Any current/future new fundraising through debt or equity?

Zuari Industries has not announced any immediate plans for new fundraising through debt or equity. The company is focused on deleveraging its existing debt, targeting significant reduction through monetization events like the completion and proceeds from the Dubai real estate project. For future expansion, especially in ethanol production (scaling to 1,000 KLPD), the company plans to fund growth primarily through internal cash generation rather than external sources. Further investments in ethanol capacity are contingent on policy clarity and regulatory environment changes, particularly regard

Any current/future capex/capital investment/strategic investment?

Zuari Envien Bioenergy Pvt. Ltd. is setting up a 180 KLPD grain-based ethanol distillery in Lakhimpur, expected to commission in Q2 FY26, aiming to scale to 1,000 KLPD within 4-5 years. Future investments depend on policy clarity and government pricing on ethanol. Zuari Infraworld is expanding in Hyderabad and Kolkata with development management mandates worth Rs.4,000 crores combined, focusing on an asset-light, fee-based model. Bangalore is also being explored. The flagship St. Regis Dubai ultra-premium luxury project is progressing well, targeting completion by February 2026. Post-completio

Future growth expectations in sales/revenue/volumes?

Ethanol production is expected to scale up significantly, targeting 1,000 KLPD within 4-5 years, with the current 180 KLPD facility commissioning in Q2 FY26 and full capacity by Q4 FY26 or next financial year. Real estate segment, particularly Zuari Infraworld, is expanding with DM mandates worth Rs.4,000 crores in Hyderabad and Kolkata, and exploring Bangalore. Sugar sales are influenced by government quotas; sugar season and power generation days directly impact volumes; sugar stock as of June 30 is 6 lakh quintals. Ethanol prices expected to rise due to demand from blending programs. Simon

Future growth expectations in earnings/operating earnings/profits/EPS?

Zuari Industries expects steady sugar prices supported by lower stock levels, which should aid stable revenue and profitability. Ethanol prices are anticipated to rise due to demand from the ethanol blending program, potentially boosting ethanol business earnings. The company plans to scale ethanol production to 1,000 KLPD over 4-5 years, which could significantly increase future revenues, contingent on government policy clarity and pricing. Real estate revenues, particularly from projects in India (Bangalore, Hyderabad, Kolkata), show strong potential with a gross development value pipeline o

Current/ Expected Orderbook/ Pending Orders?

Simon India has booked orders worth Rs.100 crores. These orders are from Paradeep Phosphates Limited. The projects include the fifth evaporator project, a Sulphur melting system, and the TG4 project. Most projects have a short timeframe for execution, expected to complete by March 2027. The order book is anticipated to grow stronger from both internal and external clients.

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Zuari Industries LtdQ2 FY25Agricultural Food & other Products

Zuari Industries Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹261P/E: 6.2Market Cap: ₹813 CrSector: Agricultural Food & other Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ethanol production is expected to scale up significantly, targeting 1,000 KLPD within 4-5 years, with the current 180 KLPD facility commissioning in Q2 FY26 and full capacity by Q4 FY26 or next financial year.
→Real estate segment, particularly Zuari Infraworld, is expanding with DM mandates worth Rs.4,000 crores in Hyderabad and Kolkata, and exploring Bangalore.
→Sugar sales are influenced by government quotas; sugar season and power generation days directly impact volumes; sugar stock as of June 30 is 6 lakh quintals.
→Ethanol prices expected to rise due to demand from blending programs.
→Simon India secured Rs.100 crores in orders for execution by March 2027, indicating growth in engineering and construction revenues.
→Dubai real estate project (valued AED1.3 billion) to bring significant revenue and profit share upon completion by February 2026.
→Overall, growth is supported by ongoing projects, increased ethanol capacity, real estate pipeline, and strategic investments.

Margin guidance

Category 3

→Zuari Industries expects steady sugar prices supported by lower stock levels, which should aid stable revenue and profitability.
→Ethanol prices are anticipated to rise due to demand from the ethanol blending program, potentially boosting ethanol business earnings.
→The company plans to scale ethanol production to 1,000 KLPD over 4-5 years, which could significantly increase future revenues, contingent on government policy clarity and pricing.
→Real estate revenues, particularly from projects in India (Bangalore, Hyderabad, Kolkata), show strong potential with a gross development value pipeline of around Rs.4,000 crores.
→Simon India Limited’s order book is growing, with projects expected to complete by March 2027, likely improving EBITDA.
→Deleveraging through monetization of assets like the Dubai project is expected to reduce finance cost, positively impacting profit metrics.
→Overall, the management is cautiously optimistic but dependent on regulatory clarity and macroeconomic conditions for strong earnings growth.

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Fundraise plans

→Zuari Industries has not announced any immediate plans for new fundraising through debt or equity.
→The company is focused on deleveraging its existing debt, targeting significant reduction through monetization events like the completion and proceeds from the Dubai real estate project.
→For future expansion, especially in ethanol production (scaling to 1,000 KLPD), the company plans to fund growth primarily through internal cash generation rather than external sources.
→Further investments in ethanol capacity are contingent on policy clarity and regulatory environment changes, particularly regarding feedstock pricing.
→No concrete plans for fresh land sales or equity fundraising have been stated for FY26; discussions are ongoing, but no active fundraise is planned currently.

Order book

Yes

→Simon India has booked orders worth Rs.100 crores.
→These orders are from Paradeep Phosphates Limited.
→The projects include the fifth evaporator project, a Sulphur melting system, and the TG4 project.
→Most projects have a short timeframe for execution, expected to complete by March 2027.
→The order book is anticipated to grow stronger from both internal and external clients.

Capex plans

Yes

→Zuari Envien Bioenergy Pvt. Ltd. is setting up a 180 KLPD grain-based ethanol distillery in Lakhimpur, expected to commission in Q2 FY26, aiming to scale to 1,000 KLPD within 4-5 years. Future investments depend on policy clarity and government pricing on ethanol.
→Zuari Infraworld is expanding in Hyderabad and Kolkata with development management mandates worth Rs.4,000 crores combined, focusing on an asset-light, fee-based model. Bangalore is also being explored.
→The flagship St. Regis Dubai ultra-premium luxury project is progressing well, targeting completion by February 2026. Post-completion, new premium project opportunities in Dubai are under preliminary evaluation.
→Simon India has won Rs.100 crore in orders and is strengthening execution with a digital-first EPC strategy.
→Group is actively pursuing deleveraging with monetization plans, including proceeds from the Dubai project, which has a topline of AED1.3 billion expected to reduce debt significantly.

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