Zuari Industries financials and balance sheet

NSE: ZUARIINDBSE: 500780Agricultural Food & other ProductsSmall Cap

Formerly Zuari Global

₹237.45₹5.15 (2.12%)BSE ₹236.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹242.60.

52-week range of traded prices to 23 Oct 2026

₹210.00Low, 30 Mar 2026₹367.15High, 23 Oct 2025

Market cap: ₹707 Cr1,626th largest listed
P/E: 6.5
P/B: 0.2
Dividend yield: 0.42%
ROE: 2.5%
ROCE: 0.5%
Debt to equity: 0.72
Volume, NSE: 60,93351.6% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,045 Cr, year to Mar 2026Back to profit in the year to Mar 2026, ₹106 Cr

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 5.4% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,045
Materials and goods−649
Employee costs−133
Other expenses−192
Operating profit71
Depreciation−30
Other income+110
One-off items−9.3
Finance costs−243
Profit before tax−101
Tax−16
Joint ventures+223
Net profit106

What the company owns

Plant, investments and other assets₹5,871 Cr
Inventory₹772 Cr
Cash and bank₹408 Cr
Receivables₹66 Cr
Current investments₹46 Cr

What pays for it: net worth and liabilities

Net worth₹3,604 Cr
Borrowings₹2,598 Cr
Other liabilities₹781 Cr
Owed to suppliers₹181 Cr

Zuari Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Zuari Industries segment results by quarter

Revenue by segment

₹1,355 CrTotal

Sugar₹855 Cr63.1% of total
Ethanol Plant₹234 Cr17.3% of total
Power₹92 Cr6.8% of total
Engineering services₹84 Cr6.2% of total
Management services₹37 Cr2.7% of total
Financial services₹28 Cr2.1% of total
Real estate₹25 Cr1.8% of total
Furniture₹1 Cr0.1% of total

