NSE: ZUARIIND · BSE: 500780
ZUARI INDUSTRIES LIMITED
Makes sugar and allied products, which contributed Rs 854.7 crore in FY26 (63.1% of segment revenue) and remains the main earnings contributor. Runs an ethanol plant that brought in Rs 234.1 crore (17.3% of segment revenue) for fuel blending, and a co-generation power operation (Rs 91.5 crore, 6.8%). Operates engineering services through subsidiary Simon India (Rs 84.0 crore, 6.2%), earns management services fees (Rs 37.1 crore, 2.7%), and runs a financial services arm covering Zuari Finserv and Zuari Insurance (Rs 27.9 crore, 2.1%). The real estate segment (Rs 25.1 crore, 1.8%) is anchored by the St. Regis Residences Dubai project of 232 units with AED 1,304 Mn in total sales value, now fully sold. Set its highest-ever annual sugar crush at 159.7 lakh quintals in FY26 and highest-ever seasonal crush at 163.7 lakh quintals. Materials account for 65.7% of revenue, making sugarcane the dominant input cost, while the cost of borrowing came down from 10.19% to 9.89%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar and allied products (63%), Ethanol Plant (17%), Power (7%), Engineering services (6%), Management services (3%), Financial services (2%), Real estate (2%), Furniture (0%). Diversified holding company with sugar as the dominant operating business, alongside ethanol, power, engineering, financial services, real estate, and furniture.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 722 | 955 | 838 | 970 | 1,045 |
| EBITDA (ex other income) | 12 | 28 | 837 | 29 | 61 |
| margin % | 1.7 | 2.9 | 99.9 | 3.0 | 5.9 |
| Owners' profit | (36) | 306 | 714 | (93) | 108 |
| EPS, as reported (₹) | (11.95) | 102.84 | 239.72 | (31.30) | 36.25 |
| ROE % · ROCE % | (1.2) · 4.5 | 12.8 · 4.3 | 18.3 · 19.4 | (1.9) · 1.6 | 2.9 · 2.8 |
| Debt / equity (x) | 0.82 | 1.10 | 0.61 | 0.50 | 0.72 |
| Cash from operations | 62 | 16 | 71 | (1) | 144 |
| Capex | (21) | (17) | (14) | (15) | (26) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 237 | 235 | 272 | 257 | 241 | 263 | 284 | 312 |
| Profit before tax | (54) | (39) | (22) | (35) | (20) | (39) | (8) | (35) |
| Net profit | (15) | (25) | (21) | (0) | 164 | (26) | (32) | 0 |
| EPS (₹) | (4.84) | (8.31) | (6.96) | 0.02 | 55.34 | (8.69) | (10.41) | 0.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Sugar and allied products | 855 | 63.1 |
| b) Power | 92 | 6.8 |
| c) Ethanol Plant | 234 | 17.3 |
| d) Real estate | 25 | 1.8 |
| e) Management services | 37 | 2.7 |
| f) Financial services | 28 | 2.1 |
| g) Engineering services | 84 | 6.2 |
| h) Furniture | 1 | 0.1 |
| Total, before eliminations | 1,355 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.6 | 14.5 | 3 of 20 | 90% |
| P/B | 0.2 | 0.9 | 2 of 26 | 96% |
| ROCE | (2.0) | 3.0 | 22 of 27 | 19% |
| ROE | 2.9 | 3.5 | 15 of 26 | 44% |
| Debt / Equity | 0.7 | 0.6 | 16 of 26 | 40% |
| EBITDA margin | 11.1 | 4.6 | 7 of 26 | 76% |
| Revenue growth | 21.2 | 5.5 | 9 of 25 | 67% |
| Profit growth | 110.7 | (14.4) | 3 of 27 | 92% |
| Market cap | 715 | 282 | 10 of 28 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine compliance filing: dematerialization certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Zuari Industries acquires 30.83 percent stake in Texmaco Infra for Rs 148 cr | business updates | medium | — | — |
| 23 Sept 2026 · 58th AGM voting results: all 7 resolutions approved | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Zuari Industries 58th AGM proceedings - dividend, director re-appointments | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper notice on SEBI special window for physical share dematerialisation | compliance | minimal | — | — |
| 25 Aug 2026 · Letter to shareholders on Annual Report 2025-26 web link | compliance | minimal | — | — |
| 25 Aug 2026 · Zuari Industries publishes 58th AGM notice, e-voting from 17 September | compliance | minimal | — | — |
| 24 Aug 2026 · Zuari Industries files FY26 Annual Report and 58th AGM notice | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · 58th AGM notice and FY2025-26 annual report | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.