Zuari Agro Chem. Q2 FY27 Results (NSE: ZUARI)
Signal: Steady quarter
The read
The key inflection is structural rather than operational: Q2 consolidated revenue was ₹398.54 crore and PAT ₹18.14 crore, but MCFL's loss of subsidiary status makes YoY momentum unusable; the ₹28.35 crore JV contribution and the ₹95 crore-to-₹100 crore ICD refinancing remain the main trajectory markers.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹398.54 Cr | N/A | N/A |
| Net profit | ₹18.14 Cr | N/A | |
| EPS | ₹9.04 | N/A | |
| EBIT margin | N/A |
P&L walk
Consolidated Q2 revenue was ₹398.54 crore and PAT was ₹18.14 crore; comparability with Q2FY26 is explicitly impaired because MCFL ceased to be a subsidiary from 26 September 2025, while the joint venture contributed ₹28.35 crore of profit.
Segments
No segment table is provided; the consolidated result is supported by the joint venture's ₹28.35 crore quarterly profit, while the parent reported nil revenue from operations.
Key positives
- The consolidated group reported ₹18.14 crore of Q2 PAT, while the joint venture contributed ₹28.35 crore of profit.
- The group reported ₹1014.35 crore of revenue for H1FY27 and ₹119.85 crore of joint-venture profit for the half year.
Key concerns
- Q2 consolidated revenue of ₹398.54 crore is not comparable with Q2FY26 because MCFL ceased to be a subsidiary from 26 September 2025.
- The company is repaying existing ICDs of ₹95 crore while availing fresh ICDs of ₹100 crore, indicating continued reliance on group financing.
- The company disputes a water and sewerage demand of ₹29,645.99 lakh and has made no provision for the remaining amount pending arbitration.
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