Mawana Sugars Limited (MAWANASUG)

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Mawana Sugars Limited (MAWANASUG) · mywealthgrid

About

Mawana Sugars operates in the sugar industry within Consumer Staples, processing sugarcane into sugar products. With a ₹485 Cr market cap and quarterly revenues of ₹365–428 Cr, it is a mid-sized player in India's agricultural food products space. The business exhibits pronounced seasonal profitability, with peak-quarter net profit of ₹62.98 Cr (Mar 2026) offset by losses in weaker periods.

Face value: ₹10

Market cap

₹543 Cr

P/E

19.7×

P/B

1.0×

Dividend yield

2.9%

ROE

7.3%

ROCE

14.9%

Debt / equity

0.8

OPM

6.7%

EPS (TTM)

₹7.0

Book value

₹134.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme quarterly profit volatility: ₹62.98 Cr profit (Mar 2026) reversed to ₹-23.21 Cr loss (Jun 2026) in six months; OPM swings from 23.57% to -4.02%—verify root cause and exposure sensitivity

Seasonal losses (Sep 2025: -₹16.13 Cr, -2.36% OPM) combined with D/E leverage of 0.8 create debt-serviceability and cash-flow stress

Sugar market exposure: verify sugarcane availability and pricing trends, domestic sugar pricing dynamics, and government export or subsidy policies—all evident as margin drivers

Profitability concentrated in specific quarters (Mar: ₹62.98 Cr; other quarters typically break-even or loss) creates sustainability risk for dividends and earnings forecasting

Generated analysis · source review pending

Growth drivers

Peak profitability achievable (Mar 2026: ₹62.98 Cr net profit, 23.57% OPM); stabilizing or extending margins to weak quarters would drive substantial EPS expansion

Revenue base stable at ₹365–428 Cr quarterly; margin recovery alone (without volume growth) would increase absolute profit and EPS

Management paid dividend despite Jun 2026 loss of -₹23.21 Cr, signaling confidence in recovery—verify credibility and timeline of turnaround plan

Low ROE of 7.3% despite peak-quarter profitability suggests room for efficiency gains; improving returns on deployed capital would enhance EPS

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹139.5-3.9%1Y

Quick read

rule-based

Pros

+Dividend yield of 2.9%
+Dividend payout of 56.8% of profit
+High promoter holding of 63.5% with no pledge

Cons

−Thin operating margin of 6.7%
−Profit declined 12.7% a year over the last 5 years
−Modest revenue growth of 1.4% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 25
Growth: 46
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,396	1,469	1,478	1,482	1,355	1,446	1,571
COGS	976	1,192	1,193	1,208	1,067	1,125	1,247
Gross profit	420	277	285	274	289	322	324
	349	181	179	197	198	200	220
	72	96	106	77	91	122	105
OPM %	5.1%	6.6%	7.2%	5.2%	6.7%	8.4%	6.7%
Depreciation	66	48	40	36	35	34	31
Interest	25	35	26	28	30	30	22
	9	92	-3	2	27	70	-2
Profit before tax	-10	105	38	15	53	129	50
Tax	73	32	12	2	15	20	13
Tax %	714.4%	30.6%	31%	13.8%	29%	15.4%	25.5%
	-83	73	26	13	38	109	37
PAT margin %	-5.9%	5%	1.8%	0.9%	2.8%	7.6%	2.4%
EPS (₹)	-21.2	18.7	6.7	3.4	9.6	28	9.5
EPS adjusted (₹)	—	18.7	6.7	3.4	9.6	28	9.5
	—	16%	44.8%	89.3%	41.5%	14.3%	42.2%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	39	39	39	39	39	39
Reserves	331	345	345	371	453	486
	246	416	382	568	418	420
	765	251	267	201	186	178
Total equity & liabilities	1,380	1,051	1,033	1,179	1,096	1,123
	231	211	196	203	197	187
CWIP	13	3	16	1	0	1
Investments	10	4	3	3	0	0
	1,128	833	818	972	898	935
Total assets	1,380	1,051	1,033	1,179	1,096	1,123

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Sugar	1,638.72	45.25	888.94	147.14	741.8	6.1
Power	252.89	41.36

