Mawana Sugars Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mawana Sugars Ltd trades at ₹139, in a confirmed uptrend and 23 weeks into that stage. That is +25.8% against its own 200-day average. It sits at 71% of a 52-week range of ₹105 to ₹153. On relative strength it has no relative-strength read yet.

Today the stock is in a confirmed uptrend — week 23 of stage 2, confirmed. At ₹139 it trades +25.8% versus its 200-day average and sits at 71% of its 52-week range (₹105–₹153).

Against the market, two honest reads. Cumulative: over the last 2 months the stock moved +32% while the NIFTY 500 moved −6% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mawana Sugars Ltd trades at 16.0× P/E, mid-range by its own standards (65th percentile). Its long-run median P/E is 10.5×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 16.0× is mid-range by its own standards (65th percentile), against a long-run median of 10.5× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mawana Sugars Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

35.0/100 — rank 1 of 1 in Sugar - Integrated · 49% evidence confidence · provisional, ranked below fully-evidenced peers

Mawana Sugars Ltd scores 35.0 out of 100 against the 1 companies it is compared with in Sugar - Integrated, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 9.2 + 3.3 + 10 + 12.5 = 35. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mawana Sugars Ltd reported ₹416 Cr of revenue in the Jun 26 quarter, +3.7% year on year. That is the 9th straight quarter of year-on-year growth. Over 9 years it has compounded at 3.1% a year. The last full year, FY26, came in at ₹1,571 Cr. The last four reported quarters add to ₹1,586 Cr.

FY26 revenue came in at ₹1,571 Cr (+8.6% on the year), capping 9 years at 3.1% compound. The latest quarter (Jun 26) printed ₹416 Cr, +3.7% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +8.7% growth against the decade's 3.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.6% over the last 4 quarters against +5.8%/yr over the last 8 — stabilising; TTM profit −72.3% vs −24.4%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mawana Sugars Ltd's operating margin is −4.0% in the Jun 26 quarter, −3.9 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 3.2% to 14.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −4.0%, −3.9 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 3.2%–14.0%.

🚨 Why the margin moved: operating margin went −3.8 pp year on year while gross margin went −4.0 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mawana Sugars Ltd posted a net loss of ₹23.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹37.0 Cr. The 9-year compound rate is −22.3%. That loss is 5.5% of the quarter's revenue. The same quarter a year earlier lost ₹14.0 Cr. 6 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−23.0 Cr, null year on year. On the full year, FY26 printed ₹37.0 Cr (−66.1%), and the 9-year compound rate is −22.3%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 13% of Mawana Sugars Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹73.0 Cr of operating cash against ₹37.0 Cr of profit. After ₹22.0 Cr of capital spending, ₹51.0 Cr was left as free cash.

FY26: operating cash of ₹73.0 Cr against reported profit of ₹37.0 Cr, leaving free cash of ₹51.0 Cr after ₹22.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 13% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 13%: the cash cycle stretched 159 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 159 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mawana Sugars Ltd's cash conversion cycle runs 214 days in FY26, up from 55 days in FY21. Capital spending ran ₹76.0 Cr over the last 3 years. At FY26 sales of ₹1,571 Cr each day of that cycle holds about ₹4.3 Cr, so roughly ₹921 Cr sits inside the business at any moment.

FY26: debtors at 12 days, inventory at 235 days — roughly 7.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 214 days, looser than FY21's 55.

The full loop: cash goes out to suppliers and production on day 0; stock waits 235 days to sell; customers pay about 12 days after that; and suppliers themselves are paid at 34 days — netting out to the 214-day cycle.

In money terms: at FY26 sales of ₹1,571 Cr, each day of the cycle holds about ₹4.3 Cr — so the 214-day loop keeps roughly ₹921 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹76.0 Cr over the last 3 fiscal years against ₹100 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mawana Sugars Ltd earns a ROCE of 8% in FY26. That is up from a trough of 2% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 2.4% net margin on 1.40× asset turns.

FY26 ROCE is 8%, recovered from a FY20 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 2.4% net margin × 1.40× asset turns × 2.14× balance-sheet leverage ≈ 7.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Mawana Sugars Ltd carries ₹420 Cr of borrowings against ₹525 Cr of equity in FY26, a debt-to-equity of 0.80. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹276 Cr to ₹420 Cr. Capital spending ran ₹76.0 Cr across the last 3 of those years.

FY26: borrowings of ₹420 Cr against equity of ₹525 Cr — a debt-to-equity of 0.80. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹276 Cr to ₹420 Cr while capital spending ran ₹76.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Mawana Sugars Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved −0.1 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −0.3 points over 8 quarters to 0.1%; Foreign institutions: −0.1 points over 8 quarters to 0.5%; Promoters: +0.0 points over 8 quarters to 63.5%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mawana Sugars Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions