Zuari Industries Ltd (NSE: ZUARIGLOB) Q3 2025 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Darshni Desai — Investor Relations, MUFG Intime
Athar Shahab — Managing Director
Nishant Dalal — Chief Financial Officer
Analysts:
Viral Jain — Analyst
Varun Mishra — Analyst
Saumil Shah — Analyst
Navya Rajput — Analyst
Rajiv Jain — Analyst
Rishi Gupta — Analyst
Pratik Shah — Analyst
Presentation:
operator
Ladies and gentlemen, you had been connected to Zuari Industries Limited. Conference call call will begin shortly. Please stay connected. Ladies and gentlemen, you had been connected to Zuari Industries Limited. Conference call call will begin shortly. Please stay. Ladies and gentlemen, good day and welcome to the Suwari Industries Limited Q3FY26 earnings conference call. As a reminder, all participants will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on attached in phone.
Please note that this conference has been recorded. I would now hand the conference over to Ms. Darshani Desai from Mud Musd in time. Thank you. And over to you, ma’. Am.
Darshni Desai — Investor Relations, MUFG Intime
Thank you. Good afternoon everyone. And I extend a very warm welcome to all participants on Q3FY26 earnings conference call of Zuwari Industries Limited. Today. On this call we have Mr. Athar Sahab, Managing Director, Mr. Nishant Dalal, Chief Financial Officer and Company Secretary, Mr. Yadwinder Gohed. Before we begin this call, I would like to give a short disclaimer. This call may contain some forward looking statements which are completely based upon our beliefs, opinions and expectations as of today. These statements are not guarantees of our future performance and involve unforeseen risks and uncertainties. With this I hand over the call to Athar Sahab ji.
Over to you, sir. Thank you.
Athar Shahab — Managing Director
Thank you. Darshani and I welcome all the participants to this quarterly call on behalf of Zuhari Industries Limited. I am pleased to be accompanied by Mr. Nishant Dalal, CFO, Mr. Yadwinder Goyal, Company Secretary, Mr. Jatin Jain, our Deputy CFO. And to give you an account of our quarterly performance we commenced our crushing this season which usually starts in the third quarter. The earliest commissioning in the crushing was commenced on 26th of October this year. We also achieved the highest ever day Crush which was 1.1 lakh quintal. We achieved highest ever Q3 Crush which was 67.28 lakh quintal.
In comparison we had achieved 60.79 lakh quintal last year. The biggest highlight of this quarterly performance was that we achieved capacity utilization of more than 100%. It is quite unusual in sugar industry. But I am very happy to report that our factory achieved more than 100% capacity utilization in the third quarter. The sugar sales were a shade lower than the last year at 3.2 lakh. And that was primarily because of the quota that is given by the government. But we made up for it by Sugar Realization which was up by about 6%. Our power generation was also up by 6.7%, ethanol production was up by 4.8% and ethanol sales were up by 17.7%.
So overall I would say we put up a robust performance in the SPE division of the company. As far as our subsidiaries and joint ventures are concerned, our largest subsidiary Zwari Intra World continues to move ahead with its asset light diem model and by now we have achieved a gross development value of 3,100 crore. We have also made a recent entry into Bangalore. As you are aware we are pursuing Diem projects in Hyderabad and in Kolkata. Our flagship project which is St. Traji’s Dubai project is now nearing completion. The Target was about 98% but we have done 93.4%.
We are now expecting to complete the project in all respects by the end of this financial year and commence the handovers by April of 26. Simon India, which is our engineering and construction company commissioned the fifth evaporator project for PPL in this quarter and the value contract value for this project was 55.5 crore. It has now got orders of about 100 crore that it is executing for various clients. As I mentioned in my previous calls, the company is seeking to build deep technical capability and as part of that it is empanelling domain experts. It is collaborating with global technology licensors as well as research institutions who have proprietary process technology.
It is also embedding artificial intelligence in all aspects of its operations. Zwari NBN Bioenergy Private Limited which is our ethanol JV with NBN of Europe commissioned its plant on 1st of January 2026 and we have locked in about 20,000 kiloliter of contracts which will take us through October and then hopefully we will have the next round of OMC tenders which will give us the revenues in the coming financial year. We continue to maintain our strategic investments across our portfolio and as you are aware we hold a sizable stake in Chamber Fertilizers, Zuwari Agrochemicals, little bit in Paradis Phosphates, significant stake in Texmaco Rail and Engineering and Texmaco infrastructure and holdings.
