Zuari Industries Limited (ZUARIIND.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

+840.8%

₹2,276.85

vs ₹242.00 price

Levered DCF

-₹864.00

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 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	5.88×	-7.62×	1.4×	1.04×	-14.84×	-2.81×	-0.22×	-3.54×
P/B	0.18×	0.14×	0.26×	0.14×	0.18×	0.12×	0.07×	0.14×
P/S	0.61×	0.73×	1.2×	0.34×	0.74×	0.3×	0.1×	0.42×
EV / EBITDA	7.15×	17.98×	3.12×	4.86×	12.95×	13.97×	-34.92×	26.07×
Gross margin	14.8%	14.1%	35.4%	32.6%	35.9%	33.6%	48.7%	66.8%
Operating margin	3.9%	2.1%	11.3%	1.2%	-0.1%	0.2%	4.3%	2.1%
Net margin	10.3%	-9.6%	85.3%	32.5%	-5.0%	-10.7%	-47.6%	-11.7%
Current ratio	0.66×	0.87×	0.75×	1.52×	1.35×	1.29×	1.22×	1.34×
Debt / equity	0.72×	0.5×	0.61×	1.1×	0.82×	1.15×	1.66×	0.66×
Interest coverage	0.17×	0.08×	0.33×	0.05×	-0×	0.01×	0.14×	0.06×
Dividend yield	0.7%	0.6%	0.4%	0.9%	1.7%	2.4%	3.6%	0.9%
Payout ratio	4.0%	-4.3%	0.5%	1.0%	-24.7%	-6.9%	-0.8%	-3.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.0%	-1.8%	18.2%	13.0%	-1.2%	-4.4%	-31.4%	-4.1%
Return on invested capital	0.5%	0.3%	1.3%	0.2%	-0.0%	0.0%	1.0%	0.4%
Return on assets	1.5%	-1.0%	9.5%	5.3%	-0.6%	-1.7%	-9.3%	-2.0%
Free cash flow yield	-2.0%	-25.4%	5.8%	-0.5%	7.7%	38.9%	40.1%	-52.7%
Earnings yield	17.0%	-13.1%	71.2%	95.8%	-6.7%	-35.6%	-454.9%	-28.2%
Enterprise value	₹28.3B	₹25.4B	₹33.2B	₹28.6B	₹29.2B	₹23.9B	₹19.9B	₹17.6B
Net debt / EBITDA	5.55×	12.96×	2.18×	4.31×	10.59×	12.56×	-33.51×	21.31×
Cash conversion cycle (days)	266	279	353	705	842	670	779	1,099