Zuari Agro Chemicals Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹776 Cr
- P/E
- 2.50
- ROE
- 1.24%
- PEG
- -0.06
- Price to sales
- 0.30
- Debt to equity
- 0.31
- 52W high / low
- ₹337 / ₹181
- Sales growth (5Y)
- 5.89%
- EBITDA margin
- 8.87%
- Net profit margin
- 0.82%
- Promoter holding
- 65.21%
- Sales (last year)
- ₹2,569 Cr
Incorporated in 1967, Zuari Agro Chemicals Ltd manufactures, trades and markets chemical fertilizers and fertilizer products[1]
Guidance scorecard · Q2 FY27 call
What Zuari Agro Chemicals's management guided
and where it ranks in Fertilizers & Agrochemicals
RevenueQ3 FY19 call
0–10%- Management expects better performance in the Kharif season following a disappointing Q3 due to drought and price hikes impacting sales volumes.
- Efforts are underway to expand market share beyond Maharashtra and Karnataka, targeting states like Andhra Pradesh, Telangana, and Madhya Pradesh, aiming to increase non-core market sales from 20% currently to about 40%.
- The company plans to grow the Jai Kisaan retail network from around 350 stores to 500, enhancing market penetration.
- With improved rainfall and government support (e.g., clearing dues to farmers), Kharif season sales volumes are anticipated to rebound.
2 more points from Zuari Agro Chemicals's call on revenue
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MarginsQ3 FY19 call
FlatSee what Zuari Agro Chemicals said on margins — free account, 30 seconds.
CapexQ3 FY19 call
Planned- Zuari Agrochemicals is prioritizing an energy efficiency project with a capex of approximately ₹380-400 crores.
- The larger CAPEX of ₹1300 crores is currently on hold and will proceed only after receiving approval from the Department of Fertilizer for the extension of the investment policy.
- The ₹380-400 crores energy efficiency project is being funded through a Foreign Currency Convertible Bond (FCCB) of about ₹200 crores and long-term loans.
2 more points from Zuari Agro Chemicals's call on capex
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FundraisingQ3 FY19 call
PlannedSee what Zuari Agro Chemicals said on fundraising — free account, 30 seconds.
Order bookQ3 FY19 call
- Total sales at console level in the quarter were about ₹1,700 crores compared to ₹2,100 crores last year.
- Paradeep Phosphate Limited (PPL) contributed around ₹750 crores to the sales.
- The management highlighted subdued demand and inventory buildup across the industry affecting order inflows for the quarter.
2 more points from Zuari Agro Chemicals's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Fertilizers & Agrochemicals
on management's own guidance
- Dharmaj CropGood growth2
- Anya Polytech &Good growth1
- M B Agro Prod.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Fertilizers & Agrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Anya Polytech & | 20–40% | Up 2%+ | ₹194 Cr | 23.2 |
| 2 | Dharmaj Crop | 20–40% | Up 0–2% | ₹862 Cr | 14.3 |
| 3 | M B Agro Prod. | 20–40% | Flat | ₹8,127 Cr | 52.5 |
| 4 | 20–40% | Flat | ₹7,066 Cr | 35.9 | |
| 5 | 10–20% | Up 2%+ | ₹1,167 Cr | 17.4 | |
