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Swing Capital

Zuari Industries Ltd

NSE: ZUARIIND BSE: 500780Energy

Incorporated in 1967, Zuari Industries Ltd is in the business of real estate, investment services, engineering services, management services, manufacturing and trading of furniture, manufacturing and sale of sugar and its by products, ethanol and generation of power.[1]

₹244
52W: ₹210 — ₹416
PE 22.5 · Book ₹1211 · -80% vs book
Market Cap₹724 Cr
Stock P/E22.5Price to Earnings
ROCE3.44%Return on Capital
ROE0.95%Return on Equity
Div. Yield0.41%Face Value ₹10

Strengths

  • +Stock is trading at 0.21 times its book value
  • +Market value of investments Rs.4,014 Cr. is more than the Market Cap Rs.720 Cr.
  • +Company has been maintaining a healthy dividend payout of 20.2%

Weaknesses

  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 0.52% over last 3 years.
  • −Contingent liabilities of Rs.475 Cr.
  • −Earnings include an other income of Rs.78.4 Cr.

Shareholding Pattern

Promoters56.71%
FIIs1.15%
DIIs1.23%
Public40.89%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.81%56.71%▼0.156.71%56.71%56.71%56.71%56.71%56.71%
FIIs1.6%1.46%▼0.11.41%▼0.11.3%▼0.11.33%▲0.02.46%▲1.11.11%▼1.31.15%▲0.0
DIIs0.33%0.87%▲0.50.85%▼0.00.66%▼0.21.01%▲0.31.01%1.15%▲0.11.23%▲0.1
Public41.24%40.93%▼0.341%▲0.141.29%▲0.340.93%▼0.439.79%▼1.141%▲1.240.89%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales214.63100.77234.63214.52207.38204.83243.93210.27204.51211.36
Expenses217.73104.86185.78191.01203.85211.74194.04187.88195.57218.42
Operating Profit-3.1-4.0948.8523.513.53-6.9149.8922.398.94-7.06
OPM %-1.44%-4.06%20.82%10.96%1.7%-3.37%20.45%10.65%4.37%-3.34%
Net Profit-5.87-34.416.04-15.24-23.86-7.369.08-3.893.13-5.01
EPS ₹-1.97-11.555.39-5.12-8.01-2.473.05-1.311.05-1.68

AI Insights

Revenue Trend

TTM revenue at ₹870Cr, down 0.1% YoY. OPM at 9%.

Debt Position

Borrowings at ₹981Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Capex Cycle

CWIP at ₹9Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.23% (+1.22pp change). FIIs: 1.15% (-0.15pp change). Promoters hold 56.71%.

Margin & Efficiency

ROCE declining from 4% (Mar 2014) to 3% (Mar 2025). Working capital days: 8.

Valuation

PE 22.5x with 3.44% ROCE. Price is -80% above book value of ₹1,211. Dividend yield: 0.41%.

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