Zuari Industries Limited (ZUARIIND) AI Stock Analysis

Zuari Industries Limited

(NSE:ZUARIIND)

Select Model

Rating:56Neutral

Price Target:INR 243.00▲(2.81% 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

Reduced LeverageRecent debt reduction and debt remaining below equity improve financial flexibility compared with the prior year. A more manageable capital structure can support ongoing fertilizer operations and reduce balance-sheet pressure, although earlier leverage volatility remains relevant.

Negative Factors

Weak Cash ConversionNegative free cash flow in the two latest years indicates that reported earnings have not translated into strong cash generation after investments and working-capital needs. Continued weak conversion could limit funding flexibility and increase reliance on balance-sheet resources for operations or growth.

Zuari Industries Limited (ZUARIIND) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 7.06B
Dividend Yield: 0.42%
Average Volume (3M): 6,438
Price to Earnings (P/E): 6.5
Beta (1Y): 1.13
Revenue Growth: 9.70%
EPS Growth: ―
Country: India
Employees: 376
Sector: General
Sector Strength: 55
Industry: Conglomerates

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's e...

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 sales: T...

Zuari Industries Limited Financial Statement Overview

Summary

Mixed fundamentals. Profitability improved with a swing back to profit in 2026 and leverage is currently more manageable after debt reduction, but earnings have been volatile across years. The largest drag is cash generation: operating cash flow has been uneven and free cash flow was negative in both 2025 and 2026, reducing earnings quality and flexibility.

Income Statement

54Neutral

Balance Sheet

63Positive

Cash Flow

36Negative

Financial statement breakdown
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	2.25B
Net Income	1.09B	1.08B	-932.19M	7.14B	3.11B	-358.26M
Balance Sheet
Total Assets	0	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	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

Technical Analysis SentimentNegative

Last Price236.35

Price Trends

50DMA268.25Negative

100DMA263.71Negative

200DMA260.70Negative

Market Momentum

MACD-10.01Positive

RSI32.12Neutral

STOCH19.04Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ZUARIIND, the sentiment is Negative. The current price of 236.35 is below the 20-day moving average (MA) of 260.01, below the 50-day MA of 268.25, and below the 200-day MA of 260.70, indicating a bearish trend. The MACD of -10.01 indicates Positive momentum. The RSI at 32.12 is Neutral, neither overbought nor oversold. The STOCH value of 19.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ZUARIIND.

Zuari Industries Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ZUARIIND against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:BALMLAWRIE	78Outperform	INR 26.58B	9.52	―	5.47%	8.87%	2.96%
IN:MSTCLTD	60Neutral	INR 37.71B	16.07	―	2.93%	21.02%	-44.88%
IN:ZUARIIND	56Neutral	INR 7.04B	6.51	―	0.42%	9.70%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SINDHUTRAD	49Neutral	INR 35.59B	54.62	―	―	-63.67%	348.23%
IN:STCINDIA	45Neutral	INR 5.89B	0.90	―	―	―	2545.89%
IN:MMTC	31Underperform	INR 75.61B	16.93	―	―	-19.71%	355.54%

* General Sector Average

Performance Comparison

IN:ZUARIIND and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ZUARIIND	Zuari Industries Limited	236.35	-94.33	-28.53%
IN:BALMLAWRIE	Balmer Lawrie & Co. Ltd.	155.45	-36.62	-19.07%
IN:MMTC	MMTC Limited	50.41	-17.62	-25.90%
IN:MSTCLTD	MSTC Ltd.	535.70	-2.98	-0.55%
IN:SINDHUTRAD	Sindhu Trade Links Ltd.	19.32	-4.39	-18.52%
IN:STCINDIA	State Trading Corporation of India Limited	98.20	-36.90	-27.31%

Zuari Industries Limited Corporate Events

Zuari Industries Opens SEBI-Mandated Window to Dematerialise Legacy Physical Shares

Oct 30, 2026

Zuari Industries Limited has announced the opening of a special one-year window, from 5 February 2026 to 4 February 2027, to facilitate the transfer and dematerialisation of physical shares that were sold or purchased prior to 1 April 2019. The compa...

Zuari Industries Moves to Broaden Access to FY26 Annual Report

Aug 25, 2026

Zuari Industries Limited has notified the National Stock Exchange of India and BSE that it has dispatched letters to shareholders whose email addresses are not registered with the company or its depositories. These letters provide a web link and prec...

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.

Date of analysis: Aug 21, 2026

Zuari Industries Limited AI Stock Analysis