Mawana Sugars Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹137.58Fairly Valued by 3.44%vs CMP ₹133.00

P/E (15.4) × ROE (8.1%) × BV (₹134.00) × DY (3.01%)

₹141.92Fairly Valued by 6.71%vs CMP ₹133.00

MoS: +6.3% (Thin)Confidence: 48/100 (Moderate)Models: 5 Under, 1 Fair, 2 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹146.60	26%	Under (+10.2%)
Graham Number	Earnings	₹166.46	18%	Under (+25.2%)
DCF	Cash Flow	₹25.57	15%	Over (-80.8%)
Net Asset Value	Assets	₹134.02	8%	Fair (+0.8%)
EV/EBITDA	Enterprise	₹211.37	10%	Under (+58.9%)
Earnings Yield	Earnings	₹91.90	8%	Over (-30.9%)
ROCE Capital	Returns	₹229.38	8%	Under (+72.5%)
Revenue Multiple	Revenue	₹184.57	6%	Under (+38.8%)
Consensus (8 models)		₹141.92	100%	Fairly Valued

Key Drivers: Wide model spread (₹26–₹229) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 6.6%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 2:54 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹1,446.00 Cr, versus ₹1,355.00 Cr in Mar 2024 (6.7% year on year). Net profit for Mar 2025 was ₹109.00 Cr, versus ₹38.00 Cr in Mar 2024 (186.8% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹114.00 Cr against net profit of ₹109.00 Cr. Cash flow covered 1.05 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹420.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Mawana Sugars Ltd scores 51/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health62/100 · Moderate

ROCE 8.4% AverageROE 8.1% AverageD/E 0.84 ModerateInterest Coverage 4.4x AdequateProfitable 5/5 available years Reported history

Smart Money50/100 · Moderate

FII holding stable No changePromoter holding at 63.5% Stable

Earnings Quality35/100 · Weak

CFO/NP ratio: 0.36x Poor cash conversionOPM stable around 8% Steady

Quarterly Momentum50/100 · Moderate

Revenue (4Q): +8% YoY GrowingProfit (4Q): -62% YoY Declining

Industry Rank55/100 · Moderate

P/E 15.4 vs industry 25.8 Lower P/EROCE 8.4% vs industry 8.4% Average3Y sales CAGR: -1% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 2:54 am

Market Cap	521 Cr.
Current Price	133
Intrinsic Value	₹141.92
High / Low	164/75.0
Stock P/E	15.4
Book Value	134
Dividend Yield	3.01 %
ROCE	8.35 %
ROE	8.09 %
Face Value	10.0
PEG Ratio	2.35

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Mawana Sugars Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Mawana Sugars Ltd	521 Cr.	133	164/75.0	15.4	134	3.01 %	8.35 %	8.09 %	10.0
Ugar Sugar Works Ltd	644 Cr.	57.2	62.1/33.1	22.3	20.8	0.17 %	9.00 %	6.05 %	1.00
Davangere Sugar Company Ltd	373 Cr.	2.20	5.50/1.74	45.8	3.53	0.00 %	5.52 %	1.99 %	1.00
KCP Sugar & Industries Corporation Ltd	335 Cr.	29.6	36.5/21.1	8.77	40.5	0.34 %	4.13 %	2.45 %	1.00
DCM Shriram Industries Ltd	331 Cr.	38.0	63.1/31.9	5.43	105	1.05 %	13.7 %	11.8 %	2.00
Industry Average	1,981.81 Cr	270.26		25.77	218.24	0.56%	8.44%	8.26%	6.48

All Competitor Stocks of Mawana Sugars Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	481.84	350.33	326.14	380.77	325.99	322.19	386.69	382.50	334.44	342.86	400.53	428.97	367.03
Expenses	462.35	269.20	329.61	409.42	284.87	240.79	372.11	392.96	305.36	254.03	401.12	439.10	339.25
Operating Profit	19.49	81.13	-3.47	-28.65	41.12	81.40	14.58	-10.46	29.08	88.83	-0.59	-10.13	27.78
OPM %	4.04%	23.16%	-1.06%	-7.52%	12.61%	25.26%	3.77%	-2.73%	8.70%	25.91%	-0.15%	-2.36%	7.57%
Other Income	0.80	0.31	0.55	26.15	0.44	0.55	0.66	0.44	64.25	5.10	0.73	0.36	-13.83
Interest	4.01	5.96	9.66	7.39	3.01	9.64	13.07	8.39	1.43	6.67	11.04	4.44	0.52
Depreciation	9.10	9.35	7.86	8.39	9.45	9.65	7.97	8.13	8.66	8.80	7.24	7.41	7.97
Profit before tax	7.18	66.13	-20.44	-18.28	29.10	62.66	-5.80	-26.54	83.24	78.46	-18.14	-21.62	5.46
Tax %	26.04%	21.16%	-23.58%	-37.53%	39.48%	24.86%	-21.21%	-23.93%	12.89%	21.40%	-25.36%	-25.39%	28.02%
Net Profit	5.31	52.14	-15.62	-11.42	17.61	47.08	-4.57	-20.19	72.51	61.67	-13.54	-16.13	3.93
EPS in Rs	1.36	13.33	-3.99	-2.92	4.50	12.04	-1.17	-5.16	18.54	15.77	-3.46	-4.12	1.00

