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1. At a Glance
Revenue for the June 2026 quarter came in at ₹415.66 crore, up 3.78% on the year-ago ₹400.53 crore, and the company posted a net loss of ₹23.09 crore against a ₹13.54 crore loss in the same quarter last year. Operating Profit was negative ₹16.6 crore. EPS: ₹-5.90.
Read that alongside the March 2026 quarter — ₹374.41 crore of revenue, ₹87.72 crore of Operating Profit, ₹62.83 crore of profit — and you have a business whose quarters do not so much vary as swing on a hinge. Management flags this directly in note 3 of the results: the sugar and power segments are seasonal, and 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 segment split for the quarter: Sugar produced a loss of ₹17.24 crore before tax and finance costs, Power a loss of ₹4.56 crore, and Distillery a profit of ₹4.37 crore. The smallest of the three divisions was the only one in black.
Also in the quarter: a board meeting that started at 1:15 PM and finished at 2:00 PM, in which the Managing Director’s remuneration was revised, an independent director was re-appointed, and a postal ballot was launched — 45 minutes, three resolutions, which is brisk work for corporate India.
The full-year FY26 numbers sit behind all this: revenue ₹1,570.94 crore, net profit ₹37.09 crore.
2. Introduction
The About page dates incorporation to 1989. CARE’s May 2026 press release dates it to 1961 and places the company in the Shriram Group, noting the group has been in sugar for over 70 years. Either way, this is not a startup with a pitch deck; it is a business that has been crushing cane in Meerut district for a very long time.
The company runs integrated sugar complexes at Mawana and Nanglamal, both in Meerut, Uttar Pradesh. Per CARE, MSL was promoted by the late Mr. Sidharth Shriram, and operations are currently headed by Managing Director Mr. Rakesh Kumar Gangwar, who has been with the company since 2009 and has 34 years in sugar and distillery operations — a career length that comfortably exceeds the age of most people who will read this.
The recent corporate history has been busy in the quiet, paperwork-heavy way that sugar companies are busy. During FY25 the company divested two subsidiaries — SIEL Industrial Estate Ltd. and SIEL Infrastructure and Estate Developers Pvt. Ltd. — to Singla Builders and Promoters Ltd. for ₹117 crore, a transaction that 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, taking its holding from 33.74% to 100%, and acquiring the ‘MAWANA’ brand along with it.
Mawana Foods is now being folded in entirely. The Board approved a Scheme of Arrangement in August 2025; shareholders approved it on 21 February 2026 with 99.9999% of votes in favour, which is the kind of margin normally reserved for elections nobody contests. The NCLT admitted the amalgamation by order dated 18 March 2026, and as of the Q1 FY27 results the second-motion order has been reserved. The June 2026 accounts are therefore prepared without giving effect to it — 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 value ₹6.42 crore, were reclassified as Assets Held for Sale, and 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?
They take sugarcane, and they refuse to let any part of it leave the premises unmonetised.
Cane goes in at 19,000 tonnes crushed per day. Sugar comes out — Plantation White, Refined, specialty sugars, and IP-grade sugar for pharmaceutical customers, because apparently sugar has a formalwear tier. The company is ISO 22000:2005 certified as a manufacturer and marketer of Sugar, Ethanol and Co-generation of Power.
The bagasse — the fibrous residue left after the cane has been squeezed of everything it holds dear — is burned to generate 53.5 MW of power. Some of that runs the sugar plant itself; the surplus is exported to Uttar Pradesh Power Corporation. A factory that fuels itself on its own garbage is the closest heavy industry gets to a magic trick.
The molasses goes to the distillery: 120 KLPD of capacity producing anhydrous and hydrous ethanol, Rectified Spirit, Denatured Spirit and Fuel Ethanol. For the Ethanol Supply Year 2025-26 (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.
FY26 revenue breakup: Sugar ~81%, Industrial Alcohol ~13%, Power ~2%, By Products ~3%, and Traded goods/Scrap/Others ~1% — a line item that includes, by definition, the scrapings.
FY26 operations against FY25: cane crushed 25.66 Lac MT versus 28.70, sugar