| 6 | 10–20% | Flat | ₹50,035 Cr | 26.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Fertilizers & Agrochemicals rankingFinancials of Zuari Agro Chemicals
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Zuari Agro Chemicals
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 65.28% | 65.28% | 65.28% | 65.21% | 65.21% | 65.21% | 65.21% | 65.21% | 65.20% | 65.20% | 65.20% | 65.20% |
| FIIs + | 1.58% | 1.27% | 1.08% | 1.18% | 2.52% | 1.33% | 2.67% | 2.85% | 2.71% | 2.84% | 2.34% | 1.91% |
| DIIs + | 1.00% | 1.00% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% | 0.10% |
| Public + | 32.13% | 32.46% | 33.55% | 33.51% | 32.18% | 33.37% | 32.03% | 31.85% | 32.00% | 31.88% | 32.35% | 32.79% |
| No. of Shareholders | 33,845 | 37,655 | 39,757 | 45,084 | 44,277 | 46,257 | 44,892 | 47,405 | 45,524 | 44,493 | 43,594 | 41,995 |
Financials of Zuari Agro Chemicals
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,649 | 843 | 898 | 1,097 | 1,123 | 1,264 | 952 | 1,246 | 1,423 | 344 | 187 | 615 | 398 |
| Expenses + | 1,510 | 768 | 879 | 978 | 1,022 | 1,148 | 920 | 1,105 | 1,249 | 334 | 202 | 556 | 364 |
| Operating Profit | 139 | 75 | 19 | 118 | 101 | 117 | 32 | 141 | 174 | 9 | -14 | 59 | 34 |
| OPM % | 8% | 9% | 2.1% | 11% | 9% | 9% | 3.4% | 11% | 12% | 2.7% | -8% | 10% | 9% |
| Other Income + | 45 | 43 | 131 | 12 | 81 | 51 | 61 | 72 | 923 | 43 | 11 | 97 | 33 |
| Interest | 55 | 49 | 51 | 48 | 44 | 40 | 36 | 34 | 32 | 18 | 17 | 18 | 18 |
| Depreciation | 23 | 24 | 25 | 25 | 25 | 26 | 25 | 25 | 25 | 4 | 5 | 5 | 5 |
| Profit before tax | 106 | 45 | 74 | 56 | 113 | 101 | 32 | 154 | 1,040 | 30 | -25 | 133 | 44 |
| Tax % | 37% | 37% | -4% | 48% | 18% | 20% | 16% | 17% | 19% | -34% | 0% | 11% | 16% |
| Net Profit + | 67 | 29 | 77 | 29 | 93 | 81 | 27 | 127 | 840 | 40 | -25 | 119 | 37 |
| EPS in Rs | 8.44 | 3.19 | 17.87 | 2.18 | 19.31 | 12.97 | 4.72 | 23.54 | 191.68 | 9.43 | -5.95 | 28.17 | 8.87 |
Financials of Zuari Agro Chemicals
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 7,613 | 7,611 | 6,377 | 7,265 | 8,103 | 3,042 | 2,404 | 3,590 | 4,553 | 4,595 | 4,436 | 3,200 | 1,544 |
| Expenses + | 7,313 | 7,334 | 5,905 | 6,722 | 7,783 | 3,382 | 2,369 | 3,351 | 4,215 | 4,233 | 4,058 | 2,888 | 1,456 |
| Operating Profit | 300 | 277 | 472 | 542 | 320 | -340 | 35 | 239 | 338 | 362 | 378 | 311 | 88 |
| OPM % | 4.0% | 3.6% | 7% | 7% | 4.0% | -11% | 1.4% | 7% | 7% | 8% | 9% | 10% | 6% |
| Other Income + | 71 | 50 | 23 | 113 | -11 | 124 | 146 | 220 | 616 | 195 | 195 | 1,048 | 184 |
| Interest | 318 | 419 | 440 | 404 | 488 | 278 | 200 | 173 | 207 | 211 | 168 | 101 | 71 |
| Depreciation | 30 | 66 | 77 | 83 | 87 | 68 | 68 | 67 | 79 | 95 | 102 | 59 | 19 |
| Profit before tax | 23 | -157 | -22 | 169 | -266 | -562 | -88 | 218 | 668 | 251 | 303 | 1,199 | 183 |
| Tax % | 29% | -22% | -40% | 14% | 3% | 37% | 44% | 22% | 19% | 32% | 24% | 18% | |
| Net Profit + | 14 | -123 | -13 | 146 | -273 | -773 | -126 | 171 | 539 | 171 | 231 | 982 | 171 |
| EPS in Rs | 2.13 | -27.40 | -5.22 | 27.91 | -68.57 | -190.74 | -37.35 | 31.01 | 113.33 | 23.74 | 39.18 | 218.70 | 40.52 |
