NSE: MAWANASUG · BSE: 523371
MAWANA SUGARS LIMITED
Manufactures sugar from sugarcane and runs two adjacent businesses — co-generation power and distillery (ethanol) — that share the same sugarcane feedstock. Sugar is the largest segment at 77.6% of segment revenue (Rs 1,631.94 crore) in FY26, but its EBIT fell to Rs 44.56 crore from a higher base because of higher input costs. Power contributes 12.0% of segment revenue at Rs 252.89 crore with EBIT of Rs 41.36 crore, making it the most EBIT-dense segment per rupee of sales. Distillery accounts for 10.4% of segment revenue at Rs 218.57 crore with EBIT of Rs 9.69 crore. On a consolidated basis, FY26 revenue from operations was Rs 1,570.94 crore and net profit Rs 37.09 crore, with materials (largely sugarcane) making up 77.7% of revenue. The Board recommended a final dividend of Rs 4 per equity share (face value Rs 10) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (78%), Power (12%), Distillery (10%). Cyclical, commodity-driven integrated sugar manufacturer with co-generation power and distillery.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,478 | 1,482 | 1,355 | 1,446 | 1,571 |
| EBITDA (ex other income) | 100 | 76 | 90 | 183 | 99 |
| margin % | 6.7 | 5.1 | 6.7 | 12.7 | 6.3 |
| Owners' profit | 26 | 13 | 38 | 109 | 37 |
| EPS, as reported (₹) | 6.69 | 3.36 | 9.63 | 27.97 | 9.48 |
| ROE % · ROCE % | 6.8 · 14.6 | 3.4 · 10.7 | 9.2 · 19.7 | 22.2 · 31.6 | 7.1 · 13.4 |
| Debt / equity (x) | 1.08 | 0.99 | 1.38 | 0.85 | 0.80 |
| Cash from operations | (151) | 108 | (164) | 114 | 73 |
| Capex | (11) | (35) | (30) | (21) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 383 | 334 | 343 | 401 | 429 | 367 | 374 | 416 |
| Profit before tax | (27) | 83 | 78 | (18) | (22) | 5 | 84 | (31) |
| Net profit | (20) | 73 | 62 | (14) | (16) | 4 | 63 | (23) |
| EPS (₹) | (5.16) | 18.54 | 15.77 | (3.46) | (4.12) | 1.01 | 16.06 | (5.90) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 1,639 | 77.7 |
| Power | 253 | 12.0 |
| Distillery | 219 | 10.4 |
| Total, before eliminations | 2,110 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 18 Sept 2026 · Postal ballot: Independent Director re-appointed, MD remuneration approved | management changes | medium | — | — |
| 4 Sept 2026 · GST demand of Rs 12.94 lakh on Nanglamal unit for FY 2022-23 | regulatory legal | high | — | — |
| 3 Sept 2026 · NCLT approves amalgamation of Mawana Foods with Mawana Sugars | strategic transactions | high | — | — |
| 3 Sept 2026 · NCLT approves amalgamation of Mawana Foods into Mawana Sugars | strategic transactions | high | — | — |
| 25 Aug 2026 · Mawana Sugars clarifies price movement, cites market-driven trend | regulatory legal | medium | — | — |
| 24 Aug 2026 · BSE seeks clarification on price movement in Mawana Sugars | regulatory legal | high | — | — |
| 19 Aug 2026 · Postal ballot notice published; director reappointment and MD remuneration | compliance | minimal | — | — |
| 18 Aug 2026 · Postal Ballot: Director Re-appointment and MD Remuneration Approval | board shareholder meetings | medium | — | — |
| 10 Aug 2026 · Mawana Sugars publishes Q1 FY27 results in newspaper | compliance | minimal | — | — |
| 8 Aug 2026 · Mawana Sugars Q1 loss widens, board re-appoints Independent Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.