Zuari Agro Chemicals financials and balance sheet

NSE: ZUARIBSE: 534742Fertilizers & AgrochemicalsSmall Cap

₹186.50₹7.85 (4.04%)BSE ₹186.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹194.35.

52-week range of traded prices to 23 Oct 2026

₹175.10Low, 30 Mar 2026₹345.60High, 30 Dec 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹784 Cr1,486th largest listed
P/E: 0.8
P/E without one-offs: 6.2
P/B: 0.4
Dividend yield: Nonein the last 12 months
ROE: 47.6%
ROE without one-offs: 6.4%
ROCE: 6.9%
Debt to equity: 0.31
Volume, NSE: 1,10,15943.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Zuari Agro Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹2,404 Cr, differs from its quarters added, ₹3,780 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,200
Materials and goods−2,159
Employee costs−112
Other expenses−620
Operating profit309
Depreciation−59
Other income+20
One-off items+812
Finance costs−101
Profit before tax981
Tax−217
Joint ventures+218
Net profit982

What the company owns

Plant, investments and other assets₹2,829 Cr
Inventory₹268 Cr
Receivables₹90 Cr
Cash and bank₹62 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Net worth₹2,090 Cr
Borrowings₹642 Cr
Other liabilities₹286 Cr
Owed to suppliers₹233 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Zuari Agro Chemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 20 Jun	Mar 2021Filed 29 May	Mar 2022Filed 10 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue from operations	6,415	7,271	8,103	5,017	2,404	3,590	4,553	4,595	4,436	3,200
	5,950	6,736	7,788	5,233	2,198	3,357	4,221	4,239	4,068	2,890
Materials and goods bought	4,513	5,187	6,046	3,787	1,547	2,359	3,080	3,011	2,766	2,159
Employee costs	–	–	176	175	98	105	120	131	138	112
Other expenses	–	–	1,566	1,271	553	893	1,022	1,098	1,164	620
Operating profit before depreciation	466	535	315	−216	206	233	331	356	368	309
Operating margin	7.3%	7.4%	3.9%	−4.3%	8.6%	6.5%	7.3%	7.8%	8.3%	9.7%
Materials, % of revenue	–	–	74.6%	75.5%	64.4%	65.7%	67.6%	65.5%	62.3%	67.5%
Employee costs, % of revenue	–	–	2.2%	3.5%	4.1%	2.9%	2.6%	2.8%	3.1%	3.5%
Other expenses, % of revenue	–	–	19.3%	25.3%	23.0%	24.9%	22.4%	23.9%	26.2%	19.4%
Depreciation and amortisation	78	83	87	111	68	67	79	95	102	59
Operating profit after depreciation	388	453	227	−327	138	166	253	261	267	251
Other income	76	87	46	50	62	61	95	177	54	20
Finance costs	454	404	488	535	200	173	205	211	168	101
Profit before one-off items and tax	10	136	−215	−811	0	54	142	228	153	170
One-off items	−64	45	12	0	0	0	443	0	0	812
Profit before tax	−54	181	−204	−811	0	54	585	228	153	981
	22	23	7	37	38	47	129	80	72	217
Current tax	–	–	−1	16	20	26	51	43	64	75
Deferred tax	–	–	8	20	19	21	78	36	8	141
Share of profit of joint ventures and associates	33	–	55	82	87	160	98	23	150	218
Profit from discontinued businesses	–	–	–	–	−174	4	−15	–	–	–
	−44	157	−155	−766	−126	171	539	171	231	982
Belonging to the company's shareholders	–	129	−171	−802	−157	130	477	100	165	920
Belonging to outside owners of subsidiaries	–	–	15	–	31	40	62	71	66	63
Other comprehensive income	–	–	−23	−11	12	40	27	10	3	−456
Total comprehensive income	–	–	−179	−777	−114	211	566	181	234	527
Net margin	−0.7%	2.2%	−1.9%	−15.3%	–	4.8%	11.8%	3.7%	5.2%	30.7%
Net margin without joint ventures and associates	−1.2%	–	−2.6%	−16.9%	–	0.3%	9.7%	3.2%	1.8%	23.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods. Net margin is left blank for the year to Mar 2021: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 20 Jun	Mar 2021Filed 29 May	Mar 2022Filed 10 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	1,669	755	639	844	2,114	2,290	2,517	2,090
	1,270	341	196	367	1,581	1,694	1,856	2,089
Share capital	42	42	42	42	42	42	42	42
Reserves	1,228	299	154	325	1,539	1,652	1,814	2,047
Belonging to outside owners of subsidiaries	400	414	443	477	533	596	662	1
	4,934	2,834	1,448	2,643	2,108	1,783	717	642
Repayable after a year	868	566	594	573	650	521	208	181
Repayable within a year	4,066	2,268	854	2,070	1,457	1,262	509	461
	6,829	5,213	1,842	2,920	2,207	1,882	1,028	896
Trade payables	1,957	1,966	408	587	483	338	159	233
Other financial liabilities	620	858	543	194	155	184	285	94
Other liabilities	153	83	24	47	77	18	73	88
Provisions	34	38	11	14	18	17	1	2
Tax owed	0	–	2	8	16	63	0	19
	910	594	641	642	730	648	214	265
Other financial liabilities	6	3	1	0	0	–	0	–
Other liabilities	1	2	1	0	0	0	0	–
Provisions	17	15	18	17	18	22	6	9
Deferred tax	18	9	28	51	62	104	0	75
Liabilities going with businesses held for sale	–	–	2,249	1,856	–	–	1,268	–
	9,409	6,563	5,372	6,262	5,052	4,820	5,026	3,251
Held for sale or for a demerger	–	0	1,293	1,319	6	6	2,189	–
	3,177	3,060	2,673	2,986	3,257	3,337	2,319	2,784
Plant in use, after depreciation	1,707	1,740	1,313	1,309	1,828	1,848	753	134
Plant being built	154	168	78	320	19	14	5	0
Intangible assets	109	119	114	111	108	90	94	21
Goodwill	15	0	0	0	0	15	15	0
Intangible assets being developed	0	–	0	0	0	10	3	0
Property held to earn rent	4	4	4	4	3	3	3	3
Investments	34	855	952	42	60	65	71	829
Stakes in joint ventures and associates	899	–	0	1,084	1,182	0	1,354	1,750
Loans given	12	16	9	0	0	0	0	0
Other financial assets	16	1	1	11	16	18	7	4
Deferred tax	89	67	67	70	2	9	6	8
Other assets	138	91	134	36	38	1,265	8	34
	6,231	3,503	1,407	1,957	1,788	1,477	518	467
Inventories	1,765	549	222	504	399	316	172	268
Trade receivables	3,906	2,219	454	634	780	598	86	90
Cash and cash equivalents	50	265	427	566	389	338	173	33
Other bank balances	35	59	182	139	38	51	39	29
Current investments	0	0	0	0	0	0	0	1
Loans given	1	1	0	0	0	0	0	0
Other financial assets	135	87	22	16	31	4	0	0
Tax paid in advance	0	48	0	0	0	–	13	–
Other assets	339	276	100	99	150	169	34	46
Net debt	4,850	2,510	839	1,938	1,680	1,394	505	578

