Mawana Sugars Limited (MAWANASUG)
₹169.05 -2.04% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mawana Sugars' revenue was ₹416 Cr (+3.8% year on year, +11.1% on the previous quarter), and net profit ₹-23.1 Cr (a bigger loss than a year earlier); the operating margin was -4.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹416 | +3.8% | +11.1% |
| Operating profit | ₹-16.6 | loss widened | to loss |
| Net profit | ₹-23.1 | loss widened | to loss |
| EPS (₹) | -5.90 | loss widened | to loss |
| Operating margin | -4.0% | — | — |
MAWANASUG bulk deals
NSE end-of-day data for
1 bulk or block deal was reported in MAWANASUG in the last 60 days: ₹11 Cr bought, none sold.
Delivery in the last 5 sessions: 33.0% · 32.2% · 25.8% · 22.0% · 42.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 12 Oct | Buy | Mugi Constructions Private Limited | ₹10.94 Cr | ₹167.73 | 652,122 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Mawana Sugars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Mas Services Limited confirms that all security certificates received for dematerialization between July 1, 2026, and September 30, 2026, were processed, confirmed, or rejected within 15 days of receipt. The cancelled physical certificates were properly mutilated, and depository records were updated accordingly. This represents an ordinary administrative compliance filing.
- Compliance certificate filed for the quarter ended September 30, 2026
- Covers dematerialization requests received during the period from July 1, 2026, to September 30, 2026
- RTA Mas Services Limited confirmed processing within the prescribed 15-day limit
- Certificate issued by RTA on October 6, 2026, and submitted to exchanges on October 7, 2026
Mawana Sugars announced that the Office of Commissioner, Central Goods & Services Tax (Appeals) Meerut has set aside a tax demand against its unit, Mawana Sugar Works. The appellate authority nullified an alleged wrongful Input Tax Credit (ITC) demand of ₹4,82,792 along with an equal penalty of ₹4,82,792 plus applicable interest. The total relief is under ₹0.10 crore, making it financially immaterial compared to the company's TTM revenue of ₹1,586 crore and FY26 PAT of ₹37.26 crore.
- CGST (Appeals) Meerut set aside an Input Tax Credit demand of ₹4,82,792
- Penalty of ₹4,82,792 under Section 74(1) of CGST Act read with IGST Act was dismissed
- Proceedings stem from an initial demand notice received on December 18, 2025
- Total disputed amount of ~₹9.66 lakh plus interest represents <0.01% of annual revenue
Mawana Sugars Limited announced the results of its postal ballot completed on September 17, 2026. Shareholders approved two special resolutions with an overwhelming 99.99% majority of votes cast. The resolutions approve the re-appointment of Independent Director Satish Agrawal for a second 5-year term from November 2026 to November 2031, and the remuneration of Managing Director Rakesh Kumar Gangwar for one year through August 2027. Total votes polled represented 64.44% of the company's 3.91 crore outstanding shares.
- Resolution approving MD Rakesh Kumar Gangwar's remuneration for 1 year passed with 99.99% assent (2,52,02,361 votes)
- Re-appointment of Independent Director Satish Agrawal for a 5-year term approved with 99.99% votes in favour
- Total voter turnout was 64.44% across 2,52,05,258 shares out of 3,91,16,864 total equity shares
- Promoter group voted 100% (2,48,34,784 shares) in favour of both resolutions
Mawana Sugars has received a GST audit demand notice under Section 65(6) of the CGST Act from the Joint Commissioner (Tax Audit) State Tax, Meerut, for its Nanglamal unit. The total demand amounts to ₹12,94,107 for FY 2022-23, which includes a tax liability of ₹10,14,716, interest of ₹386, and other charges of ₹2,79,005. The company intends to contest the order by filing an appeal within the stipulated timeline. Relative to TTM revenues of ₹1,586 Cr, the financial exposure is completely immaterial.
