अApnaFunda
Menu

ZUARI AGRO CHEMICALS LIMITED (ZUARI)

Process Industries · Chemicals: Agricultural · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.42 / 100
Profitability 56Growth 6Balance sheet 65
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.39 / 100
Price 21Earnings 58FII/DII 39

Passes these screensCash RichDebt-light & profitable

Compare withFERTILIZERS AND CHEMICALS TRAVUPLSUMITOMO CHEMICAL INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹190.34 latest close · −21.1% over the last 90 sessions

₹180₹200₹220₹240Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹180₹200₹220₹240Jul 3Sep 4Nov 9

₹190.34 month-end · −30.4% over 12 months

₹200₹250₹300Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹250₹300Nov '25May '26Nov '26

₹190.34 month-end · +13.2% over 3 years

₹200₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300Nov '23May '25Nov '26

₹190.34 month-end · −12.1% since Jan '19

₹100₹200₹300Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300Jan '19Dec '22Nov '26

52-week range ₹173.92 to ₹345.60 · 1-year volatility 41.8%

Was the rally earned?

-30%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 110 points, but investors now pay less per rupee of profit (P/E 4.4x to 0.8x), which took 140 points back.
  • The share count fell 20%.
Net profit growth: +91 pts. Points of the price return explained by net profit growing (or shrinking).+91 ptsNet profit growthP/E change: −140 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−140 ptsP/E changeShare count change: +18 pts. Points of the price return explained by the share count changing. More shares count against the price.+18 ptsShare count changeShare price: −30%−30%Share priceNet profit growth: +91 pts. Points of the price return explained by net profit growing (or shrinking).+91ProfitP/E change: −140 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−140P/EShare count change: +18 pts. Points of the price return explained by the share count changing. More shares count against the price.+18SharesShare price: −30%−30%Share price
Net profit growth+91 ptsNet profit rose about 197%, which lifts the price.
P/E change-140 ptsThe P/E fell from 4.4x to 0.8x, which lowers the price.
Share count change+18 ptsShare count fell 20%, which lifts the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with FERTILIZERS AND CHEMICALS TRAV

How rough has the ride been?

Maximum drawdown-81.4%recovered 2024-01
1-year volatility41.8%annualised
Beta vs sector index1.653-year daily, correlation 0.57
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−77.6% 0%−25%−50%−75%2020202220242026−77.6%
Largest drawdowns

-81.4% (2019-01 peak to 2020-03 low, recovered 2024-01)

-52.8% (2025-08 peak to 2026-03 low, not yet recovered)

-35.8% (2024-01 peak to 2024-06 low, recovered 2024-12)

Most recent volume spikes

2026-11-02: 6.9x the 50-day median, price -0.5% that day

2026-07-03: 5.2x the 50-day median, price +4.0% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE70th▲ 11 pts vs a year ago
  • Op. margin43rd▼ 13 pts vs a year ago
  • Revenue growth2nd▼ 37 pts vs a year ago
  • EPS growth98th▲ 16 pts vs a year ago
  • Debt/equity ↓55th▲ 5 pts vs a year ago
  • Cash cycle ↓90thflat vs a year ago
  • P/E ↓100th▲ 10 pts vs a year ago
  • 12M momentum18th▼ 65 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

Key figures

Share Priceclose 9 Nov
₹190.34
ROCE
16.0%
Market Cap
₹802 cr
Revenue (TTM)
₹2569 cr
ROE
45.0%
Operating Margin
10.0%
Debt / Equity
0.3x
Promoter Holding
65.2%
12M Momentum
-30.4%

52-week range

₹173.92₹345.60
10% of the way from its 52-week low to its high

Price risk

1Y volatility
41.8%
Beta vs sector
1-year daily
1.51

Balance sheet & cash

Interest cover
operating profit ÷ interest
14.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.86x
Share count, 1Y
unchanged

Per-share figures around a recent split, bonus issue or demerger may not yet be consistent.

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance91%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 91.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate17%Within range

Median quarterly effective tax rate over about 2.5 years: 16.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.86xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.86x (cash from operations ₹1,187 cr, net profit ₹1,384 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-38 daysWithin range

Debtor days are below the median of the previous three fiscal years by 38 days (10 vs 48). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-2 days / 2 yrsWithin range

Days payable changed by -2 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, DIIs trimmed 0.9 pts; FIIs added 0.8 pts.
  • The number of shareholders rose from 33,845 to 43,594 (+29%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters65.3%65.2%-0.1 pts
FIIs1.6%2.3%+0.8 pts
DIIs1.0%0.1%-0.9 pts
Public and others32.1%32.4%+0.2 pts

Number of shareholders

43,594shareholders+29% since Dec '23
34k38k43k47k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 33,845
Mar '24: 37,655
Jun '24: 39,757
Sep '24: 45,084
Dec '24: 44,277
Mar '25: 46,257
Jun '25: 44,892
Sep '25: 47,405
Dec '25: 45,524
Mar '26: 44,493
Jun '26: 43,594
 34k38k43k47k Dec '23Dec '24Dec '25Jun '26
Dec '23: 33,845
Mar '24: 37,655
Jun '24: 39,757
Sep '24: 45,084
Dec '24: 44,277
Mar '25: 46,257
Jun '25: 44,892
Sep '25: 47,405
Dec '25: 45,524
Mar '26: 44,493
Jun '26: 43,594