Profit by segment

Sugar₹76.0 Cr75.2% of total
Ethanol Plant₹11.2 Cr11.1% of total
Engineering services₹3.7 Cr3.6% of total
Financial services₹10.2 Cr10.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
440
593
750
571
695
586
807
855
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−37
−10
41
0
−8
5
54
76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ethanol Plant
Revenue, ₹ crore
24
113
154
172
165
228
234
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
9
13
25
22
27
11
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
93
71
68
63
66
72
93
92
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
12
18
4
2
−33
−20
−12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering services
Revenue, ₹ crore
252
70
8
12
1
2
15
84
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−11
−20
−18
−6
6
−2
−2
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Management services
Revenue, ₹ crore
18
19
19
22
29
28
33
37
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
−1
0
0
−3
−2
−3
−6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial services
Revenue, ₹ crore
25
28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real estate
Revenue, ₹ crore
19
81
32
60
172
176
33
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−8
9
0
31
13
98
−15
−26
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Furniture
Revenue, ₹ crore
18
6
3
2
1
0
2
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−10
−6
1
5
0
4
−16
−7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	851	878	1,005	900	1,151	1,052	1,237	1,355
Company revenue, as in its results	774	771	834	722	955	838	970	1,045
Revenue	440	593	750	571	695	586	807	855
Revenue growth	–	34.6%	26.5%	−23.9%	21.7%	−15.6%	37.5%	6.0%
Profit	−37	−10	41	0	−8	5	54	76
Profit growth	–	–	–	−99.0%	–	–	934.6%	39.6%
Margin	−8.4%	−1.6%	5.5%	0.1%	−1.2%	0.9%	6.8%	8.9%
Return on capital	–	−2.6%	11.3%	0.1%	−2.1%	1.0%	9.8%	12.7%
Assets	–	910	790	742	651	725	715	767
Liabilities	–	541	425	351	245	205	161	166
Capital employed	–	368	365	391	407	520	555	601
Revenue	–	24	113	154	172	165	228	234
Revenue growth	–	–	368.9%	35.6%	11.9%	−3.7%	37.9%	2.6%
Profit	–	−5	9	13	25	22	27	11
Profit growth	–	–	–	44.0%	102.8%	−12.7%	21.9%	−58.6%
Margin	–	−21.6%	7.7%	8.2%	14.8%	13.4%	11.8%	4.8%
Return on capital	–	−2.9%	3.9%	6.5%	13.1%	12.2%	14.0%	5.7%
Assets	–	178	221	192	193	182	193	198
Liabilities	–	0	0	0	0	0	0	0
Capital employed	–	178	221	192	193	182	193	198
Revenue	93	71	68	63	66	72	93	92
Revenue growth	–	−23.4%	−5.2%	−6.7%	4.9%	9.1%	28.7%	−1.5%
Profit	29	12	18	4	2	−33	−20	−12
Profit growth	–	−57.2%	41.7%	−78.7%	−47.9%	–	–	–
Margin	31.3%	17.5%	26.1%	6.0%	3.0%	−45.9%	−21.3%	−12.6%
Return on capital	–	6.1%	9.5%	2.0%	1.0%	−20.4%	−11.6%	−8.3%
Assets	–	204	186	186	195	163	170	140
Liabilities	–	0	0	0	4	0	0	0
Capital employed	–	204	186	186	191	162	170	140
Revenue	252	70	8	12	1	2	15	84
Revenue growth	–	−72.2%	−88.7%	–	−92.9%	–	–	446.1%
Profit	−11	−20	−18	−6	6	−2	−2	4
Margin	−4.5%	−28.1%	−227.4%	−45.1%	704.8%	−97.1%	−11.8%	4.3%
Return on capital	–	−501.7%	−5,202.8%	–	214.8%	−35.2%	−24.7%	23.1%
Assets	–	75	43	30	13	11	18	45
Liabilities	–	71	42	30	10	5	11	29
Capital employed	–	4	0	0	3	6	7	16
Revenue	18	19	19	22	29	28	33	37
Revenue growth	–	1.7%	2.3%	16.2%	31.1%	−4.7%	20.7%	10.8%
Profit	2	−1	0	0	−3	−2	−3	−6
Margin	11.3%	−5.5%	0.8%	−0.1%	−8.6%	−8.9%	−9.2%	−15.1%
Return on capital	–	–	6.6%	–	–	–	–	–
Assets	–	3	4	3	3	3	4	3
Liabilities	–	4	1	4	5	4	5	7
Capital employed	–	0	2	−1	−2	−1	−1	−5
Revenue	–	–	–	–	–	–	25	28
Revenue growth	–	–	–	–	–	–	–	11.1%
Profit	–	–	–	–	–	–	6	10
Profit growth	–	–	–	–	–	–	–	69.0%
Margin	–	–	–	–	–	–	24.1%	36.7%
Return on capital	–	–	–	–	–	–	12.8%	19.8%
Assets	–	–	–	–	–	–	69	83
Liabilities	–	–	–	–	–	–	22	31
Capital employed	–	–	–	–	–	–	47	52
Revenue	19	81	32	60	172	176	33	25
Revenue growth	–	330.1%	−60.8%	86.7%	188.9%	2.1%	−81.3%	−23.8%
Profit	−8	9	0	31	13	98	−15	−26
Profit growth	–	–	−97.8%	16,311.7%	−59.9%	684.2%	–	–
Margin	−41.8%	10.8%	0.6%	52.3%	7.3%	55.8%	−45.3%	−102.0%
Return on capital	–	3.4%	0.0%	3.0%	1.1%	35.0%	−5.3%	−9.4%
Assets	–	976	1,093	1,285	1,547	1,037	975	734
Liabilities	–	714	254	230	411	756	695	462
Capital employed	–	262	839	1,055	1,136	280	280	271
Revenue	18	6	3	2	1	0	2	1
Revenue growth	–	−65.9%	–	–	–	–	–	–
Profit	−10	−6	1	5	0	4	−16	−7
Margin	−57.3%	−106.8%	41.0%	279.1%	39.4%	5,11,442.9%	−784.5%	−785.4%
Return on capital	–	−40.3%	6.7%	22.0%	1.6%	15.4%	–	–
Assets	–	40	39	37	33	32	17	15
Liabilities	–	24	23	16	14	9	18	16
Capital employed	–	16	16	21	19	23	−1	−1
Revenue	11	14	13	16	16	22	–	–
Revenue growth	–	24.5%	−8.5%	25.5%	−3.7%	39.7%	–	–
Profit	2	4	1	3	2	6	–	–
Profit growth	–	44.2%	−86.0%	477.2%	−26.8%	199.3%	–	–
Margin	21.8%	25.3%	3.9%	17.8%	13.5%	29.0%	–	–
Return on capital	–	11.8%	1.7%	9.1%	5.5%	14.4%	–	–
Assets	–	55	45	63	55	68	–	–
Liabilities	–	24	16	31	17	23	–	–
Capital employed	–	30	29	32	38	44	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Zuari Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 26 May	Mar 2024Filed 1 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue from operations	631	553	774	771	834	722	955	838	970	1,045
	597	588	793	763	778	710	927	786	921	974
Materials and goods bought	259	172	231	382	520	446	644	523	659	649
Employee costs	–	–	79	81	71	73	90	98	114	133
Other expenses	–	–	483	300	187	191	193	165	149	192
Operating profit before depreciation	34	−35	−18	8	56	12	28	52	49	71
Operating margin	5.4%	−6.3%	−2.4%	1.1%	6.7%	1.7%	2.9%	6.2%	5.1%	6.8%
Materials, % of revenue	–	–	29.9%	49.5%	62.3%	61.7%	67.4%	62.4%	67.9%	62.1%
Employee costs, % of revenue	–	–	10.2%	10.5%	8.5%	10.1%	9.4%	11.6%	11.7%	12.7%
Other expenses, % of revenue	–	–	62.4%	38.9%	22.4%	26.4%	20.3%	19.7%	15.3%	18.4%
Depreciation and amortisation	15	20	21	25	29	23	27	27	29	30
Operating profit after depreciation	19	−55	−39	−17	27	−11	0	24	20	41
Other income	47	73	100	125	149	225	182	229	112	110
Finance costs	58	92	113	160	202	264	248	282	262	243
Profit before one-off items and tax	8	−74	−53	−53	−26	−49	−66	−28	−130	−92
One-off items	−15	0	0	−3	−22	0	0	785	−20	−9
Profit before tax	−7	−74	−53	−56	−48	−49	−66	757	−149	−101
	0	4	−17	71	−15	−10	9	71	7	16
Current tax	–	3	−8	3	−2	1	1	1	3	4
Deferred tax	–	1	−9	68	−13	−11	8	70	4	13
Share of profit of joint ventures and associates	–	40	−75	−269	−68	5	379	27	62	223
	−22	−38	−110	−396	−101	−35	305	713	−94	106
Belonging to the company's shareholders	−22	–	−91	−367	−93	−36	306	714	−93	108
Belonging to outside owners of subsidiaries	–	–	−19	−29	−8	1	−1	−1	−1	−2
Other comprehensive income	–	–	−82	−644	929	1,080	−876	807	1,225	1,531
Total comprehensive income	–	–	−192	−1,040	829	1,046	−571	1,520	1,131	1,637
Net margin	−3.5%	−6.9%	−14.2%	−51.3%	−12.1%	−4.8%	31.9%	85.1%	−9.7%	10.1%
Net margin without joint ventures and associates	–	−14.2%	−4.6%	−16.5%	−3.9%	−5.5%	−7.8%	81.8%	−16.1%	−11.3%

