Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹543 Cr.
Stock P/E
14.6
P/B
1.1
Current Price
₹138.8
Book Value
₹ 128.2
Face Value
10
52W High
₹163.8
52W Low
₹ 75
Dividend Yield
2.88%

Mawana Sugars Overview

Business

Mawana Sugars Ltd. is an India-based company primarily engaged in the manufacturing and sale of sugar. Its core business model revolves around procuring sugarcane from farmers, crushing it to produce refined sugar, and selling it in the domestic market to both institutional and retail customers. The company has diversified its operations into two key value-added segments: a distillery division that produces ethanol (for fuel blending) and extra neutral alcohol (ENA), and a co-generation division that produces power from bagasse (a byproduct of sugar manufacturing) for captive consumption and sale to the state grid. This diversification helps stabilize revenues and improve profitability beyond the cyclical nature of sugar.

Revenue Mix

Mawana Sugars operates primarily through three main segments:

Sugar: This is the largest segment, involving the production and sale of various grades of sugar.

Distillery: This segment produces ethanol (primarily for the government's Ethanol Blending Program) and Extra Neutral Alcohol (ENA), utilizing molasses (a byproduct of sugar production). This segment is a significant contributor to profits due to stable demand and government incentives.

Co-generation: This segment involves the generation of electricity using bagasse as fuel. The power generated is used for captive consumption in the sugar and distillery units, with surplus power sold to the state electricity grid.

While specific revenue contribution percentages can fluctuate annually based on sugar prices and ethanol off-take, the sugar segment typically accounts for the majority of top-line revenue, with the distillery segment being a crucial and growing contributor to profitability.

Industry

The Indian sugar industry is highly regulated, cyclical, and fragmented, with numerous players, particularly in key sugar-producing states like Uttar Pradesh and Maharashtra. It is influenced by monsoon patterns, government policies on cane pricing, minimum selling price of sugar, and export/import quotas. Mawana Sugars operates primarily in Uttar Pradesh, a major sugar-producing state. While not among the largest national players, it holds a regional presence and benefits from integrated operations (sugar, distillery, co-gen) which is a common trend among established sugar companies. The shift towards ethanol production provides a significant stability factor for the industry.

MOAT

Mawana Sugars' competitive advantages are primarily derived from:

Integrated Operations: The ability to convert byproducts (molasses to ethanol/ENA, bagasse to power) adds value, reduces waste, and diversifies revenue streams, making it less dependent solely on sugar prices.

Established Local Presence: Long-standing relationships with sugarcane farmers in its operating areas (Uttar Pradesh) ensure a relatively stable supply of raw material.

Operational Efficiency: Continuous investment in modernizing plant and machinery, along with optimized processes, can lead to better recovery rates and lower production costs compared to less efficient peers.

Entry Barriers: The sugar industry requires significant capital investment in plants and infrastructure, as well as complex regulatory approvals, posing a barrier for new entrants.

Growth Drivers

Ethanol Blending Program (EBP): The Indian government's aggressive targets for ethanol blending with petrol (E20 by 2025) provides a strong and stable demand for ethanol, encouraging sugar companies like Mawana to expand distillery capacities.

Increasing Sugar Consumption: Steady population growth and rising disposable incomes in India drive consistent demand for sugar, although per capita growth might be moderate.

Value-Added Products: Continued focus on increasing production of higher-margin products like ethanol, ENA, and special sugars can drive growth.

Government Support: Favorable government policies regarding ethanol procurement prices, interest subvention schemes for distillery expansion, and stable Minimum Selling Price (MSP) for sugar can support growth.

Risks

Regulatory Risks: High government intervention in cane pricing, sugar MSP, export/import policies, and ethanol pricing can significantly impact profitability. Any adverse changes could be detrimental.

Agricultural & Weather Dependence: Sugarcane yield and quality are highly dependent on monsoon patterns and weather conditions, leading to volatility in raw material availability and cost.

Price Volatility: Sugar prices are inherently cyclical and volatile, influenced by domestic and global supply-demand dynamics, leading to earnings fluctuations.

Environmental Regulations: Stricter environmental norms, particularly for distillery operations, could necessitate further capital expenditure for compliance.

Debt Levels: While not specified here, general industry practice sometimes involves significant debt for capacity expansion, which could become a risk during downturns.

Management & Ownership

Mawana Sugars Ltd. is promoted by the Shriram Group (specifically the Siddharth Shriram family). The management team typically comprises professionals with experience in the sugar industry, often with long tenures. The promoter group maintains a significant ownership stake, indicating alignment of interests with the company's long-term success.