The value of our listed strategic investments as on 31st December 25th was 4600 crore and which was a shade lower than the previous quarter because of the market movement. We continue to work on our deleveraging exercise excluding working capital. The gross external debt of the company and its subsidiaries was 1848 crore which was a shade lower than 1863 crore for the previous quarter. The inflows from Dubai project and an associate company are expected in the first quarter of the next financial year which should help us repay major portion of the external debt. We are also working on other plans to deliver the balance sheet.
Looking ahead, I think the SAP increase that happened earlier this year has largely contributed to the increase in sugar prices. And we expect the sugar prices to remain stable. And it is allowing us to offset the increase in cost that took place. Ethanol prices have remained stagnant which has negatively impacted the profitability. And we have kept on saying this again that it is a high time that the government should reconsider and provide an increase in the ethanol procurement prices which is very important for everyone. The overall macroeconomic situation in ethanol market remains a concern. As some of you may have noted, there seems to be a significant overcapacity in the ethanol industry.
And I think a resolution must be found out to deal with it. On the real estate front, we are working on securing more diem mandates in southern states and Kolkata. We are also looking at, as I mentioned earlier, acquisition opportunities in the sugar sector. And last but not the least, we continue to digitalize and implement digital solutions across all our business verticals. So with this background I now invite our CFO Nishant Dalal to please present the financial results of the company. Over to you, Nishant.
Nishant Dalal — Chief Financial Officer
Thank you sir. And good afternoon everyone. I will begin by providing a brief overview of Zuari Industries financial performance. So on a standalone basis the revenue of the company are up by 2% as compared to previous year Q3 and are at 254.7 crore. Similarly for the nine month period the revenues remain similar kind of levels. These are 727.6 crore. Marginally up by 1% on the EBITDA. We continue to maintain the EBITDA and EBITDA. 4th Q3FY26 is 36.3 crore versus 37.7 crore in the previous year. For the nine month period it is 125.7 crore as compared to 114.8 crore in the previous year.
We continue to optimize our borrowing costs and they are coming down quarter on quarter as well as yearly. So for the quarter there is a reduction of 3.5 crore as compared to the previous year Q3. And for the nine month period the finance costs are down by 9.8 crore. The PBT before exceptional items is 4.5 crore for the Q3 FY26 as compared to 2.6 crore in the previous year Q3 and for the nine month period it is 24 crore as compared to 4.2 crore in the previous year. The exceptional items for this quarter includes an impact of 2.81 crore on account of the new labor codes.
On a consolidated basis, the revenue of the company 301.5 crore 4Q3 as compared to 274.1 crore in the previous year. And for the nine month period there is a jump to 855.6 crore as compared to 793.3 crore in the previous year. Similarly, the PBT before exceptional Item for the Q3 is a loss of 18.6 crore as compared to 23.7 crore for Q3 of previous year. And for the nine months period the PBT before exceptional item stands at 154.9 crore as compared to 53.2 crore in the previous nine month period. And few updates on these subsidiaries and important subsidies and joint ventures.
So for Zuhri Infraworld Ltd. The income has increased to 36.4 crore as compared to 34.9 crore in the Q3 of last year. Similarly, Simon India which is the PC arm of the group, their income has increased to 24.3 crore as compared to 6.2 crore in the previous year Q3 period. On the joint ventures, our oil tanking joint venture has seen a significant increase in the income to 7.4 crore as compared to 5.5 crore for the quarter. And it’s primarily driven by the renegotiated rates for the tolling facility with the OMCs. A snapshot of the performance of the subsidiaries and joint venture is already in the investor presentation.
And the detailed financials are also there. I hope you got a chance to go through it. I now request the moderator to open the floor for discussion. Darshani.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star on the touchdown telephone. If you wish to remove yourself from question queue, you may press star. And two participants are requested to use answers while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Viral Jain from SMG Finance. Please go ahead.
Viral Jain
Yeah. Hi. Am I audible?
operator
Yes sir.
Athar Shahab
Yeah.
Viral Jain
Yeah. So thank you for the opportunity. Just two quick question from my side. The first one was in Cane crushing business segment. So as we see. As we saw that this segment has delivered the highest ever. Highest ever number in the Q3 at 67.3. At 67.3 billion versus 60.8 last year. So just wanted to understand that. Can you help us to give a more clear picture with regards to the operational efficiency and agroeconomic factor that have enabled this performance? And how can we, and how sustainable is this trajectory given on the nine month basis? As we saw there was a decline in the volume.