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

Not enough comparable history to show analogs for this company yet.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

KRYSTAL INTEGRATED SERVICEKRYSTAL
Commercial Services
67%similar
ROCEmarket cap
PATEL RETAILPATELRMART
Retail Trade
59%similar
ROCEmarket cap
INDIAN HUME PIPE CO.INDIANHUME
Producer Manufacturing
57%similar
operating margindebt/equity
SOLARWORLD ENERGY SOLUTIONS LTSOLARWORLD
Utilities
56%similar
debt/equitypromoter holding
GREENPANEL INDUSTRIESGREENPANEL
Non-Energy Minerals
53%similar
debt/equityrevenue growth
JAYANT AGRO-ORGANICSJAYAGROGN
Process Industries
68%similar
revenuemarket cap
HUHTAMAKI INDIAHUHTAMAKI
Process Industries
53%similar
operating marginrevenue
SOUTHERN PETROCHEMICAL INDUSTRSPIC
Process Industries
50%similar
ROCErevenue

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '24

  1. NovPriceVolume reached 6.9x its 50-day median on 2026-11-02; price -0.5% that day.
  2. SepPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
  3. JulPriceVolume reached 5.2x its 50-day median on 2026-07-03; price +4.0% that day.
  4. JunPriceVolume reached 41.4x its 50-day median on 2026-06-16; price +7.6% that day.
  5. AprValuationP/E fell below the 10th percentile of its own history to date (1.0x).
  6. MarPriceFell 53% from the Aug 2025 peak to the Mar 2026 low.
  7. MarPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 2nd quartile).
  8. MarPriceVolume reached 6.1x its 50-day median on 2026-03-10; price +7.0% that day.
Show 22 earlier events
  1. FebDebtDebt / equity halved over 12 months to 0.39x.
  2. DecValuationP/E fell below the 10th percentile of its own history to date (1.4x).
  3. DecPriceVolume reached 58.9x its 50-day median on 2025-12-05; price +12.2% that day.
  4. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the bottom quartile).
  5. JulPriceRegained the 2024-12 peak, 4 months after the low.
  6. JulValuationP/E crossed above the 90th percentile of its own history to date (8.5x).
  7. JulDebtDebt / equity halved over 12 months to 0.39x.
  8. JulPriceVolume reached 144.3x its 50-day median on 2025-07-31; price +16.2% that day.
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  11. JunDebtDebt / equity fell below 1.0x (0.39x).
  12. JunDividendDividend payout cut from 8% to 0% of profit.
  13. AprPriceVolume reached 6.3x its 50-day median on 2025-04-16; price +2.3% that day.
  14. MarPriceFell 33% from the Dec 2024 peak to the Mar 2025 low.
  15. FebPriceVolume reached 8.8x its 50-day median on 2025-02-07; price +6.1% that day.
  16. DecPriceRegained the 2024-01 peak, 6 months after the low.
  17. DecPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  18. NovValuationP/E crossed above the 90th percentile of its own history to date (7.5x).
  19. NovPriceVolume reached 14.0x its 50-day median on 2024-11-11; price +6.0% that day.
  20. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the bottom quartile).
  21. SepPriceVolume reached 12.6x its 50-day median on 2024-09-27; price +6.1% that day.
  22. JunResultsYear-on-year EPS growth turned negative.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹2569 cr45.0%16.0%0.3x
