Zuari Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2015 • Fertilizers: 100.0%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
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.
PROS
- Working capital cycle has improved - days down from 14 to -138
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (495.1% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -48.13x)
- Company has a low return on equity of 0.1% over last 3 years
- Company has a low return on capital employed of 3.2%
- Interest coverage is weak at 1.2x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BALRAMCHIN | 699.20 | 39.87 | 14794.90 | 0.50 | 44.15 | -14.40 | 1636.79 | 6.13 | 9.29 | 7.36 |
| EIDPARRY | 756.00 | 28.94 | 13453.45 | 0.00 | 311.50 | -32.93 | 9017.52 | 3.37 | 23.60 | 8.33 |
| TRIVENI | 268.90 | 21.08 | 5925.56 | 1.02 | 3.65 | 73.81 | 1950.14 | -0.22 | 8.92 | 2.94 |
| RENUKA | 24.36 | 0.00 | 5185.00 | 0.00 | -251.50 | 4.59 | 2120.20 | 5.61 | -3.84 | -3.60 |
| BAJAJHIND | 21.37 | 44.14 | 5108.85 | 0.00 | -1847.00 | -961.49 | 11259.70 | 801.92 | 2.86 | -10.64 |
| BANARISUG | 3682.15 | 37.92 | 4617.31 | 0.34 | -10.92 | -171.57 | 172.45 | -58.81 | 9.33 | -3.00 |
| DALMIASUG | 432.85 | 14.80 | 3503.46 | 1.39 | 6.91 | — | 848.19 | -16.48 | 8.38 | 5.10 |
| AVADHSUGAR | 821.70 | 24.94 | 1644.91 | 1.22 | 2.34 | 127.81 | 7792.51 | 987.42 | 6.50 | 4.68 |
| GODAVARIB | 238.95 | 5434.89 | 1222.85 | 0.00 | -193.20 | -1106.22 | 5578.77 | 946.21 | 5.79 | 0.09 |
| DHAMPURSUG | 170.85 | 15.63 | 1098.68 | 1.17 | 60.90 | 6592.31 | 7861.70 | 961.42 | 6.63 | 3.98 |
| UTTAMSUGAR | 282.65 | 12.40 | 1077.97 | 0.88 | 1.30 | -91.05 | 606.37 | -3.56 | 11.62 | 4.32 |
| ZUARIIND | 273.50 | 7.51 | 814.52 | 0.37 | 0.05 | 101.07 | 311.93 | 21.16 | 5.37 | 15.57 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 165 | 215 | 101 | 235 | 215 | 207 | 205 | 244 | 210 | 205 | 211 | 248 | 267 | |
| 157 | 218 | 105 | 186 | 191 | 204 | 212 | 194 | 188 | 196 | 218 | 202 | 288 | |
| Operating Profit | 8 | -3 | -4 | 49 | 24 | 4 | -7 | 50 | 22 | 9 | -7 | 47 | -22 |
| OPM % | 4.57% | -1.44% | -4.06% | 20.82% | 10.96% | 1.70% | -3.37% | 20.45% | 10.65% | 4.37% | -3.34% | 18.77% | -8.19% |
| 78 | 37 | 8 | 9 | 0 | 9 | 38 | 3 | 10 | 31 | 34 | 16 | 22 | |
| Interest | 37 | 36 | 33 | 29 | 33 | 31 | 29 | 31 | 30 | 28 | 25 | 29 | 29 |
| Depreciation | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 7 |
| Profit before Tax | 43 | -8 | -35 | 23 | -15 | -24 | -4 | 16 | -4 | 6 | -5 | 26 | -9 |
| Tax % | -9.71% | 23.90% | 2.99% | 30.77% | -2.49% | -0.80% | -97.05% | 43.50% | -8.66% | 48.77% | -9.17% | 32.21% | -1.04% |
| Net Profit | 47 | -6 | -34 | 16 | -15 | -24 | -7 | 9 | -4 | 3 | -5 | 18 | -9 |
| 15.74 | -1.97 | -11.55 | 5.39 | -5.12 | -8.01 | -2.47 | 3.05 | -1.30 | 1.05 | -1.68 | 6.01 | -3.18 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 17 | 2 | 57 | 776 | 610 | 814 | 715 | 871 | 874 | 931 | |
| 10 | 20 | 10 | 48 | 684 | 595 | 754 | 665 | 801 | 803 | 904 | |
