Zuari Industries has released the transcript of its earnings conference call held on August 17, 2026. The document provides a detailed account of the management's discussion regarding the company's unaudited financial results for the quarter ended June 30, 2026.

The disclosure was made in compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Yadvinder Goyal, Company Secretary, signed off on the communication dated August 21, 2026.

Call Details

The transcript offers comprehensive insights into the financial performance and operational updates for the period. Investors and analysts can access the recording via the link provided in the official exchange filing. The call serves as a key channel for stakeholders to understand the nuances behind the reported numbers for the first quarter of FY27.

Key Financial Highlights

During the session, management outlined the following financial performance metrics for Q1FY27:

• Standalone total income rose 26% year-on-year to ₹283.9 crore, driven by higher sugar sales volumes and improved realizations.
• Standalone EBITDA stood at ₹31.3 crore, compared to ₹36.9 crore in Q1FY26.
• Profit after tax (PAT) reported a loss of ₹9.5 crore, widening from a loss of ₹3.9 crore in the corresponding quarter of the previous year.
• Consolidated total income increased 22% year-on-year to ₹327.5 crore from ₹267.6 crore.
• Consolidated PAT turned marginal profit of ₹0.05 crore, compared to a loss of ₹0.48 crore in Q1FY26.

Operational Updates

Managing Director Athar Shahab highlighted significant developments across various business segments:

• Sugar & Ethanol: Sugar sales volume grew 29% year-on-year to 4.7 lakh quintal, supported by higher domestic quota allocation. Average sugar realizations improved to ₹4,116 per quintal from ₹4,036 per quintal. Ethanol production increased 1% to 10,138 KL, with sales growing 5% to 10,248 KL.
• Real Estate: Subsidiary Zuari Infraworld achieved 100% completion of the St. Regis Residences project in Dubai. Handovers are commencing shortly, and profit repatriation has already begun. The company expects to repatriate approximately ₹900 crore from this project in the current fiscal year.
• Strategic Investments: The value of listed strategic investments stood at ₹4,223 crore as on June 30, 2026, reflecting a 15% quarter-on-quarter increase due to market movements.
• Debt Reduction: Aggregate external debt, excluding working capital, decreased to ₹1,888 crore from ₹1,909 crore at the end of the fourth quarter.

What the Numbers Show

The divergence between revenue growth and profitability highlights margin pressure in the core sugar business. While standalone revenue surged 26% to ₹283.9 crore, EBITDA declined to ₹31.3 crore from ₹36.9 crore in the prior year. Management attributed this compression primarily to an 8% increase in sugarcane prices (SAP) and lower recovery rates from ethanol manufactured via the molasses route. Despite higher realizations, input cost inflation remains a headwind for operating margins.

Zuari Industries has submitted its revised Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) to the National Stock Exchange of India Ltd and BSE Limited. The filing, dated August 13, 2026, ensures compliance with Regulation 8 of the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended.

The Board of Directors approved the revised code, which supersedes the previous version adopted by the company. The update aims to ensure timely, adequate, fair, uniform, and universal dissemination of UPSI to prevent selective disclosure.

Key Provisions of the Revised Code

The revised code outlines specific responsibilities and procedures for handling sensitive information:

• Chief Investor Relations Officers (CIROs): The Chief Financial Officer and Company Secretary serve as CIROs. They are responsible for ensuring timely and uniform dissemination of UPSI to avoid selective disclosure.
• Prompt Disclosure: The company must make prompt public disclosure of UPSI that impacts price discovery once credible and concrete information comes into being.
• Uniform Dissemination: UPSI must be promptly intimated to stock exchanges and disclosed on the company’s website.
• Handling Inadvertent Disclosure: If UPSI is disclosed selectively or inadvertently, the responsible person must inform the CIROs immediately. The CIROs must then take prompt action to disseminate the information publicly.
• Interaction with Analysts: Authorized personnel may share only generally available information with analysts and investors. Transcripts or records of such meetings must be made available on the company’s website.

Legitimate Purpose and Confidentiality

The code defines "legitimate purpose" as sharing UPSI in the ordinary course of business with collaborators, lenders, customers, suppliers, merchant bankers, legal advisors, auditors, credit rating agencies, and other service providers. Such sharing must not be carried out to evade regulatory prohibitions.

Factors considered for legitimate sharing include:

1. Whether the sharing is in the ordinary course of business.
2. Whether it serves the interests of the company or a genuine commercial purpose.
3. Whether the nature of the UPSI is commensurate with the purpose.

Recipients of UPSI under a legitimate purpose are considered insiders and must maintain confidentiality. They are prohibited from dealing in the company’s securities or advising others to trade while in possession of such information.

Review and Amendment

The Board will review the code as necessary and amend it to reflect changes in the SEBI PIT Regulations or other applicable laws. In case of inconsistency between the code and SEBI regulations, the regulatory provisions shall prevail.