- GST audit demand of ₹12,94,107 received on September 3, 2026, for the Nanglamal unit
- Demand pertains to FY 2022-23 and includes ₹10,14,716 tax, ₹386 interest, and ₹2,79,005 other charges
- Authority: Office of the Joint Commissioner (Tax Audit) State Tax, Meerut, Uttar Pradesh
- Company confirmed it will file an appeal against the notice within the stipulated timeline
The National Company Law Tribunal (NCLT), New Delhi Bench, has sanctioned the Scheme of Amalgamation between Mawana Foods Private Limited (Transferor) and Mawana Sugars Limited (Transferee). The amalgamation integrates the trading business under the 'Mawana' brand with the primary manufacturing operations. The order sets the appointed date as April 1, 2026, and Mawana Foods will stand dissolved without winding up. This internal restructuring aims to simplify the corporate structure, eliminate administrative duplication, and consolidate marketing synergies.
- NCLT Delhi Bench sanctioned the Scheme of Amalgamation under Sections 230-232 of the Companies Act on September 3, 2026
- Appointed date for the scheme fixed as 01.04.2026 by the NCLT Adjudicating Authority
- Transferor Mawana Foods has an authorized capital of Rs 25.00 Cr and paid-up capital of Rs 20.04 Cr
- Transferee Mawana Sugars has an authorized capital of Rs 175.00 Cr and paid-up capital of Rs 39.12 Cr
- Certified copy of the order to be filed with the Registrar of Companies within 30 days
The Hon'ble National Company Law Tribunal (NCLT), Delhi Bench, has pronounced an order on September 3, 2026, sanctioning the Scheme of Amalgamation between Mawana Foods Private Limited (Transferor) and Mawana Sugars Limited (Transferee). This follows the company's earlier intimation dated March 20, 2026, under Sections 230 to 232 of the Companies Act, 2013. The certified copy of the NCLT order is pending upload on the tribunal's website, after which it will be filed with the stock exchanges.
- NCLT Delhi Bench pronounced the sanction order on September 3, 2026
- Scheme of Amalgamation merges Mawana Foods Private Limited into Mawana Sugars Limited
- Filing follows prior corporate intimation dated March 20, 2026
- Sanctioned under Sections 230 to 232 and applicable provisions of Companies Act, 2013
Mawana Sugars Limited has responded to a price surveillance query from the National Stock Exchange (NSE letter dated August 24, 2026). The company clarified that it has no undisclosed material information, impending announcements, or pending pronouncements that could affect share price behaviour. Management noted that recent price movements are purely market-driven and aligned with broader sugar sector trends. The stock has delivered an 87.5% return over the past 6 months amidst a ₹575 Cr market capitalization.
- NSE surveillance query dated August 24, 2026, requested clarification on recent price movement
- Company replied on August 25, 2026, confirming no undisclosed price-sensitive information exists
- Management stated share price movements are purely market-driven in line with sugar sector peers
- Company has seen sharp stock run-up with 3-month return of 48.5% and 6-month return of 87.5%
Mawana Sugars Limited has issued a Postal Ballot Notice seeking shareholder approval for two special resolutions. The first resolution pertains to the re-appointment of Mr. Satish Agrawal as a Non-Executive Independent Director for a second 5-year term from November 3, 2026, to November 2, 2031. The second seeks approval for the remuneration of Managing Director Mr. Rakesh Kumar Gangwar, comprising an annual CTC of ₹2.63 Cr plus ₹10.00 Lacs variable pay for the period August 13, 2026, to August 12, 2027. E-voting is scheduled from August 19, 2026, to September 17, 2026.
- Proposed total remuneration of ₹2,63,02,385 fixed CTC plus ₹10,00,000 variable pay for MD Mr. Rakesh Kumar Gangwar for 1 year.
- Re-appointment of Mr. Satish Agrawal as Non-Executive Independent Director for a 5-year term from Nov 3, 2026 to Nov 2, 2031.
