Zuari Agro Chemicals Limited (ZUARI)

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Zuari Agro Chemicals Limited (ZUARI) · mywealthgrid

About

Zuari Agro Chemicals operates in fertilizers and agrochemicals within Materials sector. Market cap ₹928.64 Cr, minimal debt (D/E 0.31), lean capital structure. 40% price decline past year signals sector cyclicality or operational deterioration.

Face value: ₹10

Market cap

₹896 Cr

P/E

1.0×

P/B

0.4×

Dividend yield

ROE

46.6%

ROCE

8.5%

Debt / equity

0.31

OPM

9.7%

EPS (TTM)

₹223.3

Book value

₹496.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 0.99 signals extreme market pessimism; verify whether temporary sector headwinds or fundamental deterioration
Quarterly results highly volatile—margins swing −7.7% to 12.21%, profits range −₹25.1 Cr to +₹840.36 Cr (Sep 2025 includes one-time gains); establish normal for fertilizer cycle or operational instability signal
Margins averaged 9.67%, turned negative in Mar 2026, little buffer against cost inflation; verify pricing power or cost discipline can protect if feedstock prices rise
Fertilizer cycle tied to commodity prices, rainfall, subsidy policy; verify company exposure to volume and margin swings

Generated analysis · source review pending

Growth drivers

Sep 2025: ₹1,422.63 Cr revenue, ₹840.36 Cr profit; verify if sustainable or reflects seasonal patterns
Margins 9.67% provide starting point for earnings if volumes grow or costs stabilize; verify cost structure sensitivity to commodities
Low leverage (D/E 0.31) enables capacity investment or countercyclical spending if business stabilizes; verify capital intensity and payback in fertilizer production
ROE 46.63% suggests efficient capital deployment; verify if sustainable as earnings normalize or inflated by one-time gains

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹212.9-4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.7% (3-yr avg)
+Profit CAGR of 24.5% over the last 3 years
+High promoter holding of 65.2% with no pledge

Cons

−Modest revenue growth of 5.9% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 45
Growth: 20
Valuation: 99

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,641	6,415	5,017	2,404	3,590	4,553	4,595	4,436	3,200
COGS	5,875	4,513	3,787	1,547	2,359	3,080	3,011	2,766	2,159
Gross profit	1,766	1,902	1,230	857	1,231	1,473	1,585	1,670	1,041
	1,493	1,436	1,364	564	838	1,044	1,205	1,152	514
	273	466	-134	293	393	429	379	519	527
OPM %	3.6%	7.3%	-2.7%	12.2%	11%	9.4%	8.3%	11.7%	16.5%
Depreciation	66	78	111	68	67	79	95	102	59
Interest	419	454	535	200	173	205	211	168	101
	88	140	50	-112	65	523	177	54	832
Profit before tax	-157	-22	-729	-88	218	668	251	303	1,199
Tax	-34	22	37	38	47	129	80	72	217
Tax %	-21.6%	101.2%	5%	43.8%	21.7%	19.3%	31.8%	23.8%	18.1%
	-123	-44	-766	-126	171	539	171	231	982
PAT margin %	-1.6%	-0.7%	-15.3%	-5.3%	4.8%	11.8%	3.7%	5.2%	30.7%
EPS (₹)	-27.4	-12.6	-190.7	-37.4	31	113.3	23.7	39.2	218.7
EPS adjusted (₹)	-29.3	-10.4	-190.7	-37.4	31	113.3	23.7	39.2	218.7
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	42	42	42	42	42	42	42	42	42	42	42
Reserves	1,232	1,325	1,434	1,110	299	154	325	1,539	1,652	1,814	2,047
Minority interest	—	364	390	400	414	443	477	533	596	662	1
	2,435	4,123	4,354	4,934	2,834	1,851	2,570	2,108	1,783	717	642
	1,256	1,743	2,097	2,805	2,973	2,882	2,847	830	747	1,792	519
Total equity & liabilities	4,965	7,597	8,318	9,291	6,563	5,372	6,262	5,052	4,820	5,026	3,251
	286	1,789	1,794	1,832	1,859	1,428	1,420	1,937	1,954	862	155
CWIP	158	143	147	154	168	78	320	19	14	5	0
Investments	900	878	922	815	855	955	1,130	1,246	69	1,428	2,584
	3,622	4,787	5,455	6,491	3,681	2,911	3,392	1,850	2,784	2,732	511
Total assets	4,965	7,597	8,318	9,291	6,563	5,372	6,262	5,052	4,820	5,026	3,251