Last Updated: March 3, 2026, 10:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 am

Metric	Sep 2013	Dec 2014n n 15m	Mar 2016n n 15m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,342	1,399	1,485	1,191	1,344	1,165	1,161	1,469	1,478	1,482	1,355	1,446	1,539
Expenses	1,398	1,452	1,379	1,022	1,301	1,050	1,109	1,372	1,373	1,405	1,265	1,324	1,434
Operating Profit	-57	-52	106	169	43	115	52	96	105	77	90	122	106
OPM %	-4%	-4%	7%	14%	3%	10%	4%	7%	7%	5%	7%	8%	7%
Other Income	30	9	10	356	27	11	17	92	-2	2	28	70	-8
Interest	91	77	77	51	38	24	27	35	26	28	30	30	23
Depreciation	50	61	38	30	24	33	56	48	40	36	35	34	31
Profit before tax	-168	-181	1	443	7	69	-13	105	38	15	53	129	44
Tax %	1%	0%	0%	19%	-33%	41%	521%	31%	31%	14%	29%	15%
Net Profit	-170	-181	1	359	10	40	-83	73	26	13	38	109	36
EPS in Rs	-43.15	-46.37	0.20	91.78	2.49	10.32	-21.19	18.73	6.69	3.36	9.62	27.97	9.19
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	16%	45%	89%	42%	14%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-97.21%	300.00%	-307.50%	187.95%	-64.38%	-50.00%	192.31%	186.84%
Change in YoY Net Profit Growth (%)	0.00%	397.21%	-607.50%	495.45%	-252.34%	14.38%	242.31%	-5.47%

Mawana Sugars Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	0%
5 Years:	5%
3 Years:	-1%
TTM:	3%

Compounded Profit Growth
10 Years:	9%
5 Years:	22%
3 Years:	24%
TTM:	-3%

Stock Price CAGR
10 Years:	30%
5 Years:	27%
3 Years:	2%
1 Year:	-25%

Return on Equity
10 Years:	%
5 Years:	6%
3 Years:	8%
Last Year:	13%

Last Updated: Unknown

Balance Sheet

Last Updated: September 17, 2026, 2:30 am

Month	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	39	39	39	39	39	39	39	39	39	39	39	39
Reserves	-427	-426	292	302	342	257	331	345	345	371	453	486
Borrowings	504	482	244	143	239	488	276	417	383	568	419	420
Other Liabilities	818	958	588	622	788	689	735	250	266	200	185	177
Total Liabilities	934	1,053	1,163	1,105	1,408	1,474	1,380	1,051	1,033	1,179	1,096	1,123
Fixed Assets	474	441	321	313	296	298	232	212	197	204	198	188
CWIP	1	3	4	8	8	1	13	3	16	1	0	1
Investments	0	0	0	0	15	13	10	4	3	3	0	0
Other Assets	460	609	838	784	1,089	1,161	1,126	832	817	972	897	934
Total Assets	934	1,053	1,163	1,105	1,408	1,474	1,380	1,051	1,033	1,179	1,096	1,123

Reserves and Borrowings Chart

Cash Flow

Month	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	235	38	49	63	-100	-139	160	-151	108	-164	114	73
Cash from Investing Activity +	-15	-4	121	83	-17	-42	129	-13	-39	5	92	-31
Cash from Financing Activity +	-206	-30	-157	-127	94	195	-245	107	-76	143	-206	-25
Net Cash Flow	15	4	13	19	-23	14	43	-57	-6	-16	-1	17
Free Cash Flow	230	27	30	42	-125	-182	135	-162	74	-166	87	41
CFO/OP	-448%	36%	30%	169%	-79%	-238%	166%	-144%	143%	-180%	101%	82%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	230.00	27.00	30.00	42.00	-125.00	-182.00	135.00	-162.00	74.00	-166.00	87.00	41.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Sep 2013	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	11	13	18	13	14	12	15	10	10	8	11	8
Inventory Days	90	108	165	238	176	417	333	246	214	208	300	266
Days Payable	107	225	268	217	204	355	231	201	57	61	52	44
Cash Conversion Cycle	-5	-104	-85	34	-14	74	117	55	167	155	259	231
Working Capital Days	-165	-211	-142	-18	-30	9	14	14	34	26	46	69
ROCE %	-19%	-34%	73%	44%	6%	17%	2%	7%	10%	6%	7%	10%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%	63.49%
FIIs	0.93%	0.35%	0.45%	0.59%	0.88%	0.43%	0.44%	0.96%	0.58%	0.44%	0.55%	0.45%
DIIs	0.31%	0.31%	0.31%	0.31%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.06%	0.06%
Public	35.27%	35.85%	35.76%	35.62%	35.56%	35.99%	35.99%	35.48%	35.86%	36.01%	35.90%	36.01%
No. of Shareholders	54,659	54,646	54,762	54,551	55,438	56,117	56,698	56,158	56,113	55,800	55,118	53,965