- Remote e-voting window opens on August 19, 2026, and concludes on September 17, 2026.
- Cut-off date for determining voting eligibility is August 14, 2026, with results due by September 19, 2026.
Mawana Sugars Limited held a board meeting on August 8, 2026, to approve its Q1 FY27 financial results and key management changes. The board approved the re-appointment of Mr. Satish Agrawal as an Independent Director for a second five-year term starting November 3, 2026. Additionally, the remuneration for Managing Director Mr. Rakesh Kumar Gangwar was revised for a one-year period effective August 13, 2026. The company also confirmed that the NCLT has reserved its order regarding the proposed amalgamation of Mawana Foods Private Limited.
- Re-appointment of Mr. Satish Agrawal as Independent Director for a 5-year term (2026-2031)
- Revision of remuneration for MD Mr. Rakesh Kumar Gangwar for 1 year effective August 13, 2026
- Final dividend of 40% (Rs 4.00 per share) for FY26 was declared and paid following the July 3, 2026 AGM
- MD Rakesh Kumar Gangwar brings 34 years of experience in sugar and distillery operations
- NCLT New Delhi Bench has reserved its final order regarding the amalgamation of Mawana Foods Private Limited
Mawana Sugars approved its unaudited financial results for the quarter ended June 30, 2026, alongside key management updates. The company confirmed the payment of a Rs 4.00 per share dividend (40% of face value) for FY26, totaling Rs 15.65 crore. The Board also approved a one-year revision to Managing Director Rakesh Kumar Gangwar's remuneration and the five-year re-appointment of Independent Director Satish Agrawal. A major pending structural event is the amalgamation with Mawana Foods Private Limited, for which the NCLT has reserved its final order.
- Final dividend of Rs 4.00 per share (40%) for FY26, totaling Rs 15.65 crore, has been paid.
- Managing Director Rakesh Kumar Gangwar's remuneration revised for a 1-year period effective August 13, 2026.
- Independent Director Satish Agrawal re-appointed for a second 5-year term starting November 3, 2026.
- NCLT New Delhi Bench has reserved its order regarding the proposed amalgamation with Mawana Foods Private Limited.
- Q1 FY27 results prepared without merger effects, pending the final statutory filing of the NCLT order.
ICRA has reaffirmed Mawana Sugars Limited's credit rating at [ICRA] BBB+ (Stable) for its long-term and [ICRA] A2 for its short-term fund-based facilities. The total rated amount is Rs 500 crore, which is significant as it represents approximately 110% of the company's current market capitalization of Rs 453 crore. This reaffirmation indicates a stable credit outlook and continued access to necessary working capital for its integrated sugar and ethanol operations. The company's current debt-to-equity ratio stands at 0.80, which is in line with its strategic targets.
- Credit rating reaffirmed at [ICRA] BBB+ (Stable) and [ICRA] A2
- Total bank facilities rated at Rs 500 Crore
- Rated amount represents ~110% of the current market capitalization of Rs 453 Crore
- Facilities are specifically tied to Uttar Pradesh Cooperative Bank Limited
- Rating surveillance is due within one year from the date of this communication
Mawana Sugars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. The company's Registrar and Transfer Agent (RTA), Mas Services Limited, confirmed that all security certificates received for dematerialization were processed within the mandatory 15-day period. The process involved the verification, mutilation, and cancellation of physical certificates, with the depository's name updated in the records as the registered owner. This is a standard procedural filing with no impact on business operations or financial performance.
- Compliance certificate covers the quarter from April 1, 2026, to June 30, 2026
- Dematerialization requests were confirmed or rejected within the 15-day regulatory limit
- Physical security certificates were mutilated and cancelled immediately after verification
- Registrar and Transfer Agent (RTA) for the process is Mas Services Limited
Shareholders of Mawana Sugars Limited have approved a dividend of ₹4 per equity share for FY25-26 during the 62nd Annual General Meeting held on July 4, 2026. All four resolutions, including the adoption of FY26 financial statements and the re-appointment of Director Mukesh Chauhan, were passed with a 99.99% majority. The dividend of ₹4 represents a significant payout relative to the TTM EPS of ₹9.49. A total of 193 shareholders attended the meeting via video conferencing, with the promoter group voting 100% in favor of all agendas.
