Mawana Sugars financials and balance sheet

NSE: MAWANASUGBSE: 523371Agricultural Food & other ProductsSmall Cap

₹161.22₹7.85 (4.64%)BSE ₹159.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹169.07.

52-week range of traded prices to 23 Oct 2026

₹75.08Low, 16 Mar 2026₹189.50High, 14 Oct 2026

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹631 Cr2,037th largest listed
P/E: 22.9
P/E without one-offs: 19.1
P/B: 1.2
Dividend yield: 2.48%
ROE: 5.4%
ROE without one-offs: 6.5%
ROCE: 6.1%
Debt to equity: 0.80
Volume, NSE: 99,688

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mawana Sugars annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹1,469 Cr, differs from its quarters added, ₹1,576 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,571
Materials and goods−1,247
Employee costs−96
Other expenses−124
Operating profit105
Depreciation−31
Other income+3.7
One-off items−5.5
Finance costs−22
Profit before tax50
Tax−13
Net profit37

What the company owns

Inventory₹804 Cr
Plant, investments and other assets₹226 Cr
Receivables₹53 Cr
Cash and bank₹40 Cr

What pays for it: net worth and liabilities

Net worth₹525 Cr
Borrowings₹420 Cr
Owed to suppliers₹116 Cr
Other liabilities₹62 Cr

Mawana Sugars business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Mawana Sugars segment results by quarter

Revenue by segment

₹2,110 CrTotal

Sugar₹1,639 Cr77.7% of total
Power₹253 Cr12.0% of total
Distillery₹219 Cr10.4% of total