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.6%	24.5%	35.6%	34.3%	32.4%	34.5%	37.7%	32.5%
EBITDA margin %	7.3%	-4.3%	8.6%	6.5%	7.3%	7.8%	8.3%	9.7%
EBIT margin %	6%	-6.5%	5.7%	4.6%	5.6%	5.7%	6%	7.8%
PAT margin %	-0.7%	-15.3%	-5.3%	4.8%	11.8%	3.7%	5.2%	30.7%
Working capital
Receivable days	197	161	69	64	63	47	7	10
Inventory days	57	53	52	78	47	38	23	45
Payable days	87	1	96	91	57	41	21	39
NWC days	167	214	25	52	53	45	9	16
Leverage
Current ratio	—	0.66	0.76	0.67	0.81	0.78	0.5	0.52
Debt to EBITDA	8.85	—	9	11.02	6.36	5.01	1.95	2.07
Debt to equity	3.02	8.31	9.43	7	1.33	1.05	0.39	0.31
Interest coverage	1	-0.5	1	1.3	1.7	2.1	1.9	2.7
Asset turnover	0.84	0.76	0.45	0.57	0.9	0.95	0.88	0.98
Return ratios
Return on assets %	-0.6%	-11.7%	-2.3%	2.7%	10.7%	3.5%	4.6%	30.2%
Return on capital employed %	—	-20.5%	8.2%	6.6%	11.2%	15.2%	9.3%	8.5%
Return on equity %	-3.2%	-224.5%	-64.3%	46.5%	34.1%	10.1%	12.4%	47%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.28%	65.28%	65.28%	65.28%	65.21%	65.21%	65.21%	65.21%	65.21%	65.21%	65.21%	65.21%
	1.02%	1.58%	1.27%	1.08%	1.18%	2.52%	1.34%	2.67%	2.85%	2.71%	2.83%	2.34%
	1%	1.09%	1%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.1%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	32.7%	32.05%	32.45%	33.55%	33.52%	32.18%	33.36%	32.03%	31.85%	31.99%	31.87%	32.35%
No. of shareholders	—	—	—	—	—	—	—	—	47,405	45,524	44,493	43,594

Promoter holding down 0.07 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Zuari Industries LimitedPromoters	Pledge RevokeRevokation of Pledge	6,15,000	₹23.29 cr	20.00% → 20.00%	25 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

114 deals · 4 Dec 2023 – 16 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	2,71,611	₹244.69	₹6.65 Cr
16 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	2,71,611	₹244.58	₹6.64 Cr
16 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Buy	2,37,399	₹239.67	₹5.69 Cr
16 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Sell	2,34,260	₹244.42	₹5.73 Cr
15 Dec 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	2,16,111	₹313.17	₹6.77 Cr
15 Dec 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,05,775	₹312.14	₹6.42 Cr
7 Aug 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	2,37,872	₹358.80	₹8.53 Cr
7 Aug 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,28,452	₹358.86	₹8.20 Cr
6 Aug 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	3,71,759	₹355.66	₹13.22 Cr
6 Aug 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,51,593	₹355.23	₹12.49 Cr

1–10 of 114

1 / 12

Mr. SAROJ KUMAR PODDARNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. NITIN MANGUESH KANTAKExecutive Director
Mr. AKSHAY PODDARNon-Executive - Non Independent Director
Mr. DIPANKAR CHATTERJINon-Executive - Independent Director
Mrs. REENA SURAIYANon-Executive - Independent Director
Mr. AMANDEEPNon-Executive - Independent Director
Mr. SANJEEV LALLNon-Executive - Independent Director
Mr. Pramod Kumar GuptaNon - Executive Non -Independent Director
Mr. PRAMOD KUMAR GUPTANon-Executive - Non Independent Director
Mr. Manish MalikChief Financial Officer
Ms. Asheeba PereiraCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Zuari Agro Chemicals Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Dividend dividend13 Jul 2017 · ex-date₹1
Dividend dividend30 Jul 2015 · ex-date₹2
Dividend dividend27 Jun 2014 · ex-date₹3
Dividend dividend27 May 2013 · ex-date₹3

1

Board meeting to consider results31 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

5 announcementsExport CSV

30 Sept 2026, 4:20 pmCompany Update

Disclosure Under Reg 30(LODR) W.R.T. Repayment Of Inter Corporate Deposits (Icds)-Rs. 44 Crore

