Financial Performance Summary

Standalone Results (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹209.66 crore (vs ₹204.51 crore last year)
  • Other Income: ₹52.06 crore (vs ₹43.59 crore last year)
  • Total Income: ₹261.72 crore, up 5.5% YoY (vs ₹248.10 crore)
  • EBITDA (Operating): ₹11.25 crore (vs ₹8.94 crore last year)
  • EBITDA: ₹63.31 crore, up 20.5% YoY (vs ₹52.53 crore)
  • Finance Cost: ₹25.32 crore (vs ₹27.55 crore last year)
  • Depreciation & Amortization: ₹6.82 crore (vs ₹6.35 crore last year)
  • PBT (Before Exceptional Item): ₹31.17 crore (vs ₹18.63 crore last year)
  • Profit After Tax (PAT): ₹16.99 crore

Standalone Results (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹476.18 crore (vs ₹414.78 crore last year)
  • Other Income: ₹69.44 crore (vs ₹58.07 crore last year)
  • Total Income: ₹545.62 crore, up 15.4% YoY (vs ₹472.85 crore)
  • EBITDA (Operating): ₹25.19 crore (vs ₹31.33 crore last year)
  • EBITDA: ₹94.63 crore, up 5.8% YoY (vs ₹89.40 crore)
  • Finance Cost: ₹54.35 crore (vs ₹57.20 crore last year)
  • Depreciation & Amortization: ₹13.55 crore (vs ₹12.66 crore last year)
  • PBT (Before Exceptional Item): ₹26.73 crore (vs ₹19.54 crore last year)
  • Profit After Tax (PAT): ₹7.52 crore

Consolidated Results

  • Quarterly Revenue: ₹328.77 crore
  • Half-Year Revenue: ₹656.29 crore
  • Quarterly PAT: ₹184.73 crore (vs ₹164.29 crore in corresponding quarter last year)
  • Half-Year PAT: ₹184.78 crore (vs ₹163.82 crore in same period last year)

Segment-wise Performance (Consolidated)

Segment Revenue (Q2 FY27 vs Q2 FY26)

  • Sugar: ₹194.94 crore (vs ₹176.24 crore)
  • Ethanol: ₹28.04 crore (vs ₹48.37 crore)
  • Real Estate: ₹24.81 crore (vs ₹7.00 crore)
  • Engineering Services: ₹26.47 crore (vs ₹18.06 crore)
  • Others: ₹17.79 crore (vs ₹16.87 crore)
  • Total Segment Revenue: ₹276.85 crore (after deducting intersegment revenue of ₹15.20 crore)

Segment Results (Q2 FY27 vs Q2 FY26)

  • Sugar: ₹13.47 crore profit (vs ₹4.81 crore profit)
  • Ethanol: ₹(1.22) crore loss (vs ₹2.65 crore profit)
  • Real Estate: ₹(2.04) crore loss (vs ₹(2.22) crore loss)
  • Engineering Services: ₹1.17 crore profit (vs ₹(0.58) crore loss)
  • Others: ₹(0.35) crore loss (vs ₹1.32 crore profit)

Operational Highlights

Sugar, Power & Ethanol Division

  • Sugar sales increased 7% YoY to 3.9 lakh quintals during the quarter (vs 3.7 lakh quintals)
  • Half-year sugar sales grew 18% to 8.6 lakh quintals (vs 7.3 lakh quintals)
  • Average sugar realization improved 14% to ₹4,588 per quintal due to sugar price uptick
  • Crushing operations commenced in October 2026 in line with previous year

Real Estate Business (Zuari Infraworld India Limited)

  • St. Regis, Dubai handovers underway with profit repatriation commenced
  • Formal launch of Zuari Gangothri Tribhuja residential project in Hyderabad (Development Management model)
  • Formal launch of Zuari KinetiX plotted development project in Bengaluru (Development Management model)
  • Progress continued across Development Management projects in Kolkata

Engineering Business (Simon India Limited)

  • Secured orders for engineering and feasibility studies during the quarter
  • Currently executing projects worth approximately ₹70 crore
  • Focused on expanding order book across core sectors
  • Advancing digitalization and AI-led initiatives across project execution and key processes

Joint Venture Update

  • Zuari Envien Bioenergy Private Limited has stabilized operations post plant commissioning
  • Submitted bid for annual OMC tender

Management Commentary

Mr. Athar Shahab, Managing Director, commented:

  • Second quarter is important period for Sugar, Power & Ethanol business preparing for new crushing season
  • Encouraged by improvement in operating margins both sequentially and year-on-year
  • Margin improvement supported by stronger sugar prices, improved operating efficiencies and cost management
  • Focus on financial discipline helped reduce borrowing rates and finance costs
  • Real estate profit repatriation from St. Regis Dubai supporting deleveraging efforts
  • Engineering business seeing positive momentum with engineering and feasibility assignments
  • Bioethanol plant with Envien partnership has stabilized and demonstrated robust operations
  • Focus remains on strengthening existing businesses, pursuing growth opportunities, and maintaining financial discipline
  • Committed to leveraging technology and sustainability initiatives to build resilient businesses

Corporate Structure

Zuari Industries Limited operates through divisions, subsidiaries, and joint ventures across key sectors including Sugar, Power & Ethanol, Engineering & Construction, Real Estate, Biofuels, Financial and Management Services.