Mawana Sugars Limited (MAWANASUG) AI Stock Analysis

• Market Cap: ₹3.08B
• Dividend Yield: 4.69%
• Average Volume (3M): 5.41K
• Price to Earnings (P/E): 22.4
• Beta (1Y): 1.15
• Revenue Growth: 6.31%
• EPS Growth: 161.73%
• Country: IN
• Employees: 1,212
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 1.00
• Shares Outstanding: 39,116,863
• 10 Day Avg. Volume: 4,877
• 30 Day Avg. Volume: 5,409
• PEG Ratio: 0.02
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 0.25
• P/FCF Ratio: 3.85
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: ₹88.00 ▲(5.19% Upside)
• Action: Upgraded Date: 12/27/25
• Date: Action: Upgraded 12/27/25

The score is driven primarily by improving financial performance (stronger margins and a free-cash-flow turnaround) and very attractive valuation (low P/E and high dividend yield). Technicals are supportive in the near term but show some extension and longer-term resistance, tempering the overall score.

Positive Factors

Improved margins

Mawana's gross margin rising to 22.7% and net margin to 7.5% in 2025 signals sustained improvement in cost control and pricing power across its sugar and ethanol mix. Higher margins bolster internal cash generation and resilience, supporting reinvestment and weathering cyclical pressure over the next months.

Free cash flow turnaround

A positive free cash flow of 924.9M after prior negative levels indicates the company converted earnings into cash effectively. Durable cash generation improves capacity to fund working capital and capital expenditure, deleverage selectively, and sustain operations through cyclical cane seasons.

Improved leverage & ROE

A lower debt-to-equity ratio and higher equity base alongside ROE rising to 22.3% reflect stronger capital structure and more efficient use of equity. This enhances financial flexibility, lowers some refinancing pressure, and supports sustainable investment or shareholder returns over the coming months.

Negative Factors

Elevated total debt

Although leverage improved, the absolute level of total debt remains material and can constrain flexibility if sugar cycles turn adverse. Ongoing interest and principal commitments could limit capacity for capex or aggressive deleveraging, increasing vulnerability to lower realizations or poor harvests.

Operational and cash volatility

Fluctuations in EBIT margins and historic cash flow swings signal execution and margin variability tied to seasonal recovery rates and processing efficiency. This makes forecasting earnings and free cash flow less predictable, complicating long-term planning and capital allocation decisions.

Cyclicality & policy exposure

Mawana's economics are structurally linked to sugarcane harvest cycles, recovery rates and government pricing/policy for sugar and ethanol. These external, policy-driven and climatic factors can produce material, multi-quarter swings in revenues and margins, raising persistent execution and earnings risk.

Mawana Sugars Limited Business Overview & Revenue Model

Company Description

Mawana Sugars Limited manufactures and markets sugar under the Mawana brand in India and internationally. The company operates through Sugar, Power, and Distillery segments. It produces plantation white, refined, and specialty sugars, as well as IP grade sugar for pharmaceutical use. The company is also involved in the cogeneration of power from bagasse; and engages in the manufacture and sale of anhydrous and hydrous ethanol, including rectified spirit, denatured spirit, fuel ethanol, organic manure, and fusel oil to oil marketing companies. The company was formerly known as Siel Limited and changed its name to Mawana Sugars Limited in January 2008. Mawana Sugars Limited was incorporated in 1961 and is based in Gurugram, India.

How the Company Makes Money

Mawana Sugars makes money primarily by converting sugarcane into saleable products and monetizing multiple outputs from the same production chain. Key revenue streams generally include: (1) Sugar sales: revenue from producing and selling refined/white sugar (and other sugar grades, if produced) to institutional buyers (such as food and beverage manufacturers) and/or traders/wholesalers, with realizations largely influenced by domestic sugar prices and demand. (2) Ethanol sales: revenue from producing ethanol (typically from molasses or other sugarcane-derived feedstocks) and selling it to oil marketing companies for blending with petrol; this stream is influenced by blending mandates, administered/contract prices, and feedstock availability. (3) By-products: revenue from selling molasses, bagasse, and press mud (or products derived from them), which can be sold to distilleries, power/cogeneration users, paper/board or other industrial users, and as agricultural inputs (press mud). Company earnings are also affected by factors such as government policy and regulation around cane pricing and sugar/ethanol markets, cyclicality in sugarcane output, and recovery rates/plant efficiency. Specific long-term partnerships, customer concentration details, and segment-wise revenue splits are null.

Mawana Sugars Limited Financial Statement Overview

Summary

Strong improvement in profitability and margins (gross margin up to 22.7% and net margin up to 7.5% in 2025), plus a meaningful free cash flow turnaround to positive (924.9M). Balance sheet improved with lower debt-to-equity (0.85), but total debt remains a notable risk and operating efficiency has shown some volatility.

Income Statement

Mawana Sugars Limited has demonstrated strong revenue growth with a notable increase in total revenue from 2024 to 2025, rising by 7.4%. The gross profit margin improved significantly, reaching 22.7% in 2025 from 17.5% in 2024, indicating better cost management. Net profit margin also saw a substantial rise to 7.5% in 2025 from 2.8% in 2024, reflecting enhanced profitability. The EBITDA margin remained healthy at 9.0% in 2025. However, fluctuations in EBIT margins indicate some volatility in operational efficiency. Overall, the income statement reflects a positive performance with growing profitability and improved margins.

Balance Sheet

The balance sheet of Mawana Sugars Limited shows a moderate financial position. The debt-to-equity ratio decreased to 0.85 in 2025 from 1.38 in 2024, suggesting improved leverage. The equity ratio increased to 44.9%, indicating a stronger equity base, which enhances financial stability. Return on equity saw a significant improvement, reaching 22.3% in 2025, up from 9.2% in 2024, driven by higher net income. Despite these improvements, the company still maintains a considerable level of total debt, which poses some risk.

