Mawana Sugars Limited (MAWANASUG) AI Stock Analysis

• Market Cap: ₹3.29B
• Dividend Yield: 4.69%
• Average Volume (3M): 5.41K
• Price to Earnings (P/E): 3.1
• Beta (1Y): 1.30
• Revenue Growth: 6.31%
• EPS Growth: 161.73%
• Country: IN
• Employees: 1,212
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): -4.12
• 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: ₹102.00 ▲(21.92% Upside)

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

Revenue Growth

Consistent revenue growth indicates strong demand for Mawana Sugars' products and effective market penetration, supporting long-term business expansion.

Margin Improvement

Improved margins reflect better cost management and pricing power, enhancing profitability and competitive positioning in the sugar industry.

Cash Flow Turnaround

The positive cash flow turnaround strengthens financial flexibility, enabling investment in growth opportunities and reducing reliance on external financing.

Negative Factors

Debt Levels

High debt levels can limit strategic options and increase financial risk, potentially impacting the company's ability to withstand economic downturns.

Operational Efficiency Volatility

Volatility in operational efficiency can lead to unpredictable earnings, affecting investor confidence and the company's ability to sustain long-term growth.

Cash Flow Volatility

Inconsistent cash flow generation can hinder the company's capacity to fund operations and growth initiatives, posing a risk to financial stability.

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 Limited generates revenue primarily through the sale of sugar, which constitutes its main revenue stream. The company benefits from a vertically integrated business model, allowing it to control various stages of production, from sugarcane cultivation to processing and distribution. Additionally, Mawana Sugars earns income from the sale of by-products like molasses and ethanol, which are used in various industries, including food and beverage, pharmaceuticals, and biofuel. The company's partnerships with local farmers for sugarcane supply and collaborations with distributors enhance its operational efficiency and market access. Seasonal demand fluctuations and government policies related to sugar pricing and export can also significantly impact the company's earnings.

Mawana Sugars Limited Financial Statement Overview

Summary

Mawana Sugars Limited has shown strong financial performance with significant revenue and profitability growth, improved leverage ratios, and strengthened cash flows. However, high debt levels and past cash flow volatility pose some risks.

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	Dec 2025	Dec 2024	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.65B	14.43B	13.55B	14.60B	14.78B	14.02B
Gross Profit	3.15B	3.31B	2.37B	2.22B	2.19B	1.65B
EBITDA	1.78B	1.31B	1.18B	1.03B	785.90M	2.11B
Net Income	1.00B	1.09B	376.50M	261.50M	131.30M	732.70M
Balance Sheet
Total Assets	0.00	10.96B	11.79B	10.51B	10.33B	13.80B
Cash, Cash Equivalents and Short-Term Investments	104.90M	231.40M	100.90M	330.20M	268.30M	898.29M
Total Debt	0.00	4.19B	5.68B	4.17B	3.83B	2.77B
Total Liabilities	-4.92B	6.04B	7.68B	6.67B	6.49B	10.11B
Stockholders Equity	4.92B	4.92B	4.10B	3.84B	3.84B	3.70B
Cash Flow
Free Cash Flow	0.00	924.90M	-1.95B	-1.62B	730.30M	1.35B
Operating Cash Flow	0.00	1.14B	-1.64B	-1.51B	1.08B	1.60B
Investing Cash Flow	0.00	887.90M	46.30M	-132.70M	-386.00M	1.31B
Financing Cash Flow	0.00	-2.06B	1.43B	1.07B	-758.20M	-2.45B

Mawana Sugars Limited Technical Analysis

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

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 below the 20-day moving average (MA) of 85.98, below the 50-day MA of 84.77, and below the 200-day MA of 91.18, indicating a bearish trend. The MACD of 0.54 indicates Positive momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 23.28 is Neutral, 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	₹3.29B	3.15	―	4.69%	6.31%	161.73%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SAKHTISUG	56 Neutral	₹2.16B	8.04	―	―	1.70%	-71.32%
KCPSUGIND	52 Neutral	₹2.85B	-7.06	―	0.38%	-13.84%	-149.34%
KOTARISUG	49 Neutral	₹2.22B	-174.58	―	―	-39.31%	-110.49%
VISHWARAJ	45 Neutral	₹1.46B	-5.18	―	2.88%	-3.45%	-858.71%

Mawana Sugars Limited Corporate Events

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.

Mawana Sugars Seeks Reclassification of Shareholding

Mawana Sugars Limited has applied for the reclassification of Siel Infrastructure & Estate Developers Pvt. Ltd.’s shareholding status from ‘Promoter/Promoters Group’ to ‘Public Shareholder.’ This move, submitted to both BSE and NSE, is in accordance with SEBI regulations and could impact the company’s shareholder structure and market perception.

Mawana Sugars Releases Q3 2025 Unaudited Financial Results

Mawana Sugars Limited has announced its unaudited financial results for the quarter ending September 30, 2025. The results were published in the Business Standard newspaper in both Hindi and English editions. This disclosure is part of the company’s compliance with SEBI regulations, reflecting its commitment to transparency and providing stakeholders with timely financial information.