Zuari Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Zuari Industries Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Zuari Industries reported FY26 standalone total income of Rs 995 crores and EBITDA of Rs 191 crores, up 6.8% year-on-year, with consolidated PAT of around Rs 105 crores against a loss in the previous year. Management highlighted record sugar crushing and capacity utilization, steady ethanol production growth, and progress at the St. Regis Dubai project, which is now 98% complete and nearing cash inflows. The company also discussed deleveraging plans tied to expected inflows from the Dubai project and an associate company, and updates on its financial services and real estate subsidiaries.
Numbers mentioned
Crushing volume: 159.7 lakh quintal (FY26)
p. 3
“We achieved our highest ever crushing of 159.7 lakh quintal for the financial year.”
Athar Shahab, page 3 of the filed PDF · View the filing
Capacity utilization: 101.7% (FY26)
p. 3
“The best part was that we achieved the highest ever capacity utilization of 101.7%.”
Athar Shahab, page 3 of the filed PDF · View the filing
Sugar recovery: 10.26% (FY26)
p. 3
“We had a slightly lower recovery this year in financial year ‘26 at 10.26% compared to the previous year.”
Athar Shahab, page 3 of the filed PDF · View the filing
Sugar realization: INR4,053 per quintal (FY26)
p. 4
“our sugar realizations improved to INR4,053 per quintal from INR3,894 per quintal in the previous year.”
Athar Shahab, page 4 of the filed PDF · View the filing
Ethanol average realization: INR62.6 per liter (FY26)
p. 4
“while average realization stood at INR62.6 per liter.”
Athar Shahab, page 4 of the filed PDF · View the filing
Power sales: 857 lakh units (FY26)
p. 4
“The power sales were a shade lower at 857 lakh units compared to 907 lakh units in FY ‘25 because the mill was not operating during April of 2025.”
Athar Shahab, page 4 of the filed PDF · View the filing
Real estate projects aggregate GDV: INR4,900 crores
p. 4
“The aggregate GDV of all these projects in India is about INR4,900 crores.”
Athar Shahab, page 4 of the filed PDF · View the filing
Zuari Finserv EBITDA growth: more than 60% (FY26)
p. 5
“In Zuari Finserv, the EBITDA grew up by more than 60%.”
Athar Shahab, page 5 of the filed PDF · View the filing
Zuari Insurance Brokers EBITDA growth: 54% (FY26)
p. 5
“Zuari Insurance Brokers, the EBITDA grew up by 54%.”
Athar Shahab, page 5 of the filed PDF · View the filing
Standalone total income: INR995 crores (FY26)
p. 6
“the company reported a total income of INR995 crores for financial year ‘26, while EBITDA stood at INR191 crores, up 6.8% from financial year ‘25.”
Jatin Jain, page 6 of the filed PDF · View the filing
Standalone profit before tax before exceptional items: around INR54 crores (FY26)
p. 6
“Profit before tax before exceptional items stood at around INR54 crores for the year, up 70% from financial year ‘25.”
Jatin Jain, page 6 of the filed PDF · View the filing
Standalone profit after tax: INR12 crores (FY26)
p. 6
“Profit after tax stood at INR12 crores for the year against a loss of INR37 crores.”
Jatin Jain, page 6 of the filed PDF · View the filing
Finance cost: INR111 crores (FY26)
p. 6
“Finance cost is INR111 crores versus INR123 crores in financial year ‘25.”
Jatin Jain, page 6 of the filed PDF · View the filing
Consolidated total income: around INR1,155 crores (FY26)
p. 6
“On a consolidated basis, the total income stood at around INR1,155 crores for financial year ‘26 versus INR1,082 crores in financial year ’25 while consolidated EBITDA stood at around INR181 crores, up 12.2% from financial year 25.”
Jatin Jain, page 6 of the filed PDF · View the filing
Consolidated profit after tax: around INR105 crores (FY26)
p. 6
“Consolidated profit after tax stood at around INR105 crores for the year against a loss of INR94.4 crores.”
Jatin Jain, page 6 of the filed PDF · View the filing
Simon India total income: around INR89.4 crores (FY26)
p. 6
“For the financial year, total income stood at around INR89.4 crores, making a significant increase from INR18.8 crores reported in financial year ‘25.”