General PDF

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Ratio	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.6%	24.5%	35.6%	34.3%	32.4%	34.5%	37.7%	32.5%
EBITDA margin %	7.3%	-4.3%	8.6%	6.5%	7.3%	7.8%	8.3%	9.7%
EBIT margin %	6%	-6.5%	5.7%	4.6%	5.6%	5.7%	6%	7.8%
PAT margin %	-0.7%	-15.3%	-5.3%	4.8%	11.8%	3.7%	5.2%	30.7%
Working capital
Receivable days	197	161	69	64	63	47	7	10
Inventory days	57	53	52	78	47	38	23	45
Payable days	87	1	96	91	57	41	21	39
NWC days	167	214	25	52	53	45	9	16
Leverage
Current ratio	—	0.66	0.76	0.67	0.81	0.78	0.5	0.52
Debt to EBITDA	8.85	—	9	11.02	6.36	5.01	1.95	2.07
Debt to equity	3.02	8.31	9.43	7	1.33	1.05	0.39	0.31
Interest coverage	1	-0.5	1	1.3	1.7	2.1	1.9	2.7
Asset turnover	0.84	0.76	0.45	0.57	0.9	0.95	0.88	0.98
Return ratios
Return on assets %	-0.6%	-11.7%	-2.3%	2.7%	10.7%	3.5%	4.6%	30.2%
Return on capital employed %	—	-20.5%	8.2%	6.6%	11.2%	15.2%	9.3%	8.5%
Return on equity %	-3.2%	-224.5%	-64.3%	46.5%	34.1%	10.1%	12.4%	47%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Coromandel International LimitedCOROMANDELCOROMANDEL	₹52,026 Cr	₹52,893 Cr	₹32,602 Cr	₹3,190 Cr	10.2%	₹1,778 Cr	6%	23.3%	16.5%	76
Fertilizers And Chemicals Travancore LimitedFACTFACT	₹47,559 Cr	₹49,329 Cr	₹5,293 Cr	₹105 Cr	2.3%	₹28 Cr	1%	17.5%	3%	86
Chambal Fertilizers & Chemicals LimitedCHAMBLFERTCHAMBLFERT	₹16,000 Cr	₹17,054 Cr	₹20,123 Cr	₹2,768 Cr	12.9%	₹1,928 Cr	9.4%	22.3%	20.4%	73
Paradeep Phosphates LimitedPARADEEPPARADEEP	₹15,700 Cr	₹22,606 Cr	₹23,447 Cr	₹2,292 Cr	9.9%	₹1,072 Cr	4.6%	29.3%	18.3%	115
Rashtriya Chemicals And Fertilizers LimitedRCFRCF	₹5,892 Cr	₹10,006 Cr	₹18,695 Cr	₹1,003 Cr	5.1%	₹447 Cr	2.3%	12.5%	8.7%	94
Gujarat State Fertilizers & Chemicals LimitedGSFCGSFC	₹5,854 Cr	₹5,879 Cr	₹12,344 Cr	₹830 Cr	7.2%	₹693 Cr	6.2%	6.6%	5.5%	129
National Fertilizers LimitedNFLNFL	₹3,132 Cr	₹7,092 Cr	₹22,480 Cr	₹1,012 Cr	3.9%	₹364 Cr	1%	11%	7.6%	81
Southern Petrochemicals Industries Corporation LimitedSPICSPIC	₹1,267 Cr	₹1,965 Cr	₹3,024 Cr	₹265 Cr	10.1%	₹205 Cr	7.2%	21.3%	16.5%	-26
Madras Fertilizers LimitedMADRASFERTMADRASFERT	₹926 Cr	₹1,560 Cr	₹2,442 Cr	₹98 Cr	4.8%	₹71 Cr	3.5%	101.8%	87.4%	33
Zuari Agro Chemicals LimitedZUARIZUARI	₹896 Cr	₹1,538 Cr	₹2,569 Cr	₹228 Cr	9.7%	₹939 Cr	30.7%	8.5%	46.6%	16
Aries Agro LimitedARIESARIES	₹621 Cr	₹671 Cr	₹766 Cr	₹81 Cr	10.3%	₹48 Cr	5.7%	21.1%	13.7%	115
Khaitan Chemicals & Fertilizers LimitedKHAICHEMKHAICHEM	₹477 Cr	₹755 Cr	₹988 Cr	₹105 Cr	11.3%	₹54 Cr	6.5%	36.1%	25.2%	119

Date	Category	Subject	Filing
30 Sept 2026, 4:20 pm	Company Update General	Disclosure Under Reg 30(LODR) W.R.T. Repayment Of Inter Corporate Deposits (Icds)-Rs. 44 Crore	PDF
28 Sept 2026, 12:08 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 4:21 pm	Company Update General	Disclosure Under Reg 30(LODR) W.R.T. Repayment Of Inter Corporate Deposits (Icds) - Rs. 214.50 Crore	PDF
17 Sept 2026, 12:35 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
16 Sept 2026, 6:45 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-869	1,097	293	-355	2,635	1,521	571	95	473	511	203
	-498	-40	-62	-103	-16	-171	-137	426	3	-122	-69
	1,363	-1,003	-149	360	-2,404	-1,188	-296	-697	-527	-494	-335
Net cash flow	—	—	—	—	—	162	138	-176	-51	-104	-201
Free cash flow	-869	1,097	293	—	—	1,441	344	-222	329	407	44
CFO / Operating profit %	-318.1%	235.6%	—	—	—	739.3%	245%	28.6%	132.8%	138.9%	65.7%

Zuari Agro Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

4

1

Announcements

4

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Zuari Agro Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends4

Board meetings1

Announcements

Dividends4

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

4

1

4

1