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.1%	18.9%	19.3%	18.5%	21.3%	22.2%	20.7%
EBITDA margin %	5.1%	6.6%	7.2%	5.2%	6.7%	8.4%	6.7%
EBIT margin %	0.4%	3.3%	4.5%	2.8%	4.1%	6.1%	4.7%
PAT margin %	-5.9%	5%	1.8%	0.9%	2.8%	7.6%	2.4%
Working capital
Receivable days	—	10	10	8	11	8	12
Inventory days	—	246	214	208	300	266	235
Payable days	—	201	57	61	52	44	34
NWC days	—	55	167	155	259	231	214
Leverage
Current ratio	—	1.17	1.3	1.22	1.26	1.5	1.56
Debt to EBITDA	—	2.55	3.92	4.96	6.26	3.43	4
Debt to equity	—	0.67	1.08	0.99	1.38	0.85	0.8
Interest coverage	0.6	1.5	2.7	1.6	2.8	3.3	3.5
Asset turnover	—	1.06	1.41	1.43	1.15	1.32	1.4
Return ratios
Return on assets %	—	5.3%	2.5%	1.3%	3.2%	10%	3.3%
Return on capital employed %	—	11.3%	15.7%	10.6%	20.2%	21.2%	14.9%
Return on equity %	—	19.8%	6.8%	3.4%	9.2%	22.2%	7.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%
	0.92%	0.35%	0.44%	0.59%	0.88%	0.43%	0.43%	0.96%	0.58%	0.43%	0.55%	0.44%
	0.31%	0.31%	0.31%	0.31%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.06%	0.06%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.28%	35.85%	35.76%	35.61%	35.55%	36%	36%	35.47%	35.85%	36%	35.9%	36.01%
No. of shareholders	—	—	—	—	—	—	—	—	56,113	55,800	55,118	53,965

Promoter holding up 0 percentage points since Sep 2023.

41 deals · 26 Oct 2021 – 30 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,99,816	₹133.77	₹2.67 Cr
30 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,99,816	₹133.67	₹2.67 Cr
29 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,11,751	₹127.60	₹2.70 Cr
29 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,11,751	₹127.80	₹2.71 Cr
19 Jun 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	2,51,499	₹129.16	₹3.25 Cr
19 Jun 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,47,109	₹129.33	₹3.20 Cr
19 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,04,763	₹129.52	₹2.65 Cr
19 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,04,763	₹129.74	₹2.66 Cr
13 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,67,015	₹118.11	₹3.15 Cr
13 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,67,015	₹118.38	₹3.16 Cr

1–10 of 41

1 / 5

Mr. Krishna ShriramNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Satish AgrawalNon-Executive - Independent Director
Mr. Mukesh ChauhanNon-Executive - Non Independent Director
Mr. Arun Kumar KaulNon-Executive - Independent Director
Ms. Anuradha DuttNon-Executive - Independent Director
Mr. Rakesh Kumar GangwarExecutive Director-MD
Mr. VikashChief Financial Officer
Ashok Kumar ShuklaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Mawana Sugars Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

7

Dividend dividend25 Jun 2026 · ex-date₹4
Final dividend20 Jun 2025 · ex-date₹1
Interim dividend22 Nov 2024 · ex-date₹3
Final dividend28 Jun 2024 · ex-date₹4
Dividend dividend7 Jul 2023 · ex-date₹3
Dividend dividend21 Sept 2022 · ex-date₹3
Dividend dividend16 Sept 2021 · ex-date₹3

1

Board meeting to consider results8 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