Profit by segment

Sugar₹45.3 Cr47.0% of total
Power₹41.4 Cr42.9% of total
Distillery₹9.7 Cr10.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
944
1,277
1,557
1,575
1,651
1,458
1,554
1,639
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−33
6
30
72
39
46
90
45
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
261
239
256
243
314
275
227
253
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
71
30
39
17
9
26
19
41
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Distillery
Revenue, ₹ crore
53
85
184
225
250
228
178
219
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
10
−9
7
4
16
7
6
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,550	1,837	1,997	2,042	2,215	1,961	1,958	2,110
Company revenue, as in its results	1,158	1,396	1,469	1,478	1,482	1,355	1,446	1,571
Revenue	944	1,277	1,557	1,575	1,651	1,458	1,554	1,639
Revenue growth	–	35.2%	22.0%	1.1%	4.8%	−11.7%	6.6%	5.5%
Profit	−33	6	30	72	39	46	90	45
Profit growth	–	–	412.2%	138.6%	−45.8%	18.5%	93.6%	−49.5%
Margin	−3.5%	0.5%	1.9%	4.6%	2.4%	3.2%	5.8%	2.8%
Return on capital	–	1.6%	10.6%	13.8%	8.2%	6.4%	12.5%	6.1%
Assets	–	971	965	725	697	886	878	889
Liabilities	–	590	681	204	223	166	159	147
Capital employed	–	380	284	521	474	721	718	742
Revenue	261	239	256	243	314	275	227	253
Revenue growth	–	−8.4%	7.2%	−5.0%	29.1%	−12.4%	−17.5%	11.6%
Profit	71	30	39	17	9	26	19	41
Profit growth	–	−57.1%	28.4%	−55.3%	−46.4%	176.9%	−26.0%	117.1%
Margin	27.1%	12.7%	15.2%	7.1%	3.0%	9.4%	8.4%	16.4%
Return on capital	–	28.6%	43.5%	15.4%	8.1%	25.5%	19.7%	46.7%
Assets	–	106	91	116	117	105	99	91
Liabilities	–	1	2	3	3	4	2	2
Capital employed	–	106	89	113	114	101	97	89
Revenue	53	85	184	225	250	228	178	219
Revenue growth	–	61.3%	116.9%	22.0%	11.4%	−8.8%	−22.1%	22.9%
Profit	10	−9	7	4	16	7	6	10
Profit growth	–	–	–	−40.4%	296.8%	−55.2%	−17.2%	59.4%
Margin	18.3%	−10.9%	3.8%	1.8%	6.5%	3.2%	3.4%	4.4%
Return on capital	–	−8.9%	6.6%	6.8%	21.7%	9.8%	8.4%	14.1%
Assets	–	118	115	71	86	80	77	74
Liabilities	–	15	10	10	11	6	5	6
Capital employed	–	104	105	61	75	75	73	69
Revenue	293	237	–	–	–	–	–	–
Revenue growth	–	−19.2%	–	–	–	–	–	–
Profit	64	11	–	–	–	–	–	–
Profit growth	–	−83.6%	–	–	–	–	–	–
Margin	21.9%	4.4%	–	–	–	–	–	–
Return on capital	–	31.3%	–	–	–	–	–	–
Assets	–	57	–	–	–	–	–	–
Liabilities	–	23	–	–	–	–	–	–
Capital employed	–	34	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Mawana Sugars quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 26 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Revenue from operations	1,191	1,342	1,158	1,396	1,469	1,478	1,482	1,355	1,446	1,571
	1,036	1,299	1,042	1,324	1,372	1,372	1,405	1,264	1,324	1,466
Materials and goods bought	738	974	686	976	1,192	1,193	1,208	1,067	1,125	1,247
Employee costs	–	–	77	79	69	69	78	81	88	96
Other expenses	–	–	279	269	112	110	118	117	111	124
Operating profit before depreciation	155	43	116	72	96	106	77	91	122	105
Operating margin	13.0%	3.2%	10.0%	5.1%	6.6%	7.2%	5.2%	6.7%	8.4%	6.7%
Materials, % of revenue	–	–	59.3%	69.9%	81.1%	80.7%	81.5%	78.7%	77.8%	79.3%
Employee costs, % of revenue	–	–	6.6%	5.7%	4.7%	4.7%	5.3%	6.0%	6.1%	6.1%
Other expenses, % of revenue	–	–	24.1%	19.3%	7.6%	7.4%	8.0%	8.6%	7.7%	7.9%
Depreciation and amortisation	29	24	33	66	48	40	36	35	34	31
Operating profit after depreciation	126	19	82	6	49	67	41	55	89	74
Other income	18	12	11	9	3	4	3	28	9	4
Finance costs	28	38	24	25	35	26	28	30	30	22
Profit before one-off items and tax	116	−7	69	−10	17	44	17	53	68	55
One-off items	338	15	0	0	111	−7	−1	0	61	−6
Profit before tax	453	7	69	−10	127	38	15	53	129	50
	0	−2	28	73	32	12	2	15	20	13
Current tax	–	–	21	3	0	−1	0	0	7	14
Deferred tax	–	–	7	70	32	13	2	15	13	−1
Profit from discontinued businesses	–	–	–	–	−22	–	–	–	–	–
	453	10	40	−83	73	26	13	38	109	37
Belonging to the company's shareholders	453	10	40	−83	73	26	13	38	109	37
Belonging to outside owners of subsidiaries	–	–	0	0	–	–	–	–	–	0
Other comprehensive income	–	–	0	−2	0	0	−1	0	0	0
Total comprehensive income	–	–	40	−85	73	26	12	38	109	37
Net margin	38.0%	0.7%	3.5%	−5.9%	–	1.8%	0.9%	2.8%	7.6%	2.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2021: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 26 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
	381	296	370	384	384	410	492	525
	381	296	370	384	384	410	492	525
Share capital	39	39	39	39	39	39	39	39
Reserves	342	257	331	345	345	371	453	486
Belonging to outside owners of subsidiaries	0	0	–	–	–	–	0	0
	177	361	246	416	382	568	418	420
Repayable after a year	176	194	75	41	7	0	0	0
Repayable within a year	2	166	171	375	375	568	418	420
	821	960	921	615	631	758	593	584
Trade payables	675	593	658	186	203	152	135	116
Other financial liabilities	92	157	56	22	24	14	15	17
Other liabilities	29	33	27	23	22	19	20	21
Provisions	4	5	4	4	4	4	5	9
Tax owed	20	6	6	5	3	2	–	2
	206	217	89	52	18	10	11	14
Other financial liabilities	0	1	1	0	1	0	0	0
Other liabilities	18	8	4	1	0	0	–	0
Provisions	11	13	10	9	10	10	10	13
	1,408	1,474	1,380	1,051	1,033	1,179	1,096	1,123
Held for sale or for a demerger	0	0	0	0	5	–	–	6
	511	405	304	254	256	224	204	203
Plant in use, after depreciation	296	296	231	211	196	203	189	178
Plant being built	8	1	13	3	16	1	0	1
Intangible assets	0	0	0	0	0	0	6	6
Goodwill	0	0	0	0	0	0	3	3
Intangible assets being developed	0	0	0	0	0	0	0	0
Investments	15	13	10	4	3	3	0	0
Other financial assets	38	20	4	2	8	1	1	4
Deferred tax	141	71	43	31	29	14	1	2
Other assets	13	4	5	3	4	3	5	10
	896	1,068	1,076	797	772	955	892	913
Inventories	792	854	805	700	688	878	821	804
Trade receivables	37	49	39	39	33	39	34	53
Cash and cash equivalents	32	47	90	32	26	10	9	27
Other bank balances	16	16	9	14	13	15	14	13
Other financial assets	5	93	116	4	4	4	4	6
Tax paid in advance	–	–	–	–	–	–	2	0
Other assets	14	11	17	8	9	9	8	10
Net debt	130	298	147	370	343	543	395	380

