ZUARI INDUSTRIES LIMITED (ZUARIIND) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of ZUARI INDUSTRIES LIMITED ₹564, price ₹282, upside +100.0%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range ₹104.35 – ₹412.83 · fair‑value band ₹407.33 – ₹739.73 · the ₹281.85 price screens below the ₹563.70 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 Oct 2, 2026.
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Zuari Industries Limited engages in agriculture, heavy engineering, infrastructure, lifestyle, and services businesses in India and internationally. It operates through the Engineering Services, Furniture, Real Estate, Sugar, Power, Financial Services, Ethanol, and Management Services segments.
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Zuari Industries Limited engages in agriculture, heavy engineering, infrastructure, lifestyle, and services businesses in India and internationally. It operates through the Engineering Services, Furniture, Real Estate, Sugar, Power, Financial Services, Ethanol, and Management Services segments. The Engineering Services segment offers technology, basic engineering, detailed engineering, project management, procurement, and construction services in the engineering and contracting sector. Its Furniture segment manufactures, sells, and trades furniture products. The Real Estate segment develops real estates. Its Financial services segment provides capital market related services. The Sugar segment engages in the extraction of sugar from sugar cane. Its Power segment is involved in the co-generation of power using by-product of the sugar extraction, such as bagasse. The Ethanol segment manufactures ethanol using molasses. Its Management Services segment offers management consultancy, manpower outsourcing, and related services. The company also provides HR solutions, consumer food trading, and insurance; depository participant services; and mutual fund products. The company was formerly known as Zuari Global Limited and changed its name to Zuari Industries Limited in June 2022. Zuari Industries Limited was incorporated in 1967 and is based in Gurugram, India.
Stock analysis
ZUARI INDUSTRIES LIMITED (ZUARIIND) currently trades at ₹281.85, while our model-based Fair Value estimate is ₹563.70, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹814.68 per share, and 6 of the 8 models we run sit above the ₹281.85 price.
Bear case: the Earnings-Based group reads lowest at ₹504.06, and 2 of the 8 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹407.33 (bear) to ₹739.73 (bull), the price of ₹281.85 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 39/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
ZUARI INDUSTRIES LIMITED reported revenue of ₹10.4B in FY2026 versus ₹7.2B in FY2022, a compound +9.7%/yr. Reported net income was ₹1.1B in FY2026.
Key figures
Market cap ₹8.4B (≈ $87.2M) · P/E ratio 7.7 · P/S ratio 0.80 · EPS (TTM) ₹36.43 · Dividend yield 0.4% · Net margin 10.3% · Return on equity 2.5% · Return on assets (EBIT) 0.4%.
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 23% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −16% fair-value upside, at 100%, ZUARIIND screens cheaper than that median.
Fair Value models
Bear ₹407.33Fair Value ₹563.70Bull ₹739.73
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 6 months old). Earnings retained since then (₹17.96 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.7%
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.
+3.0%
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.
+5.4%
Start year 2021 (pandemic). Over 10 years: +6.3% a year
Revenue growth 21 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.
−4.7%
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What shareholders gained per year (last 3 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 3 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. 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.
−40.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−40.5%
Dividend (yield on the price)0.4%
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.0% → 4%
Compare ZUARI INDUSTRIES LIMITED with another stock
Price, fair value, quality and upside side by side.
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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.Conglomerates · 365 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (TTM)2.5% · Below median
Return on assets0.3% · Below median
Net margin (TTM)9.9% · Above median
Operating margin (TTM)2.0% · Below median
Growth and dividend
Revenue growth21.2% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.33× · Above median
Valuation Multiplesvs Conglomerates median · lower = cheaper
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Is ZUARI INDUSTRIES LIMITED (ZUARIIND) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹563.70 versus a price of ₹281.85, about +100% upside (undervalued).
What is the fair value of ZUARIIND?
Our model-based fair value for ZUARI INDUSTRIES LIMITED is ₹563.70 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹281.85.
What is the quality score of ZUARIIND?
ZUARI INDUSTRIES LIMITED has a Quality Score of 39/100. 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 INDUSTRIES LIMITED (ZUARIIND)?
Our model-based price target is the fair value of ₹563.70 (as of Oct 2, 2026) from 8 valuation models. Cautious scenario ₹407.33, optimistic scenario ₹739.73. It is a calculation from audited fundamentals, not an analyst target.
What is the ZUARI INDUSTRIES LIMITED stock forecast for 2026?
Our models put fair value at ₹563.70, about +100% upside versus a price of ₹281.85 (undervalued). Cautious scenario ₹407.33, optimistic scenario ₹739.73. The calculation is refreshed regularly with new filings.
What is the revenue of ZUARI INDUSTRIES LIMITED (ZUARIIND)?
ZUARI INDUSTRIES LIMITED reported trailing-twelve-month revenue of about ₹11.0B (latest available figure, as of Oct 2, 2026).
Does ZUARI INDUSTRIES LIMITED pay a dividend?
