ZUARIIND
Zuari Industries financials
- Market cap
- ₹815 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 5
Zuari Industries Q4 FY26
What went well
- Consolidated PAT stood at INR 105 crores for the year against a loss of INR 94.4 crores in FY25.
- Achieved highest ever sugar crushing of 159.7 lakh quintal for FY26 and 101.7% capacity utilization.
- Sugar realization improved to INR 4,053 per quintal from INR 3,894 per quintal in the previous year.
What to watch
- Sugar recovery was slightly lower at 10.26% compared to the previous year.
- Power sales were lower at 857 lakh units compared to 907 lakh units in FY25 due to mill not operating in April 2025.
What Zuari Industries Limited does
Zuari Industries Limited, incorporated in 1967, is the apex company of the Adventz group. Its core Sugar, Power & Ethanol (SPE) division crushes sugarcane into raw and refined sugar, cogenerates power sold under long-term PPAs, and distills ethanol supplied under the government's ethanol blending programme. Beyond SPE, it earns through subsidiaries and joint ventures offering EPC/engineering services for fertiliser and chemical plants (Simon India), staffing/HR and business advisory (Zuari Management Services), broking and depository-participant services (Zuari Finserv) and insurance broking (Zuari Insurance Brokers), an asset-light real-estate development-management model (Zuari Infraworld) including a Dubai residential project, and furniture manufacturing/trading under group brands (Forte Furniture). It also holds strategic equity stakes in group-affiliated listed companies (Chambal Fertilisers, Zuari Agro Chemicals, Paradeep Phosphates, Texmaco Rail, Texmaco Infrastructure).
Segments
- Sugar & allied products
- Power
- Ethanol Plant
- Real Estate
- Management Services
- Financial Services
- Engineering Services
- Furniture
- Sugarcane crushing capacity
- 10,000 TCD
- Ethanol distillery capacity
- 125 KLPD
- Cogeneration power capacity
- 22 MW (with long-term PPA)
- Sugar (double sulphited/refined) capacity
- 5,000 QPD
- Sugarcane crushed (FY26, highest ever)
- 160 LQ
- Ethanol produced (FY26)
- 373 LL
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 3 delivered 1 missed 3 open- Bioethanol JV Commissioning delivered, diluted said Q4 FY25 Promised: Operational by Q2 FY26. Q4 FY26: Plant was commissioned on January 1, 2026 (Q4 FY26).
- Bioethanol Capacity Expansion diluted said Q4 FY25 Promised: Expand capacity to 1,000 KLPD in the coming years. Q4 FY26: Management confirmed 'we have put those expansion plans on hold' due to market overcapacity.
- Dubai Project Cash Inflow delayed said Q4 FY25 Promised: Repatriation of capital and profits (INR 750-800 crores total) by end of FY26. Q4 FY26: Project completion certificate received. Target is now INR 850-900 crores inflow over the next six months.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.2%, net profit up 110.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 237 | 235 | 272 | 257 | 241 +2% | 263 +12% | 284 +4% | 312 +21% |
| EBITDA | 4 | -7 | 28 | 25 | 11 +175% | -8 −8% | 30 +9% | 14 −44% |
| Net profit | -15 | -25 | -21 | -0 | 164 +1212% | -26 −5% | -32 −52% | 0 +110% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −10.5% 1Y
1Y: ₹305.3 on 10 Sept 2025 → ₹273.15. High ₹403.9 (25 Sept 2025), low ₹213.3 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +1.2%
- 26 May
- Q3 FY26
- −5.1%
- 16 Feb
- Q2 FY26
- −1.7%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 3.0% a year over 3 years, FY23 to FY26. Operating margin widened to 5.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹955 Cr | ₹838 Cr | ₹970 Cr | ₹1.0k Cr |
| Operating profit | ₹20 Cr | ₹45 Cr | ₹49 Cr | ₹59 Cr |