Athar Shahab
See as I mentioned to you, we have been working very hard on the gain development and kin procurement side. In parallel, we have also been working on improving our operational efficiency. Historically, plants like these will operate at 90%, 95% availability. But thanks to the continuous improvement that we have done, we have been able to operate it at more than 100%. In fact, we breached the 1 lakh wintal crushing on several occasions in this quarter and now we are consistently running it at more than 10%. I think the main issue then becomes the uninterrupted supply of cane.
What you see in the nine month figure is that in the previous year we had run the mill in the month of April itself and about 12 days I think 17 April, 17 days, 70 days. So because of that the nine month figure for the previous year is higher. And this year the mill had closed by 31st March I think. So that’s why the numbers are lower. There was a general shortage of sugarcane in Uttar Pradesh which had affected everybody and we were also affected. But we are hoping that we should better that performance. Been quite good so far.
The Q3 has been quite good. In fact currently also we are doing quite well as we speak. Today we have set another record. In fact, yesterday’s performance of the mill is 1,11,000 Quintel crushing which is again a record 11% over capacity. But we are very hopeful that we will better our performance and we will continue to double our effort in cane streamlining of cane logistics and cane development.
Nishant Dalal
Adding on to that, if we talk about the general agronomics of this area. So if our mill is actually located in a very strategic position where the availability of raw material is not a critical concern for us. So during this season it all depends on how quickly or how more we can crush. For us, we have been able to improve our cane payment cycle a lot over last three to four years as a result of which our availability and confidence of farmers in supplying the cane to the company is going up every year. So this increased, you can say, crushing of the company.
We are pretty confident that we’ll be able to sustain it and it will make, you can see improvement on yearly basis.
Viral Jain
Got it, sir. That was really insightful. My next question was with regards to the ethanol segment. So the ethanol segment has saw a sales growth of 17.7% year on year in Q3, supported by 4.8% increase in the production. So what can we expect or the utilization level are we targeting for FY27 and can you help us to give us a more clear picture on the ethanol blending program? Program influen enhancing the demand stability.
Nishant Dalal
So if we talk on our ethanol production, so we can say with great confidence that we have improved our ethanol utilization. And last year you can say last sugar season we achieved the highest ever cane crushing days of 300 plus days. This year also if we are looking at you can say sugar season of 20526 or maybe let’s say for FY27. So we are operating our plant in a manner that we have sufficient our captive molasses availability to operate the plant for at least 300 plus days. Plus we also at times scout for opportunistic purchase of molasses availability during off season from the open market.
And if the economic setting we procure the molasses from outside also to improve, you can save operating days for ethanol. Also if we talk about, you can say ethanol blending program of the government. So given that There is almost 16.7% increase in FR in SAP of sugar cane prices this year, industry in particular was expecting that the government is going to increase the prices of ethanol, which has not happened so far. Although multiple representations have been made to the ministry today. If we look at if 20% ethanol blending is concerned is kept as the benchmark, then the general feeling is that there is sufficient capacities which are available in India so as to meet the 20% requirement of blending.
The going forward scenario is that if we increase these 20% blending then only you can see incremental capacity additions are expected. And then the growth in ethanol sector probably in terms of quantity is expected. Mostly if we talk about given that the price of sugarcane has increased. So the critical parameter is that in order to ensure the viability of even the existing sugar blending program, the prices of ethanol have to be remunerative so that the cost factors are, you can say, duly captured. And it had been happening so until 2022 23, government had been consistently increasing the prices of ethanol whenever there was an increase in the sugarcane prices.
Now you can say probably it is expected and probably you can say it will take some time to for that analysis or decision making to sink in so that the prices of ethanol are kept at a remunerative prices. It had been a. The lending program had been a great success for the government of India and it has really saved huge, you can say forex outflows for the country. And we expect that some decision on a, you can say sustainable basis to attain the sustainability of the business model, some decision should happen on that regard.
Athar Shahab
Just to add to what Nishant has said, as far as we are concerned, it is our stated objective to run our distillery to the maximum number of days in a year. If we take, let’s say 30 days for maintenance, annual maintenance of the distillery, it is our aspiration that we should raise it at run the distillery for 330 days in a year. So that’s why he said twice that we plan to run it at 300 plus days. Now do we have enough molasses from the crushing that we do? The answer is no. So we have to supplement it by buying molasses externally which we have done successfully during the last couple of years and this year also we have done.
