Zuari Agro Chemicals Limited (ZUARI) fair value: what the stock is really worth
We calculate from audited financials what Zuari Agro Chemicals Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range ₹94.10 – ₹383.60 · fair‑value band ₹1,291 – ₹2,188 · the ₹220.42 price screens below the ₹1,634 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 13, 2026.
Zuari Agro Chemicals Limited engages in manufacturing, trading, and marketing of chemical fertilizers and fertilizer products in India. It offers fertilizers, such as urea, DAP, MOP, and complex fertilizers; water soluble fertilizers; micronutrients; specialty fertilizers; and organic manure products. The company also provides seeds and pesticides.
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Zuari Agro Chemicals Limited engages in manufacturing, trading, and marketing of chemical fertilizers and fertilizer products in India. It offers fertilizers, such as urea, DAP, MOP, and complex fertilizers; water soluble fertilizers; micronutrients; specialty fertilizers; and organic manure products. The company also provides seeds and pesticides. It markets its products under the Jai Kisaan brand. The company was formerly known as Zuari Holdings Limited and changed its name to Zuari Agro Chemicals Limited in 2012. Zuari Agro Chemicals Limited was founded in 1967 and is based in Sancoale, India.
Stock analysis
Zuari Agro Chemicals Limited (ZUARI) currently trades at ₹220.42, while our model-based Fair Value estimate is ₹1,634, implying the stock looks roughly 86.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹2,838 per share, and 13 of the 15 models we run sit above the ₹220.42 price.
Bear case: the Earnings-Based group reads lowest at ₹301.23, and 2 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹1,291 (bear) to ₹2,188 (bull), the price of ₹220.42 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.
Zuari Agro Chemicals Limited reported revenue of ₹32.0B in FY2026 versus ₹35.9B in FY2022, a compound −2.8%/yr. Reported net income was ₹9.2B in FY2026, compounding +63.0%/yr from FY2022.
Key figures
Market cap ₹9.3B (≈ $97.3M) · P/E ratio 1.0 · P/S ratio 0.29 · EPS (TTM) ₹218.70 · Dividend yield 0.8% · Net margin 28.7% · Return on equity 43.6% · Return on assets (EBIT) 12.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 641%, ZUARI screens cheaper than that median.
Fair Value models
Bear ₹1,291Fair Value ₹1,634Bull ₹2,188
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹100.06 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.4%
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.6%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.8%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.48% vs 59%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 8%
⚠ Revenue per share shrinking 5.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2026 sits 458% above its own trend.
Compare Zuari Agro Chemicals Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Agricultural Inputs · 176 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Profitability
Return on equity (TTM)44% · Top 25%
Return on assets5% · Above median
Net margin (TTM)24% · Top 25%
Operating margin (TTM)−10% · Bottom 25%
Growth and dividend
Revenue growth−80% · Bottom 25%
Dividend yield (TTM)0.8% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Agricultural Inputs median · lower = cheaper
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Is Zuari Agro Chemicals Limited (ZUARI) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of ₹1,634 versus a price of ₹220.42, about +641% upside (undervalued).
What is the fair value of ZUARI?
Our model-based fair value for Zuari Agro Chemicals Limited is ₹1,634 (as of Sep 13, 2026), built from audited fundamentals. The current price: ₹220.42.
What is the quality score of ZUARI?
Zuari Agro Chemicals Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zuari Agro Chemicals Limited (ZUARI)?
Our model-based price target is the fair value of ₹1,634 (as of Sep 13, 2026) from 15 valuation models. Cautious scenario ₹1,291, optimistic scenario ₹2,188. It is a calculation from audited fundamentals, not an analyst target.
What is the Zuari Agro Chemicals Limited stock forecast for 2026?
Our models put fair value at ₹1,634, about +641% upside versus a price of ₹220.42 (undervalued). Cautious scenario ₹1,291, optimistic scenario ₹2,188. The calculation is refreshed regularly with new filings.
What is the revenue of Zuari Agro Chemicals Limited (ZUARI)?
Zuari Agro Chemicals Limited reported trailing-twelve-month revenue of about ₹39.6B (latest available figure, as of Sep 13, 2026).
