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Mawana Sugars Ltd (MAWANASUG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523371 NSE: MAWANASUG Sugar | Small Cap | Mawana Sugars Share Price

₹105.20 5.00 (4.99%)

As on 03-Jul'26 16:59

Mawana Sugars Ltd (MAWANASUG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523371 NSE: MAWANASUG Sugar | Small Cap | Mawana Sugars Share Price

₹105.20 5.00 (4.99%)

As on 03-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹412 Cr.
Current Price
₹105.2
52-Week Low / High
₹75 / 123
TTM EPS
₹9.4
TTM Sales
₹1,564 Cr.
Book Value per Share
₹134.1
P/E Ratio
11.21
Higher than its 5-year historical median
Industry PE
25.7
Price to Book (P/B)
0.78
Lower than its 5-year historical median
Price to Sales (P/S)
0.26
In line with its 5-year historical median
EV/EBITDA
7.36
Higher than its 5-year historical median
Dividend Yield
3.8%
Profitability Efficiency
Return on Equity (ROE)
7.22%
In line with industry median
Return on Capital Employed (ROCE)
7.71%
Underperforms industry median
Return on Assets (ROA)
3.32%
Operating Profit Margin
6.7%
Net Profit Margin
2.35%
Gross Profit Margin
5.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
8.24%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-15.18%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-48.57%
Asset Quality
Promoter Holding
63.49%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹485 Cr.
Equity
₹39.1 Cr.
Face Value
₹10
All Time Low / High
₹1.70 / 232.00

Mawana Sugars stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Mawana Sugars Ltd a good quality company?
Mawana Sugars Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Mawana Sugars Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Mawana Sugars Ltd vs industry peers?
Mawana Sugars Ltd revenue CAGR is 4.29%, compared to the industry median CAGR of 2.83%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Mawana Sugars Ltd?
Promoters hold 63.49% of the Mawana Sugars Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Mawana Sugars Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.7% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mawana Sugars Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 144.2%6.4%16.6%1%21.9%9.4%5.8%9.7%12.6%7.7%-
Value Creation
Index
9.3-0.50.2-0.90.6-0.3-0.6-0.3-0.1-0.5-

Growth Parameters

Sales 1,1911,3441,2051,1721,4691,4781,4821,3551,4451,5641,564
Sales YoY Gr.-12.9%-10.3%-2.8%25.4%0.6%0.2%-8.6%6.6%8.2%-
Adj EPS 30.11.510.6-233.89.24.66.814.410.39.4
YoY Gr.--95%606%-317.4%NA144.8%-50.6%48%113.5%-28.2%-
BVPS (₹) 8791.210281.1100.2105.7106.7114.6125.8134.1134.1
Adj Net
Profit
1185.941.4-90.114.836.117.926.456.440.537
Cash Flow from Ops. 49.466.2-95.6-135164-151109-16411475.7-
Debt/CF from Ops. 4.92.1-2.5-3.61.7-2.83.5-3.53.75.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 3.1%1.3%1.8%8.2%
Adj EPS -11.2%22.4%31.4%-28.2%
BVPS4.9%6%7.9%6.6%
Share Price 5.1% 3.6% 0.6% 4.6%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
-573.61.711-25.14.294.36.11287
Op. Profit
Mgn %
13.72.49.64.66.77.45.46.98.56.76.7
Net Profit
Mgn %
9.90.43.4-7.712.41.223.92.62.4
Debt to
Equity
0.70.40.61.50.710.91.30.90.80
Working Cap
Days
16415220628423720217221222220573
Cash Conv.
Cycle
-55-83161346111416217716833

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,1911,3441,2051,1721,4691,4781,4821,3551,4451,564
Operating Expenses + 1,0281,3131,0901,1181,3711,3711,4011,2621,3221,460
Manufacturing Costs20522526281808091938591
Material Costs7149696759201,1771,1761,1911,0471,1081,231
Employee Cost 72697764696978818793
Other Costs 36497753454541404145
Operating Profit 1633211554981088094123104
Operating Profit Margin (%) 13.7%2.4%9.6%4.6%6.6%7.3%5.4%6.9%8.5%6.7%
Other Income + 91212948429103
Exceptional Items 3491500107-5-2021-5
Interest 44212327352628303022
Depreciation 30243356484036353431
Profit Before Tax 4471471-191264519589149
Tax 84-2287032122152013
Profit After Tax 3631642-89933317437137
PAT Margin (%) 30.5%1.2%3.5%-7.6%6.4%2.2%1.2%3.1%4.9%2.4%
Adjusted EPS (₹)92.84.210.9-22.823.98.54.410.918.39.4
Dividend Payout Ratio (%)0%0%0%0%0%35.50%68.10%36.70%21.90%42.60%

Valuation of Mawana Sugars - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 340357399317392413418448492524
Share Capital 39393939393939393939
Reserves 301317360278353374378409453485
Debt +14197176359246385351563418420
Long Term Debt1419717619475417000
Short Term Debt000165171344344563418420
Minority Interest0000000000
Trade Payables423538670590656185201150134115
Others Liabilities 121-4422146646262364959
Total Liabilities 1,0259471,2671,4131,3581,0451,0321,1981,0931,118