| Operating margin | 2.1% | 5.3% | 5.1% | 5.6% |
| Interest | ₹250 Cr | ₹282 Cr | ₹262 Cr | ₹243 Cr |
| Depreciation | ₹28 Cr | ₹27 Cr | ₹29 Cr | ₹30 Cr |
| Net profit | ₹306 Cr | ₹713 Cr | ₹-94 Cr | ₹106 Cr |
| Net margin | 32.0% | 85.1% | -9.7% | 10.1% |
| Cash from operations | ₹269 Cr | ₹71 Cr | ₹-1 Cr | ₹144 Cr |
| Free cash flow | ₹259 Cr | ₹101 Cr | ₹-16 Cr | ₹118 Cr |
| ROCE | 11.0% | 4.0% | 3.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹29 Cr | ₹29 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr |
| Reserves | ₹1.8k Cr | ₹2.9k Cr | ₹2.3k Cr | ₹3.8k Cr | ₹4.6k Cr | ₹3.5k Cr |
| Borrowings | ₹2.3k Cr | ₹2.5k Cr | ₹2.7k Cr | ₹2.4k Cr | ₹2.3k Cr | ₹2.7k Cr |
| Other liabilities | ₹740 Cr | ₹816 Cr | ₹774 Cr | ₹1.2k Cr | ₹1.1k Cr | ₹942 Cr |
| Total liabilities | ₹4.9k Cr | ₹6.2k Cr | ₹5.8k Cr | ₹7.5k Cr | ₹8.1k Cr | ₹7.2k Cr |
| Fixed assets | ₹665 Cr | ₹654 Cr | ₹645 Cr | ₹622 Cr | ₹607 Cr | ₹616 Cr |
| Capital work in progress | ₹2 Cr | ₹7 Cr | ₹1 Cr | ₹6 Cr | ₹10 Cr | ₹6 Cr |
| Investments | ₹1.9k Cr | ₹3.2k Cr | ₹2.6k Cr | ₹4.9k Cr | ₹6.0k Cr | ₹4.9k Cr |
| Other assets | ₹2.4k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.0k Cr | ₹1.5k Cr | ₹1.7k Cr |
| Total assets | ₹4.9k Cr | ₹6.2k Cr | ₹5.8k Cr | ₹7.5k Cr | ₹8.1k Cr | ₹7.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.23 pp while DIIs added +0.20 pp. The shareholder count shrank 1% to 30,244.
- Promoters
- 56.7%
- FIIs
- 1.1%
- DIIs
- 1.2%
- Government
- 0.0%
- Public
- 40.9%
Since Jun 2025
- FIIs −0.23 pp
- DIIs +0.20 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window DIIs went from 0.0% to 1.2% — +1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.8%, FIIs 1.4%, DIIs 0.0%, Government 0.0%, Public 41.8%.Dec '23: Promoters 56.8%, FIIs 1.5%, DIIs 0.0%, Government 0.0%, Public 41.7%.Mar '24: Promoters 56.8%, FIIs 1.6%, DIIs 0.3%, Government 0.0%, Public 41.4%.Jun '24: Promoters 56.8%, FIIs 1.6%, DIIs 0.3%, Government 0.0%, Public 41.2%.Sep '24: Promoters 56.7%, FIIs 1.5%, DIIs 0.9%, Government 0.0%, Public 40.9%.Dec '24: Promoters 56.7%, FIIs 1.4%, DIIs 0.8%, Government 0.0%, Public 41.0%.Mar '25: Promoters 56.7%, FIIs 1.3%, DIIs 0.7%, Government 0.0%, Public 41.3%.Jun '25: Promoters 56.7%, FIIs 1.3%, DIIs 1.0%, Government 0.0%, Public 40.9%.Sep '25: Promoters 56.7%, FIIs 2.5%, DIIs 1.0%, Government 0.0%, Public 39.8%.Dec '25: Promoters 56.7%, FIIs 1.1%, DIIs 1.1%, Government 0.0%, Public 41.0%.Mar '26: Promoters 56.7%, FIIs 1.1%, DIIs 1.2%, Government 0.0%, Public 40.9%.Jun '26: Promoters 56.7%, FIIs 1.1%, DIIs 1.2%, Government 0.0%, Public 40.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Saroj Kumar Poddar (as a Trustee of Saroj & Jyoti Poddar Holdings Private Trust) - 2 newly disclosed 4.03% held
- Gaurav N Lodha +0.14 pp 2.60% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Zuari Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Globalware Trading And Holdings Limited | 25.16% | unchanged |
| Adventz Finance Private Limited | 9.86% | unchanged |
| Texmaco Infrastructure & Holdings Limited | 9.26% | unchanged |
| Saroj Kumar Poddar (as a Trustee of Saroj & Jyoti Poddar Holdings Private Trust) - 2 | 4.03% | newly disclosed |
| New Eros Tradecom Limited | 4.02% | unchanged |
| Gaurav N Lodha | 2.60% | +0.14 pp |
| Jyotsna Poddar | 1.25% | unchanged |
| JM Financial Mutual Fund Mutual fund | 1.15% | unchanged |
| Saroj Kumar Poddar ( in individual capacity) | 1.08% | unchanged |
| Duke Commerce Limited | 1.01% | unchanged |
| Jeewan Jyoti Medical Society | 0.47% | unchanged |
| Adventz Securities Enterprises Limited | 0.33% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Zuari Industries Limited
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