| Operating Profit | -10 | -3 | -7 | 9 | 93 | 16 | 60 | 49 | 70 | 71 | 27 |
| OPM % | — | -20.52% | -291.60% | 16.26% | 11.94% | 2.56% | 7.42% | 6.88% | 8.04% | 8.10% | 2.86% |
| 34 | 24 | 48 | 52 | 144 | 211 | 129 | 132 | 51 | 91 | 103 | |
| Interest | 0 | 1 | 8 | 44 | 161 | 196 | 158 | 135 | 123 | 112 | 111 |
| Depreciation | 0 | 0 | 0 | 0 | 26 | 24 | 24 | 24 | 24 | 26 | 26 |
| Profit before Tax | 24 | 20 | 33 | 17 | 50 | 7 | 8 | 23 | -26 | 24 | 19 |
| Tax % | 13.85% | 10.68% | -23.24% | 25.80% | -38.43% | -112.04% | 28.61% | 0.38% | -42.60% | 50.16% | 64.66% |
| Net Profit | 20 | 18 | 40 | 13 | 69 | 15 | 5 | 23 | -37 | 12 | 7 |
| EPS | 6.96 | 6.10 | 13.68 | 4.39 | 23.16 | 5.14 | 1.81 | 7.61 | -12.55 | 4.08 | — |
| Dividend Payout % | 14.37% | 16.39% | 7.31% | 22.78% | 8.48% | 57.73% | 55.37% | 13.14% | -7.97% | 24.52% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 2%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -8%
- 5 Years:
- -29%
- 3 Years:
- 31%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 22%
- 1 Year:
- -11%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,419 | 2,035 | 1,811 | 1,281 | 2,153 | 3,082 | 2,067 | 2,681 | 4,085 | 3,072 | |
| 0 | 50 | 135 | 473 | 1,414 | 1,311 | 1,248 | 919 | 1,069 | 709 | |
| Trade Payables | 5 | 4 | 4 | 6 | 310 | 301 | 209 | 210 | 146 | 150 |
| 73 | 54 | 82 | 75 | 116 | 184 | 116 | 279 | 528 | 742 | |
| Total Liabilities | 1,527 | 2,173 | 2,062 | 1,865 | 4,022 | 4,908 | 3,670 | 4,118 | 5,857 | 4,702 |
| 2 | 2 | 1 | 2 | 517 | 499 | 492 | 472 | 458 | 457 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 2 | 7 | 1 | 6 | 7 | 4 |
| 1,165 | 1,779 | 1,562 | 990 | 1,857 | 2,994 | 2,011 | 2,556 | 4,302 | 3,140 | |
| 233 | 236 | 259 | 241 | 632 | 646 | 505 | 579 | 577 | 613 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 55 | 41 | |
| Cash & Bank | 4 | 10 | 3 | 57 | 57 | 15 | 41 | 8 | 3 | 19 |
| 123 | 146 | 238 | 575 | 956 | 746 | 619 | 478 | 455 | 428 | |
| Total Assets | 1,527 | 2,173 | 2,062 | 1,865 | 4,022 | 4,908 | 3,670 | 4,118 | 5,857 | 4,702 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | -6 | 1 | 21 | 142 | 59 | 69 | 51 | 6 | 67 | |
| Cash from Investing | 84 | -7 | -116 | -307 | -169 | 270 | 195 | 252 | 20 | 55 |
| Cash from Financing | -94 | 20 | 82 | 294 | 24 | -305 | -248 | -314 | -32 | -109 |
| 3 | 6 | -8 | 1 | 3 | 7 | 2 | -10 | -6 | 12 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - 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 - ZUARI INDUSTRIES LIMITED has informed the Exchange regarding Notice of 58th Annual General Meeting to be held on September 21, 2026
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 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Transcript
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 - ZUARI INDUSTRIES LIMITED has informed the Exchange about Date of 58th Annual General Meeting of the Company
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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