Zuari Industries Ltd.

•

zuariindustries.inBSE: 500780NSE: ZUARIIND

Market Cap₹ 807 Cr.

Current Price

High / Low₹ 416 / 210

Stock P/E7.4

Book Value₹ 1,204

Price to Book0.17

Dividend Yield0.37 %

ROCE5.4 %

ROE2.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sugar: 63.1% • Ethanol Plant: 17.3% • Power: 6.8%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

View full sector analysis →

PROS

Latest quarter profit grew 101.1% YoY, showing strong momentum
Working capital cycle has improved - days down from -88 to -250
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (90.2% of PBT)
Company has a low return on capital employed of 9.0%
Company has a low return on equity of 7.6% over last 3 years
Interest coverage is weak at 1.5x - earnings barely cover interest
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.30x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAgriSugar

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BALRAMCHIN	707.05	40.32	14961.00	0.49	44.15	-14.40	1636.79	6.13	9.29	7.36
2.	EIDPARRY	734.15	28.10	13064.62	0.00	311.50	-32.93	9017.52	3.37	23.60	8.33
3.	TRIVENI	263.95	20.69	5816.48	1.04	3.65	73.81	1950.14	-0.22	8.92	2.94
4.	RENUKA	24.82	0.00	5282.91	0.00	-251.50	4.59	2120.20	5.61	-3.84	-3.60
5.	BAJAJHIND	21.42	44.25	5120.81	0.00	-1847.00	-961.49	11259.70	801.92	2.86	-10.64
6.	BANARISUG	3570.20	36.77	4476.92	0.35	-10.92	-171.57	172.45	-58.81	9.33	-3.00
7.	DALMIASUG	433.45	14.82	3508.31	1.38	6.91	—	848.19	-16.48	8.38	5.10
8.	AVADHSUGAR	794.15	24.10	1589.76	1.26	2.34	127.81	7792.51	987.42	6.50	4.68
9.	GODAVARIB	234.70	5338.22	1201.10	0.00	-193.20	-1106.22	5578.77	946.21	5.79	0.09
10.	UTTAMSUGAR	282.75	12.40	1078.36	0.88	1.30	-91.05	606.37	-3.56	11.62	4.32
11.	DHAMPURSUG	166.45	15.23	1070.38	1.20	60.90	6592.31	7861.70	961.42	6.63	3.98
12.	ZUARIIND	271.10	7.44	807.37	0.37	0.05	101.07	311.93	21.16	5.37	15.57

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	191	269	116	262	226	237	235	272	257	241	263	284	312
	236	282	126	142	201	233	242	245	232	230	270	241	367
Operating Profit	-45	-13	-10	121	25	4	-7	28	25	11	-8	42	-55
OPM %	-23.63%	-4.98%	-9.05%	46.05%	10.95%	1.66%	-3.03%	10.13%	9.80%	4.49%	-2.94%	14.93%	-17.74%
	82	46	886	-1	16	20	39	17	10	38	33	20	11
Interest	69	74	72	68	69	71	63	59	63	61	56	62	62
Depreciation	7	7	7	7	7	7	7	8	7	7	8	8	8
Profit before Tax	-38	-48	797	46	-35	-54	-39	-22	-35	-20	-39	-8	-1
Tax %	-5.11%	3.40%	9.15%	-4.47%	1.99%	0.32%	-4.08%	-27.30%	-0.20%	-13.95%	-4.30%	-159.18%	108.79%
Net Profit	0	0	0	0	-34	-148	-25	-21	-5	1,643	-26	-316	0
	-15.85	-10.67	244.89	21.35	-11.20	-4.84	-8.31	-6.96	0.02	55.34	-8.69	-10.41	0.20

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	603	550	774	771	834	722	955	838	970	1,045	1,099
	570	582	793	763	778	710	903	783	911	970	1,109
Operating Profit	34	-33	-18	8	56	12	53	55	59	75	-10
OPM %	5.61%	-5.96%	-2.38%	1.10%	6.70%	1.69%	5.50%	6.52%	6.12%	7.15%	-0.90%
	32	70	100	121	127	225	182	1,014	92	101	102
Interest	66	92	113	160	202	264	273	285	272	247	241
Depreciation	15	20	21	25	29	23	27	27	29	30	31
Profit before Tax	-20	-38	-165	-325	-113	-45	314	784	-88	122	-67
Tax %	-1.28%	-8.69%	10.55%	-21.85%	13.34%	21.95%	1.36%	9.09%	-7.77%	13.47%	-23.65%
Net Profit	-20	-41	-148	-396	-98	-35	309	713	-94	106	-82
EPS	-8.79	-10.54	-43.62	-124.64	-28.63	-12.03	104.30	239.72	-31.30	36.25	—
Dividend Payout %	-11.38%	-9.48%	-2.29%	-0.80%	-6.86%	-24.65%	0.96%	0.42%	-3.19%	2.76%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 5%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -30%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 24%
1 Year:: -8%