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 May	Mar 2022Filed 10 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	1,521	571	95	473	511	203
	1,521	571	95	744	436	158
	1,197	257	−147	213	195	−69
Receivables	1,370	−337	−149	170	37	245
Inventories	105	−178	105	83	−130	−102
Payables	−272	705	−52	−46	331	−161
Other working capital	−6	66	−52	7	−44	−51
Tax paid	0	0	0	−106	−62	−48
Interest paid	0	0	0	−193	156	99
Capital spending	80	228	317	144	105	160
Free cash flow	1,441	344	−222	329	407	44
	−171	−137	426	3	−122	−69
Plant and property sold	8	0	71	124	26	59
Interest received	23	21	20	29	16	4
Dividends received	0	0	0	0	0	0
	−1,188	−296	−697	−527	−494	−335
Borrowings raised	340	940	453	690	622	457
Borrowings repaid	−1,184	−878	−953	−996	−940	−673
Interest paid	−333	−337	−184	−213	−151	−90
Lease payments	−8	−16	−6	0	−17	−22
Dividends paid	0	5	8	8	8	8
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	162	138	−176	−51	−104	−201

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Zuari Agro Chemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 20 Jun	Mar 2021Filed 29 May	Mar 2022Filed 10 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Earnings per share	−₹12.59	₹30.67	−₹40.56	−₹190.68	−₹37.35	₹31.02	₹113.33	₹23.73	₹39.17	₹218.70
Diluted earnings per share	−₹12.59	₹30.67	−₹40.56	−₹190.68	−₹37.35	₹31.02	₹113.33	₹23.73	₹39.17	₹218.70
Dividend per share	₹1.00	–	–	–	–	–	–	–	–	–
Book value per share	–	–	₹301.95	₹81.12	₹46.65	₹87.26	₹375.93	₹402.74	₹441.24	₹496.67
Shareholder yield	–	–	–	–	0.0%	1.0%	1.5%	1.1%	1.1%	1.1%
Market cap at the year end (₹ crore)	1,529	2,027	781	260	382	563	510	712	768	762