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
	160	−151	108	−164	114	73
	160	−151	110	−163	186	86
	81	−257	31	−254	−7	−14
Receivables	8	0	6	−7	4	−20
Inventories	40	105	12	−190	−1	17
Payables	74	−471	17	−51	−17	−18
Other working capital	−41	109	−4	−7	7	6
Tax paid	−1	0	−2	−1	−9	−12
Capital spending	25	11	35	30	21	33
Free cash flow	135	−162	73	−195	92	41
	131	−13	−39	5	89	−31
Plant and property sold	0	0	1	28	0	1
Companies bought	0	0	0	0	−2	0
Interest received	3	1	1	1	2	2
	−245	107	−76	143	−206	−25
Borrowings raised	7	172	0	219	0	1
Borrowings repaid	−224	−37	−37	−35	−149	0
Interest paid	−26	−16	−27	−29	−29	−22
Lease payments	−2	0	−1	−1	−1	−1
Dividends paid	0	12	12	12	27	4
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	46	−57	−6	−16	−4	17

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Mawana Sugars dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 26 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Earnings per share	₹115.82	₹2.46	₹10.31	−₹21.20	₹18.73	₹6.69	₹3.36	₹9.63	₹27.97	₹9.48
Diluted earnings per share	₹115.82	₹2.46	₹10.31	−₹21.20	₹18.73	₹6.69	₹3.36	₹9.63	₹27.97	₹9.48
Dividend per share	–	–	–	–	₹3.00	₹3.00	₹3.00	₹4.00	₹4.00	₹4.00
Book value per share	–	–	₹97.40	₹75.74	₹94.51	₹98.24	₹98.24	₹104.87	₹125.75	₹134.12
Dividend payout	–	–	–	–	16.0%	44.9%	89.4%	41.6%	14.3%	42.2%
Shareholder yield	–	–	–	–	0.0%	2.3%	3.3%	3.5%	8.1%	1.1%
Market cap at the year end (₹ crore)	324	180	176	89	140	519	352	332	338	370

