Zuari Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹705 Cr
- P/E
- 6.12
- ROE
- 2.71%
- PEG
- -0.24
- Price to sales
- 0.65
- Debt to equity
- 0.75
- 52W high / low
- ₹346 / ₹213
- Sales growth (5Y)
- 4.62%
- EBITDA margin
- 4.32%
- Net profit margin
- 10.89%
- Promoter holding
- 56.71%
- Sales (last year)
- ₹1,099 Cr
Incorporated in 1967, Zuari Industries Ltd is in the business of real estate, investment services, engineering services, management services, manufacturing and trading of furniture, manufacturing and sale of sugar and its by products, ethanol and generation of power.[1]
Guidance scorecard · Q1 FY27 call
What Zuari Industries Ltd's management guided
and where it ranks in Agricultural Food & other Products
RevenueQ1 FY27 call
10–20%- Real estate segment aims to increase Gross Development Value (GDV) from INR4,900 crores to INR10,000 crores, indicating 50% progress toward this goal. Focus on launching and succeeding in projects in Hyderabad and Bangalore with several deals in the pipeline.
- Sugar division anticipates robust cane production in the command area if weather and disease factors remain favorable, with expectations to sustain or improve previous season's operational performance.
- Ethanol business is currently stable but expansion plans are on hold due to overcapacity; future growth depends on government policies on blending and tender outcomes expected around October.
- Engineering and construction are in early growth stages; real estate is expected to provide primary momentum.
2 more points from Zuari Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Zuari Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- Ethanol business capex plans are currently on hold due to significant overcapacity in the market; expansion will be considered only if there is a substantial increase in ethanol blending percentage or government policy changes.
- The company is open to acquisitions in the sugar segment if worthwhile opportunities arise.
- Real estate is identified as the primary growth area with ongoing and upcoming projects in Hyderabad and Bangalore; the aspiration is to reach a Gross Development Value (GDV) of INR10,000 crores.
- Engineering and construction (Simon India) is a fledgling business expected to grow over the long term, with digitalization and AI initiatives underway to improve efficiency.
2 more points from Zuari Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Zuari Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Zuari Industries currently has an order book of approximately INR 6,000 crores.
- The company plans to launch projects in Hyderabad and Bangalore in the next month.
- The gross development value (GDV) of projects in hand is around INR 4,900 crores.
- The management aspires to achieve a GDV of INR 10,000 crores, indicating they are halfway toward this goal.
- Focus remains on launching and successfully executing current projects before closing further deals.
- New deals in the pipeline primarily focus on South India through an asset-light, investment-light DM model.
2 more points from Zuari Industries Ltd'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 Agricultural Food & other Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural Food & other Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹911 Cr | 14.0 | |
| 2 | 40%+ | Up 0–2% | ₹129 Cr | 7.0 | |
| 3 | 40%+ | Flat | ₹23 Cr | 9.5 | |
| 4 | 20–40% | Up 2%+ | ₹219 Cr | 15.0 | |
| 5 | 20–40% | Up 2%+ | ₹190 Cr | 17.9 | |
| 6 | 20–40% | Up 0–2% | ₹2,595 Cr | 33.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural Food & other Products rankingZuari Industries Ltd announcements
All announcements →- Acquisition / mergerNotableZuari Industries buys 1,28,10,900 Texmaco Infrastructure shares from subsidiary
Financials of Zuari Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Zuari Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 282 | 191 | 269 | 116 | 262 | 226 | 237 | 235 | 272 | 257 | 241 | 263 | 284 |
| Expenses + | 233 | 243 | 282 | 126 | 142 | 201 | 233 | 242 | 245 | 232 | 230 | 270 | 253 |
| Operating Profit | 49 | -52 | -13 | -10 | 121 | 25 | 4 | -7 | 28 | 25 | 11 | -8 | 30 |
| OPM % | 17% | -27% | -5% | -9% | 46% | 11% | 2% | -3% | 10% | 10% | 4% | -3% | 11% |
| Other Income + | 142 | 82 | 60 | 891 | 15 | 17 | 59 | 54 | 25 | 45 | 225 | 47 | 20 |
| Interest | 67 | 69 | 74 | 72 | 68 | 69 | 71 | 63 | 59 | 63 | 61 | 56 | 62 |
| Depreciation | 6 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 7 | 7 | 8 | 8 |
| Profit before tax | 118 | -46 | -34 | 802 | 61 | -34 | -15 | -24 | -15 | -0 | 167 | -25 | -20 |
