Zuari Agro Chemicals Limited (ZUARI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.2%

₹132.04

vs ₹183.85 price

Levered DCF

₹272.88

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	0.83×	4.82×	7.76×	1.07×	4.32×	-2.43×	-0.32×	-4.73×
P/B	0.36×	0.43×	0.46×	0.32×	1.54×	1.95×	0.76×	0.64×
P/S	0.24×	0.18×	0.17×	0.11×	0.16×	0.16×	0.05×	0.1×
EV / EBITDA	4.35×	3.17×	4.18×	2.6×	9.28×	8.64×	15.21×	24.95×
Gross margin	27.2%	37.7%	12.6%	32.4%	34.0%	35.2%	24.0%	25.1%
Operating margin	7.8%	6.0%	6.1%	28.8%	30.3%	6.0%	2.1%	4.0%
Net margin	28.7%	3.7%	2.2%	10.5%	3.6%	-6.5%	-16.0%	-2.1%
Current ratio	0.52×	1.17×	0.79×	0.81×	0.69×	0.66×	0.66×	0.91×
Debt / equity	0.31×	0.39×	1.05×	1.33×	7.2×	9.43×	9.87×	4.12×
Interest coverage	2.46×	1.59×	1.33×	6.85×	6.65×	0.76×	0.42×	0.72×
Dividend yield	1.1%	1.0%	1.1%	1.5%	1.0%	0.7%	2.5%	0.8%
Payout ratio	0.9%	5.0%	8.2%	1.6%	4.2%	-1.7%	-0.8%	-3.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	44.0%	8.9%	5.9%	30.1%	35.5%	-80.1%	-235.0%	-13.4%
Return on invested capital	7.3%	6.3%	4.5%	24.7%	23.8%	3.1%	2.5%	4.7%
Return on assets	28.3%	3.3%	2.1%	9.4%	2.1%	-2.9%	-12.2%	-1.8%
Free cash flow yield	-5.6%	51.2%	42.5%	-43.5%	61.0%	377.0%	981.7%	-62.3%
Earnings yield	120.7%	20.8%	12.9%	93.5%	23.2%	-41.1%	-308.8%	-21.1%
Enterprise value	₹13.4B	₹13.4B	₹22.2B	₹22.3B	₹26.4B	₹18.1B	₹33.6B	₹59.9B
Net debt / EBITDA	1.88×	1.29×	2.72×	2.01×	7.3×	6.81×	14.03×	21.59×
Cash conversion cycle (days)	16	9	45	62	56	31	31	170