RETURN ON EQUITY

10 Years:: -1%
5 Years:: 7%
3 Years:: 8%
Last Year:: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	29	29	29	29	29	29	30	30	30	30
Minority Interest	24	11	-3	-32	-13	-12	-13	-14	-15	-18
	1,880	2,378	2,152	1,137	1,907	2,944	2,371	3,889	5,018	3,591
	853	1,211	1,525	1,982	2,252	2,470	2,655	1,922	2,405	1,967
Trade Payables	274	389	396	487	370	345	250	233	177	181
	88	54	198	277	305	466	514	1,432	1,306	1,410
Total Liabilities	3,148	4,072	4,298	3,881	4,851	6,243	5,807	7,492	8,920	7,162
	537	543	536	691	658	647	639	616	603	611
Capital Work in Progress	12	8	71	3	2	7	1	6	7	6
	1,600	2,211	2,023	1,132	1,877	3,180	2,586	4,852	6,379	4,851
	595	854	1,165	1,271	1,230	1,260	1,110	720	731	772
	0	0	0	0	0	0	0	55	71	66
Cash & Bank	48	39	45	97	149	323	627	685	675	408
	356	419	457	688	936	825	844	559	454	448
Total Assets	3,148	4,072	4,298	3,881	4,851	6,243	5,807	7,492	8,920	7,162

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	94	-122	-66	133	91	89	281	71	-1	144
Cash from Investing	-5	-97	-114	-360	-204	69	-159	475	183	20
Cash from Financing	-98	214	160	232	90	-87	-89	-583	-163	-175
	5	-9	2	-2	-5	44	22	-36	18	-12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
56.81	56.71	56.71	56.71	56.71	56.71	56.71	56.71	56.71
1.60	1.46	1.41	1.30	1.33	2.46	1.11	1.15	1.10
0.33	0.87	0.85	0.66	1.01	1.01	1.15	1.23	1.21
0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
41.23	40.92	41.00	41.30	40.92	39.79	41.00	40.88	40.94

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Copy of Newspaper Publication

2026-09-02 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Copy of Newspaper Publication regarding Special Window for transfer and dematerialization of physical shares

2026-08-25

General Updates

2026-08-25 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Letter to Members under regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

2026-08-25

Copy of Newspaper Publication

2026-08-25 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Copy of Newspaper Publication related to completion of dispatch of Notice of 58th Annual General Meeting

2026-08-24

Shareholders meeting

2026-08-24 - ZUARI INDUSTRIES LIMITED has informed the Exchange regarding Notice of 58th Annual General Meeting to be held on September 21, 2026

2026-08-22

Copy of Newspaper Publication

2026-08-22 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Copy of Newspaper Publication related to 58th Annual General Meeting, Record date and other related information

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Transcript

2026-08-20

Record Date

2026-08-20 - ZUARI INDUSTRIES LIMITED has informed the Exchange that Record date for the purpose of Dividend is 14-Sep-2026.

2026-08-20

General Updates

2026-08-20 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Date of 58th Annual General Meeting of the Company

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for ZUARIIND

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AI Stock Analyst

Zuari Industries Ltd.