So we are very confident that we should meet our distillery operation days target and therefore the production should be quite good. The concern that he raised was that the government has not increased the prices is a valid industry wide concern. But we still are profitable. I think whatever prices there, you know, we still are profitable. I see no concern there. The other concern is that the government has put a stop at 20% or paused the blending at 20% currently. And we are all hoping that this blending percentage should be increased. Because that’s important not only for us but for everybody else who has set up this clarity capacity.
Viral Jain
Thank you sir for answering all my questions patiently. That was really helpful. Thank you. And all the best for the future.
Athar Shahab
Thank you.
operator
Thank you. The next question is from the line of Varun Meshra from Bawa Investments. Please go ahead.
Varun Mishra
Thank you for the opportunity. A couple of questions from mine. So the average realization improved the 5% bio buy in Q3. How do we see the pricing trends evolving in the near term? Especially with the government policies on exports and ethanol diversion like impacting the supply demand dynamics.
Nishant Dalal
So Varun, if we look at you can see these demand supply dynamics. I believe Indian sugar industry is very much well placed. We don’t see a sugar glut in India which is going to have any negative impact on sugar prices. I think is my estimates say that the sugar production is estimated at some 34.4 lakh million tons and diversion is 3.4 million ton. That leaves 31 million ton plus there is an expected export of 1.5 million ton. So that will leave around somewhere around 29 million tonnes of you can say sugar availability in India and consumption being around 28, 29 million ton.
So India should close the closing stock should be at similar level to the last years. And if we look at latest trend, you can say probably few trends which are emerging since last month. Probably the 34.4 million ton of production is not going to be achieved. There may be a shortfall of 1 and 1.5 million tons of sugar. So more or less you can say the closing stock somewhere being around 5 to 6 million ton in India for this sugar season. So there is, you can say no glut and last one month performance of prices.
If you look at so as more clarity is emerging on the production side of the sugar. So there is a farming of the prices also of sugar which is visible since last one one and a half months. So we believe that the improved realizations which we are seeing, they are supposed to sustain and more or less they should be able, we should be able to offset the increase in the cane prices which has happened in for this season and maintain our margin levels.
Varun Mishra
All right, sir. And the second question is like on the power production we see that the power production has increased by 6.7% y o y like in quarter three, but it has declined 11.5% in nine months. Similarly with can crush it has improved in Q3 but there’s a decline in the nine month. So what could be the reasons? If you could elaborate. Were there any operational challenges behind this decline? Like such as the cane availability or any grid demand? Like what could be like could you throw some light on that?
Nishant Dalal
We got varun. So I think we answered this earlier because last year if we look at nine month period, so we had an opening crushing of 17 days 17-4-2024. The nine months of FY25 were having operations but those 17 days were not available to in FY25 26. So it’s because of that primarily you are nine months numbers look a little skewed. However, if we compare on quarterly basis you can see that both power generation power as well as sugar cane crushing everything is up and that should be able to you can say make up for the trend for this year.
Varun Mishra
And sir, any guidance in terms of like where can we see ourselves ending in Q4?
Nishant Dalal
So operationally if we look at, given that 67 lakh crushing is already there in Q3 and 90 days, even if we operate 91 days, if we operate our sugar mill properly and use 100% capacity. So another 90 million tons of 90 lakh 20s of crushing should be available with us.
Varun Mishra
All right, great. That gives some good visibility. So great. Thanks a lot sir. All the best.
Nishant Dalal
Thank you.
operator
Thank you. The next question is from the line of Soman Shah from Paris Investments. Please go ahead.
Saumil Shah
Yeah. Hi sir. Good evening. So my question is on the Dubai project. So how much total value we can realize from that and how much of that we can expect by next quarter.
Nishant Dalal
So our Dubai project, if we look at I think we are, we have already stated that Dubai project the completion is expected by 31 March and the formal handover to the buyers is expected to start from April month onward. So if we are talking about Q4 specific, I believe until the project completion happens we don’t foresee any funds coming from Dubai. They should from you can secure Q1 of next year. And we should rely I think earlier. So in few of the calls we indicated we expect somewhere around 800 to 900 crore of inflows which should come from Dubai project.
