Zodiac Energy Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹158.95Overvalued by 30.89%vs CMP ₹230.00

P/E (13.7) × ROE (18.7%) × BV (₹77.30) × DY (0.33%)

₹180.68Overvalued by 21.44%vs CMP ₹230.00

MoS: -27.3% (Negative)Confidence: 59/100 (Moderate)Models: 1 Under, 7 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹204.51	26%	Over (-11.1%)
Graham Number	Earnings	₹151.23	19%	Over (-34.2%)
DCF	Cash Flow	₹180.88	12%	Over (-21.4%)
Net Asset Value	Assets	₹77.33	8%	Over (-66.4%)
EV/EBITDA	Enterprise	₹68.07	10%	Over (-70.4%)
Earnings Yield	Earnings	₹131.50	8%	Over (-42.8%)
ROCE Capital	Returns	₹435.98	10%	Under (+89.6%)
Revenue Multiple	Revenue	₹134.83	6%	Over (-41.4%)
Consensus (8 models)		₹180.68	100%	Overvalued

Key Drivers: EPS CAGR 28.7% lifts DCF — verify sustainability. | Wide model spread (₹68–₹436) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 28.7%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 4:01 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹408.00 Cr, versus ₹220.00 Cr in Mar 2024 (85.5% year on year). Net profit for Mar 2025 was ₹20.00 Cr, versus ₹11.00 Cr in Mar 2024 (81.8% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹-49.00 Cr against net profit of ₹20.00 Cr. Cash flow covered -2.45 times reported profit. The gap warrants checking receivables, working capital and one-off items in the cash-flow statement.

Balance-sheet check

Reported borrowings were ₹217.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Zodiac Energy Ltd scores 69/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health70/100 · Strong

ROCE 15.6% GoodROE 18.7% ExcellentD/E 1.63 High debtInterest Coverage 4.5x AdequateProfitable 5/5 available years Reported history

Smart Money50/100 · Moderate

FII holding stable No changePromoter holding at 70.0% Stable

Earnings Quality50/100 · Moderate

CFO/NP ratio: -1.65x Poor cash conversionOPM expanding (6% → 9%) Improving

Quarterly Momentum78/100 · Strong

Revenue (4Q): +47% YoY AcceleratingProfit (4Q): +23% YoY Positive

Industry Rank100/100 · Strong

P/E 13.7 vs industry 45.0 Lower P/EROCE 15.6% vs industry 12.8% Above peersROE 18.7% vs industry 11.6% Above peers3Y sales CAGR: 42% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 4:01 am

Market Cap	348 Cr.
Current Price	230
Intrinsic Value	₹180.68
High / Low	415/204
Stock P/E	13.7
Book Value	77.3
Dividend Yield	0.33 %
ROCE	15.6 %
ROE	18.7 %
Face Value	10.0
PEG Ratio	0.48

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Zodiac Energy Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Zodiac Energy Ltd	348 Cr.	230	415/204	13.7	77.3	0.33 %	15.6 %	18.7 %	10.0
Pansari Developers Ltd	483 Cr.	277	389/233	24.5	88.4	0.00 %	12.5 %	13.8 %	10.0
HEC Infra Projects Ltd	125 Cr.	115	160/92.1	9.91	60.7	0.00 %	21.4 %	21.2 %	10.0
Reliance Industrial Infrastructure Ltd	1,087 Cr.	720	964/617	105	283	0.49 %	3.33 %	2.44 %	10.0
Power Mech Projects Ltd	7,757 Cr.	2,454	3,009/1,718	19.8	797	0.06 %	21.7 %	15.4 %	10.0
Industry Average	3,267.83 Cr	349.99		45.04	135.58	0.67%	12.78%	11.62%	10.00

All Competitor Stocks of Zodiac Energy Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	24.95	62.10	32.10	34.41	46.92	106.63	79.34	52.77	104.33	171.34	98.05	96.78	137.56
Expenses	22.55	58.49	30.04	31.39	41.87	97.81	75.15	47.86	94.00	153.73	88.37	86.50	123.87
Operating Profit	2.40	3.61	2.06	3.02	5.05	8.82	4.19	4.91	10.33	17.61	9.68	10.28	13.69
OPM %	9.62%	5.81%	6.42%	8.78%	10.76%	8.27%	5.28%	9.30%	9.90%	10.28%	9.87%	10.62%	9.95%
Other Income	0.07	0.15	0.45	0.04	0.18	0.30	0.25	0.18	0.46	1.01	0.34	0.30	0.54
Interest	0.90	1.12	1.17	1.14	0.91	1.19	1.04	1.12	2.60	3.95	4.41	4.42	4.49
Depreciation	0.20	0.20	0.19	0.19	0.20	0.20	0.22	0.20	0.54	1.72	1.98	2.62	2.72
Profit before tax	1.37	2.44	1.15	1.73	4.12	7.73	3.18	3.77	7.65	12.95	3.63	3.54	7.02
Tax %	16.79%	34.02%	28.70%	14.45%	28.64%	26.39%	26.73%	33.95%	25.23%	27.10%	26.17%	24.29%	27.64%
Net Profit	1.14	1.61	0.82	1.48	2.95	5.69	2.33	2.49	5.71	9.44	2.69	2.68	5.07
EPS in Rs	0.78	1.10	0.56	1.01	2.02	3.89	1.59	1.65	3.78	6.25	1.78	1.77	3.35

