Zuari Agro Chemicals Limited is a prominent Indian fertilizer manufacturing company specializing in the manufacturing, trading, and marketing of chemical fertilizers and fertilizer products. The company markets its products under the "Jai Kisaan" brand and was formerly known as Zuari Holdings Limited, changing its name to Zuari Agro Chemicals Limited in 2012. Founded in 1967, the company is headquartered in Sancoale, India.
The company is the flagship entity of the Adventz Group and serves as the holding company for the group's other agri-business operations. As a single-window agricultural solution provider, Zuari Agro Chemicals manufactures high-quality complex fertilizers of various grades along with micronutrients and specialty fertilizers, aiming to meet the diverse needs of Indian farmers.
Zuari Agro Chemicals operates as a comprehensive agricultural solutions provider with an extensive product portfolio. The company offers a wide range of fertilizers including urea, Diammonium Phosphate (DAP), Muriate of Potash (MOP), and other complex Nitrogen, Phosphorous, and Potassium (NPK)-based fertilizers. Its product line also extends to water-soluble fertilizers, micronutrients (such as zinc and boron), specialty fertilizers, and organic products. Additionally, the company provides seeds and pesticides.
Notable fertilizer products include Jai Kisaan Samarth, Jai Kisaan Urea, and Jai Kisaan Sampurna. The company also offers secondary nutrients like calcium and sulphur, along with organic products including compost, humic acid, phosphate-rich organic manure, and potash derived from molasses.
Zuari Agro Chemicals Ltd has a market capitalization of ₹901 crore as of July 1, 2025, classifying it as a small-cap company. The company reported revenue of ₹4,436 crore and a profit of ₹231 crore, with promoter holding standing at 65.2%.
Recent financial metrics suggest attractive valuations. The Price-to-Book (P/B) ratio stands at 0.49 times as of July 1, 2025, representing a 73% discount to its peers' median range of 1.83 times. Similarly, the Price-to-Earnings (P/E) ratio is 5.47 times as of July 1, 2025, marking a 76% discount to its peers' median range of 22.57 times.
The company's trailing twelve months (TTM) profit after tax was ₹165 crore. Recent quarterly results show a net income of ₹198.40 million for the last quarter, compared to ₹545.30 million in the previous quarter, indicating a 63.62% decline. However, the company has shown positive momentum in profitability, becoming profitable in recent years and growing earnings by 31.3% per year over the past five years. It recorded a large one-off gain of ₹1.1 billion, impacting its last 12 months of financial results to December 31, 2024.
• Market Capitalization: ₹901 crore (as of July 1, 2025)
• Revenue (latest reported): ₹4,436 crore
• Profit (latest reported): ₹231 crore
• Promoter Holding: 65.2%
• P/B Ratio: 0.49x (73% discount to peers)
• P/E Ratio: 5.47x (76% discount to peers)
• TTM Profit After Tax: ₹165 crore
• Last Quarter Net Income: ₹198.40 million (down 63.62% from previous quarter)
• Return on Equity (last 3 years): 7.87%
• Sales Growth (past 5 years): 7.84%
Zuari Agro Chemicals has delivered a return of 15.09% over the last three years. Despite becoming profitable in recent years, the company faces certain growth challenges, including a relatively poor sales growth of 7.84% over the past five years and a low return on equity of 7.87% over the last three years. The company has shown an ability to grow earnings, with an average growth of 31.3% per year over the past five years.
The company operates through several subsidiaries, including Mangalore Chemicals and Fertilizers Limited, Adventz Trading DMCC, and Zuari Farmhub Limited. The company is chaired by Saroj Kumar Poddar. As of March 2025, the promoters have pledged 11.81% of the total equity.
According to valuation analysis, Zuari Agro Chemicals Ltd is considered undervalued by 67% compared to the current market price of ₹209.03. The company's profitability score is rated at 55/100, indicating moderate profitability levels, while its solvency score stands at 41/100, suggesting areas for improvement in financial stability.
Despite reporting repeated profits, the company has not been paying dividends to shareholders. On a positive note, the company has recently reduced its debt levels, strengthening its financial health. The agricultural sector in India continues to present significant opportunities, and Zuari Agro Chemicals, with its established brand presence and comprehensive product portfolio, remains positioned to capitalize on the growing demand for fertilizers and agricultural solutions in the country.