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 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 26 May	Mar 2024Filed 1 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	2,217	1,135	2,006	2,962	2,382	3,905	5,032	3,604
	2,220	1,167	2,045	2,974	2,395	3,919	5,048	3,621
Share capital	29	29	29	29	30	30	30	30
Reserves	2,190	1,137	2,016	2,944	2,365	3,889	5,018	3,591
Belonging to outside owners of subsidiaries	−3	−32	−39	−12	−13	−14	−15	−18
	1,338	1,715	1,995	2,440	2,620	2,367	2,509	2,598
Repayable after a year	1,029	1,375	1,637	1,712	1,773	1,269	1,591	1,198
Repayable within a year	309	340	358	728	846	1,098	918	1,400
	1,153	1,328	1,274	1,425	1,601	2,151	1,827	2,103
Trade payables	396	487	370	345	250	233	179	181
Other financial liabilities	170	295	301	106	103	88	54	62
Other liabilities	250	189	224	230	397	725	669	448
Provisions	27	17	17	17	5	7	7	11
Tax owed	0	–	4	0	0	0	0	0
	1,095	1,446	1,682	1,857	1,826	1,439	2,068	1,457
Other financial liabilities	3	14	9	10	20	18	10	10
Other liabilities	51	44	25	0	14	13	12	11
Provisions	11	9	9	6	7	6	10	10
Deferred tax	1	4	1	109	11	132	444	225
Trade payables	0	0	1	1	1	1	1	3
Liabilities going with businesses held for sale	–	32	32	–	–	–	–	–
	4,465	3,941	4,994	6,244	5,809	7,494	8,927	7,164
Held for sale or for a demerger	10	10	10	–	–	–	–	–
	2,916	2,279	3,305	4,324	3,382	5,890	7,334	5,776
Plant in use, after depreciation	389	548	525	515	506	484	470	460
Plant being built	71	3	2	7	1	6	7	6
Intangible assets	1	0	0	0	0	0	1	3
Goodwill	146	142	133	133	133	132	132	132
Intangible assets being developed	0	–	120	0	–	0	0	0
Property held to earn rent	8	8	7	7	6	6	6	6
Investments	1,577	957	1,813	2,609	1,635	3,104	4,671	3,092
Stakes in joint ventures and associates	475	169	–	555	939	1,747	1,689	1,712
Loans given	7	280	534	361	2	291	274	259
Other financial assets	14	16	20	17	20	35	18	23
Deferred tax	129	60	70	1	2	3	7	2
Other assets	98	96	82	119	137	82	59	82
	1,539	1,652	1,679	1,920	2,427	1,604	1,593	1,387
Inventories	1,165	1,271	1,230	1,259	1,110	720	730	772
Trade receivables	104	107	91	73	80	55	65	66
Cash and cash equivalents	33	30	26	69	91	56	74	62
Other bank balances	12	67	123	254	536	629	601	346
Current investments	8	6	25	16	12	0	18	46
Loans given	18	21	19	84	443	48	0	0
Other financial assets	120	77	90	103	97	64	70	68
Other assets	77	73	75	62	59	32	34	27
Net debt	1,285	1,611	1,821	2,101	1,981	1,682	1,815	2,144

