ZUARIIND

ZUARI INDUSTRIES LIMITED

Diversified holding company with sugar, power, ethanol and real estate businesses

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Agricultural Food & other Products›Sugar

zuariindustries.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹264.95
Market cap
789 Cr
Stock P/E
7.3
P/B
0.22
Dividend yield
0.5%
ROE (FY26)
3.0%
ROCE (FY26)
5.9%
Operating margin (FY26)
3.9%
Debt / equity (FY26)
0.72
OCF / EBITDA (FY26)
203.4%
OCF / EBITDA (3Y)
124.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Zuari Industries is a listed holding and operating company that makes sugar and ethanol, runs real estate development-management and engineering businesses, and holds large stakes in other listed group companies.

Company snapshot

13thBy market cap

Ranked among 27 companies in Sugar.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 73.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Engineering Services
0.5%
2 Cr-1 Cr—
Ethanol Plant
22.1%
102 Cr16 Cr—
Furniture
0.0%
0.0001 Cr1 Cr—
Investment Services
3.2%
15 Cr6 Cr—
Management Services
3.2%
15 Cr-1 Cr—
Power
2.8%
13 Cr-6 Cr—
Real estate
3.1%
15 Cr-3 Cr—
Sugar
73.5%
340 Cr11 Cr—

Shares add up to 108% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓125% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Interest coverage of 0.2x — earnings barely cover interest payments, which is a warning sign.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales269 Cr116 Cr262 Cr226 Cr237 Cr235 Cr272 Cr257 Cr241 Cr263 Cr284 Cr312 Cr
Operating expenses (approx.)282 Cr133 Cr142 Cr201 Cr233 Cr242 Cr245 Cr232 Cr230 Cr270 Cr241 Cr298 Cr
EBITDA-13 Cr-17 Cr121 Cr25 Cr4 Cr-7 Cr28 Cr25 Cr11 Cr-8 Cr42 Cr14 Cr
OPM %-5.0%-14.6%46.1%10.9%1.7%-3.0%10.1%9.8%4.5%-2.9%14.9%4.5%
Other income46 Cr79 Cr21 Cr16 Cr40 Cr39 Cr17 Cr10 Cr45 Cr39 Cr16 Cr16 Cr
Interest74 Cr72 Cr68 Cr69 Cr71 Cr63 Cr59 Cr63 Cr61 Cr56 Cr62 Cr62 Cr
Depreciation7 Cr7 Cr7 Cr7 Cr7 Cr7 Cr8 Cr7 Cr7 Cr8 Cr8 Cr8 Cr
Profit before tax-34 Cr802 Cr61 Cr-34 Cr-15 Cr-24 Cr-15 Cr-0.40 Cr167 Cr-25 Cr-20 Cr-0.57 Cr
Tax %2.0%9.2%-3.3%2.0%1.2%-6.7%-41.5%-18.5%1.6%-6.8%-60.9%109.0%
Net profit-33 Cr728 Cr63 Cr-34 Cr-15 Cr-25 Cr-21 Cr-0.48 Cr164 Cr-26 Cr-32 Cr0.05 Cr
EPS (₹)₹-11.00₹244.51₹21.35₹-11.20₹-4.84₹-8.31₹-6.96₹0.02₹55.34₹-8.69₹-10.41₹0.20

