Zuari Industries Ltd

₹ 319 1.66%

13 Aug 9:46 a.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 ₹ 950 Cr.
Current Price ₹ 319
High / Low ₹ 407 / 212
Stock P/E
Book Value ₹ 1,695
Dividend Yield 0.33 %
ROCE 2.81 %
ROE -1.69 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.19 times its book value
Market value of investments Rs.3,098 Cr. is more than the Market Cap Rs.935 Cr.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 4.71% over past five years.
Company has a low return on equity of 1.53% over last 3 years.
Earnings include an other income of Rs.182 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	234.04	186.70	252.23	282.16	191.00	268.65	115.75	262.41	225.71	237.29	235.06	272.26	257.46
	234.07	209.88	258.50	233.11	243.35	282.03	126.24	141.58	201.01	233.35	242.18	244.66	232.22
Operating Profit	-0.03	-23.18	-6.27	49.05	-52.35	-13.38	-10.49	120.83	24.70	3.94	-7.12	27.60	25.24
OPM %	-0.01%	-12.42%	-2.49%	17.38%	-27.41%	-4.98%	-9.06%	46.05%	10.94%	1.66%	-3.03%	10.14%	9.80%
	317.90	58.92	52.25	142.24	81.99	60.32	891.38	14.98	16.68	58.95	54.03	24.58	44.80
Interest	60.31	60.61	61.53	67.25	68.59	73.81	71.92	67.61	68.87	70.80	63.35	59.02	63.00
Depreciation	6.62	6.83	7.93	6.04	6.64	6.92	6.94	6.86	6.81	7.04	7.22	7.83	7.44
Profit before tax	250.94	-31.70	-23.48	118.00	-45.59	-33.79	802.03	61.34	-34.30	-14.95	-23.66	-14.67	-0.40
Tax %	-0.72%	41.23%	-83.05%	13.42%	4.30%	-4.79%	9.10%	-3.33%	-2.01%	-1.20%	6.64%	41.51%	17.50%
	252.73	-44.76	-3.99	102.17	-47.54	-32.16	729.08	63.38	-33.61	-14.77	-25.24	-20.75	-0.48
EPS in Rs	84.97	-14.92	-1.26	34.34	-15.85	-10.67	244.89	21.35	-11.20	-4.84	-8.31	-6.95	0.02
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	642	520	553	603	550	774	771	834	722	955	838	970	1,002
	640	518	568	575	556	905	1,031	843	710	927	786	921	952
Operating Profit	2	2	-15	29	-6	-131	-260	-9	12	28	52	49	50
OPM %	0%	0%	-3%	5%	-1%	-17%	-34%	-1%	2%	3%	6%	5%	5%
	60	21	3	32	107	100	121	127	230	562	1,041	154	182
Interest	11	34	39	66	119	113	160	202	264	248	282	262	256
Depreciation	8	8	8	15	20	21	25	29	23	27	27	29	30
Profit before tax	43	-19	-60	-20	-38	-165	-325	-113	-45	314	784	-88	-54
Tax %	77%	57%	-36%	1%	9%	-11%	22%	-13%	-22%	1%	9%	8%
	-1	-26	-38	-20	-41	-148	-396	-98	-35	309	713	-94	-61
EPS in Rs	-0.41	-8.93	-14.96	-8.80	-10.56	-43.68	-124.81	-29.20	-12.19	104.30	239.72	-31.30	-20.08
Dividend Payout %	-245%	-11%	-7%	-11%	-9%	-2%	-1%	-7%	-8%	1%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	5%
3 Years:	10%
TTM:	15%

Compounded Profit Growth
10 Years:	%
5 Years:	12%
3 Years:	0%
TTM:	-369%

Stock Price CAGR
10 Years:	13%
5 Years:	43%
3 Years:	25%
1 Year:	-6%

Return on Equity
10 Years:	-2%
5 Years:	0%
3 Years:	2%
Last Year:	-2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	679	649	1,760	1,880	2,378	2,152	1,137	1,849	2,885	2,312	3,830	5,018
	228	623	760	866	1,153	1,471	1,940	2,288	2,512	2,691	2,436	2,509
	400	556	442	459	624	773	830	740	816	774	1,195	1,370
Total Liabilities	1,336	1,858	2,991	3,235	4,184	4,426	3,937	4,907	6,243	5,807	7,492	8,927
	79	252	370	539	550	544	698	665	654	645	622	609
CWIP	11	169	142	12	8	71	3	2	7	1	6	7
Investments	470	375	1,433	1,600	2,211	2,023	1,132	1,877	3,180	2,586	4,852	6,379
	776	1,063	1,046	1,084	1,415	1,788	2,104	2,364	2,401	2,575	2,012	1,932
Total Assets	1,336	1,858	2,991	3,235	4,184	4,426	3,937	4,907	6,243	5,807	7,492	8,927

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-158	-288	-12	109	-125	-45	126	109	62	269	71	-1
	13	41	-45	-5	-97	-114	-360	-204	69	-159	475	183
	136	238	66	-98	214	160	232	90	-87	-89	-583	-163
Net Cash Flow	-10	-8	9	5	-9	2	-2	-5	44	22	-36	18

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	75	69	62	56	86	49	51	40	37	31	24	24
Inventory Days	455	1,432	896	831	1,809	1,840	1,215	864	1,031	629	502	386
Days Payable	350	580	295	383	825	626	465	260	283	142	163	95
Cash Conversion Cycle	180	922	663	505	1,071	1,263	800	644	785	518	364	316
Working Capital Days	63	82	-27	11	79	161	94	92	81	72	-537	-342
ROCE %	3%	3%	-1%	2%	3%	-2%	-5%	3%	4%	11%	4%	3%

Shareholding Pattern

Numbers in percentages

	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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