| Tax % | 13% | 4% | -5% | 9% | -3% | -2% | -1% | 7% | 42% | 18% | 2% | 7% | 61% |
| Net Profit + | 102 | -48 | -32 | 729 | 63 | -34 | -15 | -25 | -21 | -0 | 164 | -26 | -32 |
| EPS in Rs | 34.34 | -15.85 | -10.67 | 244.89 | 21.35 | -11.20 | -4.84 | -8.31 | -6.95 | 0.02 | 55.34 | -8.69 | -10.41 |
Financials of Zuari Industries Ltd
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 520 | 553 | 603 | 550 | 774 | 771 | 834 | 722 | 955 | 838 | 970 | 1,045 |
| Expenses + | 518 | 568 | 575 | 556 | 905 | 1,031 | 843 | 710 | 927 | 786 | 921 | 974 |
| Operating Profit | 2 | -15 | 29 | -6 | -131 | -260 | -9 | 12 | 28 | 52 | 50 | 71 |
| OPM % | 0% | -3% | 5% | -1% | -17% | -34% | -1% | 2% | 3% | 6% | 5% | 7% |
| Other Income + | 21 | 3 | 32 | 107 | 100 | 121 | 127 | 230 | 562 | 1,041 | 154 | 324 |
| Interest | 34 | 39 | 66 | 119 | 113 | 160 | 202 | 264 | 248 | 282 | 262 | 243 |
| Depreciation | 8 | 8 | 15 | 20 | 21 | 25 | 29 | 23 | 27 | 27 | 29 | 30 |
| Profit before tax | -19 | -60 | -20 | -38 | -165 | -325 | -113 | -45 | 314 | 784 | -88 | 122 |
| Tax % | 57% | -36% | 1% | 9% | -11% | 22% | -13% | -22% | 1% | 9% | 8% | 13% |
| Net Profit + | -26 | -38 | -20 | -41 | -148 | -396 | -98 | -35 | 309 | 713 | -94 | 106 |
| EPS in Rs | -8.93 | -14.96 | -8.80 | -10.56 | -43.68 | -124.81 | -29.20 | -12.19 | 104.30 | 239.72 | -31.30 | 36.25 |
| Dividend Payout % | -11% | -7% | -11% | -9% | -2% | -1% | -7% | -8% | 1% | 0% | -3% | 0% |
Financials of Zuari Industries Ltd
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 30 | 30 | 30 | 30 |
| Reserves | 649 | 1,760 | 1,880 | 2,378 | 2,152 | 1,137 | 1,849 | 2,885 | 2,312 | 3,830 | 4,959 | 3,591 |
| Borrowings + | 623 | 760 | 866 | 1,153 | 1,471 | 1,940 | 2,288 | 2,512 | 2,691 | 2,436 | 2,568 | 2,598 |
| Other Liabilities + | 556 | 442 | 459 | 624 | 773 | 830 | 740 | 816 | 774 | 1,195 | 1,363 | 944 |
| Total Liabilities | 1,858 | 2,991 | 3,235 | 4,184 | 4,426 | 3,937 | 4,907 | 6,243 | 5,807 | 7,492 | 8,920 | 7,164 |
| Fixed Assets + | 252 | 370 | 539 | 550 | 544 | 698 | 665 | 654 | 645 | 622 | 609 | 616 |
| CWIP | 169 | 142 | 12 | 8 | 71 | 3 | 2 | 7 | 1 | 6 | 7 | 6 |
| Investments | 375 | 1,433 | 1,600 | 2,211 | 2,023 | 1,132 | 1,877 | 3,180 | 2,586 | 4,852 | 6,379 | 4,851 |
| Other Assets + | 1,063 | 1,046 | 1,084 | 1,415 | 1,788 | 2,104 | 2,364 | 2,401 | 2,575 | 2,012 | 1,925 | 1,691 |
| Total Assets | 1,858 | 2,991 | 3,235 | 4,184 | 4,426 | 3,937 | 4,907 | 6,243 | 5,807 | 7,492 | 8,920 | 7,164 |
Financials of Zuari Industries Ltd
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 + | -288 | -12 | 109 | -125 | -45 | 126 | 109 | 62 | 269 | 71 | -1 | 144 |
| Cash from Investing Activity + | 41 | -45 | -5 | -97 | -114 | -360 | -204 | 69 | -159 | 475 | 183 | 20 |
| Cash from Financing Activity + | 238 | 66 | -98 | 214 | 160 | 232 | 90 | -87 | -89 | -583 | -163 | -175 |
| Net Cash Flow | -8 | 9 | 5 | -9 | 2 | -2 | -5 | 44 | 22 | -36 | 18 | -12 |
| Free Cash Flow | -387 | -98 | 100 | -153 | -169 | 33 | 108 | 56 | 259 | 101 | -16 | 118 |
| CFO/OP | -11,600% | -8% | 326% | 1,963% | 51% | -51% | -1,010% | 728% | 1,012% | 136% | -47% | 203% |
Financials of Zuari Industries Ltd
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 | 69 | 62 | 56 | 86 | 49 | 51 | 40 | 37 | 31 | 24 | 24 | 23 |
| Inventory Days | 1,432 | 896 | 831 | 1,809 | 1,840 | 1,215 | 864 | 1,031 | 629 | 502 | 405 | 388 |
| Days Payable | 580 | 295 | 383 | 825 | 626 | 465 | 260 | 283 | 142 | 162 | 99 | 91 |
| Cash Conversion Cycle | 922 | 663 | 505 | 1,071 | 1,263 | 800 | 644 | 785 | 518 | 364 | 330 | 320 |
| Working Capital Days | 82 | -27 | 11 | 79 | 161 | 94 | 92 | 81 | 72 | -537 | -349 | -392 |
| ROCE % | 3% | -1% | 2% | 3% | -2% | -5% | 3% | 4% | 11% | 4% | 3% | 5% |
Guidance history
How Zuari Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | None planned | — | — |
| Q4 FY26 call → | 0–10% | Flat | None planned | — | — |
| Q3 FY26 call → | 0–10% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
18 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 | −29.9% | 24% |
| Last 6 months | −9.8% | 39% |
| Last 3 months | −8.6% | 49% |
The price is 41.4% below its all-time high of ₹403.9 (25 Sept 2025). Stocks more than 20% below their peak have their score halved, so 35 became 18.
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 Industries Ltd: 0.4 × 24 + 0.4 × 39 + 0.2 × 49 = 35, halved to 18 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 30 Oct 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 Industries Ltd's management said in earlier quarters
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