Last Updated: March 3, 2026, 1:42 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 12:16 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	10	9	9	17	38	63	68	100	143	138	220	408	504
Expenses	9	8	9	16	35	58	63	93	134	130	201	371	452
Operating Profit	0	0	1	1	3	5	5	7	9	8	19	37	51
OPM %	4%	4%	6%	5%	8%	8%	7%	7%	6%	5%	9%	9%	10%
Other Income	0	0	0	0	0	0	0	0	1	1	1	2	2
Interest	0	0	0	0	0	0	1	1	2	3	4	9	17
Depreciation	0	0	0	0	0	0	0	0	1	1	1	3	9
Profit before tax	0	0	0	0	3	5	4	6	8	4	15	28	27
Tax %	31%	17%	31%	31%	27%	31%	30%	26%	28%	27%	26%	27%
Net Profit	0	0	0	0	2	3	3	4	5	3	11	20	20
EPS in Rs	0.61	0.28	0.61	1.39	1.37	2.12	2.05	3.02	3.73	2.18	7.50	13.23	13.15
Dividend Payout %	20%	44%	0%	0%	0%	59%	0%	0%	0%	0%	0%	6%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	50.00%	0.00%	33.33%	25.00%	-40.00%	266.67%	81.82%
Change in YoY Net Profit Growth (%)	0.00%	-50.00%	33.33%	-8.33%	-65.00%	306.67%	-184.85%

Zodiac Energy Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2018-2019 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	47%
5 Years:	43%
3 Years:	42%
TTM:	60%

Compounded Profit Growth
10 Years:	82%
5 Years:	46%
3 Years:	54%
TTM:	63%

Stock Price CAGR
10 Years:	%
5 Years:	112%
3 Years:	38%
1 Year:	-40%

Return on Equity
10 Years:	20%
5 Years:	21%
3 Years:	23%
Last Year:	28%

Last Updated: September 5, 2025, 1:56 pm

Balance Sheet

Last Updated: July 29, 2026, 2:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0.88	0.88	0.88	7	7	7	15	15	15	15	15	15
Reserves	0	0	1	10	13	16	13	18	21	33	81	102
Borrowings	3	3	4	1	4	6	13	18	46	41	175	217
Other Liabilities	2	1	3	3	4	14	16	28	13	27	31	151
Total Liabilities	7	6	8	21	28	43	56	79	95	116	302	485
Fixed Assets	1	1	0	1	0	1	2	3	3	4	92	128
CWIP	0	0	0	0	0	0	0	0	0	0	7	1
Investments	0	0	0	0	0	0	0	0	0	0	0	18
Other Assets	6	5	7	20	28	43	53	76	92	111	203	338
Total Assets	7	6	8	21	28	43	56	79	95	116	302	485

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	-0	-8	-6	-0	-4	2	-23	16	-49	48
Cash from Investing Activity +	0	-1	1	-1	-2	-4	-3	-5	-105	-59
Cash from Financing Activity +	0	11	3	1	6	3	25	-10	153	23
Net Cash Flow	0	2	-2	0	0	1	-1	1	0	11
Free Cash Flow	-0	-8	-5	-0	-5	1	-23	14	-147	8
CFO/OP	-6%	-248%	-98%	26%	-35%	41%	-280%	103%	-120%	88%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	N/A	N/A	0.00	-8.00	-5.00	0.00	-5.00	1.00	-23.00	14.00	-147.00	8.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	195	206	133	108	100	102	136	83	78	110	130	51
Inventory Days	59	49	69	41	54	44	77	82	88	52	28	56
Days Payable	148	96	49	35	10	12	30	45	59	14	29	11
Cash Conversion Cycle	106	159	153	113	144	134	183	120	106	148	129	96
Working Capital Days	92	86	111	18	131	109	113	88	82	67	72	65
ROCE %	9%	6%	12%	16%	26%	23%	19%	20%	20%	11%	22%	20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	72.86%	72.86%	72.87%	72.73%	70.01%	70.01%	70.01%	69.89%	69.89%	69.91%	69.97%	69.97%
FIIs	0.00%	0.00%	0.00%	0.00%	1.46%	1.32%	0.91%	0.54%	0.54%	0.33%	0.15%	0.14%
DIIs	0.00%	0.00%	0.00%	0.00%	0.59%	0.56%	0.56%	0.34%	0.34%	0.34%	0.20%	0.20%
Public	27.14%	27.14%	27.14%	27.27%	27.93%	28.11%	28.52%	29.22%	29.22%	29.42%	29.68%	29.70%
No. of Shareholders	25,368	26,569	30,059	31,859	37,420	40,229	41,641	41,708	39,591	38,120	36,867	36,307

