Event Type: Q1 FY27 Earnings Conference Call

Date and Time: August 17, 2026 (specific time not mentioned in transcript)

Purpose: Discussion of Q1 FY27 financial results and business updates across all divisions including sugar, power, ethanol, real estate, and strategic investments.

Management Participants:

  • Mr. Athar Shahab – Managing Director
  • Mr. Alok Saxena – Executive Director
  • Mr. Jatin Jain – Chief Financial Officer
  • Mr. Yadvinder Goyal – Company Secretary
  • Mr. Alok Banerjee – Chief Executive Officer – Zuari Infraworld India Limited

Moderator: Mr. Aryan from MUFG Intime

Financial Period Discussed: Q1 FY27 (April-June 2026)

Key Financial Highlights:

  • Standalone Performance: Total income of INR283.9 crores (26% YoY increase), EBITDA of INR31.3 crores, PBT (before exceptional) loss of INR4.4 crores, PAT loss of INR9.5 crores
  • Consolidated Performance: Total income of INR327.5 crores (22% YoY increase), EBITDA of INR29.8 crores, PBT (before exceptional) loss of INR5.4 crores, PAT of INR0.05 crores (versus loss of INR0.48 crores YoY)
  • Average cost of borrowings declined to 9.73% from 10.29% YoY
  • Finance cost declined by INR1.46 crores YoY to INR61.5 crores

Business Segment Updates:

Sugar, Power & Ethanol Division:

  • Sugar sales: 4.7 lakh quintal (29% YoY increase)
  • Average sugar realization: INR4,116 per quintal (vs INR4,036 YoY)
  • Sugar recovery: 11.7% (no comparable YoY as mill didn't operate last year)
  • Ethanol production: 10,138 KL (1% increase), sales: 10,248 KL (5% increase)
  • Ethanol realization: INR60.70 per liter
  • Power sales: 62.8 lakh units (vs 7.7 lakh units YoY)
  • R&M activities in progress for upcoming crushing season

Real Estate Subsidiary (Zuari Infraworld):

  • 100% completion of St. Regis Residences, Dubai
  • Handovers commencing shortly, profit repatriation already commenced
  • Received AED55 million (INR142.58 crores) in current quarter
  • Total INR900 crores expected in FY27 for debt reduction
  • Asset-light development management model progress:
  • Hyderabad project: Gangothri Tribhuja Project with 2.8 million sq ft saleable area
  • Bangalore: 14.8-acre plotted development with RERA approval
  • Evaluating further DM mandates across Bangalore, Kolkata, Hyderabad

Other Subsidiaries:

  • Simon India: Projects worth INR30 crores executed, INR70 crores orders under execution
  • Exploring digitalization and AI-led initiatives
  • Zuari Finserv: Total income INR4.1 crores (vs INR5.9 crores YoY)
  • Zuari Insurance Broker: Gross return premium INR20.8 crores (vs INR33.3 crores YoY)

Strategic Investments:

  • Listed strategic investments value: INR4,223 crores (up 15% QoQ)
  • Portfolio includes: Chambal Fertilisers, Zuari Agro Chemicals, Paradeep Phosphates, Texmaco Rail & Engineering, Texmaco Infrastructure and Holdings

Debt Position:

  • Aggregate external debt (excluding working capital): INR1,888 crores (vs INR1,909 crores Q4)
  • Expecting repayment of INR258 crores from Zuari Agro Chemicals in current quarter

Market Outlook:

  • Sugar prices at record highs: INR4,860-4,920 per quintal in UP
  • Global sugar prices: 16.6 cents per pound
  • Expecting government ethanol price revision in near term

Compliance Statement: The call contained forward-looking statements with appropriate disclaimers about future performance and unforeseen risks.

Additional Notes Section

Attachment: Transcript of the earnings call was enclosed with the regulatory filing.

Financial Data Disclosure: Comprehensive financial data was disclosed during the call including segment-wise performance, investment values, and debt positions.

No UPSI Statement: The company did not explicitly state that no unpublished price sensitive information would be shared, but provided detailed operational and financial updates.