28 Sept 2026, 1:44 pmCompany Update

Clarification - Volume Movement Letter

General

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.1%	18.9%	19.3%	18.5%	21.3%	22.2%	20.7%
EBITDA margin %	5.1%	6.6%	7.2%	5.2%	6.7%	8.4%	6.7%
EBIT margin %	0.4%	3.3%	4.5%	2.8%	4.1%	6.1%	4.7%
PAT margin %	-5.9%	5%	1.8%	0.9%	2.8%	7.6%	2.4%
Working capital
Receivable days	—	10	10	8	11	8	12
Inventory days	—	246	214	208	300	266	235
Payable days	—	201	57	61	52	44	34
NWC days	—	55	167	155	259	231	214
Leverage
Current ratio	—	1.17	1.3	1.22	1.26	1.5	1.56
Debt to EBITDA	—	2.55	3.92	4.96	6.26	3.43	4
Debt to equity	—	0.67	1.08	0.99	1.38	0.85	0.8
Interest coverage	0.6	1.5	2.7	1.6	2.8	3.3	3.5
Asset turnover	—	1.06	1.41	1.43	1.15	1.32	1.4
Return ratios
Return on assets %	—	5.3%	2.5%	1.3%	3.2%	10%	3.3%
Return on capital employed %	—	11.3%	15.7%	10.6%	20.2%	21.2%	14.9%
Return on equity %	—	19.8%	6.8%	3.4%	9.2%	22.2%	7.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Balrampur Chini Mills LimitedBALRAMCHINBALRAMCHIN	₹13,714 Cr	₹16,884 Cr	₹6,366 Cr	₹721 Cr	11.8%	₹371 Cr	6%	12%	9.5%	236
Triveni Engineering & Industries LimitedTRIVENITRIVENI	₹5,055 Cr	₹7,202 Cr	₹7,617 Cr	₹547 Cr	7.2%	₹281 Cr	3.5%	12.5%	8.3%	229
Bajaj Hindusthan Sugar LimitedBAJAJHINDBAJAJHIND	₹4,556 Cr	₹8,101 Cr	₹5,332 Cr	₹273 Cr	6.7%	₹116 Cr	2.3%	2%	3.2%	-58
Shree Renuka Sugars LimitedRENUKARENUKA	₹4,542 Cr	₹11,693 Cr	₹9,365 Cr	₹29 Cr	0.2%	₹-780 Cr	-8.6%	-10.6%	—	17
Bannari Amman Sugars LimitedBANARISUGBANARISUG	₹4,126 Cr	₹4,134 Cr	₹1,671 Cr	₹156 Cr	10.3%	₹122 Cr	7.7%	9%	8%	137
Dalmia Bharat Sugar And Industries LimitedDALMIASUGDALMIASUG	₹3,209 Cr	₹5,000 Cr	₹3,378 Cr	₹421 Cr	11.8%	₹240 Cr	6.5%	10.1%	7.7%	230
Avadh Sugar & Energy LimitedAVADHSUGARAVADHSUGAR	₹1,529 Cr	₹2,935 Cr	₹2,756 Cr	₹229 Cr	8.2%	₹66 Cr	2.1%	10.7%	5.2%	225
Dhampur Sugar Mills LimitedDHAMPURSUGDHAMPURSUG	₹1,100 Cr	₹1,979 Cr	₹2,853 Cr	₹182 Cr	6.2%	₹70 Cr	2.3%	9.3%	5.5%	183
Uttam Sugar Mills LimitedUTTAMSUGARUTTAMSUGAR	₹1,052 Cr	₹1,774 Cr	₹2,179 Cr	₹205 Cr	10.4%	₹87 Cr	4.6%	18.1%	12%	180
Zuari Industries LimitedZUARIINDZUARIIND	₹840 Cr	₹3,438 Cr	₹1,099 Cr	₹60 Cr	6.8%	₹109 Cr	10.1%	2.5%	2.5%	356
Dhampur Bio Organics LimitedDBOLDBOL	₹803 Cr	₹1,857 Cr	₹3,268 Cr	₹138 Cr	4.2%	₹84 Cr	0.8%	7.9%	2.5%	213
Dwarikesh Sugar Industries LimitedDWARKESHDWARKESH	₹778 Cr	₹1,111 Cr	₹1,355 Cr	₹57 Cr	6.2%	₹15 Cr	2.2%	5.9%	3.8%	235

Date	Category	Subject	Filing
28 Sept 2026, 1:44 pm	Company Update General	Clarification - Volume Movement Letter	PDF
28 Sept 2026, 12:17 pm	Company Update Clarification	Clarification sought from Mawana Sugars Ltd	—
18 Sept 2026, 2:51 pm	AGM/EGM Postal Ballot	Mawana Sugars Ltd - 523371 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
4 Sept 2026, 5:37 pm	Company Update General	Disclosure/Intimation Under Regulation 30 Of SEBI (LODR) Regulations 2015 - Notice U/S 65 (6) Of The Central Goods And Services Tax Act, 2017 (CGST Act, 2017)	PDF
3 Sept 2026, 8:56 pm	Company Update General	Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Approval Of Scheme Of Amalgamation By The Hon'Ble National Company Law Tribunal	PDF
3 Sept 2026, 5:02 pm	Company Update General	Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Pronouncement Of Order By Hon''ble National Company Law Tribunal	PDF
25 Aug 2026, 1:10 pm	Company Update General	Clarification On Price Movement	PDF
24 Aug 2026, 6:38 pm	Company Update Clarification	Clarification sought from Mawana Sugars Ltd	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	160	-151	108	-164	114	73
	131	-13	-39	5	89	-31
	-245	107	-76	143	-206	-25
Net cash flow	46	-57	-6	-16	-4	17
Free cash flow	135	-162	73	-195	92	41
CFO / Operating profit %	165.5%	-142.2%	140.8%	-181.4%	93.2%	70%

Mawana Sugars Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

7

1

Announcements

7

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Chemical · revenue

Mawana Sugars Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends7

Board meetings1

Announcements

Dividends7

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Chemical · revenue

7

1

7

1