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Mawana Sugars Ltd

| Audited Standalone & Consolidated Financial Results – Q4 & FY26

Report Source

⬤21st May 26

Summary : Mawana Sugars reported audited financial results with an unmodified opinion, deferred dividend, and is pursuing a merger while managing new labor code impacts and related party transactions.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed.
  2. Employee benefits expenses.
  3. Finance costs and depreciation.
  4. Other expenses.
  5. Segment revenue from Sugar, Power, and Distillery.
  6. Net cash flow from operating activities: Standalone Rs. 75.67 crore (2026), Consolidated Rs. 73.31 crore (2026).
  7. Net cash flow from investing activities: Standalone (Rs. 30.92) crore (2026), Consolidated (Rs. 30.83) crore (2026).
  8. Net cash flow from financing activities: Standalone (Rs. 24.90) crore (2026), Consolidated (Rs. 25.12) crore (2026).
  9. Total assets: Standalone Rs. 1,120.30 crore (2026), Consolidated Rs. 1,122.62 crore (2026).
  10. Equity share capital: Rs. 39.12 crore (both Standalone and Consolidated 2026).
  11. Total equity: Standalone Rs. 524.45 crore (2026), Consolidated Rs. 524.67 crore (2026).
  12. Purchase of Plot No. 3 from Usha International Limited.
  13. Acquisition of 'MAWANA' brand from a related party.
  14. Sale of shareholding in Siel Industrial Estate Limited and Siel Infrastructure and Estate Developers Private Limited.
  15. Both standalone and consolidated results presented.
  16. Mawana Foods Private Limited is a wholly-owned subsidiary.

Corporate Overview

  1. Assessing impact of new labor codes on compensation.
  2. Operates in sugar and power business segments.
  3. Also has a distillery segment.
  4. Formal and compliant with regulatory requirements.
  5. Factual reporting of financial results and board decisions.
  6. Sugar
  7. Power
  8. Distillery
  9. Purchase of Plot No. 3 in Gurugram from related party.

Risk Factors

  1. Dividend consideration deferred by Board
  2. Uncertainty from new labor codes
  3. Related party transactions scrutiny
  4. Seasonal nature of sugar business

Key Drivers

  1. Pending merger approval by NCLT
  2. Arbitration award received from ex-vendor
  3. Reversal of labor code impact
  4. Unmodified audit opinion on financials

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.
  2. Audit of standalone and consolidated financial results.
  3. Evaluation of accounting policies and estimates.
  4. Assessment of going concern basis of accounting.

Board Commentary

  1. Consideration of dividend deferred by the Board.
  2. Impact of new labor codes on employee compensation.
  3. Compliance with SEBI Listing Regulations.
  4. New labor codes effective from November 2025.
  5. Arbitration award received from ex-vendor.
  6. Scheme of Arrangement (merger) pending NCLT approval.
  7. Purchase of Plot No. 3, Institutional Area, Gurugram.
  8. Acquisition of 'MAWANA' brand from related party.

Corporate Governance

  1. Auditors complied with Code of Ethics.
  2. Audit Committee reviewed related party transactions.
  3. Audit Committee recommended financial results.

Management Discussion & Analysis

Future Strategy

  1. Pursuing scheme of arrangement for merger with subsidiary.

Risk Control Measures

  1. Monitoring impact of new labor codes for accounting adjustments.
  2. Related party transactions placed before Audit Committee/Board.

Critical Risks

  1. Uncertainty regarding full impact of new labor codes.
  2. Potential delays in merger approval process.