Jatin Jain, page 6 of the filed PDF · View the filing
Simon India EBITDA: INR6.8 crores (FY26)
p. 6
“The company achieved a strong improvement in full year EBITDA, rising to INR6.8 crores from INR0.9 crores in financial year ‘25.”
Jatin Jain, page 6 of the filed PDF · View the filing
Zuari Finserv total income: INR20.1 crores (FY26)
p. 6
“the total income increased to INR20.1 crores from INR19.3 crores in financial year ‘25, reflecting a growth of approximately 4.1% year-on-year.”
Jatin Jain, page 6 of the filed PDF · View the filing
Zuari Insurance Broking gross return premium: INR99.4 crores (FY26)
p. 6
“the gross return premium for financial year ‘26 increased to INR99.4 crores from INR91.2 crores in financial year ‘25, registering a growth of approximately 9% year-on-year basis.”
Jatin Jain, page 6 of the filed PDF · View the filing
Goa land bank book value: around INR163 crores
p. 11
“currently Zuari Industries is holding around 260 acres of land parcel and the value in the books of account is around INR163 crores.”
Jatin Jain, page 11 of the filed PDF · View the filing
Total external borrowings: around INR1,900 crores
p. 16
“As on date, we have a total external borrowings of around INR1,900 crores.”
Jatin Jain, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Net debt — INR700-800 crores · end of this financial year
stated conditionally by Jatin Jain
p. 9
“So we expect that our external borrowings will be in the range of around INR700 crores and INR800 crores which we are able to manage from our operations.”
Jatin Jain, page 9 of the filed PDF · View the filing
Dubai project inflows — INR850 crores to INR900 crores · next six months
stated conditionally by Alok Banerjee
p. 8
“And we expect that about INR850 crores to INR900 crores should flow into us over the next six months.”
Alok Banerjee, page 8 of the filed PDF · View the filing
Real estate revenue recognition period — 5 years
stated firmly by Alok Banerjee
p. 17
“the Hyderabad, Kolkata ones will take about five years for completion, and this revenue of the top line will be recognized over a period of 5 years, based on the sales velocity.”
Alok Banerjee, page 17 of the filed PDF · View the filing
Development management EBITDA margin — 70% to 75%
stated firmly by Alok Banerjee
p. 17
“Typically our -- being a service revenue, typically our EBITDA margins are in the range of about 70% to 75%.”
Alok Banerjee, page 17 of the filed PDF · View the filing
Real estate business strategy — next 3 to 5 years
stated as an aspiration by Athar Shahab
p. 19
“But 2, 3 years later, when we have deleveraged ourselves and we are in a position to allocate more capital to the real estate business, at that time we will see whether we can even do joint development or even access land banks, if viable and attractive to us.”
Athar Shahab, page 19 of the filed PDF · View the filing
Ethanol JV expansion (ZEBPL) — 1,000 KLPD
stated as an aspiration by Athar Shahab
p. 19
“And when we set up ZEBPL, we had said that we want to expand to 1,000 KLPD.”
Athar Shahab, page 19 of the filed PDF · View the filing
Financial services business investment
stated conditionally by Athar Shahab
p. 20
“So they will continue to deploy their own profits into their growth for the time being.”
Athar Shahab, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said they are looking to expand the customer base and grow financial product distribution and insurance broking.
Answered by Athar Shahab
Asked by Santosh Shetty: What are the strategic priorities for scaling Zuari Finserv and Zuari Insurance Brokers?
p. 7
“we believe that there is a lot of room for growing our consumer business as well as corporate business.”
Athar Shahab, page 7 of the filed PDF · View the filing
Management said funds should come in Q2 and Q3, with about INR800-900 crores expected this year.
Answered by Athar Shahab
Asked by Viren Patel: How much deleveraging will happen and when will Dubai funds arrive?
p. 9
“funds should start coming to us in Q2 and Q3 of this year.”
Athar Shahab, page 9 of the filed PDF · View the filing
Management said they do not comment on share prices but that the underlying companies performed well operationally.