Cash Flow

Mawana Sugars Limited showed a robust cash flow performance with a positive turnaround in free cash flow, growing substantially from a negative value in 2024 to 924.9 million in 2025. The operating cash flow to net income ratio improved, indicating better cash generation relative to net income. Additionally, the free cash flow to net income ratio highlights an efficient conversion of profits into cash. These improvements suggest strengthened cash flow operations, although past volatility in cash flow remains a concern.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	15.12B	14.43B	13.55B	14.78B	14.02B	10.95B
Gross Profit	3.17B	3.31B	2.37B	2.19B	1.65B	1.11B
EBITDA	1.77B	1.31B	1.18B	785.90M	2.11B	705.00M
Net Income	1.05B	1.09B	376.50M	131.30M	732.70M	-829.02M
Balance Sheet
Total Assets	5.67B	10.96B	11.79B	10.33B	13.80B	14.74B
Cash, Cash Equivalents and Short-Term Investments	234.20M	231.40M	100.90M	268.30M	898.29M	471.72M
Total Debt	87.60M	4.19B	5.68B	3.83B	2.77B	4.88B
Total Liabilities	1.08B	6.04B	7.68B	6.49B	10.11B	11.77B
Stockholders Equity	4.58B	4.92B	4.10B	3.84B	3.70B	2.96B
Cash Flow
Free Cash Flow	4.21B	924.90M	-1.95B	730.30M	1.35B	-1.82B
Operating Cash Flow	4.40B	1.14B	-1.64B	1.08B	1.60B	-1.39B
Investing Cash Flow	-184.80M	887.90M	46.30M	-386.00M	1.31B	-419.51M
Financing Cash Flow	-4.30B	-2.06B	1.43B	-758.20M	-2.45B	1.95B

Mawana Sugars Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 83.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAWANASUG, the sentiment is Negative. The current price of 83.66 is above the 20-day moving average (MA) of 78.78, above the 50-day MA of 80.57, and below the 200-day MA of 88.84, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 44.54 is Neutral, neither overbought nor oversold. The STOCH value of 17.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MAWANASUG.

Mawana Sugars Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAWANASUG	78 Outperform	₹3.08B	22.43	―	4.69%	6.31%	161.73%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KCPSUGIND	52 Neutral	₹2.63B	10.94	―	0.38%	-13.84%	-149.34%
KOTARISUG	49 Neutral	₹1.97B	4.71	―	―	-39.31%	-110.49%
SAKHTISUG	45 Neutral	₹1.74B	-1.68	―	―	1.70%	-71.32%
VISHWARAJ	45 Neutral	₹1.14B	-5.57	―	2.88%	-3.45%	-858.71%

Mawana Sugars Limited Corporate Events

Mawana Sugars Unit Penalised for Low Alcohol Recovery by UP Excise Authority

Mawana Sugars Limited disclosed that its Nanglamal Sugar Complex distillery unit has received a communication from the Office of the Additional Excise Commissioner (Administration), Uttar Pradesh, alleging that the recovery percentage of alcohol from molasses based on fermentable sugar was below prescribed limits for the 2019–22 period. The authority has imposed a penalty of Rs.45,000 and recovered an additional Rs.45,000 from the unit’s performance security, bringing the total financial impact to Rs.90,000, a modest amount that is unlikely to materially affect the company but highlights regulatory scrutiny on operational efficiency and compliance in its distillery operations.

Mawana Sugars Shareholders Clear Amalgamation With Mawana Foods

Mawana Sugars Limited reported that its equity shareholders, meeting as directed by the National Company Law Tribunal (NCLT), approved a scheme of amalgamation of Mawana Foods Private Limited into Mawana Sugars. The meeting, held via video conferencing with remote and live e-voting, achieved the requisite quorum and passed the resolution with the required majority, with voting results and the scrutinizer’s report to be disclosed on the stock exchanges.

The NCLT-convened meeting took place on February 21, 2026, following prior tribunal and regulatory directives, and was chaired by an NCLT-appointed chairperson with an independent scrutinizer overseeing the voting process. This shareholder approval marks a key step toward combining the transferor food business with the listed sugar company, potentially streamlining group operations and aligning the interests of shareholders and creditors under the Companies Act scheme of amalgamation.

Mawana Sugars’ Unsecured Creditors Approve Amalgamation With Mawana Foods

Mawana Sugars Limited convened a National Company Law Tribunal-directed meeting of its unsecured creditors on February 21, 2026, conducted via video conferencing to consider a proposed scheme of amalgamation. The meeting was duly constituted with quorum, remote e-voting was provided ahead of the session, and on-site e-voting followed the proceedings to capture all eligible votes.

Creditors were asked to approve the merger of Mawana Foods Private Limited into Mawana Sugars Limited under Sections 230–232 of the Companies Act, 2013, reflecting an internal consolidation of the group. The sole resolution seeking creditor approval for the amalgamation was passed with the requisite majority, marking a key step in advancing the scheme that could simplify the group structure and potentially strengthen the company’s financial and operational position.

SEBI Drops Insider Trading Allegations Against Former Mawana Sugars Executives

Mawana Sugars Limited has announced that the Securities and Exchange Board of India’s Adjudication Officer has disposed of show cause notices issued in 2023 to its former chief financial officers, Anil Arora and Bharat Bhushan Mehta, and its company secretary, Ashok Kumar Shukla, without imposing any monetary penalties. SEBI concluded that the alleged violations of insider trading regulations, disclosure norms and related provisions under the SEBI Act were not established against these individuals, effectively closing the matter and removing a potential regulatory overhang for the company and its key past and present executives.