Saumil Shah
Yeah. So by Q1 my question was how much we can expect from that?
Nishant Dalal
800 to 900 for Q1 and Q2 altogether. We can give you that visibility today. Exactly. Four through one will not be able to state right now.
Saumil Shah
Okay. Okay. And so in our real estate division we are currently having four projects ongoing. But when we see our numbers, I mean even if we get 8 to 10% DM fees we are not seeing some meaningful revenues and profits from those. So I mean by when we can see some meaningful revenue from these projects.
Nishant Dalal
See Soumil, our plan for taking the DM business to is to take it to multiple fold. Our target itself has been we had set ourselves an internal target to do diem projects for at least 10,000 crore in the current financial year itself. And when you see that those, if we achieve those targets. So Even considering the 10% of diem fee which you just stated, it becomes a meaningful size. And today, if we talk about today you can say that development or business development is going very actively on the diem project side. As you can see we have just now signed up a term sheet in the one of the biggest real market real estate market of India in Bangalore also.
And as we become more and more prominent, you can say that development of business development on GDV side will take a lot of impact. So I think we are very positive and we keep it as a key growth area for our business. And maybe it will take, it may take some time, maybe few quarters. But diem is going to be a very big component of our overall growth strategy.
Saumil Shah
Okay. Because if we see our subsidiaries and our this quarter on quarter performance most of our subsidiaries are making losses. So if you see Sugar power ethanol real estate, engineering, furniture. So I mean if you could give us Some roadmap for FY27. How shall we look at this?
Nishant Dalal
Because we don’t know which Sugar power ethanol losses you are looking at. SP remains you can say very it’s a core business soldier industries and it gives that almost 8 to 10% EBITDA margins for us. And when you look at the subsidiaries part also. So my smaller subsidiaries are all always profitable. If you look at the snapshot of the subsidies performance there you may see, you may see that Zwari Finsori Insurance Broking which are smaller in business even Simon India.
Athar Shahab
Simon India. Simon India probably has a small loss.
Nishant Dalal
It’s a small loss but it’s a EPC company. They are yet to book the revenue and which will get reflected in their income. So almost otherwise it’s you can say more of a. Operationally the even the subsidiaries are performance is pretty well. It’s more at the group level which is a debt overhang on us which will take some time and then the picture will be completely different.
Saumil Shah
So I was starting on the consolidated basis only seeing the presentation post interest and all in our results only we can see the most of them are in losses. Maybe that’s because of the interest cost and everything.
Nishant Dalal
I think so.
Saumil Shah
Okay. Okay. And so a few days back I we saw one, I mean Zuari Agros one notification that they are entering into mining or something. So can you please throw some light as a promoter.
Athar Shahab
See they have. They have just started to explore something in mining. But right now it is all very initial exploratory and nothing from as of now.
Saumil Shah
Okay. Okay. So my final question is on the land side. So I mean are we going to monetize any land I mean on the Goa part and how much we still hold in Zwari indices And.
Athar Shahab
Nishant will answer that question about the.
Nishant Dalal
We hold almost 260 acres in Zwari industries and probably similar kind of acres in the agro also.
Athar Shahab
So we have. We are facing some regulatory challenges in Goa and there has been a new law that has been passed which is restricting the land change in land use etc. So we are examining various options, you know, various legal options etc and. And therefore we are not factoring it into our deleveraging plans as of now.
Saumil Shah
Okay. Okay. If I make squeezing one more question sir, please. Yeah. On the other group company text, mechanical, infra. We are going to Launch it in Q1 of Next Financial year. Some big real estate project. So are we on track to do that?
Athar Shahab
I think this question is best answered by text macro infra. I think wherever questions pertain to other listed entities it is best to ask them. But since you raised this question, my sense is that their project is on track and it should be launched in the first quarter of the next financial year.
Saumil Shah
Okay. Okay. That’s it. From my side. Thank you and all the best.
Athar Shahab
Thank you.
Nishant Dalal
Thank you.
operator
Thank you. The next question is from the line of Navya Rajput from HRJ Capital. Please go ahead.
Navya Rajput
Hello. Am I audible?
operator
Yes, ma’. Am.
Navya Rajput
Yeah. Thank you for the opportunity, sir. So I wanted to ask that Zuwari Indian Bioenergy commissioned its plant in January 2026, right? So how soon will this asset contribute meaningfully to consolidated revenues and margins? And also what optic agreement are in place.