Shareholding Pattern Chart

No. of Shareholders

Zodiac Energy Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	13.38	7.50	2.18	3.73	3.07
Diluted EPS (Rs.)	13.27	7.50	2.18	3.73	3.07
Cash EPS (Rs.)	15.01	8.03	2.71	4.15	3.19
Book Value[Excl.RevalReserv]/Share (Rs.)	63.97	32.51	24.64	22.49	19.12
Book Value[Incl.RevalReserv]/Share (Rs.)	63.97	32.51	24.64	22.49	19.12
Dividend / Share (Rs.)	0.75	0.00	0.00	0.00	0.00
Revenue From Operations / Share (Rs.)	270.12	150.38	94.07	97.70	68.59
PBDIT / Share (Rs.)	25.79	13.62	5.70	6.73	4.89
PBIT / Share (Rs.)	24.00	13.08	5.17	6.31	4.77
PBT / Share (Rs.)	18.23	10.07	2.99	5.22	4.13
Net Profit / Share (Rs.)	13.23	7.50	2.18	3.73	3.07
PBDIT Margin (%)	9.54	9.05	6.05	6.89	7.13
PBIT Margin (%)	8.88	8.70	5.49	6.46	6.95
PBT Margin (%)	6.75	6.69	3.18	5.34	6.02
Net Profit Margin (%)	4.89	4.98	2.31	3.81	4.47
Return on Networth / Equity (%)	20.68	23.06	8.84	16.59	16.06
Return on Capital Employeed (%)	17.44	33.54	16.22	21.72	23.70
Return On Assets (%)	6.60	9.49	3.36	6.89	8.10
Long Term Debt / Equity (X)	0.96	0.13	0.25	0.25	0.03
Total Debt / Equity (X)	1.63	0.80	1.25	0.51	0.43
Asset Turnover Ratio (%)	1.95	2.09	1.58	2.12	2.03
Current Ratio (X)	1.96	1.71	1.64	1.97	1.97
Quick Ratio (X)	1.41	1.47	1.29	1.17	1.26
Inventory Turnover Ratio (X)	12.44	11.93	5.11	5.08	5.58
Interest Coverage Ratio (X)	4.47	4.52	2.62	6.16	7.72
Interest Coverage Ratio (Post Tax) (X)	3.29	3.49	2.00	4.41	5.85
Enterprise Value (Cr.)	735.55	596.86	169.64	141.85	32.66
EV / Net Operating Revenue (X)	1.80	2.71	1.23	0.99	0.32
EV / EBITDA (X)	18.90	29.95	20.35	14.40	4.56
MarketCap / Net Operating Revenue (X)	1.46	2.59	0.94	0.89	0.20
Price / BV (X)	6.17	11.96	3.61	3.89	0.73
Price / Net Operating Revenue (X)	1.46	2.59	0.94	0.89	0.20
EarningsYield	0.03	0.01	0.02	0.04	0.21

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Zodiac Energy Ltd and is it undervalued?

Zodiac Energy Ltd: the stored intrinsic value estimate is ₹180.68, compared with a stored share price of ₹230.00. The model value is 21.4% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Zodiac Energy Ltd?

The stored share price is ₹230.00. Price-data record updated: 24 September 2026, 4:01 am +05:30. This is not a live quote. The stored 52-week high / low is 415/204; this is a rolling range, not a financial-year range.

How have Zodiac Energy Ltd's revenue and profit changed?

Does Zodiac Energy Ltd's profit convert into cash?

What should I check in Zodiac Energy Ltd's balance sheet?

Reported borrowings were ₹217.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Zodiac Energy Ltd's P/E with other stocks?

The stored P/E is 13.70. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Zodiac Energy Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.