- Dividend of ₹4 per equity share (face value ₹10) approved for the financial year 2025-26
- All resolutions passed with 99.99% of valid votes cast in favor
- Promoter group (63.49% holding) cast 2,48,34,784 votes in favor of all resolutions
- 193 shareholders participated in the meeting held via video conferencing
- Ratification of remuneration for Cost Auditors for the upcoming financial year 2026-27 was completed
Mawana Sugars Limited concluded its 62nd Annual General Meeting on July 4, 2026, where shareholders approved a dividend of Rs 4 per equity share for FY26. This dividend represents a payout of approximately 42.1% against the TTM EPS of Rs 9.49. The meeting also covered the adoption of audited financial statements for FY26 and the re-appointment of Mr. Mukesh Chauhan as a director. Voting results are expected to be finalized within two working days.
- Dividend of Rs 4 per equity share (Face Value Rs 10) declared for the financial year 2025-26
- Total of 193 members attended the meeting through video conferencing
- Remote e-voting was conducted between July 1, 2026, and July 3, 2026
- 13 shareholders participated as speakers during the proceedings
- Auditors' Report for FY26 was presented without any qualifications or adverse remarks
Mawana Sugars Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 financial results for the period ending June 30, 2026. The window will remain closed until 48 hours after the standalone and consolidated unaudited results are declared. The specific date for the Board Meeting to approve these results will be communicated at a later date.
- Trading window closure commences on July 1, 2026.
- Closure is related to the unaudited financial results for the quarter ending June 30, 2026.
- Restriction applies to all Designated Persons and their immediate relatives.
- Window will reopen 48 hours after the official dissemination of financial results.
- Board meeting date for result approval is yet to be announced.
Financial Performance
Revenue Growth by Segment
Total revenue grew by 7% YoY to INR 1,445.09 Cr in FY25 from INR 1,355.09 Cr in FY24, driven by healthy sugar realizations and incremental sales in bagasse and distillery segments.
Geographic Revenue Split
Not disclosed in available documents; however, operations are primarily centered in Uttar Pradesh, India, with units like Mawana Sugar Works.
Profitability Margins
Operating margins improved significantly to 8.73% in FY25 from 6.69% in FY24. Net profitability was bolstered by a 57.5% increase in Profit Before Tax, rising from INR 57.98 Cr to INR 91.34 Cr.
EBITDA Margin
PBILDT margins showed improvement in FY25 due to better sales realizations and efficiency measures; CARE ratings indicate a negative sensitivity if margins fall below 5% on a sustained basis.
Capital Expenditure
Historical capital work in progress stood at INR 0.32 Cr as of March 31, 2025, down from INR 0.55 Cr in FY24. The company invested in intangible assets worth INR 5.98 Cr during FY25.
Credit Rating & Borrowing
Ratings were upgraded in July 2025 to [ICRA]BBB+ (Stable)/[ICRA]A2 and CARE BBB+ (Stable) from BBB (Stable). Interest expenses remained stable at INR 29.51 Cr (FY25) vs INR 29.60 Cr (FY24) despite enhanced facilities of INR 350 Cr.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material, representing the largest cost component; its pricing is governed by State Advised Price (SAP) and Fair and Remunerative Price (FRP).
Import Sources
Sourced locally from farmers in the catchment areas of its sugar mills in Uttar Pradesh, India.
Key Suppliers
Primarily local sugarcane farmers and agricultural cooperatives in the Uttar Pradesh region.
Capacity Expansion
Current bank facilities are rated for INR 350 Cr; specific MTPA capacity for sugar or KLPD for distillery is not explicitly detailed, though the model is fully integrated with cogeneration and distillery.