Nishant Dalal
So if we talk about zbpl. So their plant got. You can say commissioned from the first January 2026. We had. We did the complete construction trial runs etc by 31st of December. So it will start generating the revenues from the current quarter. If we talk at the meaningful contribution to the consolidation then let me highlight it. This is a joint venture of the the company 5050 joint venture. So even the when it consolidation happens it will be a single line item consolidation and it will come through you can say their share of profit or loss through joint venture.
That way only it will come in our financials on the offtake. If we talk about then we have very recently I think after 31st of December we have done a contract for supply of 2 crore liters of ethanol to institutional buyers. And that is probably take care of almost 50% of our capacity. More and more when the fresh tenders from the OMCs come in the current current quarter or maybe next quarter. So we’ll try to bid there and get. You can say further allocations.
Navya Rajput
Okay. Okay. So got it. And so Simon, India completed orders worth Rs. 55.5 crores with 98.7 crores under execution. Could you elaborate more on the pipeline visibility for FY27 and the sectors driving this demand?
Athar Shahab
I think right now we are just giving you the projects that are in hand which they are executing. As I mentioned earlier in previous calls, we are just taking baby steps to reestablish our construction business. We have started work in Paradif Phosphates in PPL Goa which used to be the agro plant earlier and in the Mangalore plant of mcfl, which is also now merged into paradeep. So all these places, we are now working with their management in trying to look at their CAPEX plans and how we could assist them. We are doing a variety of things.
We are doing feasibility studies, we are doing initial engineering work, then we are doing detailed engineering work. And wherever possible, we are doing EPC work. The idea is to develop very deep expertise in those areas where the group is already present, which is the fertilizer segment, where we make ammonia, we make urea, we make dap, we make all kinds of npk. And as part of the DAP plant, we make phosphoric acid, we make sulfuric acid. So you can say that, Simon, India is in that phase where it is really building those deep capabilities on the one hand.
And on the other hand, it is also seeing how it can do its work not in the traditional manner, which used to be very labor intensive, but by extensive use of artificial intelligence. So I think we will continue to take up projects, but the real value will come over a period of time when we have fully absorbed A the deep domain knowledge and B the AI part into our operations.
Navya Rajput
Okay. Okay. So got it. Thank you so much for answering all my questions and best of luck for future. Thank you.
Athar Shahab
Thank you.
operator
Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Rajiv Jain from Arkin Investments. Please go ahead.
Rajiv Jain
Hello. Am I audible?
operator
Yes, sir.
Athar Shahab
Yes, please.
Rajiv Jain
Yeah. Thank you for giving the opportunity. Firstly, you highlighted plans to secure robust DM mandates across Bangalore, Calcutta and Hyderabad. So could you elaborate on the scale of these projects and their expected contribution to consolidated revenues for maybe over next two, three years?
Athar Shahab
Typically, these projects are between 750 to 2000 crores. This is a range at which opportunities are coming to us. And the typical DM fee for these projects could be between 6 to 7% roughly. And as Nishant said, we have stated objective of getting about 10,000 crore worth of gross development value worth of projects. We have reached a milestone of about 3,000 crore. And let’s see what we can do by the end of this year. But I think every quarter you will keep getting these updates. One discipline that we want to follow is to keep updating the investors and market participants about the progress that we are making.
And hopefully we will see some progress. I think next quarter when we meet, we may have some better news to share with you. And one question that must be at the back of the mind of any participants is that why is the company pursuing diem mandates and why is it not buying land? And why it’s not doing jda, which is the more traditional way of doing business. And this question I’ve answered last year in one of the calls. And I repeat that our first focus is on completing our Dubai project. Repatriating the funds. We have already invested a lot of money into real estate.
And that money has to be recouped and brought back in the interim. One good way of growing the business and expanding our footprint is a diem model. It’s not easy. It’s very tough and challenging. You have to find a certain profile of partners who would be willing to cooperate and collaborate with you. Those who see value in associating with the Zuhri brand. So our company is looking at such kind of people who can collaborate with us. And we have seen some good results. The company has been able to secure mandates in Hyderabad, Kolkata and now recently in Bangalore.
So you can make some estimates and some. But I think the picture will keep getting clearer every quarter and maybe in some later calls. Nishant, we should invite the CEO of Zuari Intrawald also to participate and provide first hand information. Because he has been driving this development.