ZUARI INDUSTRIES LIMITED currently shows a dividend yield of about 0.35% relative to its recent price (as of Oct 2, 2026).
What is the intrinsic value of ZUARI INDUSTRIES LIMITED (ZUARIIND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ZUARI INDUSTRIES LIMITED it is ₹563.70 per share (as of Oct 2, 2026), against a price of ₹281.85. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is ZUARI INDUSTRIES LIMITED stock overvalued or undervalued in 2026?
As of Oct 2, 2026, ZUARIIND trades below its calculated fair value: price ₹281.85, fair value ₹563.70, a gap of about +100% (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 ZUARIIND?
No. The price is what the market pays today (₹281.85); the fair value is what the company's own numbers justify (₹563.70). For ZUARI INDUSTRIES LIMITED the two are ₹281.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is ZUARI INDUSTRIES LIMITED worth?
The market values ZUARI INDUSTRIES LIMITED at about ₹8.4B (market capitalisation, as of Oct 2, 2026). Per share that is ₹281.85; our models calculate a fair value of ₹563.70 per share.
What do the bullish and bearish scenarios say about ZUARIIND?
Our models span a range for ZUARI INDUSTRIES LIMITED: cautious scenario ₹407.33, base ₹563.70, optimistic ₹739.73 per share (as of Oct 2, 2026, price ₹281.85). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZUARIIND?
ZUARI INDUSTRIES LIMITED trades at a price-to-earnings ratio of 7.7 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹563.70 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.8, EV/EBITDA 26.9.
How solid is the balance sheet of ZUARI INDUSTRIES LIMITED (ZUARIIND)?
Balance-sheet figures for ZUARI INDUSTRIES LIMITED (as of Oct 2, 2026): return on equity 2.5%, debt of 0.33 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is ZUARIIND from its 52-week high?
ZUARI INDUSTRIES LIMITED trades at ₹281.85, about 23% below its 52-week high of ₹366.20 and 32% above the low of ₹213.30 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹563.70 is for.
Which stocks are comparable to ZUARI INDUSTRIES LIMITED?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Swire Pacific Limited, 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 INDUSTRIES LIMITED stock attractive at the current price?
The data as of Oct 2, 2026: price ₹281.85, calculated fair value ₹563.70 (+100%), Quality Score 39/100, from 8 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 ZUARIIND calculated?
We run ZUARI INDUSTRIES LIMITED through 8 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 ₹563.70, 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 14.5 % above its aggregate fair value. ZUARI INDUSTRIES LIMITED currently trades 50 % 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 is the share price of ZUARI INDUSTRIES LIMITED (ZUARIIND)?
The closing price on Oct 1, 2026 was ₹281.85. Our model-based fair value is ₹563.70, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ZUARI INDUSTRIES LIMITED right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (₹407.33). The market is more pessimistic than our downside scenario. A fairly wide model range (₹407.33 to ₹739.73) leaves room in how you read the outcome.
Key figures of ZUARI INDUSTRIES LIMITED
How large is the market capitalisation of ZUARI INDUSTRIES LIMITED (ZUARIIND)?
The market capitalisation of ZUARI INDUSTRIES LIMITED is ₹8.4B (≈ $87.2M). 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 INDUSTRIES LIMITED (ZUARIIND)?
The price-to-sales ratio of ZUARI INDUSTRIES LIMITED is 0.80 (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 INDUSTRIES LIMITED (ZUARIIND)?
Earnings per share at ZUARI INDUSTRIES LIMITED are ₹36.43 (price ÷ EPS = P/E 7.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ZUARI INDUSTRIES LIMITED (ZUARIIND)?
The dividend yield of ZUARI INDUSTRIES LIMITED is 0.4% (payout 2.7%). 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 INDUSTRIES LIMITED (ZUARIIND)?
The net margin of ZUARI INDUSTRIES LIMITED is 10.3% (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 INDUSTRIES LIMITED (ZUARIIND)?
The return on equity (ROE) of ZUARI INDUSTRIES LIMITED is 2.5% (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 INDUSTRIES LIMITED (ZUARIIND)?
On an EBIT basis the return on assets of ZUARI INDUSTRIES LIMITED is 0.4% (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 INDUSTRIES LIMITED (ZUARIIND)?
The operating margin of ZUARI INDUSTRIES LIMITED is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ZUARI INDUSTRIES LIMITED (ZUARIIND)?
Revenue at ZUARI INDUSTRIES LIMITED is growing +21.2% versus a year earlier (3y avg +3.0%). 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 INDUSTRIES LIMITED (ZUARIIND)?
Earnings per share at ZUARI INDUSTRIES LIMITED are growing +900% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ZUARI INDUSTRIES LIMITED (ZUARIIND) generate?
The free cash flow of ZUARI INDUSTRIES LIMITED is −₹129M (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 INDUSTRIES LIMITED (ZUARIIND) carry?
The net debt of ZUARI INDUSTRIES LIMITED is ₹21.9B (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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