2026-10—₹2569 cr45.0%16.0%0.3x
2026-09—₹2569 cr45.0%16.0%0.3x
2026-081.1x₹3200 cr45.4%16.0%0.3x
2026-071.1x₹3200 cr45.4%16.0%0.3x
2026-061.0x₹3200 cr45.4%16.0%0.3x
2026-05—₹3965 cr53.8%13.0%0.4x
2026-041.0x₹3965 cr53.8%13.0%0.4x
2026-03—₹3965 cr53.8%13.0%0.4x
2026-02—₹4885 cr55.9%13.0%0.4x
2026-011.2x₹4885 cr55.9%13.0%0.4x
2025-121.4x₹4885 cr55.9%13.0%0.4x
2025-114.5x₹4585 cr17.1%13.0%0.4x
2025-104.2x₹4585 cr17.1%13.0%0.4x
2025-094.5x₹4585 cr17.1%13.0%0.4x
2025-089.2x₹4436 cr12.0%13.0%0.4x
2025-078.5x₹4436 cr12.0%13.0%0.4x
2025-065.5x₹4436 cr12.0%13.0%0.4x
2025-054.0x₹4382 cr16.0%8.0%1.1x
2025-044.2x₹4382 cr16.0%8.0%1.1x
2025-033.5x₹4382 cr16.0%8.0%1.1x
2025-024.3x₹3961 cr13.0%8.0%1.1x
2025-014.7x₹3961 cr13.0%8.0%1.1x
2024-125.0x₹3961 cr13.0%8.0%1.1x
2024-117.5x₹4487 cr11.5%8.0%1.1x
2024-106.2x₹4487 cr11.5%8.0%1.1x
2024-096.7x₹4487 cr11.5%8.0%1.1x
2024-088.6x₹4595 cr9.7%8.0%1.1x
2024-079.6x₹4595 cr9.7%8.0%1.1x
2024-069.4x₹4595 cr9.7%8.0%1.1x
2024-051.5x₹4553 cr32.9%10.0%1.3x
2024-041.7x₹4553 cr32.9%10.0%1.3x
2024-031.5x₹4553 cr32.9%10.0%1.3x
2024-021.8x₹4553 cr32.9%10.0%1.3x
2024-012.2x₹4553 cr32.9%10.0%1.3x
2023-121.7x₹4553 cr32.9%10.0%1.3x
2023-111.5x₹4553 cr32.9%10.0%1.3x
2023-101.3x₹4553 cr32.9%10.0%1.3x
2023-091.4x₹4553 cr32.9%10.0%1.3x
2023-081.4x₹4553 cr32.9%10.0%1.3x
2023-071.4x₹4553 cr32.9%10.0%1.3x
2023-061.3x₹4553 cr32.9%10.0%1.3x
2023-054.5x₹3590 cr45.0%13.0%7.2x
2023-044.3x₹3590 cr45.0%13.0%7.2x
2023-033.9x₹3590 cr45.0%13.0%7.2x
2023-024.3x₹3590 cr45.0%13.0%7.2x
2023-014.7x₹3590 cr45.0%13.0%7.2x
2022-125.3x₹3590 cr45.0%13.0%7.2x
2022-115.1x₹3590 cr45.0%13.0%7.2x
2022-105.8x₹3590 cr45.0%13.0%7.2x
2022-095.6x₹3590 cr45.0%13.0%7.2x
2022-086.3x₹3590 cr45.0%13.0%7.2x
2022-074.9x₹3590 cr45.0%13.0%7.2x
2022-064.5x₹3590 cr45.0%13.0%7.2x
2022-05—₹2404 cr-62.1%3.0%9.4x
2022-04—₹2404 cr-62.1%3.0%9.4x
2022-03—₹2404 cr-62.1%3.0%9.4x
2022-02—₹2404 cr-62.1%3.0%9.4x
2022-01—₹2404 cr-62.1%3.0%9.4x
2021-12—₹2404 cr-62.1%3.0%9.4x
2021-11—₹2404 cr-62.1%3.0%9.4x
2021-10—₹2404 cr-62.1%3.0%9.4x
2021-09—₹2404 cr-62.1%3.0%9.4x
2021-08—₹2404 cr-62.1%3.0%9.4x
2021-07—₹2404 cr-62.1%3.0%9.4x
2021-06—₹2404 cr-62.1%3.0%9.4x
2021-05—₹3042 cr-218.9%-5.0%9.9x
2021-04—₹3042 cr-218.9%-5.0%9.9x
2021-03—₹3042 cr-218.9%-5.0%9.9x
2021-02—₹3042 cr-218.9%-5.0%9.9x
2021-01—₹3042 cr-218.9%-5.0%9.9x
2020-12—₹3042 cr-218.9%-5.0%9.9x
2020-11—₹3042 cr-218.9%-5.0%9.9x
2020-10—₹3042 cr-218.9%-5.0%9.9x
2020-09—₹3042 cr-218.9%-5.0%9.9x
2020-08—₹3042 cr-218.9%-5.0%9.9x
2020-07—₹3042 cr-218.9%-5.0%9.9x
2020-06—₹3042 cr-218.9%-5.0%9.9x
2020-05—₹8103 cr-22.9%5.0%4.5x
2020-04—₹8103 cr-22.9%5.0%4.5x
2020-03—₹8103 cr-22.9%5.0%4.5x
2020-02—₹8103 cr-22.9%5.0%4.5x
2020-01—₹8103 cr-22.9%5.0%4.5x
2019-12—₹8103 cr-22.9%5.0%4.5x
2019-11—₹8103 cr-22.9%5.0%4.5x
2019-10—₹8103 cr-22.9%5.0%4.5x
2019-09—₹8103 cr-22.9%5.0%4.5x
2019-08—₹8103 cr-22.9%5.0%4.5x
2019-07—₹8103 cr-22.9%5.0%4.5x
2019-06—₹8103 cr-22.9%5.0%4.5x
2019-056.1x₹7265 cr9.6%10.0%3.1x
2019-046.3x₹7265 cr9.6%10.0%3.1x
2019-036.7x₹7265 cr9.6%10.0%3.1x
2019-026.4x₹7265 cr9.6%10.0%3.1x
2019-017.8x₹7265 cr9.6%10.0%3.1x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

Feedback