Outlook

Mawana Sugars operates in a sector undergoing a structural shift driven by the ethanol blending mandate. This provides a relatively stable and growing revenue stream for the company's distillery segment, potentially reducing the extreme cyclicality historically associated with sugar. The company's integrated operations offer a degree of resilience. However, the core sugar business remains susceptible to volatile agricultural output, government policies, and market prices. While expansion into higher-margin ethanol production presents a positive long-term trajectory, the business will continue to navigate the inherent risks of a highly regulated, commodity-driven industry in India.

Mawana Sugars Share Price

Live · BSE / NSE · Inception: 1961
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Mawana Sugars Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 322 387 383 334 343 401 429 367 374 416
Other Income 0 1 0 3 5 1 0 1 2 1
Total Income 323 387 383 337 348 401 429 368 376 416
Total Expenditure 241 372 393 305 254 401 439 339 287 432
Operating Profit 82 15 -10 32 94 0 -10 29 89 -16
Interest 10 13 8 1 7 11 4 1 6 8
Depreciation 10 8 8 9 9 7 7 8 8 7
Exceptional Income / Expenses 0 0 0 61 0 0 0 -15 9 0
Profit Before Tax 63 -6 -27 83 78 -18 -22 5 84 -31
Provision for Tax 16 -1 -6 11 17 -5 -5 2 21 -8
Profit After Tax 47 -5 -20 72 62 -14 -16 4 63 -23
Adjustments 0 -0 0 0 0 0 0 0 0 0
Profit After Adjustments 47 -5 -20 73 62 -14 -16 4 63 -23
Adjusted Earnings Per Share 12 -1.2 -5.2 18.5 15.8 -3.5 -4.1 1 16.1 -5.9

Mawana Sugars Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1485 1191 1344 1205 1172 1469 1478 1482 1355 1446 1571 1586
Other Income 10 9 12 11 8 3 4 3 28 9 4 4
Total Income 1495 1200 1356 1217 1180 1472 1482 1485 1383 1456 1575 1589
Total Expenditure 1379 1024 1301 1090 1118 1372 1373 1404 1264 1324 1466 1497
Operating Profit 116 175 55 126 62 100 109 80 118 131 109 92
Interest 77 51 38 24 27 35 26 28 30 30 22 19
Depreciation 38 30 24 33 56 48 40 36 35 34 31 30
Exceptional Income / Expenses 0 349 15 0 0 111 -7 -1 0 61 -6 -6
Profit Before Tax 1 443 7 69 -23 127 38 15 53 129 50 36
Provision for Tax 0 84 -2 28 70 32 12 2 15 20 13 10
Profit After Tax 1 359 10 41 -92 95 26 13 38 109 37 28
Adjustments 0 -0 -0 -0 9 -22 0 0 0 0 0 0
Profit After Adjustments 1 359 10 40 -83 73 26 13 38 109 37 28
Adjusted Earnings Per Share 0.2 91.8 2.5 10.3 -21.2 18.7 6.7 3.4 9.6 28 9.5 7.1

Mawana Sugars Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -387 331 341 381 296 370 384 384 410 492 525
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 246 141 97 176 194 75 41 7 0 0 0
Other Non-Current Liabilities 78 -131 -136 -111 -49 -29 -20 -18 -4 10 12
Total Current Liabilities 1116 683 656 821 960 921 615 631 758 593 584
Total Liabilities 1053 1025 958 1267 1403 1337 1021 1004 1165 1095 1121
Fixed Assets 441 321 313 296 298 232 212 197 204 198 188
Other Non-Current Assets 29 19 30 74 36 29 11 30 6 7 14
Total Current Assets 583 685 614 897 1069 1076 797 772 955 890 913
Total Assets 1053 1025 958 1267 1403 1337 1021 1004 1165 1095 1121

Mawana Sugars Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 23 23 36 55 32 47 90 32 26 10 9
Cash Flow from Operating Activities 38 49 63 -100 -139 160 -151 108 -164 114 73
Cash Flow from Investing Activities -4 122 83 -17 -42 131 -13 -39 5 89 -31
Cash Flow from Financing Activities -30 -157 -127 94 195 -245 107 -76 143 -206 -25
Net Cash Inflow / Outflow 4 13 19 -23 14 46 -57 -6 -16 -4 17
Closing Cash & Cash Equivalent 27 36 55 32 47 90 32 26 10 9 27