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales631 Cr553 Cr774 Cr771 Cr834 Cr722 Cr955 Cr838 Cr970 Cr1,045 CrSign in free for the trailing twelve months
Operating expenses (approx.)597 Cr588 Cr793 Cr763 Cr778 Cr710 Cr927 Cr786 Cr921 Cr974 CrSign in free for the trailing twelve months
EBITDA34 Cr-35 Cr-18 Cr8 Cr56 Cr12 Cr28 Cr52 Cr49 Cr71 CrSign in free for the trailing twelve months
OPM %5.4%-6.3%-2.4%1.1%6.7%1.7%2.9%6.2%5.1%6.8%Sign in free for the trailing twelve months
Other income47 Cr73 Cr100 Cr125 Cr149 Cr225 Cr182 Cr229 Cr112 Cr110 CrSign in free for the trailing twelve months
Interest66 Cr92 Cr113 Cr160 Cr202 Cr264 Cr248 Cr282 Cr262 Cr243 CrSign in free for the trailing twelve months
Depreciation15 Cr20 Cr21 Cr25 Cr29 Cr23 Cr27 Cr27 Cr29 Cr30 CrSign in free for the trailing twelve months
Profit before tax-20 Cr-34 Cr-127 Cr-325 Cr-116 Cr-45 Cr314 Cr784 Cr-88 Cr122 CrSign in free for the trailing twelve months
Tax %-1.3%-11.9%13.7%-21.9%13.1%21.9%2.7%9.1%-7.8%13.5%Sign in free for the trailing twelve months
Net profit-20 Cr-38 Cr-110 Cr-396 Cr-101 Cr-35 Cr305 Cr713 Cr-94 Cr106 CrSign in free for the trailing twelve months
EPS (₹)₹-8.79₹-9.54₹-30.79₹-124.64₹-31.58₹-11.95₹102.84₹239.72₹-31.30₹36.25Sign in free for the trailing twelve months
Dividend payout %——————1.0%0.5%—4.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital29 Cr29 Cr29 Cr29 Cr29 Cr29 Cr30 Cr30 Cr30 Cr30 Cr
Reserves1,880 Cr2,381 Cr2,190 Cr1,137 Cr2,016 Cr2,944 Cr2,365 Cr3,889 Cr5,018 Cr3,591 Cr
Borrowings771 Cr1,100 Cr1,338 Cr1,715 Cr1,995 Cr2,440 Cr2,620 Cr2,367 Cr2,509 Cr2,598 Cr
Other liabilities530 Cr654 Cr910 Cr1,091 Cr993 Cr842 Cr808 Cr1,223 Cr1,386 Cr962 Cr
Total liabilities3,235 Cr4,176 Cr4,465 Cr3,941 Cr4,994 Cr6,244 Cr5,809 Cr7,494 Cr8,927 Cr7,164 Cr
Fixed assets (net)391 Cr396 Cr389 Cr548 Cr525 Cr515 Cr506 Cr484 Cr470 Cr460 Cr
CWIP12 Cr8 Cr71 Cr3 Cr2 Cr7 Cr1 Cr6 Cr7 Cr6 Cr
Investments1,600 Cr2,215 Cr2,069 Cr1,140 Cr1,845 Cr3,187 Cr2,592 Cr4,858 Cr6,385 Cr4,856 Cr
Loans & advances——18 Cr21 Cr19 Cr84 Cr443 Cr48 Cr0 Cr0 Cr
Inventories595 Cr854 Cr1,165 Cr1,271 Cr1,230 Cr1,259 Cr1,110 Cr720 Cr730 Cr772 Cr
Trade receivables93 Cr130 Cr104 Cr107 Cr91 Cr73 Cr80 Cr55 Cr65 Cr66 Cr
Cash & bank40 Cr31 Cr33 Cr30 Cr26 Cr69 Cr91 Cr56 Cr74 Cr62 Cr
Other assets504 Cr542 Cr615 Cr821 Cr1,256 Cr1,050 Cr985 Cr1,268 Cr1,197 Cr941 Cr
Total assets3,235 Cr4,176 Cr4,465 Cr3,941 Cr4,994 Cr6,244 Cr5,809 Cr7,494 Cr8,927 Cr7,164 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity109 Cr-126 Cr-45 Cr126 Cr109 Cr62 Cr16 Cr71 Cr-1 Cr144 Cr
Cash from investing-5 Cr-97 Cr-114 Cr-360 Cr-204 Cr69 Cr95 Cr475 Cr183 Cr20 Cr
Cash from financing-98 Cr214 Cr160 Cr232 Cr90 Cr-87 Cr-89 Cr-583 Cr-163 Cr-175 Cr
Net cash flow5 Cr-9 Cr2 Cr-2 Cr-5 Cr44 Cr22 Cr-36 Cr18 Cr-12 Cr
Free cash flow (OCF − Capex)67 Cr-154 Cr-169 Cr32 Cr94 Cr41 Cr-2 Cr58 Cr-16 Cr118 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %1.7%1.6%-0.4%-5.8%2.2%4.1%11.2%17.0%2.3%5.9%
ROE %-1.3%-1.2%-4.1%-32.3%-4.6%-1.2%12.9%18.3%-1.9%3.0%
Debtor days54864951403730242423
Inventory days662728980953913971825466403409
Days payable3053323333652752661861519996
Cash conversion cycle411482696639678741670339328337
OCF / EBITDA %321.0%——n.m.196.0%n.m.n.m.137.9%-2.6%203.4%
OCF / EBITDA % (3 years)————n.m.387.7%195.1%162.2%66.9%124.6%
Debt / equity0.400.460.601.510.990.821.100.610.500.72
Current ratio1.071.151.331.241.321.351.520.750.870.66
Net debt / EBITDA21.58——198.8835.26194.7090.9244.5849.5735.88