MarketFriction

Zuari Industries Ltd

NSE ZUARIIND · BSE 500780 · Sugar
₹281.85 -0.12%
NSE close2026-10-01
52 week range210.00 - 383.75
Market cap₹840 Cr.
P/E7.27
Price band 20% Delivery 55.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales268.65115.75262.41225.71237.29235.06272.26257.46241.17262.63283.56311.93
Expenses282.03126.24141.58201.01233.35242.18244.66232.22230.35270.35253.34297.75
Operating Profit-13.38-10.49120.8324.703.94-7.1227.6025.2410.82-7.7230.2214.18
OPM %-4.98%-9.06%46.05%10.94%1.66%-3.03%10.14%9.80%4.49%-2.94%10.66%4.55%
Other Income60.32891.3814.9816.6858.9554.0324.5844.80225.0346.8619.7954.77
Interest73.8171.9267.6168.8770.8063.3559.0263.0061.4756.1961.9961.54
Depreciation6.926.946.866.817.047.227.837.447.347.717.667.98
Profit before tax-33.79802.0361.34-34.30-14.95-23.66-14.67-0.40167.04-24.76-19.64-0.57
Tax %-4.79%9.10%-3.33%-2.01%-1.20%6.64%41.51%17.50%1.64%6.79%60.90%-108.77%
Net Profit-32.16729.0863.38-33.61-14.77-25.24-20.75-0.48164.29-26.43-31.610.05
EPS in Rs-10.67244.8921.35-11.20-4.84-8.31-6.950.0255.34-8.69-10.410.20
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5536035507747718347229558389701,0451,099
Expenses5685755569051,0318437109277869219741,052
Operating Profit-1529-6-131-260-9122852507148
OPM %-2.8%4.8%-1.1%-17%-34%-1.1%1.7%2.9%6%5%7%4.3%
Other Income3321071001211272305621,041154324346
Interest3966119113160202264248282262243241
Depreciation81520212529232727293031
Profit before tax-60-20-38-165-325-113-45314784-88122122
Tax %-36%1%9%-11%22%-13%-22%1%9%8%13%
Net Profit-38-20-41-148-396-98-35309713-94106106
EPS in Rs-14.96-8.80-10.56-43.68-124.81-29.20-12.19104.30239.72-31.3036.2536.44
Dividend Payout %-7%-11%-9%-2%-1%-7%-8%1%0%-3%3%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%5%3%10%
Compounded Profit Growth17%28%-28%380%
Stock Price CAGR12%16%23%-22%
Return on Equity-2%1%0%3%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital292929292929292930303030
Reserves6491,7601,8802,3782,1521,1371,8492,8852,3123,8304,9593,533
Borrowings6237608661,1531,4711,9402,2882,5122,6912,4362,5682,657
Other Liabilities5564424596247738307408167741,1951,364942
Total Liabilities1,8582,9913,2354,1844,4263,9374,9076,2435,8077,4928,9207,162
Fixed Assets252370539550544698665654645622609616
CWIP169142128713271676
Investments3751,4331,6002,2112,0231,1321,8773,1802,5864,8526,3794,851
Other Assets1,0631,0461,0841,4151,7882,1042,3642,4012,5752,0121,9261,689
Total Assets1,8582,9913,2354,1844,4263,9374,9076,2435,8077,4928,9207,162
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-288-12109-125-451261096226971-1144
Cash from Investing Activity41-45-5-97-114-360-20469-15947518320
Cash from Financing Activity23866-9821416023290-87-89-583-163-175
Net Cash Flow-895-92-2-54422-3618-12
Free Cash Flow-387-98100-153-1693310856259101-16118
CFO/OP-11,600%-8%326%1,963%51%-51%-1,010%728%1,012%136%-47%226%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days696256864951403731242723
Inventory Days1,4328968311,8091,8401,2158641,031629502405434
Days Payable58029538382562646526028314216298102
Cash Conversion Cycle9226635051,0711,263800644785518364334356
Working Capital Days82-27117916194928172-537-349-409
ROCE %3%-1%2%3%-2%-5%3%4%11%4%3%5%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.81%56.81%56.81%56.81%56.71%56.71%56.71%56.71%56.71%56.71%56.71%56.71%
FIIs1.36%1.49%1.55%1.60%1.46%1.41%1.30%1.33%2.46%1.11%1.15%1.10%
DIIs0.01%0.01%0.26%0.33%0.87%0.85%0.66%1.01%1.01%1.15%1.23%1.21%
Government0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%
Public41.78%41.67%41.35%41.24%40.93%41.00%41.29%40.93%39.79%41.00%40.89%40.93%
No. of Shareholders27,48726,41727,24827,78629,13331,33831,14030,62731,54831,49030,97430,244