Answered by Athar Shahab
Asked by Viren Patel: Why has the value of strategic investments dropped 20%?
p. 9
“We do not comment on the share prices.”
Athar Shahab, page 9 of the filed PDF · View the filing
Management said the estimated profit share is around INR600 crores against capital invested of INR270-275 crores.
Answered by Alok Banerjee
Asked by Gunjan Modi: What is the estimated profit from the Dubai project and the capital invested?
p. 11
“our share of the profit, the estimated profit post completion should be around about INR600 odd crores.”
Alok Banerjee, page 11 of the filed PDF · View the filing
Management said the rupee depreciation is actually favorable and they are monitoring the situation.
Answered by Alok Banerjee
Asked by Gunjan Modi: Is there currency risk on the Dubai project?
p. 11
“we actually see the rupee is depreciating to our advantage.”
Alok Banerjee, page 11 of the filed PDF · View the filing
Management described early crushing timing, varietal replacement programs, and farmer education initiatives.
Answered by Athar Shahab
Asked by Pahal Sharma: What operational initiatives are being taken to improve sugar recovery?
p. 13
“we embarked on a multi-year plan to replace that variety with newer and higher-yielding varieties.”
Athar Shahab, page 13 of the filed PDF · View the filing
Management explained RERA Dubai rules allow forfeiting 40% of the apartment value and reselling it.
Answered by Alok Banerjee
Asked by Amit Mehendale: What recourse exists if a Dubai buyer defaults on payment?
p. 16
“the law, as per RERA in Dubai, allows us to forfeit 40% of the total apartment value and take back the apartment.”
Alok Banerjee, page 16 of the filed PDF · View the filing
Management detailed current borrowings and expected inflows leading to a lower year-end net debt figure.
Answered by Jatin Jain
Asked by Amit Mehendale: How does the debt reduction math work with the Dubai and associate company inflows?
p. 16
“we have a total external borrowings of around INR1,900 crores.”
Jatin Jain, page 16 of the filed PDF · View the filing
Management said they are not presenting a 3-year plan but described inorganic sugar opportunities, ethanol stabilization, and continued DM focus in real estate.
Answered by Athar Shahab
Asked by Saumya Raghuvanshi: What are the company's strategic priorities across businesses for FY27 and beyond?
p. 19
“we are not presenting a 3-year plan in this call unfortunately.”
Athar Shahab, page 19 of the filed PDF · View the filing
Risks flagged
Macroeconomic situation affecting capex plans in India and the Middle East
p. 5
“It is affecting capex plans both in India and the Middle East.”
Athar Shahab, page 5 of the filed PDF · View the filing
Rising input prices for sugar business
p. 5
“It has also increased the input prices even for our sugar business.”
Athar Shahab, page 5 of the filed PDF · View the filing
Stagnant ethanol prices pressuring profitability
p. 5
“While stagnant ethanol prices have continued to put some pressure on profitability, we remain quite optimistic as I said earlier about the sector outlook.”
Athar Shahab, page 5 of the filed PDF · View the filing
Overcapacity in the ethanol industry
p. 15
“So it's almost like a 100% over capacity currently in ethanol.”
Athar Shahab, page 15 of the filed PDF · View the filing
OMC tenders for ethanol not materializing as expected
p. 5
“As you are aware, the OMC tenders which are supposed to come the second and the third round have not come yet.”
Athar Shahab, page 5 of the filed PDF · View the filing
Delays in Dubai project due to regional conflict
p. 4
“Because of the war and the difficulties in that region, there were slight delays in completion.”
Athar Shahab, page 4 of the filed PDF · View the filing
Difficulties monetizing Goa land banks
p. 11
“I have highlighted the difficulties and challenges in Goa as far as monetization is concerned.”
Athar Shahab, page 11 of the filed PDF · View the filing
Climatic risks affecting sugar recovery
p. 13
“We have unseasonal rains, sometimes we have floods.”
Athar Shahab, page 13 of the filed PDF · View the filing
High chemical prices impacting sugar operations
p. 13
“The chemical prices across the board, they were much higher than what anybody anticipated.”
Athar Shahab, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.