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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
₹149.70 18.70 (14.27%)
As on 25-Sep'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
₹149.70 18.70 (14.27%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹586 Cr.
Current Price
₹149.7
52-Week Low / High
₹75 / 164
TTM EPS
₹7
TTM Sales
₹1,586 Cr.
Book Value per Share
₹128.2
P/E Ratio
21.26
Higher than its 5-year historical median
Industry PE
26.3
Price to Book (P/B)
1.17
Higher than its 5-year historical median
Price to Sales (P/S)
0.37
Higher than its 5-year historical median
EV/EBITDA
10.45
Higher than its 5-year historical median
Dividend Yield
2.67%
Profitability Efficiency
Return on Equity (ROE)
7.30%
Underperforms industry median
Return on Capital Employed (ROCE)
7.76%
Underperforms industry median
Return on Assets (ROA)
3.35%
Operating Profit Margin
6.7%
Net Profit Margin
2.36%
Gross Profit Margin
5.5%
Growth Momentum
1-yr vs 3-yr growth
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
-14.18%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-66.1%
Asset Quality
Promoter Holding
63.49%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹462 Cr.
Equity
₹39.1 Cr.
Face Value
₹10
All Time Low / High
₹1.70 / 232.00
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Strong
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?
Revenue growth of Mawana Sugars Ltd vs industry peers?
Mawana Sugars Ltd revenue CAGR is 1.35%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
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.
Stock return of Mawana Sugars Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 10.1% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.5 | 0.2 | -0.9 | 0.6 | -0.3 | -0.6 | -0.3 | -0.1 | -0.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,191 | 1,344 | 1,205 | 1,172 | 1,469 | 1,478 | 1,482 | 1,355 | 1,445 | 1,564 | 1,579 |
| Sales YoY Gr. | - | 12.9% | -10.3% | -2.8% | 25.4% | 0.6% | 0.2% | -8.6% | 6.6% | 8.2% | - |
| Adj EPS ⓘ | 30.1 | 1.5 | 10.6 | -23 | 3.8 | 9.2 | 4.6 | 6.8 | 14.4 | 10.3 | 7 |
| YoY Gr. | - | -95% | 606% | -317.4% | NA | 144.8% | -50.6% | 48% | 113.5% | -28.2% | - |
| BVPS (₹) ⓘ | 87 | 91.2 | 102 | 81.1 | 100.2 | 105.7 | 106.7 | 114.6 | 125.8 | 134.1 | 128.1 |
| Adj Net Profit ⓘ | 118 | 5.9 | 41.4 | -90.1 | 14.8 | 36.1 | 17.9 | 26.4 | 56.4 | 40.5 | 27 |
| Cash Flow from Ops. ⓘ | 49.4 | 66.2 | -95.6 | -135 | 164 | -151 | 109 | -164 | 114 | 75.7 | - |
| Debt/CF from Ops. ⓘ | 4.9 | 2.1 | -2.5 | -3.6 | 1.7 | -2.8 | 3.5 | -3.5 | 3.7 | 5.5 | - |
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% | ||||
| BVPSⓘ | 4.9% | 6% | 7.9% | 6.6% | ||||
| Share Price | 10.3% | 13.4% | 10.3% | 70.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -573.6 | 1.7 | 11 | -25.1 | 4.2 | 9 | 4.3 | 6.1 | 12 | 8 | 5.3 |
| Op. Profit Mgn % ⓘ | 13.7 | 2.4 | 9.6 | 4.6 | 6.7 | 7.4 | 5.4 | 6.9 | 8.5 | 6.7 | 5.6 |
| Net Profit Mgn % ⓘ | 9.9 | 0.4 | 3.4 | -7.7 | 1 | 2.4 | 1.2 | 2 | 3.9 | 2.6 | 1.7 |
| Debt to Equity ⓘ | 0.7 | 0.4 | 0.6 | 1.5 | 0.7 | 1 | 0.9 | 1.3 | 0.9 | 0.8 | - |
| Working Cap Days ⓘ | 164 | 152 | 206 | 284 | 237 | 202 | 172 | 212 | 222 | 205 | 73 |
| Cash Conv. Cycle ⓘ | -55 | -8 | 31 | 61 | 34 | 61 | 114 | 162 | 177 | 168 | 33 |
Valuation of Mawana Sugars - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,191 | 1,344 | 1,205 | 1,172 | 1,469 | 1,478 | 1,482 | 1,355 | 1,446 | 1,571 |
| Operating Expenses ⓘ + | 1,024 | 1,301 | 1,090 | 1,118 | 1,372 | 1,373 | 1,404 | 1,264 | 1,324 | 1,466 |
| Operating Profit ⓘ | 166 | 43 | 115 | 54 | 97 | 105 | 77 | 91 | 122 | 105 |
| Operating Profit Margin (%) | 14.0% | 3.2% | 9.5% | 4.6% | 6.6% | 7.1% | 5.2% | 6.7% | 8.4% | 6.7% |