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 7 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 26 May	Mar 2024Filed 1 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	109	62	16	71	−1	144
	−57	89	28	70	−23	160
	−27	−5	−53	−13	−106	31
Receivables	16	19	−7	25	−8	5
Inventories	41	−29	149	−46	−6	−41
Payables	−85	−8	71	−21	−87	58
Other working capital	1	13	−265	28	−4	9
Tax paid	18	−27	−12	1	22	−16
Interest paid	244	0	0	0	0	0
Capital spending	16	21	17	14	15	26
Free cash flow	94	41	−2	58	−16	118
	−204	69	95	475	183	20
Plant and property sold	14	16	7	43	0	0
Companies bought	−8	0	0	0	0	0
Interest received	54	87	91	69	43	34
Dividends received	21	57	47	48	50	65
	90	−87	−89	−583	−163	−175
Borrowings raised	837	1,312	377	1,061	1,084	456
Borrowings repaid	−545	−1,113	−252	−1,291	−982	−393
Interest paid	−193	−274	−207	−345	−258	−231
Lease payments	−3	−3	−4	−3	−4	−4
Dividends paid	6	9	3	4	4	4
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−5	44	22	−36	18	−12

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 Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 26 May	Mar 2024Filed 1 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Earnings per share	−₹7.58	−₹9.54	−₹30.79	−₹124.64	−₹31.58	−₹11.95	₹102.84	₹239.72	−₹31.30	₹36.25
Diluted earnings per share	−₹7.58	−₹9.54	−₹30.79	−₹124.64	−₹31.58	−₹11.95	₹102.84	₹239.72	−₹31.30	₹36.25
Dividend per share	₹1.00	₹1.00	₹1.00	₹1.00	₹2.00	₹3.00	₹1.00	₹1.00	₹1.00	₹1.00
Book value per share	–	–	₹753.92	₹396.33	₹694.62	₹1,009.99	₹804.18	₹1,315.87	₹1,694.87	₹1,215.91
Dividend payout	–	–	–	–	–	–	1.0%	0.4%	–	2.8%
Shareholder yield	–	–	–	–	2.5%	1.7%	0.9%	0.4%	0.6%	0.7%
Market cap at the year end (₹ crore)	375	503	319	81	237	522	324	978	697	635