Fundamentals

Market Cap₹ 840 Cr.
Current Price₹ 282
Stock P/E7.27
Book Value₹ 1,196
ROCE5.45 %
ROE2.71 %
Dividend Yield0.35 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)380%
Consolidated figures.
Valuation
Market capRs 839 Cr
Enterprise valueRs 3,089 Cr
P/E (TTM)7.74x
Price to book0.24x
Price to sales0.76x
EV / EBITDA7.84x
EV / EBIT8.50x
EV / sales2.81x
Price to cash flow5.84x
Earnings yield12.93%
Dividend yield0.35%
P/E, 3-year average3.63x
P/B, 3-year average0.19x
P/E, 5-year average2.77x
P/B, 5-year average0.18x
Profitability
Operating margin (excl. other income)6.76%
Operating margin (incl. other income)37.81%
EBITDA margin35.84%
Pre-tax margin11.10%
Net profit margin9.87%
Net margin, latest quarter0.19%
ROE2.53%
ROCE5.30%
ROA1.34%
ROE, 3-year average7.81%
ROCE, 3-year average8.88%
ROA, 3-year average3.65%
ROE, 5-year average6.75%
ROCE, 5-year average8.39%
ROA, 5-year average3.09%
ROIC (approx.)5.41%
Tax rate13.47%
Other income / net worth9.11%
Growth
Sales growth (latest year)7.68%
Sales CAGR, 3 years3.04%
Sales CAGR, 5 years4.62%
Profit CAGR, 3 years-29.69%
Sales growth QoQ10.00%
Sales growth YoY (latest quarter)21.16%
Profit growth YoY (latest quarter)1100.00%
Per share
EPS (TTM)Rs 36.44
EPS (latest year)Rs 36.25
EPS (latest quarter)Rs 0.20
EPS, 3-year averageRs 81.55
EPS, 5-year averageRs 67.36
Book value per shareRs 1,196.15
Sales per shareRs 369.12
Cash flow per shareRs 48.27
Free cash flow per shareRs 39.62
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 1.00
Dividend per share, 5-year averageRs 1.00
Dividends
Dividend payout2.76%
Dividend payout, 3-year average1.59%
Dividend payout, 5-year average1.38%
Efficiency
Asset turnover0.15x
Fixed asset turnover1.70x
Inventory turnover1.01x
Inventory days361 days
Debtor days23 days
Debtors turnover15.75x
Creditor days102 days
Cash conversion cycle356 days
Working capital days-409 days
Leverage
Total debtRs 2,657 Cr
Cash and bankRs 408 Cr
Net debtRs 2,249 Cr
Debt to equity0.75x
Net debt / EBITDA5.71x
Interest coverage1.51x
Current ratio (filing 2026-03-31)0.66x
Quick ratio (filing 2026-03-31)0.29x
Trade payables (filing 2026-03-31)Rs 181 Cr
Owners' fund to total sources49.74%
Debt to assets37.10%
Cash flow
Cash from Operating Activity (latest year)Rs 144 Cr
Cash from Investing Activity (latest year)Rs 20 Cr
Cash from Financing Activity (latest year)Rs -175 Cr
Net Cash Flow (latest year)Rs -12 Cr
Free cash flow (latest year)Rs 118 Cr
FCFE (approx.: FCF + change in debt)Rs 207 Cr
Cash from ops / profit, 5 years0.55x
Sales to cash flow7.27x
Statement figures
Net sales (TTM)Rs 1,099 Cr
Net sales (latest year)Rs 1,045 Cr
Sales (latest quarter)Rs 312 Cr
Operating profit excl. other income (latest year)Rs 71 Cr
Operating profit (latest quarter)Rs 14 Cr
Other income (TTM)Rs 346 Cr
EBITDA (TTM)Rs 394 Cr
PBDT (TTM)Rs 153 Cr
Profit before tax (TTM)Rs 122 Cr
Tax (latest year)Rs 16 Cr
Net profit (TTM)Rs 109 Cr
Net profit (latest year)Rs 108 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 31 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 241 Cr
Cost of goods sold (latest year)Rs 780 Cr
Total expenditure (latest year)Rs 974 Cr
Total income (latest year)Rs 1,369 Cr
Share capitalRs 30 Cr
ReservesRs 3,533 Cr
Shareholders' fundsRs 3,562 Cr
Total assetsRs 7,162 Cr
Net blockRs 616 Cr
Capital work in progressRs 6 Cr
InvestmentsRs 4,851 Cr
ReceivablesRs 66 Cr
InventoryRs 772 Cr
Other liabilitiesRs 942 Cr
Shares outstanding (crore)2.98
Ownership
Promoter holding56.71% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 7.7 is at the 88th percentile of its own 2.7-year range (median 2.7, low 1.2, high 8.1).
P/B 0.24 is at the 74th percentile (median 0.19).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodZUARIINDNifty 50Difference
1 week-0.4%-2.8% +2.4 pts
1 month+4.5%-6.8% +11.3 pts
3 months+6.6%-7.6% +14.2 pts
6 months+32.1%+0.4% +31.7 pts
1 year-30.2%-9.9% -20.3 pts
2 years-24.1%-13.6% -10.5 pts
3 years+84.2%+14.2% +70.0 pts
5 years+115.3%+27.9% +87.4 pts
1 mutual fund schemes hold about ₹9 Cr. Over three months 0 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
JM Small Cap Fund0.96%9 -16%

