What was Zuari Industries's revenue in Q3 FY26?

Zuari Industries reported revenue of ₹344 Cr in Q3 FY26, a +2% change year-over-year.

Did Zuari Industries management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Zuari Industries Q3 FY26 Research Workspace: Revenue ₹344 Cr (+2%)

Q: What guidance did Zuari Industries management give?

Dubai project completion by March 2026: Project is 93.4% complete; formal handovers to start from April 2026, with expected inflows of ₹800-900 crore.

Revenue ₹344 Cr +2%

EBITDA ₹36 Cr -3.7%

PAT ₹40 Cr

EBITDA Margin 3% -80bps

Duration 47 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

Zuari Industries reported a modest 2% YoY revenue growth to ₹254.7 crore in Q3 FY26, driven by record sugar cane crushing of 67.28 lakh quintals (up 10.8% YoY) and improved sugar realizations (+6% YoY). EBITDA remained flat at ₹36.3 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% YoY, but profitability is constrained by government price stagnation. The Dubai project is 93.4% complete, with expected inflows of ₹800-900 crore 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.

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Risk Intelligence

Ethanol price stagnation

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Quarter Snapshot

Sugar cane crushed (Q3) 67.28 lakh quintals

+10.8% YoY

Highest ever quarterly crush; capacity utilization exceeded 100%.

Ethanol sales growth 17.7%

+17.7% YoY

Driven by higher production and captive molasses availability.

Gross external debt (excl. WC) ₹1,848 crore

-0.8% QoQ

Marginal reduction; deleveraging expected from Dubai project inflows.

DM project GDV achieved ₹3,100 crore

N/A

Asset-light model; target of ₹10,000 crore GDV for FY26.

Fast read

Guidance and risk preview

Top guidance Dubai project completion by March 2026

Project is 93.4% complete; formal handovers to start from April 2026, with expected inflows of ₹800-900 crore.

Top risk Ethanol price stagnation

Government has not increased ethanol procurement prices despite rising cane costs, pressuring margins.