Fixed Assets

Net Fixed Assets +321313296298231211197204195185
Gross Block345360374440392409429470494511
Accumulated Depreciation254778143161198232266299327
CWIP 488113316101
Investments 344268788184848544
Inventories441419740800748642630820820803
Trade Receivables41513749393933393553
Cash Equivalents 60684762994539252039
Others Assets 12545711251482035251834
Total Assets 1,0259471,2671,4131,3581,0451,0321,1981,0931,118

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 4966-96-135164-151109-16411476
PBT 4471471-71024519589149
Adjustment -281205083-226362363951
Changes in Working Capital -11441-207-19685-25829-257-7-12
Tax Paid -3-9-10-15-1-0-2-1-9-12
Cash Flow From Investing Activity + 11974-27-51124-14-39488-31
Capex 119-21-25-43129-11-35-2-27-32
Net Investments 186-9-15-2-551-1
Others -196-7-11-2111152
Cash Flow From Financing Activity + -156-123101202-243107-76143-206-25
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -130-10810467-224-37-37-35-50
Interest Paid -25-15-4-28-23-17-27-29-29-22
Dividend Paid 00000-12-12-12-27-4
Others -1-0-01635172-1219-1451
Net Cash Flow 1318-221546-57-6-16-420

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)04.6611.24-24.8726.338.224.159.8415.187.22
ROCE (%)144.156.4316.580.9921.889.425.799.6512.557.71
Asset Turnover Ratio1.221.361.090.871.061.231.431.221.261.41
PAT to CFO Conversion(x)0.134.13-2.29N/A1.76-4.586.41-3.811.612.05
Working Capital Days
Receivable Days16.4012.5013.4013.4010.909.608.809.709.4010.30
Inventory Days123.20116.60175.50239.80192.30171.60156.60195.20207.10189.50
Payable Days291.10180.90326.70250.20193.30130.5059.1061.3046.8037

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Mawana Sugars Ltd FAQs

The current trading price of Mawana Sugars on 03-Jul-2026 16:59 is ₹105.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 02-Jul-2026 the market cap of Mawana Sugars stood at ₹411.5 Cr

The latest P/E ratio of Mawana Sugars as of 02-Jul-2026 is 11.21.

The latest P/B ratio of Mawana Sugars as of 02-Jul-2026 is 0.78.

The 52-week high of Mawana Sugars is ₹123.5 and the 52-week low is ₹75.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mawana Sugars is ₹1,564 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mawana Sugars Ltd is a average quality company.

The key valuation ratios of Mawana Sugars Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Mawana Sugars Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Mawana Sugars Ltd

Incorporated on December 26, 2002 under the Companies Act, 1956 as Siel Sugar Limited and then renamed as Mawana Sugars Limited with effect from June 16, 2004. The Sugar business of Siel Limited vested with the company retrospectively with effect from October1, 2002 pursuant to the Scheme of Arrangement approved by High Court of Delhi vide Order dated August 26, 2003

Mawana Sugars Limited formerly known as Siel Limited promoted by well known group Shriram emerged as an independent entity in 1989 out of the restructuring of the erstwhile DCM Group.

Shriram Industrial Enterprises Ltd. (Siel Ltd.) formerly known as Shriram Refrigeration Industries Ltd. was incorporated on 27th March, 1961. As per the Scheme of Amalgamation approved by Hon’ble High Court of Delhi vide its Order dated 10th April, 1992, with transfer date being 1st April, 1990, Shriram Industrial Enterprises Ltd. had taken over the business of some of the units of erstwhile DCM Ltd. Shriram Industrial Enterprises Ltd. was then engaged in the manufacture and sale of Vanaspati, Refined Oil, Sugar, Caustic Soda, Soap, Hermatic Compressors, Water Coolers, etc. Pursuant to the Hon’ble Supreme Court Order in November, 1996 for relocation of plants from Delhi, Siel’s financial problem started and incurred heavy losses which resulted into large debt burden. This forced the company to restructure its business.

The company has at present two sugar divisions / units / undertakings viz. at Mawana Sugar Works (MSW) at Mawana, Distt. Meerut and Titawi Sugar Complex (TSC) at Titawi, Distt. Muzaffarnagar, both in Uttar Pradesh. Both the units are engaged in the business of manufacture and sale of sugar.

Product range of the company includes:

Mawana Sugars has been engaged in the business of manufacture and selling of chemicals ,sugar and edible oils.

Subsidiary:

Siel Industrial Estate Limited was incorporated for the setting of an Industrial Estate in district Rajpura, Punjab pursuant to a Memorandum of Understanding entered into between Mawana Sugars (Formerly known as Siel Limited) and the State Government of Punjab. Siel Industrial Estate Limited acquired 540 acres of land out of which 118.3 acres have been sold to various parties including Mawana Sugars for setting up of its Chemical Plant. 

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