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1. At a Glance
Mawana Sugars crushes cane in Uttar Pradesh and sells sugar, ethanol and surplus power. Revenue for the three months to June 2026 was ₹415.66 crore, against ₹400.53 crore a year earlier, a rise of 3.78%. The net loss widened to ₹23.09 crore from ₹13.54 crore in the same quarter last year. Operating profit was negative ₹16.6 crore, and earnings per share were negative ₹5.90.
The three months to March 2026 read differently: revenue of ₹374.41 crore, operating profit of ₹87.72 crore and profit of ₹62.83 crore. Management addresses the gap in note 3 of the results, saying the sugar and power segments are seasonal and that any single quarter may not represent the full year. Few companies get to put “please do not extrapolate” in a footnote and be entirely correct.
The three divisions split the quarter between them, measured before tax and finance costs. Sugar lost ₹17.24 crore and power lost ₹4.56 crore. Distillery, the smallest of the three, made ₹4.37 crore and was the only one in black.
Also in the quarter, a board meeting ran from 1:15 PM to 2:00 PM. It revised the Managing Director’s remuneration, re-appointed an independent director and launched a postal ballot. Three resolutions in 45 minutes is brisk work for corporate India.
For the full year FY26, the company reported revenue of ₹1,570.94 crore and net profit of ₹37.09 crore.
2. Introduction
The company’s About page dates incorporation to 1989. CARE, a credit-rating agency, dates it to 1961 in its May 2026 press release. CARE places the company in the Shriram Group and notes the group has been in sugar for over 70 years. Either date makes this a business that has been crushing cane in Meerut district for a very long time.
Mawana Sugars runs integrated sugar complexes at Mawana and Nanglamal, both in Meerut, Uttar Pradesh. Integrated here means the sugar mill, the power plant and the distillery sit on one site. Per CARE, the company was promoted by the late Mr Sidharth Shriram. Operations are headed by Managing Director Mr Rakesh Kumar Gangwar, who joined in 2009 and has 34 years in sugar and distillery operations.
The recent corporate history has been busy in the quiet, paperwork-heavy way that sugar companies are busy. During FY25 the company sold two subsidiaries, SIEL Industrial Estate Ltd and SIEL Infrastructure and Estate Developers Pvt Ltd, to Singla Builders and Promoters Ltd for ₹117 crore. The sale produced a net exceptional gain of ₹62.7 crore. In December 2024 it bought the remaining 66.26% of Mawana Foods Pvt Ltd from Usha International Ltd for ₹2.42 crore. That took its holding from 33.74% to 100% and brought the ‘MAWANA’ brand with it.
Mawana Foods is now being folded in entirely. The Board approved a Scheme of Arrangement in August 2025, and shareholders approved it on 21 February 2026 with 99.9999% of votes in favour. That is the kind of margin normally reserved for elections nobody contests. The National Company Law Tribunal admitted the amalgamation by order dated 18 March 2026, and the second-motion order has been reserved as of the June 2026 results. Those accounts are therefore prepared without giving effect to it, and the subsidiary contributed ₹9.92 crore of revenue and ₹0.09 crore of profit for the quarter.
Also in FY26, two land parcels with buildings carrying a value of ₹6.42 crore were reclassified as Assets Held for Sale. The company approved buying a Gurugram commercial property for ₹28 crore from related party Usha International Ltd for its corporate office.
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3. Business Model: WTF Do They Even Do?
The model is simple to state. Sugarcane arrives, and almost nothing is allowed to leave the premises unmonetised.
Cane goes in at 19,000 tonnes crushed per day. Sugar comes out in several grades: Plantation White, Refined, specialty sugars, and IP-grade sugar for pharmaceutical customers. Sugar, it turns out, has a formalwear tier. The company is ISO 22000:2005 certified as a manufacturer and marketer of sugar, ethanol and co-generation of power.
Bagasse is the fibrous residue left once the cane has been squeezed of everything it holds dear. It is burned to generate 53.5 MW of power. Some of that runs the sugar plant itself, and the surplus is sold to Uttar Pradesh Power Corporation. A factory that fuels itself on its own leftovers is the closest heavy industry gets to a magic trick.
The molasses goes to the distillery, which has 120 KLPD of capacity, meaning kilolitres per day. It produces anhydrous and hydrous ethanol, Rectified Spirit, Denatured Spirit and Fuel Ethanol. For the Ethanol Supply Year running November 2025 to October 2026, Oil Marketing Companies have allocated the company 38,000 KL of ethanol from B Heavy and C Heavy molasses. FY26 ethanol production was 33,798 KL against 29,657 KL in FY25.
The FY26 revenue split runs sugar at about 81% and industrial alcohol at about 13%. Power adds about
