ZUARI INDUSTRIES LIMITED (ZUARIIND) — Financial Results | 21 August 2026

Investor Takeaways

• Revenue grew 22% YoY to INR327.5 crores in Q1 FY27, driven by 29% increase in sugar sales to 4.7 lakh quintal at INR4,116 per quintal.
• Consolidated EBITDA declined slightly to INR29.8 crores compared to previous period.
• INR142.58 crores repatriated from Dubai St. Regis Residences project; target of INR900 crores total repatriation for FY27.
• Plans to repay over INR1,100 crores of debt to reduce finance costs by INR100-110 crores in FY28.
• Ethanol production reached 10,138 KL with 10,248 KL sold at INR60.70 per liter; expansion paused due to overcapacity.

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

What Changed

Revenue increased 22% YoY to INR327.5 crores in Q1 FY27, primarily due to 29% growth in sugar sales reaching 4.7 lakh quintal at INR4,116 per quintal. Consolidated EBITDA showed a slight decline to INR29.8 crores. The company repatriated INR142.58 crores from its Dubai St. Regis Residences project, contributing to a broader strategy targeting INR900 crores in total repatriation for FY27. Additionally, the firm plans to repay over INR1,100 crores of debt to reduce finance costs by INR100-110 crores in FY28. Ethanol production stood at 10,138 KL with 10,248 KL sold at INR60.70 per liter, though expansion plans have been paused due to overcapacity. Subsidiary Zuari Infraworld achieved 100% completion of the St. Regis Residences project, and the company is pursuing inorganic growth opportunities while focusing on deleveraging through profit repatriation and loan recoveries.

Peer Comparison

ZUARIIND trades at a significantly lower P/E ratio compared to peers, though peer ROE and ROCE figures are not directly comparable due to missing data for ZUARIIND.

Risks & Concerns

• No specific risks identified in this filing.
• Overcapacity in ethanol production has paused expansion plans, potentially limiting growth in a high-demand segment.
• Reliance on project repatriation and debt reduction for margin improvement may face execution challenges.

Quarterly Trend

[Not available in provided data. Quarterly trend section omitted as per instructions.]