Ratios

Consolidated, years to March.Zuari Agro Chemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 20 Jun	Mar 2021Filed 29 May	Mar 2022Filed 10 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue growth	−36.0%	13.3%	11.4%	−38.1%	–	49.3%	26.8%	0.9%	−3.5%	−27.9%
Operating profit growth	13.4%	14.9%	−41.2%	–	–	13.3%	42.1%	7.5%	3.4%	−16.0%
Net profit growth	–	–	–	–	–	–	215.5%	−68.3%	35.1%	325.3%
Earnings per share growth	–	–	–	–	–	–	265.3%	−79.1%	65.1%	458.3%
	–	–	−13.4%	−99.6%	–	–	–	6.1%	–	–
	–	–	–	−86.1 pts	–	–	–	–	–	–
From the net margin	–	–	–	−88.6 pts	–	–	–	–	–	–
From asset turnover	–	–	–	27.6 pts	–	–	–	–	–	–
From borrowing	–	–	–	−25.1 pts	–	–	–	–	–	–
Return on capital employed	–	–	3.4%	−9.1%	–	–	6.0%	6.4%	–	9.2%
Cash conversion	–	–	–	–	–	334.4%	17.6%	276.8%	221.5%	20.7%
Interest cover	0.9	1.1	0.5	–	0.7	1.0	1.2	1.2	1.6	2.5
Debt to equity	–	–	2.96	3.75	–	–	1.00	0.78	–	0.31
Receivable days	–	–	176	161	–	–	63	47	–	10
Inventory days	–	–	107	53	–	–	47	38	–	45
Payable days	–	–	118	190	–	–	57	41	–	39
Cash conversion cycle, days	–	–	164	25	–	–	53	45	–	16
Working capital days	–	–	152	17	–	–	49	37	–	−4
Asset turnover	–	–	0.86	0.63	–	–	–	0.93	–	–
Assets per rupee of net worth	–	–	7.41	9.91	–	–	–	3.01	–	–
Sales per rupee of plant	–	–	4.75	2.88	1.83	2.74	2.49	2.49	5.89	23.87
Capital spending to depreciation	–	–	–	–	1.18	3.37	4.03	1.52	1.03	2.72
Plant being built, % of plant in use	–	–	9.0%	9.6%	6.0%	24.5%	1.0%	0.7%	0.6%	0.0%

Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2021, Mar 2022 and Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth is left blank for the year to Mar 2021: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 22.2%
Cash from operations against operating profit: 65.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−10.8%	5.9%	−11.1%
Profit growth, yearly rate	–	–	24.5%
Return on capital employed, average	–	–	7.8%
Operating margin, average	6.2%	7.9%	8.6%
Net margin, average	4.5%	11.2%	13.2%
Cash conversion cycle, days, average	–	–	30
Interest cover, average	1.2	1.5	1.8
Debt to equity, average	–	–	0.54

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,854	1,188	203
Cash from investing	101	−188	−69
Cash from financing	−2,349	−1,356	−335
Capital spending	953	408	160
Dividends paid	38	25	8
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	3,162	1,769	457
Borrowings repaid	4,439	2,609	673

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	7	6	7	8	5
Altman Z-scorePublished threshold 1.81	–	1.13	0.40	0.56	0.64	1.85	1.80	1.66	3.20
Beneish M-scorePublished threshold −1.78	–	–	–	−3.39	−2.46	−2.02	−3.00	−3.05	−1.67
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−24.74	−4.53	0.32	−6.18	−3.23	20.50
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	3.75	1.29	1.15	0.86
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−5.10	−27.46	−9.78	−3.67	−24.29	−82.12	32.61
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−31.56	−0.47	74.98	−51.45	−18.49	−37.34	77.26
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−1.28	−11.98	−0.20	1.47	−0.17	−2.85	−0.06
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	1.17	–	5.07	0.03	0.12	–	–
Effective tax ratePublished threshold 17.16 per cent	12.87	–	–	–	88.24	22.05	35.00	47.23	22.07
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	88.24	22.05	−11.72	6.39	17.21

A threshold marked as ours has no published figure; it is the line we read the check against.