Red flags

F-score 7 of 8
explainWeak cash conversion Cash from operations was 29% of net profit over the last 3 years
lookProfit leans on other income Other income was 265% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹312 Cr +21.2% vs Jun 2025. Net profit ₹0 Cr +110.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-11Dividend - Re 1 Per Share
2025-09-17Dividend - Re 1 Per Share
2024-09-20Annual General Meeting/Dividend - Re 1 Per Share
2023-09-21Dividend - Re 1 Per Share
2023-09-21Annual General Meeting
2022-09-20Dividend - Re 1 Per Share
2022-09-20Annual General Meeting
2021-11-24 Interim Dividend - Rs 2 Per Share
2021-09-08 Annual General Meeting
2021-04-27 Interim Dividend - Re 1 Per Share
2021-02-23 Interim Dividend - Re 1 Per Share
2020-09-04 Annual General Meeting/Dividend - Re 1 Per Sh
2019-07-18 Annual General Meeting/Dividend - Re 1 Per Share
2018-07-19 Annual General Meeting/Dividend- Re 1 Per Share
2017-07-13 Dividend - Re 1 Per Share
2016-07-29 Dividend - Re 1/- Per Share
2015-07-30Annual General Meeting/ Dividend - Rs 1/- Per Share
2014-06-27Dividend Rs 1 Per Share
2013-05-27Dividend Rs 2/- Per Equity Share
2012-05-25Dividend Rs 2 Per Share
2012-04-09Scheme Of Arrangement And Demerger
2011-05-16Dividend-Rs.4.50 Per Share (Purpose Revised)
2010-05-11Dividend-Rs.4.50 Per Share (Purpose Revised)
2009-05-19Dividend-Rs.3/- Per Sharepurpose Revised
2008-05-20Dividend - 30% Purpose Revised
2007-05-22Dividend-25% Purpose Revised
2006-06-27Dividend-20%
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-23NCLTM/s. Gobind Sugar Mills Ltd. Vs Zuari Global Ltd.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Loss making

Quick answers

What is the market cap of Zuari Industries Ltd?

Zuari Industries Ltd (ZUARIIND) has a market capitalisation of Rs 840 Cr. at the 2026-10-01 close.

What is the P/E ratio of Zuari Industries Ltd?

Zuari Industries Ltd trades at a P/E of 7.27 on trailing twelve-month profit, at the 2026-10-01 close.

What were Zuari Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Zuari Industries Ltd sales was Rs 312 Cr (+21.2% vs Jun 2025) and net profit was Rs 0 Cr.

What is the 52-week high and low of Zuari Industries Ltd?

The 52-week high is Rs 383.75 and the 52-week low is Rs 210.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03