Mawana Sugars Limited (MAWANASUG) AI Stock Analysis

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Mawana Sugars Limited

(NSE:MAWANASUG)

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Rating:60Neutral

Price Target:INR 154.00▲(5.26% Upside)

Action:reiterated

Date:10/13/26

The score is primarily held back by inconsistent financial performance—FY2026 saw a sharp drop in profitability and a major decline in free cash flow despite a steadier, improving leverage profile. Technicals are supportive with strong upside trend and positive momentum, but near-overbought readings add short-term risk. Valuation is fair-to-moderate with a modest dividend yield, but not compelling given earnings and cash-flow volatility.

Positive Factors

Sugar and ethanol diversificationOperating across sugar and ethanol gives Mawana Sugars more than one revenue channel within the same agricultural value chain. Distillery products can complement sugar operations, while by-products add potential monetization opportunities and support a broader operating model over the coming quarters.

Negative Factors

Sharp profitability declineThe steep decline in gross profit and net income shows that revenue growth is not currently translating into stable earnings. Persistent margin pressure or higher costs could weaken internal funding capacity, reduce earnings visibility, and make the business more dependent on favorable operating conditions.

Mawana Sugars Limited (MAWANASUG) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 5.73B
Dividend Yield: 2.74%
Average Volume (3M): 30.71K
Price to Earnings (P/E): 14.1
Beta (1Y): 0.92
Revenue Growth: 2.39%
EPS Growth: -61.18%
Country: India
Employees: 1,170
Sector: General
Sector Strength: 55
Industry: Food Confectioners

Mawana Sugars Limited Business Overview & Revenue Model

Company Description

Mawana Sugars Limited (MSL) manufactures and distributes sugar under its 'Mawana' brand, reaching both Indian and international markets. The company's operations are divided into three primary segments: Sugar, Power, and Distillery. Within its sugar...

How the Company Makes Money

Mawana Sugars Limited primarily makes money by selling (1) sugar and (2) ethanol/distillery products, along with revenue from certain sugar-industry by-products. In the sugar business, the company earns revenue from the sale of sugar produced from su...

Mawana Sugars Limited Financial Statement Overview

Summary

Mixed fundamentals: the balance sheet is relatively steady with improving leverage (debt-to-equity ~0.80), but FY2026 profitability weakened sharply (net income ~371m vs ~1,094m in FY2025) and cash generation deteriorated (free cash flow ~210m vs ~925m). Earnings and cash-flow volatility are the main constraints.

Income Statement

56Neutral

Balance Sheet

63Positive

Cash Flow

44Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2022	Mar 2021
Income Statement
Total Revenue	15.86B	15.71B	14.43B	13.55B	14.78B	14.02B
Gross Profit	2.12B	1.98B	3.31B	2.37B	2.19B	1.65B
EBITDA	1.00B	1.05B	1.31B	1.18B	785.90M	2.11B
Net Income	275.40M	370.90M	1.09B	376.50M	131.30M	732.70M
Balance Sheet
Total Assets	0	11.23B	10.96B	11.79B	10.33B	13.80B
Cash, Cash Equivalents and Short-Term Investments	265.90M	418.10M	231.40M	100.90M	268.30M	898.29M
Total Debt	0	4.20B	4.19B	5.68B	3.83B	2.77B
Total Liabilities	-5.25B	5.98B	6.04B	7.68B	6.49B	10.11B
Stockholders Equity	5.25B	5.25B	4.92B	4.10B	3.84B	3.70B
Cash Flow
Free Cash Flow	4.21B	209.60M	924.90M	-1.95B	730.30M	1.35B
Operating Cash Flow	4.40B	535.90M	1.14B	-1.64B	1.08B	1.60B
Investing Cash Flow	-184.80M	-329.30M	887.90M	46.30M	-386.00M	1.31B
Financing Cash Flow	-4.30B	-33.00M	-2.06B	1.43B	-758.20M	-2.45B

Mawana Sugars Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price146.30

Price Trends

50DMA148.41Negative

100DMA131.96Positive

200DMA110.49Positive

Market Momentum

MACD-0.08Positive

RSI44.77Neutral

STOCH24.16Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAWANASUG, the sentiment is Neutral. The current price of 146.30 is below the 20-day moving average (MA) of 159.18, below the 50-day MA of 148.41, and above the 200-day MA of 110.49, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 44.77 is Neutral, neither overbought nor oversold. The STOCH value of 24.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MAWANASUG.

Mawana Sugars Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MAWANASUG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:KMSUGAR	71Outperform	INR 2.93B	4.74	―	―	-6.12%	29.03%
IN:MAWANASUG	60Neutral	INR 5.73B	14.07	―	2.74%	2.39%	-61.18%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KCPSUGIND	53Neutral	INR 2.92B	7.91	―	0.38%	-0.91%	―
IN:DCMSRIND	49Neutral	INR 7.60B	19.52	―	0.69%	-32.29%	-70.25%
IN:UGARSUGAR	48Neutral	INR 4.69B	17.35	―	0.23%	-0.70%	184.81%
IN:DAVANGERE	45Neutral	INR 3.41B	38.09	―	―	28.91%	-51.07%

* General Sector Average

Performance Comparison

IN:MAWANASUG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MAWANASUG	Mawana Sugars Limited	146.30	64.78	79.47%
IN:DAVANGERE	Davangere Sugar Company Limited	2.03	-1.72	-45.87%
IN:DCMSRIND	DCM Shriram Industries Limited	58.00	7.31	14.41%
IN:KCPSUGIND	KCP Sugar & Industries Corp. Ltd.	26.85	-1.05	-3.77%
IN:KMSUGAR	K.M. Sugar Mills Ltd.	31.30	8.68	38.35%
IN:UGARSUGAR	Ugar Sugar Works Ltd	42.72	1.82	4.45%

Mawana Sugars Limited Corporate Events

Mawana Sugars Publishes Unaudited September-Quarter Results

Nov 8, 2026

Mawana Sugars Limited is a sugar-sector company focused on sugar production and related activities.The company announced that it published its unaudited financial results for the quarter ended 30 September 2026 in Jansatta’s Hindi Delhi edition and F...

Mawana Sugars Wins Appeal as Tax Authority Sets Aside Input Credit Demand

Oct 6, 2026

Mawana Sugars Limited has reported a favourable outcome in an ongoing tax litigation concerning its Mawana Sugar Works unit, where authorities had earlier alleged wrongful availing of Input Tax Credit. The company had appealed against the demand, whi...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 13, 2026

Mawana Sugars Limited AI Stock Analysis