Does Zuari Agro Chemicals Limited pay a dividend?
Zuari Agro Chemicals Limited currently shows a dividend yield of about 0.84% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of Zuari Agro Chemicals Limited (ZUARI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zuari Agro Chemicals Limited it is ₹1,634 per share (as of Sep 13, 2026), against a price of ₹220.42. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Zuari Agro Chemicals Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, ZUARI trades below its calculated fair value: price ₹220.42, fair value ₹1,634, a gap of about +641% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZUARI?
No. The price is what the market pays today (₹220.42); the fair value is what the company's own numbers justify (₹1,634). For Zuari Agro Chemicals Limited the two are ₹1,414 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zuari Agro Chemicals Limited worth?
The market values Zuari Agro Chemicals Limited at about ₹9.3B (market capitalisation, as of Sep 13, 2026). Per share that is ₹220.42; our models calculate a fair value of ₹1,634 per share.
What do the bullish and bearish scenarios say about ZUARI?
Our models span a range for Zuari Agro Chemicals Limited: cautious scenario ₹1,291, base ₹1,634, optimistic ₹2,188 per share (as of Sep 13, 2026, price ₹220.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZUARI?
Zuari Agro Chemicals Limited trades at a price-to-earnings ratio of 1.0 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,634 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.2, EV/EBITDA 2.7.
How solid is the balance sheet of Zuari Agro Chemicals Limited (ZUARI)?
Balance-sheet figures for Zuari Agro Chemicals Limited (as of Sep 13, 2026): return on equity 43.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is ZUARI from its 52-week high?
Zuari Agro Chemicals Limited trades at ₹220.42, about 44% below its 52-week high of ₹393.55 and 26% above the low of ₹175.10 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,634 is for.
Which stocks are comparable to Zuari Agro Chemicals Limited?
From the same area (Basic Materials) we also value Corteva, Inc, Nutrien Ltd, Qinghai Salt Lake Industry Co, CF Industries Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zuari Agro Chemicals Limited stock attractive at the current price?
The data as of Sep 13, 2026: price ₹220.42, calculated fair value ₹1,634 (+641%), Quality Score 59/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZUARI calculated?
We run Zuari Agro Chemicals Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,634, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Zuari Agro Chemicals Limited currently trades 641 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Zuari Agro Chemicals Limited right now?
The price is below even our cautious bear case (₹1,291). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Zuari Agro Chemicals Limited
How large is the market capitalisation of Zuari Agro Chemicals Limited (ZUARI)?
The market capitalisation of Zuari Agro Chemicals Limited is ₹9.3B (≈ $97.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zuari Agro Chemicals Limited (ZUARI)?
The price-to-sales ratio of Zuari Agro Chemicals Limited is 0.29 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zuari Agro Chemicals Limited (ZUARI)?
Earnings per share at Zuari Agro Chemicals Limited are ₹218.70 (price ÷ EPS = P/E 1.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zuari Agro Chemicals Limited (ZUARI)?
The dividend yield of Zuari Agro Chemicals Limited is 0.8% (payout 0.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zuari Agro Chemicals Limited (ZUARI)?
The net margin of Zuari Agro Chemicals Limited is 28.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zuari Agro Chemicals Limited (ZUARI)?
The return on equity (ROE) of Zuari Agro Chemicals Limited is 43.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zuari Agro Chemicals Limited (ZUARI)?
On an EBIT basis the return on assets of Zuari Agro Chemicals Limited is 12.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zuari Agro Chemicals Limited (ZUARI)?
The operating margin of Zuari Agro Chemicals Limited is −10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zuari Agro Chemicals Limited (ZUARI)?
Revenue at Zuari Agro Chemicals Limited is growing −80.3% versus a year earlier (3y avg −11.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zuari Agro Chemicals Limited (ZUARI)?
Earnings per share at Zuari Agro Chemicals Limited are growing −27.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zuari Agro Chemicals Limited (ZUARI) generate?
The free cash flow of Zuari Agro Chemicals Limited is −₹425M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zuari Agro Chemicals Limited (ZUARI) carry?
The net debt of Zuari Agro Chemicals Limited is ₹5.8B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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