Ratios

Consolidated, years to March.Mawana Sugars PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 26 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Revenue growth	–	12.6%	−13.7%	20.6%	–	0.6%	0.2%	−8.5%	6.7%	8.6%
Operating profit growth	–	−72.4%	170.4%	−37.9%	–	10.1%	−27.5%	17.7%	34.7%	−14.2%
Net profit growth	–	−97.8%	313.3%	–	–	−64.3%	−49.8%	186.7%	190.6%	−66.1%
Earnings per share growth	–	−97.9%	319.1%	–	–	−64.3%	−49.8%	186.6%	190.4%	−66.1%
	–	–	10.6%	−24.5%	22.0%	6.9%	3.4%	9.5%	24.3%	7.3%
	–	–	–	−35.1 pts	46.5 pts	−15.1 pts	−3.5 pts	6.1 pts	14.8 pts	−17.0 pts
From the net margin	–	–	–	−28.6 pts	–	–	−3.5 pts	7.3 pts	16.3 pts	−16.7 pts
From asset turnover	–	–	–	−3.2 pts	–	–	0.6 pts	−1.5 pts	1.0 pts	0.9 pts
From borrowing	–	–	–	−3.2 pts	–	–	−0.6 pts	0.2 pts	−2.5 pts	−1.1 pts
Return on capital employed	–	–	14.7%	0.9%	7.9%	8.3%	5.4%	5.7%	9.7%	7.8%
Cash conversion	–	–	–	–	218.0%	−577.8%	825.7%	−436.5%	104.0%	197.7%
Interest cover	4.5	0.5	3.4	0.2	1.4	2.6	1.5	1.9	3.0	3.3
Debt to equity	–	–	0.47	1.22	0.67	1.08	0.99	1.38	0.85	0.80
Receivable days	–	–	12	13	10	10	8	11	8	12
Inventory days	–	–	421	319	246	214	208	300	266	235
Payable days	–	–	359	222	201	57	61	52	44	34
Cash conversion cycle, days	–	–	74	110	55	167	155	259	231	214
Working capital days	–	–	9	55	56	126	118	199	175	165
Asset turnover	–	–	0.82	0.97	1.03	1.22	1.42	1.23	1.27	1.42
Assets per rupee of net worth	–	–	3.70	4.25	4.29	3.23	2.71	2.78	2.52	2.18
Sales per rupee of plant	–	–	3.91	4.72	6.37	7.00	7.55	6.67	7.67	8.83
Capital spending to depreciation	–	–	–	–	0.52	0.28	0.99	0.85	0.63	1.05
Plant being built, % of plant in use	–	–	2.6%	0.4%	5.4%	1.2%	8.1%	0.3%	0.2%	0.5%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021 and Mar 2022: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.3%
Cash from operations against operating profit: 70.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	1.4%	2.0%
Profit growth, yearly rate	–	−12.7%	41.4%
Return on equity, average	–	10.3%	13.7%
Return on capital employed, average	–	7.4%	7.7%
Operating margin, average	7.2%	6.8%	7.3%
Net margin, average	5.7%	3.1%	4.2%
Asset turnover, average	–	1.31	1.30
Cash conversion cycle, days, average	–	205	235
Interest cover, average	2.2	2.4	2.7
Debt to equity, average	–	1.02	1.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−20	23	73
Cash from investing	11	63	−31
Cash from financing	−57	−88	−25
Capital spending	131	84	33
Dividends paid	66	43	4
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	220	1
Borrowings repaid	258	184	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	5	6	7	6
Altman Z-scorePublished threshold 1.81	–	–	1.55	1.36	2.01	2.74	2.53	2.28	3.04	2.94
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.57	−1.83	−2.79	−1.90	−2.59	−1.68
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−15.27	15.67	−5.44	17.85	−8.19	−0.49
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.04	−2.69	0.36	0.12
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	12.08	−25.77	−0.29	−16.51	29.04	−20.98	50.21
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−34.41	−27.88	−13.11	−3.03	39.36	−11.93	−12.90
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.99	2.03	−8.16	0.04	−0.01	0.06	0.14
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.02	–	0.13	0.76	0.01	0.02	0.04
Effective tax ratePublished threshold 17.16 per cent	0.05	−32.79	41.18	–	25.33	31.01	13.79	29.02	15.41	25.51
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	30.09	3.35	26.62	8.12	0.70

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
18 May 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	WithdrawnReview, Other
8 Apr 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]BBB+ /[ICRA]A2Review, Re-affirm	Stable	500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.