Zuari Industries Ltd

₹ 300 -2.09%

05 Sep 3:55 p.m.

About

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]

Key Points

Business Overview:^[1]
ZIL is a part of the Adventz group. It is the holding company of the group and, apart from having financial investments in the group’s operating entities, it also has SPE and real estate segments under it.

Website BSE NSE

Market Cap ₹ 894 Cr.
Current Price ₹ 300
High / Low ₹ 391 / 212
Stock P/E 78.9
Book Value ₹ 1,382
Dividend Yield 0.33 %
ROCE 3.44 %
ROE 0.95 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.22 times its book value
Market value of investments Rs.4,014 Cr. is more than the Market Cap Rs.894 Cr.
Company has been maintaining a healthy dividend payout of 20.2%

Cons

Company has low interest coverage ratio.
Company has a low return on equity of 0.52% over last 3 years.
Contingent liabilities of Rs.475 Cr.
Earnings include an other income of Rs.60.8 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Agricultural Food & other Products Sugar

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	217.61	155.08	166.02	274.18	163.69	214.63	100.77	234.63	214.52	207.38	204.83	243.93	210.27
	214.56	156.33	167.47	213.00	155.87	217.73	104.86	185.78	191.01	203.85	211.74	194.04	187.88
Operating Profit	3.05	-1.25	-1.45	61.18	7.82	-3.10	-4.09	48.85	23.51	3.53	-6.91	49.89	22.39
OPM %	1.40%	-0.81%	-0.87%	22.31%	4.78%	-1.44%	-4.06%	20.82%	10.96%	1.70%	-3.37%	20.45%	10.65%
	26.06	40.40	21.97	51.19	82.10	37.07	7.99	9.12	0.48	9.47	38.22	3.08	10.00
Interest	39.37	39.03	39.36	38.80	37.08	35.62	33.31	28.81	32.94	30.56	28.86	30.86	29.66
Depreciation	5.76	5.82	6.97	5.33	5.86	6.05	6.05	5.99	5.92	6.11	6.19	6.04	6.31
Profit before tax	-16.02	-5.70	-25.81	68.24	46.98	-7.70	-35.46	23.17	-14.87	-23.67	-3.74	16.07	-3.58
Tax %	-22.28%	-13.86%	-22.63%	18.13%	-6.56%	-23.90%	-2.99%	30.77%	2.49%	0.80%	96.79%	43.43%	8.66%
	-12.45	-4.91	-19.97	55.87	50.06	-5.87	-34.40	16.04	-15.24	-23.86	-7.36	9.08	-3.89
EPS in Rs	-4.18	-1.65	-6.71	18.76	16.81	-1.97	-11.55	5.39	-5.12	-8.01	-2.47	3.05	-1.31
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	170	39	-0	-0	17	2	57	776	610	814	715	871	866
	170	35	9	10	20	10	48	684	595	754	665	800	798
Operating Profit	-0	5	-9	-10	-3	-7	9	93	16	60	49	70	69
OPM %	-0%	12%			-21%	-291%	16%	12%	3%	7%	7%	8%	8%
	58	41	43	34	24	48	52	144	211	129	132	51	61
Interest	2	11	-0	0	1	8	44	161	196	158	135	123	120
Depreciation	0	0	0	0	0	0	0	26	24	24	24	24	25
Profit before tax	56	34	34	24	20	33	17	50	7	8	23	-26	-15
Tax %	53%	21%	14%	14%	11%	-23%	26%	-38%	-112%	29%	0%	43%
	26	27	29	20	18	40	13	69	15	5	23	-37	-26
EPS in Rs	8.89	9.11	10.00	6.97	6.11	13.70	4.39	23.62	5.20	1.81	7.61	-12.55	-8.74
Dividend Payout %	11%	11%	10%	14%	16%	7%	23%	8%	19%	55%	13%	-8%

Compounded Sales Growth
10 Years:	36%
5 Years:	72%
3 Years:	13%
TTM:	13%

Compounded Profit Growth
10 Years:	2%
5 Years:	-4%
3 Years:	57%
TTM:	-58%

Stock Price CAGR
10 Years:	14%
5 Years:	41%
3 Years:	19%
1 Year:	-20%

Return on Equity
10 Years:	1%
5 Years:	1%
3 Years:	1%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	29	29	29	29	29	29	29	29	29	30	30	30
Reserves	591	614	986	1,419	2,035	1,811	1,281	2,154	3,083	2,067	2,681	4,085
	110	80	80	-0	25	118	456	1,391	1,293	1,225	1,061	1,154
	145	142	126	53	84	104	98	482	502	349	347	588
Total Liabilities	875	866	1,221	1,502	2,173	2,062	1,865	4,056	4,908	3,670	4,118	5,857
	13	14	2	4	4	4	4	519	501	494	473	460
CWIP	-0	-0	-0	-0	-0	-0	-0	2	7	1	6	7
Investments	435	435	819	1,165	1,779	1,562	990	1,857	2,994	2,011	2,556	4,302
	427	417	400	333	390	497	872	1,678	1,405	1,164	1,084	1,088
Total Assets	875	866	1,221	1,502	2,173	2,062	1,865	4,056	4,908	3,670	4,118	5,857

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-127	-84	-13	13	-7	27	14	148	42	55	51	6
	31	127	23	84	-7	-116	-307	-169	270	195	252	20
	92	-46	-12	-94	20	82	294	24	-305	-248	-314	-32
Net Cash Flow	-4	-3	-3	3	6	-8	1	3	7	2	-10	-6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	101	2			7	7	11	22	13	30	10	20
Inventory Days	455	2,842						407	510	290	428	316
Days Payable	254	13						199	238	120	155	81
Cash Conversion Cycle	302	2,831			7	7	11	229	285	200	284	255
Working Capital Days	263	2,103			5,657	40,990	1,267	-5	-55	47	-18	8
ROCE %	4%	6%	4%	2%	1%	2%	5%	8%	4%	4%	4%	3%

Shareholding Pattern

Numbers in percentages

2 Recently

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.71%	56.71%	56.71%	56.71%
	1.41%	1.31%	1.30%	1.30%	1.36%	1.49%	1.55%	1.60%	1.46%	1.41%	1.30%	1.33%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.26%	0.33%	0.87%	0.85%	0.66%	1.01%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	41.73%	41.84%	41.85%	41.86%	41.78%	41.67%	41.35%	41.24%	40.93%	41.00%	41.29%	40.93%
No. of Shareholders	28,336	28,143	27,940	27,698	27,487	26,417	27,248	27,786	29,133	31,338	31,140	30,627

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 2025
	56.31%	56.31%	54.83%	54.83%	55.61%	56.95%	56.81%	56.81%	56.71%	56.71%
	0.00%	0.25%	0.74%	1.21%	1.21%	1.39%	1.30%	1.55%	1.30%	1.33%
	13.48%	14.21%	11.58%	10.66%	7.82%	0.20%	0.01%	0.26%	0.66%	1.01%
	0.00%	0.00%	0.00%	0.00%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%
	30.21%	29.23%	32.85%	33.29%	35.32%	41.42%	41.85%	41.35%	41.29%	40.93%
No. of Shareholders	32,928	22,665	22,444	22,790	25,627	28,673	27,940	27,248	31,140	30,627

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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