Raw Material Costs
Sugarcane costs are highly sensitive to government-mandated price hikes; a disproportionate increase in SAP/FRP directly impacts the 8.73% operating margin.
Manufacturing Efficiency
Efficiency measures taken in FY25 contributed to the 204 bps improvement in operating margins; integrated operations allow for better utilization of by-products like bagasse and molasses.
Logistics & Distribution
Not specifically disclosed, but distribution is impacted by government-regulated domestic sales quotas and export restrictions.
Strategic Growth
Expected Growth Rate
14-15%
Growth Strategy
Growth is targeted through the expansion of scale above INR 1,650 Cr (as per rating sensitivity), debt reduction using proceeds from the sale of two subsidiaries, and improving distillery efficiency to capitalize on the government's ethanol blending program.
Products & Services
Refined sugar, ethanol (distillery), power (cogeneration), and bagasse.
Brand Portfolio
Mawana Sugars.
New Products/Services
Increased focus on ethanol production for oil marketing companies (OMCs) to support the national 20% blending target.
Market Expansion
Focus on optimizing the integrated model in Uttar Pradesh; future growth linked to maintaining ROCE above 15% and reducing gearing below 0.80x.
Market Share & Ranking
Not disclosed, but identified as a player with a long track record and experienced promoters in the North Indian sugar belt.
External Factors
Industry Trends
The industry is shifting from pure sugar production to an 'Energy-Sugar' complex focusing on ethanol and power to mitigate the 3-5 year sugar cycle; MSL is positioned as an integrated player.
Competitive Landscape
Competes with other large integrated sugar mills in Uttar Pradesh; competition is based on cane procurement territory and manufacturing recovery efficiencies.
Competitive Moat
Moat is derived from the integrated business model (Sugar-Cogen-Distillery) and long-standing relationships with farmers, which are sustainable but vulnerable to regulatory shifts.
Macro Economic Sensitivity
Highly sensitive to inflation in agricultural inputs and rural income levels which affect sugarcane supply and sugar demand.
Consumer Behavior
Increasing industrial demand for ethanol and steady domestic consumption of sugar; shift toward branded sugar in retail segments.
Geopolitical Risks
Global sugar price volatility and international trade policies affect the viability of exports and domestic pricing via the MSP mechanism.
Regulatory & Governance
Industry Regulations
Highly regulated by the Essential Commodities Act, including monthly sugar release quotas, MSP for sugar, and government-fixed prices for sugarcane (SAP/FRP).
Environmental Compliance
Subject to stringent pollution control norms for distillery and sugar units; non-compliance risks include operational shutdowns.
Taxation Policy Impact
Effective tax rate impacted by deferred tax assets of INR 0.84 Cr (FY25) vs INR 13.50 Cr (FY24); subject to standard corporate tax laws and GST on sugar/ethanol.
Legal Contingencies
Received a demand notice of INR 1.57 Cr (INR 1,56,57,180) for House tax and Water Tax from Nagar Palika Parishad, Mawana, for the period 2018-19 to 2024-25.
Risk Analysis
Key Uncertainties
Government policy changes regarding ethanol pricing or sugar export bans could impact revenue by over 10%; agro-climatic risks remain a primary uncertainty for raw material supply.
Geographic Concentration Risk
High concentration in Uttar Pradesh; any state-specific policy change or localized crop failure significantly impacts the entire business.
Third Party Dependencies
High dependency on thousands of individual sugarcane farmers; any labor or farmer unrest can disrupt the crushing season.
Technology Obsolescence Risk
Low risk in core sugar processing, but requires ongoing investment in distillery technology to meet evolving ethanol specifications.
Credit & Counterparty Risk
Receivables from OMCs for ethanol are generally secure; sugar receivables are spread across a fragmented distributor base with trade receivables at INR 35.38 Cr in FY25.