Mawana Sugars Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 0.2 91.78 2.49 10.31 -21.19 18.73 6.68 3.36 9.62 27.97 9.48
CEPS(Rs) 9.9 99.57 8.61 18.91 -9.35 36.46 16.83 12.47 18.66 36.55 17.41
DPS(Rs) 0 0 0 0 0 0 3 3 4 4 4
Book NAV/Share(Rs) -98.84 84.61 87.12 97.4 75.74 94.51 98.23 98.24 104.87 125.75 134.12
Core EBITDA Margin(%) 6.68 13.09 3.18 9.55 4.58 6.59 7.1 5.22 6.69 8.44 6.67
EBIT Margin(%) 4.92 38.91 3.39 7.71 0.38 11.07 4.31 2.91 6.11 10.99 4.58
Pre Tax Margin(%) 0.05 34.92 0.55 5.71 -1.93 8.67 2.56 1.03 3.91 8.94 3.17
PAT Margin (%) 0.05 28.27 0.73 3.37 -7.86 6.47 1.77 0.89 2.78 7.56 2.36
Cash Profit Margin (%) 2.45 30.66 2.5 6.14 -3.12 9.71 4.45 3.29 5.39 9.88 4.34
ROA(%) 0.08 34.56 0.98 3.65 -6.9 6.94 2.22 1.3 3.47 9.68 3.35
ROE(%) 0 0 2.91 11.25 -27.21 28.55 6.94 3.42 9.48 24.26 7.3
ROCE(%) 73.16 147.49 8.63 16.85 0.63 22.77 8.8 5.51 9.49 16.84 7.76
Receivable days 14.32 16.35 12.54 13.39 13.4 10.87 9.58 8.79 9.66 9.19 10.11
Inventory Days 87.3 131.26 127.71 191 256.36 206.03 185.78 170.93 210.86 214.36 188.79
Payable days 258.81 294.97 185.94 330.73 251.77 194.33 131.03 59.58 61.75 47.22 37.24
PER(x) 125.31 0.91 18.37 4.43 0 1.93 19.92 27.07 8.77 3.08 9.94
Price/Book(x) -0.26 0.99 0.53 0.47 0.3 0.38 1.36 0.92 0.81 0.69 0.7
Dividend Yield(%) 0 0 0 0 0 0 2.25 3.3 4.74 4.64 4.24
EV/Net Sales(x) 0.36 0.43 0.19 0.31 0.44 0.22 0.6 0.47 0.64 0.51 0.48
EV/Core EBITDA(x) 4.63 2.9 4.59 2.93 8.32 3.19 8.2 8.69 7.38 5.58 6.9
Net Sales Growth(%) 6 -19.8 12.9 -10.32 -2.81 4.42 0.63 0.24 -8.55 6.74 8.6
EBIT Growth(%) 174.24 537.02 -90.76 103.61 -95.25 888.51 -60.86 -32.25 91.84 92.07 -54.73
PAT Growth(%) 100.44 0 -97.28 316.13 -326.88 216.86 -72.49 -49.79 186.75 190.62 -66.1
EPS Growth(%) 100.44 0 -97.28 313.76 -305.48 188.38 -64.31 -49.79 186.75 190.62 -66.1
Debt/Equity(x) -1.25 0.74 0.42 0.63 1.64 0.75 1.08 0.99 1.38 0.85 0.8
Current Ratio(x) 0.52 1 0.94 1.09 1.11 1.17 1.3 1.22 1.26 1.5 1.56
Quick Ratio(x) 0.13 0.31 0.22 0.13 0.22 0.29 0.16 0.13 0.1 0.12 0.19
Interest Cover(x) 1.01 9.75 1.19 3.85 0.16 4.6 2.47 1.55 2.79 5.38 3.25
Total Debt/Mcap(x) 4.83 0.75 0.8 1.34 5.5 1.95 0.8 1.08 1.72 1.24 1.14

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +9% +2% +1% +1%
Operating Profit CAGR -17% +11% +2% -1%
PAT CAGR -66% +42% -17% +43%
Share Price CAGR +56% +8% +11% +9%
ROE Average +7% +14% +10% +6%
ROCE Average +8% +11% +10% +29%

Mawana Sugars Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 63.49 %
FII 0.44 %
DII (MF + Insurance) 0.06 %
Public (retail) 36 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 63.4963.4963.4963.4963.4963.4963.4963.4963.4963.49
FII 0.440.590.880.430.430.960.580.430.550.44
DII 0.310.310.080.080.080.080.080.080.060.06
Public 35.7535.6135.56363635.4735.863635.936
Others 0000000000
Total 100100100100100100100100100100

Mawana Sugars Peer Comparison

Mawana Sugars Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Mawana Sugars Pros & Cons

Pros

  • Debtor days have improved from 47.22 to 37.24days.

Cons

  • Company has a low return on equity of 14% over the last 3 years.
  • The company has delivered a poor profit growth of -17% over past five years.
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