Mawana Sugars Q1 FY27 Results (NSE: MAWANASUG)
Signal: Loss widened
The read
The Q1FY27 inflection is negative: consolidated revenue grew 3.8% YoY to ₹415.66 crore, but EBITDA margin contracted 340bps to -3.9% and PAT loss widened to ₹23.09 crore as sugar and power both turned loss-making; this reverses the 23.0% Q4FY26 OPM and confirms the business remains highly seasonal and margin-volatile.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹415.66 Cr | +3.8% | +11.0% |
| EBIT | ₹-24.47 Cr | -212.5% | |
| Net profit | ₹-23.09 Cr | -70.5% | |
| EPS | ₹-5.9 | -70.5% | |
| EBIT margin | -3.9% |
P&L walk
Revenue increased to ₹415.66 crore, +3.8% YoY and +11.0% QoQ, but gross margin compressed to approximately 7.5% from 11.5% and EBITDA margin fell to -3.9% from -0.5%; higher depreciation and weak sugar and power results drove the ₹23.09 crore PAT loss.
Segments
Sugar and power dragged the group into losses, with segment results of -₹17.24 crore and -₹4.56 crore versus YoY profit of ₹6.99 crore and ₹1.33 crore, while distillery was the sole profitable growth unit at ₹4.37 crore, up 53.3% YoY.
Key positives
- Consolidated revenue increased 3.8% YoY to ₹415.66 crore despite sugar revenue declining 3.1% and power revenue declining 62.0%, supported by distillery revenue growth of 24.0%.
- Employee and other operating expenses increased only 2.9% YoY to ₹46.38 crore, remaining at 11.2% of revenue.
- Finance costs declined 28.5% YoY to ₹7.89 crore.
- Distillery segment result increased 53.3% YoY to ₹4.37 crore.
Key concerns
- EBITDA margin contracted 340bps YoY to approximately -3.9% despite 3.8% revenue growth, indicating no operating leverage in the quarter.
- Sugar segment moved from ₹6.99 crore profit to ₹17.24 crore loss and power moved from ₹1.33 crore profit to ₹4.56 crore loss.
- PAT loss widened to ₹23.09 crore from ₹13.54 crore, while other income was only ₹1.51 crore and could not cushion the operating loss.
- Gross margin compressed approximately 400bps YoY to 7.5%; the filing does not disclose the driver.
Research and educational content only. Not investment advice.