Synopsis: Landing a turnkey solar EPC contract in Zambia worth Rs. 30.85 crore, Zodiac Energy has received its first disclosed international order in sub-Saharan Africa, adding short-cycle revenue visibility while raising questions about cross-border execution capability.
A Letter of Intent from an undisclosed entity in Lusaka brought a BSE-listed solar energy solutions company into focus on April 22, 2026, after it filed disclosure. The contract covers the turnkey design, supply, installation, testing, and commissioning of a ground-mounted solar power plant with a battery energy storage component in Zambia.
With a market capitalization of Rs. 524.49 crore, the shares of Zodiac Energy Limited were last trading at Rs. 346.4 per share, up 16.82 percent from its previous closing price of Rs. 296.53 apiece. The stock is trading at a P/E of 22.65.
Under the LOI, Zodiac Energy will execute the project on a DAP (Delivery at Place) basis, covering a 6 MWp DC / 5 MW AC ground-mounted solar PV plant along with a 1 MWh battery energy storage system at Lusaka, Zambia.
The scope spans design, supply, installation, testing and commissioning, packing and forwarding, transportation with transit insurance, and on-site delivery. The contract is valued at US $3,288,000 (approximately Rs. 30.85 crore at prevailing exchange rates) and is scheduled for completion within nine months, subject to the terms of the LOI.
The client’s identity has not been disclosed, with the company citing confidentiality obligations and mutual understanding with the international party, which is a routine arrangement in cross-border EPC contracts. The filing confirms no promoter or related-party interest on the awarding entity’s side.
At roughly six percent of Zodiac Energy’s trailing twelve-month revenues of approximately Rs. 504 crore, the contract’s direct revenue impact is contained. The geographic dimension, however, is not routine for a company that has operated almost exclusively in the domestic market since incorporation.
Sub-Saharan Africa has drawn growing interest from Indian EPC firms, driven partly by persistent energy deficits across the region and bilateral infrastructure diplomacy. Zambia has specifically faced multi-year load-shedding tied to low hydropower reservoir levels, which has created demand for solar capacity that can be deployed without extended grid infrastructure timelines. The BESS component in this project adds technical complexity beyond a standard EPC job, and that specification appears client-driven given Zambia’s grid reliability constraints.
Whether Zodiac Energy has a broader African pipeline or pursues this as a standalone contract will be a key detail to track in future disclosures. The nine-month execution window also leaves limited buffer for cross-border logistics, customs clearance, and equipment delivery on DAP terms, a tighter clock than a comparable domestic ground-mount project would carry.
Business Overview
Zodiac Energy Limited, incorporated in 1992, is an Ahmedabad-based solar energy solutions provider offering turnkey EPC services across residential rooftop, commercial and industrial rooftop, and ground-mounted solar segments.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
The post Zodiac Energy Bags Solar EPC Project In Zambia Worth ₹31 Cr appeared first on Trade Brains.