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Zuari Industries Limited
(ZUARIIND)
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Rating:56Neutral
Price Target:
₹294.00
▲(13.82% Upside)
Action:Reiterated
Date:08/21/26
Overall score reflects moderate attractiveness: the biggest constraint is weak recent cash flow (negative free cash flow in 2025–2026) and historically volatile profitability, partially offset by improved leverage and a low P/E valuation. Technicals are constructive with price above key moving averages, but elevated RSI suggests near-term momentum may be stretched.
Positive Factors
Recent return to profitability
The return to profit indicates improved operating performance and provides a stronger base for the fertilizer and agri-input businesses. If sustained, it can support reinvestment and strengthen resilience, although the company still needs to prove earnings are repeatable.
Negative Factors
Negative free cash flow
Persistent negative free cash flow signals weak cash conversion after investment and working-capital requirements. It can constrain reinvestment, dividends, and debt reduction, while making reported profit less supportive of durable financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Recent return to profitability
The return to profit indicates improved operating performance and provides a stronger base for the fertilizer and agri-input businesses. If sustained, it can support reinvestment and strengthen resilience, although the company still needs to prove earnings are repeatable.
Read all positive factors
Zuari Industries Limited (ZUARIIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹8.23B
Dividend Yield0.36%
Average Volume (3M)7.40K
Price to Earnings (P/E)7.5
Beta (1Y)1.13
Revenue Growth9.70%
EPS GrowthN/A
CountryIN
Employees376
SectorGeneral
Sector StrengthN/A
IndustryConglomerates
Share Statistics
EPS (TTM)36.44
Shares Outstanding29,781,183
10 Day Avg. Volume7,219
30 Day Avg. Volume7,400
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.18
Price to Sales (P/S)0.61
P/FCF Ratio-49.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Zuari Industries Limited Business Overview & Revenue Model
Company Description
Zuari Industries Limited, a diversified Indian conglomerate, was established in 1967 and has its headquarters in Gurugram, India. Operating under its current name since June 2022 (having previously been known as Zuari Global Limited), the company'...
How the Company Makes Money
Zuari Industries Limited makes money mainly through (1) fertilizer-related operations and (2) income from investments and other business interests held through subsidiaries/associates.
1) Fertilizer and agri-input business revenue:
- Product sale...
Zuari Industries Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
36
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.99B | 10.45B | 9.70B | 8.37B | 9.55B | 7.21B |
| Gross Profit | 1.99B | 1.55B | 1.37B | 2.97B | 3.11B | 2.59B |
| EBITDA | 2.92B | 3.95B | 1.42B | 10.66B | 5.90B | 2.24B |
| Net Income | 1.09B | 1.08B | -932.19M | 7.14B | 3.11B | -358.26M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 71.64B | 89.27B | 74.94B | 58.09B | 62.44B |
| Cash, Cash Equivalents and Short-Term Investments | 4.54B | 4.54B | 6.94B | 775.19M | 7.36B | 3.39B |
| Total Debt | 0.00 | 25.98B | 25.09B | 23.77B | 26.32B | 24.53B |
| Total Liabilities | -36.04B | 35.60B | 38.95B | 35.90B | 34.27B | 32.82B |
| Stockholders Equity | 36.04B | 36.21B | 50.48B | 39.19B | 23.95B | 29.74B |
Cash Flow | ||||||
| Free Cash Flow | 2.72B | -128.73M | -1.81B | 578.95M | -15.26M | 407.23M |
| Operating Cash Flow | 2.84B | 128.66M | -1.66B | 714.80M | 159.69M | 615.25M |
| Investing Cash Flow | -166.52M | -801.23M | 895.32M | 4.75B | 945.60M | 693.34M |
| Financing Cash Flow | -3.03B | 553.88M | 946.77M | -5.83B | -886.48M | -869.04M |
Zuari Industries Limited Technical Analysis
Positive
258.30
Price Trends
264.98
Positive
262.32
Positive
270.89
Positive
Market Momentum
3.60
Negative
60.23
Neutral
42.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ZUARIIND, the sentiment is Positive. The current price of 258.3 is below the 20-day moving average (MA) of 270.66, below the 50-day MA of 264.98, and below the 200-day MA of 270.89, indicating a bullish trend. The MACD of 3.60 indicates Negative momentum. The RSI at 60.23 is Neutral, neither overbought nor oversold. The STOCH value of 42.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ZUARIIND.
Zuari Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹30.46B | 10.91 | ― | 7.16% | 8.87% | 2.96% | |
69 Neutral | ₹51.68B | 22.11 | ― | 1.55% | 21.02% | -44.88% | |
56 Neutral | ₹8.23B | 7.55 | ― | 0.36% | 9.70% | ― | |
56 Neutral | ₹96.27B | 21.54 | ― | 1.62% | -19.71% | 355.54% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹38.92B | 70.21 | ― | ― | -63.67% | 348.23% | |
45 Neutral | ₹6.90B | 1.05 | ― | 1.36% | ― | 2545.89% |
* General Sector Average
IN:ZUARIIND
Zuari Industries Limited
280.10
-19.45
-6.49%
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Zuari Industries Limited Corporate Events
Zuari Industries Opens Special Window for Demat of Legacy Physical Shares
Jul 2, 2026
Zuari Industries Limited has notified the stock exchanges that it has published a newspaper notice for shareholders regarding a special window to transfer and dematerialize physical shares sold or purchased before April 1, 2019. The announcement, ...
Zuari Industries Files Revised Q4 FY26 Investor Presentation
May 26, 2026
Zuari Industries Limited has submitted a revised investor presentation for the fourth quarter of FY26 to the National Stock Exchange and BSE, replacing the version filed a day earlier. The updated presentation, which will be made available on the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.