Rajiv Jain
Sure. Understood. Sir. Thank you for elaborately answering to my question. My second question is. So excluding working capital, external debt stood at around about 1848 crores. So versus in Q2, it was 1863 crores. So could you maybe elaborate on the deleveraging roadmap including the timelines for repayment and expected inflows from Dubai and associated companies. If you could throw.
Athar Shahab
I think. I think Nishant has already elaborated. Nishant has mentioned. Did you mention the number? Yes, yes.
Nishant Dalal
800 to 900 crore.
Athar Shahab
So the number is between 800 to 900 crore from Dubai. And there is a. An expected inflow from Zwari Agrochemicals of a 273 crore. So you add that up and that’s a pretty substantial reduction in debt. That will happen throughout the next financial year. And sooner the better is our endeavor. But that will happen throughout the next financial year.
Rajiv Jain
Understood, sir. Thank you. That’s. That’s all from my side. Thank you for the opportunity and all the best for the future quarters.
Athar Shahab
Thank you.
operator
Thank you. The next question is from the line of Rishi Gupta from Goldstone Capital. Please go ahead. So we can’t hear you. Can you speak little louder please? Hello. So we can’t hear you.
Rishi Gupta
Okay.
operator
I’m sorry to interrupt. So your Voice is not audible to us.
Rishi Gupta
Okay.
operator
Hello, Mistress. Hello.
Rishi Gupta
Hello.
operator
So your voice is not audible. I just request you to speak little louder please.
Rishi Gupta
Hello. Are you able to hear me?
operator
Yeah, now it’s better. You can go ahead. Sir.
Rishi Gupta
Yeah. I wanted to congratulate both the people on the outstanding members foundation that provided. And what about the IPO of Johnny Infra World, how it will be because it will help in working at the ends. And I read about. Johnny Agro has converted around 46% lines in Goa. We read about it. So could you throw some light on this like 900 crore. You will be 900 crore from Dubai budget will be able to leverage in the next year. And what about how it will be that if we go for IPO for J Infra World?
Athar Shahab
The first question about the IPO of Zuwari Infravor. I just want to place on record that there is no such proportion on the table. We are not contemplating any IPO of Zuwari Infraworld. We have already laid out a roadmap for repatriating the funds from our Dubai project. And there is one question that you asked about Zuari Agro. I think we are not aware of what you asked. Maybe you should write directly to the company and get the clarifications.
Rishi Gupta
Okay. So the sugar business reporting growth of 20% next year.
Athar Shahab
Sorry, we are not making any statements about the growth of the business and what percentage of growth that we will. We have. We are not making such forward looking statements on on this call. Our endeavor right now is to provide you a detailed account of our quarterly performance. Allow you an opportunity to compare our performance performance with the previous quarter as well as the same quarter in the previous year. We have given you numbers and data for 9 monthly performance and there are some plans in the offering and particularly in relation to deleveraging which has been a very important point for investors on which we have provided updates.
Beyond this, we are not giving any statements on what could be the future growth in the top line or bottom line of the company. And I think we would encourage that you stay connected with us. You follow the updates about the company, the disclosures that we make from time to time as well as attend our quarterly calls which will give you a decent insight about how we are tracking.
operator
Thank you. The next question is from the line of Patek Shah from Investing Alpha. Please go ahead.
Pratik Shah
Hello. Yeah, hi sir. I hope I’m audible.
Athar Shahab
Yes, please.
Pratik Shah
Yeah. Agrochemicals saw 21% of increase in value. So what synergies are being leveraged across the fertilizer business? And how does this strengthen your position in the agri input sector?
Athar Shahab
See, I think this question is best posed to Zuari Agrochemicals. I don’t think it is appropriate that we answer these questions. We are. Zuari Agro is an associate company, right? We do not manage Zuari Agrochemicals. We have an investment and that’s it. And I think you should ask this question to Zuari Agrochemicals.
Pratik Shah
No problem, sir. I got it. So. Okay, that’s it. That’s from my side. Thank you.
operator
Thank you. As that was the last question for the day, I would hand the conference over to management for closing comments. Over to you, sir.
Nishant Dalal
So thank you everyone for joining this call. We appreciate your participation. If you have any questions, please feel free to reach out to us and our investor relations advisor, Mefgair. Thank you everyone.
operator
Thank you. On behalf of Suwari Industries limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.