| Dividend Payout % | 94% | -7% | -19% | -0% | -0% | -0% | -0% | -0% | -0% | 8% | -0% | -0% |
Financials of Zuari Agro Chemicals
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 965 | 1,305 | 1,325 | 1,423 | 1,110 | 299 | 154 | 325 | 1,539 | 1,652 | 1,814 | 2,047 | 2,468 |
| Borrowings + | 3,434 | 5,047 | 4,299 | 4,506 | 5,235 | 3,368 | 1,851 | 2,643 | 2,108 | 1,783 | 717 | 642 | 691 |
| Other Liabilities + | 1,678 | 1,617 | 1,914 | 2,279 | 2,886 | 2,845 | 3,297 | 3,201 | 1,361 | 1,334 | 2,453 | 512 | 674 |
| Total Liabilities | 6,118 | 8,011 | 7,580 | 8,250 | 9,273 | 6,554 | 5,344 | 6,211 | 5,050 | 4,811 | 5,026 | 3,242 | 3,875 |
| Fixed Assets + | 488 | 1,829 | 1,793 | 1,798 | 1,835 | 1,862 | 1,431 | 1,424 | 1,940 | 1,957 | 865 | 159 | 162 |
| CWIP | 424 | 102 | 143 | 147 | 154 | 168 | 78 | 320 | 19 | 23 | 7 | -0 | -0 |
| Investments | 209 | 774 | 878 | 911 | 815 | 855 | 952 | 1,126 | 1,242 | 1,270 | 1,425 | 2,581 | 3,007 |
| Other Assets + | 4,998 | 5,306 | 4,767 | 5,395 | 6,469 | 3,668 | 2,883 | 3,341 | 1,848 | 1,561 | 2,729 | 503 | 706 |
| Total Assets | 6,118 | 8,011 | 7,580 | 8,250 | 9,273 | 6,554 | 5,344 | 6,211 | 5,050 | 4,811 | 5,026 | 3,242 | 3,875 |
Financials of Zuari Agro Chemicals
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 839 | -869 | 1,097 | 293 | -355 | 2,635 | 1,521 | 571 | 95 | 473 | 511 | 203 |
| Cash from Investing Activity + | -286 | -489 | -40 | -63 | -103 | -16 | -171 | -137 | 426 | 3 | -122 | -69 |
| Cash from Financing Activity + | -547 | 1,363 | -1,003 | -148 | 360 | -2,404 | -1,188 | -296 | -697 | -527 | -494 | -335 |
| Net Cash Flow | 6 | 5 | 54 | 82 | -98 | 215 | 162 | 138 | -176 | -51 | -104 | -201 |
| Free Cash Flow | 654 | -1,019 | 952 | 221 | -502 | 2,556 | 1,449 | 344 | -150 | 453 | 433 | 103 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 282% | -307% | 240% | 58% | -110% | -777% | 4,344% | 249% | 44% | 160% | 152% | 81% |
Financials of Zuari Agro Chemicals
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 159 | 197 | 198 | 170 | 176 | 266 | 69 | 64 | 63 | 48 | 7 | 10 |
| Inventory Days | 61 | 45 | 56 | 74 | 107 | 94 | 52 | 78 | 47 | 38 | 23 | 45 |
| Days Payable | 70 | 54 | 86 | 102 | 118 | 339 | 96 | 91 | 57 | 41 | 21 | 39 |
| Cash Conversion Cycle | 149 | 188 | 168 | 142 | 164 | 22 | 25 | 52 | 53 | 45 | 9 | 16 |
| Working Capital Days | 1 | -33 | -50 | -44 | -31 | -250 | -304 | -224 | -68 | -62 | -165 | -56 |
| ROCE % | 7% | 5% | 8% | 10% | 5% | -5% | 3% | 13% | 10% | 8% | 13% | 16% |
Momentum score · price trend
10 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −28.3% | 25% |
| Last 6 months | −23.2% | 15% |
| Last 3 months | −21.4% | 16% |
The price is 70.3% below its all-time high of ₹618.1 (3 Nov 2017). Stocks more than 20% below their peak have their score halved, so 19 became 10.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Zuari Agro Chemicals: 0.4 × 25 + 0.4 × 15 + 0.2 × 16 = 19, halved to 10 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Zuari Agro Chemicals's management said in earlier quarters
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