Overview

Detailed Summary

Zuari Industries is a diversified agri‑inputs and infrastructure group focused on sugar, ethanol, bagasse-based power, asset‑light real estate development (DM), engineering services and strategic investments, operating via subsidiaries and JVs including Zuari Envien Bioenergy, Zuari Infraworld and Simon India.
Q3 FY26 operational highlights show record seasonality performance with highest-ever Q3 cane crush (67.3 LQ) and recurring improvements in capacity utilization, plus ethanol sales surged 17.7% year-on-year, driven by the newly commissioned ZEBPL ethanol plant (operational 1 Jan 2026).
Financials show stable standalone revenues (Q3 ₹254.7 Cr) and improving nine‑month EBITDA (₹125.7 Cr, +9.5% YoY), while consolidated results reflect volatility from exceptional items, share of JV profits and significant other comprehensive income swings driven by strategic investment revaluations.
Balance sheet focus: management is prioritising deleveraging with expected cash inflows from the St. Regis Dubai handovers (management cites ₹800–900 Cr) and an anticipated receivable from an associate (~₹273 Cr), which together are central to materially reducing gross external debt.

Sector: Agricultural Food & other Products
Industry: Sugar
Market Cap: 784 Cr
Volatility: High Risk
P/E Ratio: 6.8
Industry P/E: 33.4
PEG Ratio: -0.0
P/B Ratio: 0.2
52W High: 416.00
52W Low: 210.30

Sales CAGR

1Y: 15.82%
3Y: 12.57%
5Y: 72.40%
10Y: —

Profit CAGR

1Y: -113.24%
3Y: —
5Y: —
10Y: —

ROE

TTM: 2.98%
3Y: 8.22%
5Y: 4.99%
10Y: 0.83%

ROCE

TTM: 5.84%
3Y: 10.83%
5Y: 8.42%
10Y: 5.11%

Technicals

‌

Forecasts

Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Sugar

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DHAMPURSUG		141.25	909 Cr	13.97	0.76	1.41	5.44	6.42	2.70
UTTAMSUGAR		234.10	908 Cr	9.06	1.04	1.05	11.44	11.68	5.19
AVADHSUGAR		454.00	904 Cr	15.77	0.80	2.21	5.10	6.42	1.99
DWARKESH		43.40	816 Cr	26.46	0.99	0.23	3.72	4.91	2.38
ZUARIIND		270.20	797 Cr	7.39	0.22	0.37	2.98	5.84	1.48
DBOL		114.30	780 Cr	30.99	0.76	1.28	2.45	4.97	1.08
MAGADSUGAR		468.00	636 Cr	10.01	0.72	2.77	7.22	7.68	3.78
Median: 7 Co.	—	234.10	816 Cr	13.97	0.76	1.28	5.10	6.42	2.38

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	116	262	226	237	235	272	257	241	263	284
Expenses	126	142	201	233	242	245	232	230	270	241
Operating Profit	-10	121	25	3.95	-7.13	28	25	11	-7.72	42
OPM %	-9.05	46.05	10.95	1.66	-3.03	10.13	9.80	4.49	-2.94	14.93
Other Income	891	15	17	59	54	25	45	225	47	7.66
Interest	72	68	69	71	63	59	63	61	56	62
Depreciation	6.94	6.86	6.81	7.04	7.22	7.83	7.44	7.34	7.71	7.66
Profit Before Tax	802	61	-34	-15	-24	-15	-0.40	167	-25	-20
Tax %	9.10	-3.33	2.01	1.14	-6.68	-41.51	-17.50	1.65	-6.75	-60.95
Net Profit	729	63	-34	-15	-25	-21	-0.48	164	-26	-32
EPS in Rs	244.89	21.35	-11.20	-4.84	-8.31	-6.96	0.02	55.34	-8.69	-10.41

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	631	555	774	771	834	722	955	838	970	1,002
Expenses	570	582	793	763	778	710	927	786	921	952
Operating Profit	62	-27	-18	8.47	56	12	28	52	49	50
OPM %	9.76	-4.95	-2.38	1.10	6.70	1.69	2.91	6.19	5.06	4.95
Other Income	27	107	-13	-148	62	230	562	1,041	154	182
Interest	66	92	113	160	202	264	248	282	262	256
Depreciation	15	20	21	25	29	23	27	27	29	30
Profit Before Tax	-20	-38	-165	-325	-113	-45	314	784	-88	-54
Tax %	-1.28	-8.69	10.55	-21.85	13.34	21.95	1.36	9.09	-7.77	-14.10
Net Profit	-20	-41	-148	-396	-98	-35	309	713	-94	-61
EPS in Rs	—	—	-43.12	-123.12	-25.61	-5.34	103.13	239.37	-31.31	36.26
Dividend Payout %	-11.38	-9.49	-2.29	-0.80	-6.99	-8.31	0.96	0.42	-3.19	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	29	29	29	29	29	29	29	30	30	30
Reserves	1,760	1,880	2,378	2,152	1,137	1,908	2,944	2,371	3,889	5,018
Borrowings	624	771	1,100	1,338	1,728	2,230	2,453	2,632	2,377	2,509
Other Liabilities	578	553	691	907	1,046	742	817	776	1,198	1,370
Total Liabilities	2,991	3,235	4,198	4,427	3,941	4,909	6,244	5,809	7,494	8,927
Fixed Assets	370	537	543	536	691	658	647	639	616	603
CWIP	142	12	7.57	71	2.51	2.21	7.03	1.07	6.06	7.04
Investments	1,433	1,602	2,219	2,031	1,140	1,884	3,187	2,592	4,858	6,385
Other Assets	1,046	1,084	1,429	1,789	2,108	2,365	2,402	2,577	2,014	1,932
Total Assets	2,991	3,235	4,198	4,427	3,941	4,909	6,244	5,809	7,494	8,927

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-12	109	-125	-45	126	109	62	269	71	-1.29
Cash from Investing Activity	-45	-5.44	-97	-114	-360	-204	69	-159	475	183
Cash from Financing Activity	66	-98	214	160	232	90	-87	-89	-583	-163
Net Cash Flow	8.65	5.35	-8.87	1.56	-2.45	-4.86	44	22	-36	18

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	56.81%	56.81%	56.81%	56.81%	56.81%	56.71%	56.71%	56.71%	56.71%	56.71%	56.71%	56.71%
FIIs	1.30%	1.36%	1.49%	1.55%	1.60%	1.46%	1.40%	1.30%	1.33%	2.46%	1.11%	1.15%
DIIs	0.05%	0.05%	0.05%	0.30%	0.37%	0.91%	0.89%	0.70%	1.04%	1.04%	1.18%	1.26%
Public	41.85%	41.79%	41.66%	41.35%	41.23%	40.92%	41.00%	41.30%	40.92%	39.79%	41.00%	40.88%
Total Shareholders	27,698	27,487	26,417	27,248	27,786	29,133	31,338	31,140	30,627	31,548	31,490	30,974

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan