---
title: "Zuari Forex Ltd (Merged) (530283) — Share Price, Financials & Analysis"
symbol: "530283"
company: "Zuari Forex Ltd (Merged)"
canonical: "https://tapetide.com/stocks/530283"
isin: "INE579H01010"
bse_code: "530283"
generated_at: "2026-10-13T11:02:31.037Z"
---

# Zuari Forex Ltd (Merged) (530283)

Canonical page: https://tapetide.com/stocks/530283

## Company

- **BSE Code:** 530283
- **ISIN:** INE579H01010
- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of 0.59% over last 3 years.
- Debtor days have increased from 48.6 to 121 days.
- Working capital days have increased from 63.7 days to 150 days

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | -50% | -31% |
| revenue growth | -84% | -52% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 77.42 | 87.68 | 105.42 | 101.43 | 68.75 | 84.85 | 126.75 | 127.64 | 103.94 | 88.37 | 132.28 | 106.83 |
| Expenses | 94.04 | 90.3 | 96.42 | 125.76 | 84.41 | 90.11 | 101.46 | 119.87 | 106.03 | 88.49 | 112.76 | 98.49 |
| Operating Profit | -16.62 | -2.62 | 9 | -24.33 | -15.66 | -5.26 | 25.29 | 7.77 | -2.09 | -0.12 | 19.52 | 8.34 |
| OPM % | -21.47 | -2.99 | 8.54 | -23.99 | -22.78 | -6.2 | 19.95 | 6.09 | -2.01 | -0.14 | 14.76 | 7.81 |
| Other Income | 7.67 | 4.59 | 1.86 | 8.25 | -1.07 | 1.74 | 3.53 | 13.23 | 3.99 | 0.49 | 2.63 | 2.85 |
| Interest | 4.42 | 3.98 | 3.51 | 3.94 | 2.86 | 3.46 | 2.85 | 2.95 | 3.1 | 3.24 | 3.14 | 3.19 |
| Depreciation | 2.91 | 3.03 | 3.15 | 2.86 | 2.72 | 2.67 | 2.78 | 2.8 | 2.61 | 2.65 | 2.79 | 2.69 |
| Profit before tax | -16.28 | -5.04 | 4.2 | -22.88 | -22.31 | -9.65 | 23.19 | 15.25 | -3.81 | -5.52 | 16.22 | 5.31 |
| Tax % | -33.54 | 4.37 | 13.33 | -2.32 | 10.49 | 1.76 | 7.37 | 14.56 | -153.54 | -1.27 | 12.02 | 14.31 |
| Net Profit | -10.81 | -5.26 | 3.64 | -22.35 | -24.65 | -9.82 | 21.47 | 13.03 | 2.04 | -5.46 | 14.26 | 4.54 |
| EPS in Rs | -5.07 | -2.46 | 1.71 | -10.47 | -11.55 | -4.6 | 10.06 | 6.11 | 0.96 | -2.56 | 6.68 | 2.13 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2006 | Jun 2007 | Jun 2008 | Jun 2009 | Jun 2010 |
| --- | --- | --- | --- | --- | --- |
| Sales | 96.79 | 73.62 | 76.43 | 51.08 | 7.98 |
| Expenses | 96.7 | 73.59 | 76.4 | 50.96 | 7.94 |
| Operating Profit | 0.09 | 0.03 | 0.03 | 0.12 | 0.04 |
| OPM % | 0.09 | 0.04 | 0.04 | 0.23 | 0.5 |
| Other Income | 0.22 | 0.2 | 0.2 | 0.14 | 0.19 |
| Interest | 0.16 | 0.14 | 0.14 | 0.17 | 0.17 |
| Depreciation | 0.08 | 0.05 | 0.05 | 0.06 | 0.05 |
| Profit before tax | 0.07 | 0.04 | 0.04 | 0.03 | 0.01 |
| Tax % | 42.86 | 25 | 25 | 33.33 | 0 |
| Net Profit | 0.04 | 0.03 | 0.03 | 0.02 | 0.01 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2006 | Jun 2007 | Jun 2008 | Jun 2009 | Jun 2010 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 |
| Reserves | 0.29 | 0.32 | 0.36 | 0.37 | 0.38 |
| Borrowings | 1.29 | 0.9 | 1.18 | 1.43 | 1.01 |
| Other Liabilities | 2.1 | 1.34 | 1.54 | 1.13 | 1.16 |
| Total Liabilities | 6.73 | 5.61 | 6.13 | 5.98 | 5.6 |
| Fixed Assets | 0.34 | 0.31 | 0.39 | 0.35 | 0.3 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 |
| Other Assets | 5.5 | 4.41 | 4.85 | 4.74 | 4.41 |
| Total Assets | 6.73 | 5.61 | 6.13 | 5.98 | 5.6 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2006 | Jun 2007 | Jun 2008 | Jun 2009 | Jun 2010 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.02 | 0.42 | -0.27 | -0.2 | 0.53 |
| Cash from Investing Activity | 0 | -0.02 | -0.04 | -0.03 | 0 |
| Cash from Financing Activity | 0.11 | -0.53 | 0.13 | 0.07 | -0.59 |
| Net Cash Flow | 0.13 | -0.13 | -0.18 | -0.16 | -0.06 |
| Free Cash Flow | 0.02 | 0.4 | -0.31 | -0.23 | 0.53 |
| CFO/OP | 22 | 1400 | -900 | -167 | 1325 |

### Ratios

| Item | Jun 2006 | Jun 2007 | Jun 2008 | Jun 2009 | Jun 2010 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 8.71 | 6.94 | 6.54 | 18.65 | 120.75 |
| Inventory Days | 0.95 | 0.81 | 0.92 | 0.8 | 0.96 |
| Days Payable | 7.74 | 6.3 | 6.92 | 7.05 | 13.5 |
| Cash Conversion Cycle | 1.92 | 1.45 | 0.54 | 12.4 | 108.22 |
| Working Capital Days | 10.94 | 13.39 | 14.95 | 25.58 | 150.48 |
| ROCE % | — | 4.04 | 4.06 | 4.24 | 3.88 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 68.74% | 68.74% | 68.74% | 68.74% | 69.05% | 69.08% | 69.08% | 69.08% | 69.21% | 69.05% |
| DIIs | 5.89% | 5.89% | 5.89% | 5.19% | 4.55% | 1.36% | 0.32% | 0.31% | 0.31% | 0.31% |
| Government | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| Public | 25.33% | 25.33% | 25.33% | 26.03% | 26.37% | 29.53% | 30.55% | 30.57% | 30.43% | 30.59% |
| No. of Shareholders | 15112 | 11499 | 10860 | 10221 | 9628 | 8831 | 9576 | 10197 | 9853 | 9983 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 69.08% | 69.08% | 69.08% | 69.08% | 69.08% | 69.08% | 69.08% | 69.08% | 69.21% | 69.05% | 69.05% | 69.05% |
| FIIs | 0% | 0% | 0.01% | 0.1% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0.32% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
| Government | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| Public | 30.55% | 30.57% | 30.57% | 30.47% | 30.57% | 30.58% | 30.57% | 30.57% | 30.43% | 30.6% | 30.6% | 30.59% |
| No. of Shareholders | 9576 | 9528 | 10511 | 10240 | 10197 | 10046 | 9994 | 10114 | 9853 | 10447 | 10245 | 9983 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 6 / 1 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 11.28 | Sell |
| EMA (10) | 11.02 | Sell |
| SMA (20) | 13.03 | Sell |
| EMA (20) | 12.58 | Sell |
| SMA (50) | 15.68 | Sell |
| EMA (50) | 14.91 | Sell |
| SMA (100) | 17.47 | Sell |
| EMA (100) | 16.87 | Sell |
| SMA (200) | 20.13 | Sell |
| EMA (200) | 17.81 | Sell |

### Oscillators — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 20.16 | Buy |
| MACD (12,26,9) | -1.83 | Sell |
| Stochastic (14,3,3) | 0 | Buy |
| ADX (14) | 28.23 | Buy |
| Williams %R (14) | -100 | Buy |
| ATR (14) | 0.84 | High Volatility |
| ROC (12) | -41.26 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 9.21 | Buy |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-06 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1b3a67b4-b7d7-4f95-9303-5c5f5f106617.pdf) |
| 2026-02-06 | [Results For Quarter Ended 31St December, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/911b1859-7fd3-4be0-a8e0-fc37224f4ec5.pdf) |
| 2026-01-30 | [Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Nine Months Ended On 31.12.2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f5a91761-5923-4ec6-99b0-e59327419694.pdf) |
| 2026-01-07 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8fdedc14-97fe-4b98-b750-fb62480274ab.pdf) |
| 2025-12-22 | [Closure of Trading Window](https://www.bseindia.com/xml-data/corpfiling/AttachHis/80baeffc-d4e8-4e07-b22d-22768632b7f9.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a9f87100-8f52-44cf-96e6-c2f050f16989.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c9a82b0f-7a5f-4031-971a-434ff9f1f2dc.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5afc4a28-690e-497f-8e6e-bf45d323f796.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/532716/73495532716.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/532716/69029532716.pdf) |
| Mar 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/532716/5327160320.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/532716/5327160319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/532716/5327160318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/532716/5327160317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/532716/5327160316.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2026-03-06 | Credit rating update — CARE Ratings |
| 2025-10-08 | Credit rating update — CARE Ratings |
| 2025-01-02 | Credit rating update — CARE Ratings |
| 2024-02-21 | Credit rating update — CARE Ratings |
| 2023-08-07 | Credit rating update — CARE Ratings |
| 2022-10-03 | Credit rating update — CARE Ratings |
| 2022-06-22 | Credit rating update — CARE Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:02:31.037Z.