Shareholding Pattern Chart

No. of Shareholders

Mawana Sugars Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	27.97	9.63	3.36	6.69	18.73
Diluted EPS (Rs.)	27.97	9.63	3.36	6.69	18.73
Cash EPS (Rs.)	36.56	18.70	12.55	16.51	30.98
Book Value[Excl.RevalReserv]/Share (Rs.)	125.75	104.87	98.24	98.24	94.51
Book Value[Incl.RevalReserv]/Share (Rs.)	125.75	104.87	98.24	98.24	94.51
Revenue From Operations / Share (Rs.)	369.76	346.39	378.76	377.88	375.53
PBDIT / Share (Rs.)	33.55	30.22	20.55	27.77	25.55
PBIT / Share (Rs.)	24.97	21.19	11.44	17.63	13.39
PBT / Share (Rs.)	33.08	13.60	3.98	9.37	32.64
Net Profit / Share (Rs.)	27.98	9.66	3.44	6.37	18.82
NP After MI And SOA / Share (Rs.)	27.97	9.62	3.36	6.68	18.73
PBDIT Margin (%)	9.07	8.72	5.42	7.34	6.80
PBIT Margin (%)	6.75	6.11	3.02	4.66	3.56
PBT Margin (%)	8.94	3.92	1.05	2.47	8.69
Net Profit Margin (%)	7.56	2.78	0.90	1.68	5.01
NP After MI And SOA Margin (%)	7.56	2.77	0.88	1.76	4.98
Return on Networth / Equity (%)	22.24	9.17	3.41	6.80	19.81
Return on Capital Employeed (%)	19.42	19.73	11.12	15.82	11.41
Return On Assets (%)	9.98	3.19	1.27	2.48	5.30
Long Term Debt / Equity (X)	0.00	0.00	0.01	0.10	0.20
Total Debt / Equity (X)	0.84	1.38	0.99	1.08	0.66
Asset Turnover Ratio (%)	1.27	1.23	1.42	1.20	1.02
Current Ratio (X)	1.50	1.26	1.23	1.30	1.17
Quick Ratio (X)	0.11	0.10	0.14	0.15	0.29
Inventory Turnover Ratio (X)	1.70	1.59	1.71	1.49	1.43
Dividend Payout Ratio (NP) (%)	25.02	31.15	89.33	44.87	0.00
Dividend Payout Ratio (CP) (%)	19.14	16.06	24.05	17.82	0.00
Earning Retention Ratio (%)	74.98	68.85	10.67	55.13	0.00
Cash Earning Retention Ratio (%)	80.86	83.94	75.95	82.18	0.00
Interest Coverage Ratio (X)	4.44	3.98	2.88	4.22	2.83
Interest Coverage Ratio (Post Tax) (X)	2.63	2.27	1.53	2.22	0.56
Enterprise Value (Cr.)	732.52	872.85	698.20	890.78	288.33
EV / Net Operating Revenue (X)	0.50	0.64	0.47	0.60	0.19
EV / EBITDA (X)	5.58	7.38	8.69	8.20	2.88
MarketCap / Net Operating Revenue (X)	0.23	0.24	0.23	0.35	0.09
Retention Ratios (%)	74.97	68.84	10.66	55.12	0.00
Price / BV (X)	0.68	0.80	0.92	1.36	0.38
Price / Net Operating Revenue (X)	0.23	0.24	0.23	0.35	0.09
EarningsYield	0.32	0.11	0.03	0.05	0.51

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Mawana Sugars Ltd and is it undervalued?

Mawana Sugars Ltd: the stored intrinsic value estimate is ₹141.92, compared with a stored share price of ₹133.00. The model value is 6.7% above that quote. The model classifies this as fairly valued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Mawana Sugars Ltd?

The stored share price is ₹133.00. Price-data record updated: 24 September 2026, 2:54 am +05:30. This is not a live quote. The stored 52-week high / low is 164/75.0; this is a rolling range, not a financial-year range.

How have Mawana Sugars Ltd's revenue and profit changed?

Does Mawana Sugars Ltd's profit convert into cash?

What should I check in Mawana Sugars Ltd's balance sheet?

Reported borrowings were ₹420.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Mawana Sugars Ltd's P/E with other stocks?

The stored P/E is 15.40. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Mawana Sugars Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.