Zuari Industries Ltd
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]
- Market Cap ₹ 817 Cr.
- Current Price ₹ 274
- High / Low ₹ 416 / 212
- Stock P/E 6.25
- Book Value ₹ 1,569
- Dividend Yield 0.36 %
- ROCE 2.82 %
- ROE -1.69 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.17 times its book value
- Market value of investments Rs.4,608 Cr. is more than the Market Cap Rs.817 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 1.57% over last 3 years.
- Earnings include an other income of Rs.341 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | 1,034 | |
| 640 | 518 | 568 | 575 | 556 | 905 | 1,031 | 843 | 710 | 927 | 786 | 921 | 978 | |
| Operating Profit | 2 | 2 | -15 | 29 | -6 | -131 | -260 | -9 | 12 | 28 | 52 | 50 | 56 |
| 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 | 341 | |
| Interest | 11 | 34 | 39 | 66 | 119 | 113 | 160 | 202 | 264 | 248 | 282 | 262 | 240 |
| 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 | 127 |
| 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 | 117 | |
| 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 | 39.72 |
| Dividend Payout % | -245% | -11% | -7% | -11% | -9% | -2% | -1% | -7% | -8% | 1% | 0% | -3% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 5% |
| 3 Years: | 10% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 0% |
| TTM: | 311% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 24% |
| 3 Years: | 30% |
| 1 Year: | 9% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 30 | 30 | 30 | 30 |
| Reserves | 679 | 649 | 1,760 | 1,880 | 2,378 | 2,152 | 1,137 | 1,849 | 2,885 | 2,312 | 3,830 | 4,959 | 4,644 |
| 228 | 623 | 760 | 866 | 1,153 | 1,471 | 1,940 | 2,288 | 2,512 | 2,691 | 2,436 | 2,568 | 2,347 | |
| 400 | 556 | 442 | 459 | 624 | 773 | 830 | 740 | 816 | 774 | 1,195 | 1,363 | 1,082 | |
| Total Liabilities | 1,336 | 1,858 | 2,991 | 3,235 | 4,184 | 4,426 | 3,937 | 4,907 | 6,243 | 5,807 | 7,492 | 8,920 | 8,104 |
| 79 | 252 | 370 | 539 | 550 | 544 | 698 | 665 | 654 | 645 | 622 | 609 | 607 | |
| CWIP | 11 | 169 | 142 | 12 | 8 | 71 | 3 | 2 | 7 | 1 | 6 | 7 | 10 |
| Investments | 470 | 375 | 1,433 | 1,600 | 2,211 | 2,023 | 1,132 | 1,877 | 3,180 | 2,586 | 4,852 | 6,379 | 6,025 |
| 776 | 1,063 | 1,046 | 1,084 | 1,415 | 1,788 | 2,104 | 2,364 | 2,401 | 2,575 | 2,012 | 1,925 | 1,462 | |
| Total Assets | 1,336 | 1,858 | 2,991 | 3,235 | 4,184 | 4,426 | 3,937 | 4,907 | 6,243 | 5,807 | 7,492 | 8,920 | 8,104 |
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 | 405 |
| Days Payable | 350 | 580 | 295 | 383 | 825 | 626 | 465 | 260 | 283 | 142 | 162 | 99 |
| Cash Conversion Cycle | 180 | 922 | 663 | 505 | 1,071 | 1,263 | 800 | 644 | 785 | 518 | 364 | 330 |
| Working Capital Days | 63 | 82 | -27 | 11 | 79 | 161 | 94 | 92 | 81 | 72 | -537 | -349 |
| ROCE % | 3% | 3% | -1% | 2% | 3% | -2% | -5% | 3% | 4% | 11% | 4% | 3% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2m - Copies of newspaper publication of Unaudited Financial Results (Standalone & Consolidated) for the quarter and nine months ended 31 December 2025.
- Announcement under Regulation 30 (LODR)-Investor Presentation 18h
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
19h - Q3 FY26: standalone revenue ₹254.7cr; consolidated Q3 PAT ₹(26.4)cr; 9M PAT ₹137.4cr.
-
Announcement under Regulation 30 (LODR)-Change in Management
19h - Board approved quarter and nine-month results; CFO Nishant Dalal resigns (effective 27-Feb); Jatin Jain appointed CFO (effective 28-Feb-2026).
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Authorization For Determining The Materiality Of An Event Or Information And Disclosure To Stock Exchanges
19h - Board approved Q3/9M results (31-Dec-2025); INR 817.49 crore exceptional gain; CFO change effective Feb 27–28, 2026.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Feb 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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Jun 2025Transcript PPT
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Feb 2025TranscriptAI SummaryPPT
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Feb 2025TranscriptAI SummaryPPT
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Aug 2024TranscriptAI SummaryPPT
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Jun 2024TranscriptAI SummaryPPT
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May 2024TranscriptAI SummaryPPT
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Mar 2024TranscriptAI SummaryPPT
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.