| Other Income ⓘ + | 9 | 12 | 11 | 8 | 3 | 4 | 3 | 28 | 9 | 4 |
| Interest ⓘ | 51 | 38 | 24 | 27 | 35 | 26 | 28 | 30 | 30 | 22 |
| Depreciation ⓘ | 30 | 24 | 33 | 56 | 48 | 40 | 36 | 35 | 34 | 31 |
| Profit Before Tax ⓘ | 443 | 7 | 69 | -23 | 127 | 38 | 15 | 53 | 129 | 50 |
| Tax ⓘ | 84 | -2 | 28 | 70 | 32 | 12 | 2 | 15 | 20 | 13 |
| Profit After Tax | 359 | 10 | 41 | -92 | 95 | 26 | 13 | 38 | 109 | 37 |
| PAT Margin (%) | 30.2% | 0.7% | 3.4% | -7.9% | 6.5% | 1.8% | 0.9% | 2.8% | 7.6% | 2.4% |
| Adjusted EPS (₹) | 91.8 | 2.5 | 10.3 | -21.2 | 18.7 | 6.7 | 3.4 | 9.6 | 28.0 | 9.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 44.90% | 89.40% | 41.60% | 14.30% | 42.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 331 | 341 | 381 | 296 | 370 | 384 | 384 | 410 | 492 | 525 | |
| Debt + | 143 | 99 | 177 | 361 | 246 | 385 | 351 | 563 | 418 | 420 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 430 | 544 | 675 | 593 | 657 | 186 | 203 | 152 | 135 | 116 | |
| Others Liabilities ⓘ | 121 | -26 | 34 | 153 | 64 | 66 | 66 | 40 | 50 | 60 | |
| Total Liabilities ⓘ | 1,025 | 958 | 1,267 | 1,403 | 1,337 | 1,021 | 1,004 | 1,165 | 1,095 | 1,121 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 321 | 313 | 296 | 298 | 232 | 212 | 197 | 204 | 198 | 188 | |
| CWIP ⓘ | 4 | 8 | 8 | 1 | 13 | 3 | 16 | 1 | 0 | 1 | |
| Investments ⓘ | 0 | 0 | 15 | 13 | 10 | 4 | 3 | 3 | 0 | 0 | |
| Inventories | 472 | 469 | 792 | 854 | 805 | 700 | 688 | 878 | 821 | 804 | |
| Trade Receivables | 41 | 51 | 37 | 49 | 39 | 39 | 33 | 39 | 34 | 53 | |
| Cash Equivalents | 61 | 70 | 48 | 63 | 99 | 46 | 39 | 25 | 23 | 40 | |
| Others Assets ⓘ | 125 | 46 | 71 | 125 | 141 | 17 | 29 | 16 | 19 | 35 | |
| Total Assets ⓘ | 1,025 | 958 | 1,267 | 1,403 | 1,337 | 1,021 | 1,004 | 1,165 | 1,095 | 1,121 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 49 | 63 | -100 | -139 | 160 | -151 | 108 | -164 | 114 | 73 |
| Cash Flow From Investing Activity ⓘ + | 122 | 83 | -17 | -42 | 131 | -13 | -39 | 5 | 89 | -31 |
| Cash Flow From Financing Activity ⓘ + | -157 | -127 | 94 | 195 | -245 | 107 | -76 | 143 | -206 | -25 |
| Net Cash Flow ⓘ | 13 | 19 | -23 | 14 | 46 | -57 | -6 | -16 | -4 | 17 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0 | 2.91 | 11.25 | -27.21 | 28.55 | 6.94 | 3.42 | 9.48 | 24.26 | 7.3 |
| ROCE (%) | 147.49 | 8.63 | 16.85 | 0.63 | 22.77 | 8.8 | 5.51 | 9.49 | 16.84 | 7.76 |
| Asset Turnover Ratio | 1.22 | 1.36 | 1.08 | 0.88 | 1.07 | 1.25 | 1.46 | 1.25 | 1.28 | 1.42 |
| PAT to CFO Conversion(x) | 0.14 | 6.3 | -2.44 | N/A | 1.68 | -5.81 | 8.31 | -4.32 | 1.05 | 1.97 |
| Working Capital Days | ||||||||||
| Receivable Days | 16.40 | 12.50 | 13.40 | 13.40 | 10.90 | 9.60 | 8.80 | 9.70 | 9.20 | 10.10 |
| Inventory Days | 131.30 | 127.70 | 191 | 256.40 | 206 | 185.80 | 170.90 | 210.90 | 214.40 | 188.80 |
| Payable Days | 295 | 185.90 | 330.70 | 251.80 | 194.30 | 131 | 59.60 | 61.80 | 47.20 | 37.20 |
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Mawana Sugars Ltd FAQs
The current trading price of Mawana Sugars on 25-Sep-2026 16:59 is ₹149.7.
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 24-Sep-2026 the market cap of Mawana Sugars stood at ₹585.6 Cr
The latest P/E ratio of Mawana Sugars as of 24-Sep-2026 is 21.55.
The latest P/B ratio of Mawana Sugars as of 24-Sep-2026 is 1.17.
The 52-week high of Mawana Sugars is ₹163.8 and the 52-week low is ₹75.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mawana Sugars is ₹1,579 ( 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 Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Mawana Sugars Ltd is likely to Rise 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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