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Name

BALRAMCHIN

707.05

40.32

14961.00

0.49

44.15

-14.40

1636.79

6.13

9.29

7.36

EIDPARRY

734.15

28.10

13064.62

0.00

311.50

-32.93

9017.52

3.37

23.60

8.33

TRIVENI

263.95

20.69

5816.48

1.04

3.65

73.81

1950.14

-0.22

8.92

2.94

RENUKA

24.82

0.00

5282.91

0.00

-251.50

4.59

2120.20

5.61

-3.84

-3.60

BAJAJHIND

21.42

44.25

5120.81

0.00

-1847.00

-961.49

11259.70

801.92

2.86

-10.64

BANARISUG

3570.20

36.77

4476.92

0.35

-10.92

-171.57

172.45

-58.81

9.33

-3.00

DALMIASUG

433.45

14.82

3508.31

1.38

6.91

—

848.19

-16.48

8.38

5.10

AVADHSUGAR

794.15

24.10

1589.76

1.26

2.34

127.81

7792.51

987.42

6.50

4.68

GODAVARIB

234.70

5338.22

1201.10

0.00

-193.20

-1106.22

5578.77

946.21

5.79

0.09

UTTAMSUGAR

282.75

12.40

1078.36

0.88

1.30

-91.05

606.37

-3.56

11.62

4.32

DHAMPURSUG

166.45

15.23

1070.38

1.20

60.90

6592.31

7861.70

961.42

6.63

3.98

ZUARIIND

271.10

7.44

807.37

0.37

0.05

101.07

311.93

21.16

5.37

15.57

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

191

269

116

262

226

237

235

272

257

241

263

284

312

236

282

126

142

201

233

242

245

232

230

270

241

367

Operating Profit

-45

-13

-10

121

-7

-8

-55

OPM %

-23.63%

-4.98%

-9.05%

46.05%

10.95%

1.66%

-3.03%

10.13%

9.80%

4.49%

-2.94%

14.93%

-17.74%

886

-1

Interest

Depreciation

Profit before Tax

-38

-48

797

-35

-54

-39

-22

-35

-20

-39

-8

-1

Tax %

-5.11%

3.40%

9.15%

-4.47%

1.99%

0.32%

-4.08%

-27.30%

-0.20%

-13.95%

-4.30%

-159.18%

108.79%

Net Profit

-34

-148

-25

-21

-5

1,643

-26

-316

-15.85

-10.67

244.89

21.35

-11.20

-4.84

-8.31

-6.96

0.02

55.34

-8.69

-10.41

0.20

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

603

550

774

771

834

722

955

838

970

1,045

1,099

570

582

793

763

778

710

903

783

911

970

1,109

Operating Profit

-33

-18

-10

OPM %

5.61%

-5.96%

-2.38%

1.10%

6.70%

1.69%

5.50%

6.52%

6.12%

7.15%

-0.90%

100

121

127

225

182

1,014

101

102

Interest

113

160

202

264

273

285

272

247

241

Depreciation

Profit before Tax

-20

-38

-165

-325

-113

-45

314

784

-88

122

-67

Tax %

-1.28%

-8.69%

10.55%

-21.85%

13.34%

21.95%

1.36%

9.09%

-7.77%

13.47%

-23.65%

Net Profit

-20

-41

-148

-396

-98

-35

309

713

-94

106

-82

EPS

-8.79

-10.54

-43.62

-124.64

-28.63

-12.03

104.30

239.72

-31.30

36.25

—

Dividend Payout %

-11.38%

-9.48%

-2.29%

-0.80%

-6.86%

-24.65%

0.96%

0.42%

-3.19%

2.76%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-3

-32

-13

-12

-13

-14

-15

-18

1,880

2,378

2,152

1,137

1,907

2,944

2,371

3,889

5,018

3,591

853

1,211

1,525

1,982

2,252

2,470

2,655

1,922

2,405

1,967

Trade Payables

274

389

396

487

370

345

250

233

177

181

198

277

305

466

514

1,432

1,306

1,410

Total Liabilities

3,148

4,072

4,298

3,881

4,851

6,243

5,807

7,492

8,920

7,162

537

543

536

691

658

647

639

616

603

611

Capital Work in Progress

1,600

2,211

2,023

1,132

1,877

3,180

2,586

4,852

6,379

4,851

595

854

1,165

1,271

1,230

1,260

1,110

720

731

772

Cash & Bank

149

323

627

685

675

408

356

419

457

688

936

825

844

559

454

448

Total Assets

3,148

4,072

4,298

3,881

4,851

6,243

5,807

7,492

8,920

7,162

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-122

-66

133

281

-1

144

Cash from Investing

-5

-97

-114

-360

-204

-159

475

183

Cash from Financing

-98

214

160

232

-87

-89

-583

-163

-175

-9

-2

-5

-36

-12

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

56.81

56.71

1.60

1.46

1.41

1.30

1.33

2.46

1.11

1.15

1.10

0.33

0.87

0.85

0.66

1.01

1.15

1.23

1.21

0.04

41.23

40.92

41.00

41.30

40.92

39.79

41.00

40.88

40.94

Zuari Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Zuari Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI