, by increasing its stake from 51% to 98% in each. The additional 47% stakes were acquired for a nominal cash consideration of ₹98,000 per entity, totaling ₹1.96 lakh. Concurrently, the company disposed of its entire 50% stake in Dhwarkesh Solar Projects LLP for ₹50,000 to a member of the promoter group. While the acquired entities currently report nil turnover, the move is aimed at business expansion in the solar power generation sector.
Key Highlights
Increased stake in Priyapritam and Radhavallabh Solar Projects LLPs from 51% to 98% effective Nov 17, 2025.
Acquisition cost for the additional 47% stake in each LLP was ₹98,000, totaling ₹1.96 lakh.
Exited Dhwarkesh Solar Projects LLP by selling the entire 50% stake for ₹50,000 to a promoter group member.
The acquired LLPs are focused on solar power generation but have reported nil turnover for the last three financial years.
Transactions were conducted on an arm's length basis as related party transactions.
💼 Action for Investors
This is a minor restructuring of project-specific vehicles with negligible immediate financial impact. Investors should monitor these LLPs for future solar project execution and revenue contribution.
ZODIACLOTH: Postal Ballot for preferential issue at ₹102.43 & MD re-appointment
Zodiac Clothing Company Limited is seeking shareholder approval via postal ballot for several special resolutions. These include raising funds through a preferential allotment of equity shares to promoter group investors at a price of ₹102.43 per share. The company also seeks approval for the re-appointment of Mr. S. Y. Noorani as Managing Director and the appointment of Mr. Mohamed Musaed Abu Nasr Noorani as a Non-Executive, Non-Independent Director. The e-voting will commence on December 5, 2025, and end on January 3, 2026, with results announced by January 5, 2026.
Key Highlights
Preferential allotment price is ₹102.43 per equity share.
E-voting commences on December 5, 2025, at 9:00 a.m. IST.
E-voting ends on January 3, 2026, at 5:00 p.m. IST.
Results of the postal ballot will be announced on or before January 5, 2026.
Face value of equity shares is Rs. 10/- each
💼 Action for Investors
Shareholders should review the postal ballot notice and explanatory statement on the company website and cast their votes before the January 3, 2026 deadline. Monitor the announcement of the postal ballot results on or before January 5, 2026.