Zuari Industries

Zuari Industries reported a modest 2Current reported value: 2. No comparable prior figure is available in the source record.% YoY revenue growth to ₹254.7 croreCurrent reported value: ₹254.7 crore. No comparable prior figure is available in the source record. in Q3Current reported value: 3. No comparable prior figure is available in the source record. FY26, driven by record sugar cane crushing of 67.28 lakh quintalsCurrent 67.28 lakh quintals. Reported change: +10.8% YoY. (up 10.8% YoY) and improved sugar realizations (+6% YoY). EBITDA remained flat at ₹36.3Current reported value: 36.3. No comparable prior figure is available in the source record. crore, with margin contracting ~80bps due to stagnant ethanol prices and higher cane costs. The sugar division achieved >100% capacity utilization, a rare feat in the industry. Ethanol sales grew 17.7%Current 17.7%. Reported change: +17.7% YoY. YoY, but profitability is constrained by government price stagnation. The Dubai project is 93.4% complete, with expected inflows of ₹800-900 croreCurrent reported value: ₹800-900 crore. No comparable prior figure is available in the source record. in Q1 FY27, aiding deleveraging. The DM real estate model is gaining traction with a new Bangalore mandate, targeting ₹10,000 crore GDV. Key risk: ethanol price stagnation and industry overcapacity could pressure margins if government does not revise procurement prices.