Ratios

Consolidated, years to March.Zuari Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 26 May	Mar 2024Filed 1 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue growth	9.7%	−12.4%	40.1%	−0.4%	8.1%	−13.4%	32.3%	−12.3%	15.8%	7.7%
Operating profit growth	1,110.0%	–	–	–	559.6%	−78.2%	128.4%	86.4%	−5.2%	43.9%
Net profit growth	–	–	–	–	–	–	–	133.6%	–	–
Earnings per share growth	–	–	–	–	–	–	–	133.1%	–	–
	–	–	−4.1%	−21.7%	−5.8%	−1.4%	11.4%	22.6%	−2.1%	2.5%
	–	–	–	−17.6 pts	15.9 pts	4.4 pts	12.8 pts	11.2 pts	−24.7 pts	4.6 pts
From the net margin	–	–	–	−12.5 pts	16.6 pts	3.2 pts	10.7 pts	18.9 pts	−25.2 pts	4.3 pts
From asset turnover	–	–	–	−1.0 pts	−0.1 pts	0.8 pts	2.2 pts	−6.2 pts	0.2 pts	0.2 pts
From borrowing	–	–	–	−4.1 pts	−0.6 pts	0.3 pts	0.0 pts	−1.5 pts	0.3 pts	0.0 pts
Return on capital employed	–	–	−1.1%	−0.6%	0.7%	−0.2%	0.0%	0.4%	0.3%	0.7%
Cash conversion	–	–	–	–	–	–	5.2%	10.0%	–	135.9%
Interest cover	0.3	–	–	–	0.1	–	0.0	0.1	0.1	0.2
Debt to equity	–	–	0.60	1.51	0.99	0.82	1.10	0.61	0.50	0.72
Receivable days	–	–	49	51	40	37	31	24	24	23
Inventory days	–	–	1,840	1,215	864	1,031	629	502	405	434
Payable days	–	–	626	465	260	283	142	163	99	102
Cash conversion cycle, days	–	–	1,263	800	644	785	518	364	330	356
Working capital days	–	–	303	265	258	446	395	−58	−4	81
Asset turnover	–	–	0.17	0.18	0.19	0.13	0.16	0.13	0.12	0.13
Assets per rupee of net worth	–	–	2.01	2.48	2.78	2.24	2.25	2.11	1.83	1.86
Sales per rupee of plant	–	–	1.99	1.41	1.59	1.40	1.89	1.73	2.07	2.27
Capital spending to depreciation	–	–	–	–	0.53	0.92	0.64	0.50	0.51	0.85
Plant being built, % of plant in use	–	–	18.3%	0.5%	0.4%	1.4%	0.2%	1.3%	1.5%	1.3%

Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2020 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. 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: 1.3%
Cash from operations against operating profit: 203.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.1%	4.6%	3.0%
Profit growth, yearly rate	–	–	−29.4%
Return on equity, average	–	6.6%	7.7%
Return on capital employed, average	–	0.2%	0.4%
Operating margin, average	2.7%	4.5%	6.0%
Net margin, average	2.5%	22.5%	28.5%
Asset turnover, average	–	0.13	0.12
Cash conversion cycle, days, average	–	470	350
Interest cover, average	–	0.1	0.1
Debt to equity, average	–	0.75	0.61

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	291	214	144
Cash from investing	841	678	20
Cash from financing	−1,097	−921	−175
Capital spending	93	54	26
Dividends paid	24	12	4
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4,290	2,601	456
Borrowings repaid	4,030	2,665	393

Accounting checks

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

Check	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	–	–	7	7	5	6	3	7
Altman Z-scorePublished threshold 1.81	1.09	0.80	0.98	1.08	1.07	1.37	1.01	0.90
Beneish M-scorePublished threshold −1.78	–	–	−2.47	−2.75	−2.33	−2.26	−2.32	−2.75
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−0.12	−2.95	3.23	2.50	−3.36	−0.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	1.10	0.15	0.09	0.30
Receivables growth less revenue growthOur threshold 0 percentage points	–	2.87	−22.89	−6.91	−22.12	−19.07	2.03	−5.17
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−56.13	−39.33	16.60	−56.34	−16.38	−24.46	7.16
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−6.26	1.80	0.01	−0.97	−7.01	0.78	−0.90
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.01	0.36	0.56	0.06	1.19	0.48	0.29
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	–	9.42	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.28	–	–

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

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Credit Exposure Limit	CARE A3Review, Re-affirm		3.35
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital Limits	CARE BBB-Review, Re-affirm	Positive	354
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE BBB-Review, Re-affirm	Positive	307.64
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Bank Guarantee	CARE A3Review, Re-affirm		2.50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Zuari Industries business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

Sugar

Ethanol Plant

Power

Engineering services

Management services

Financial services

Real estate

Furniture