Mawana Sugars Limited achieved a significant milestone in its corporate restructuring process by securing unanimous approval from unsecured creditors for the proposed scheme of amalgamation with Mawana Foods Private Limited. The NCLT-convened meeting of unsecured creditors held on February 21, 2026, complemented the earlier overwhelming shareholder approval of 99.9999%, demonstrating complete stakeholder support for the amalgamation.

Shareholders Meeting Success

The company successfully concluded its National Company Law Tribunal (NCLT) convened meeting of equity shareholders on February 21, 2026, securing overwhelming approval for the proposed scheme of amalgamation with Mawana Foods Private Limited. The court-ordered meeting was conducted through video conferencing from 02:30 PM to 02:40 PM (IST), with 93 participants attending the virtual meeting.

Shareholder Voting Results

Out of 25,243,456 total valid votes cast by shareholders, 25,243,435 votes were in favor, representing 99.9999% approval, while only 21 votes were cast against the resolution.

Unsecured Creditors Meeting

The NCLT-convened meeting of unsecured creditors was held on the same day from 12:00 PM to 12:20 PM (IST) through video conferencing, with 19 participants attending. The meeting was chaired by Adv. Aditya Dewan, with Adv. Sameer Ali serving as the scrutinizer, both appointed by the Hon'ble NCLT.

Creditors Voting Analysis

The unsecured creditors demonstrated complete unanimity, with all 22 creditors representing ₹5,41,66,253 in outstanding debt voting in favor of the amalgamation scheme, achieving 100% approval with zero votes against the resolution.

Regulatory Framework and Compliance

Both meetings were conducted pursuant to the NCLT order dated December 18, 2025, and in compliance with sections 230-232 of the Companies Act, 2013, and SEBI Listing Regulations. The company provided comprehensive voting facilities including remote e-voting from February 18-20, 2026, ensuring maximum participation from stakeholders.

Meeting Infrastructure

Scheme Implementation Status

With both shareholder and creditor approvals secured with overwhelming majorities, the scheme of amalgamation between Mawana Foods Private Limited (Transferor Company) and Mawana Sugars Limited (Transferee Company) now awaits final sanction from the Hon'ble NCLT. The company has filed detailed documentation including summary of proceedings, e-voting results, and scrutinizer's reports with BSE Limited and National Stock Exchange of India Limited as per regulatory requirements.

The successful approvals from both stakeholder groups represent a crucial step forward in the corporate restructuring process, with the scheme meeting the required majority thresholds of three-fourths in value for both shareholders and creditors as mandated under the Companies Act, 2013.

Mawana Sugars Limited has published its unaudited financial results for the quarter and nine months period ended December 31, 2025, in newspapers on February 16, 2026. The company fulfilled its regulatory obligations under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, specifically Regulation 47.

Regulatory Compliance and Publication

The company published its Q3 FY26 financial results in "Business Standard" Hindi (Delhi Edition) and "Business Standard" English (all editions) on February 16, 2026. This publication was communicated to BSE Limited and National Stock Exchange of India Limited through a formal letter signed by Company Secretary Ashok Kumar Shukla.

Financial Performance Overview

The company's standalone financial performance for Q3 FY26 showed mixed results compared to the previous year. While revenue from operations increased, profitability declined significantly during the quarter.

Nine Months Performance

For the nine months period ended December 31, 2025, the company reported challenging financial results with a net loss on standalone basis.

Segment-wise Performance

The company operates across three main business segments: sugar, power, and distillery. The segment-wise revenue breakdown for Q3 FY26 shows sugar as the dominant contributor.

After adjusting for inter-segment revenue of ₹168.45 crore, the net revenue from operations stood at ₹365.35 crore for the quarter.

Exceptional Items and Special Provisions

The company recorded exceptional items of ₹14.75 crore during Q3 FY26, primarily related to the implementation of new Labour Codes. The Government of India consolidated 29 existing labour legislations into four unified Labour Codes, which became effective from November 21, 2025. This resulted in an incremental impact that the company disclosed as an exceptional item due to its materiality and non-recurring nature.

Consolidated Results

On a consolidated basis, which includes subsidiary Mawana Foods Private Limited, the company reported net profit of ₹3.93 crore for Q3 FY26. The subsidiary contributed revenue of ₹11.16 crore and net profit of ₹0.14 crore during the quarter.

Key Financial Metrics

The company's earnings per share (EPS) for Q3 FY26 stood at ₹0.96 compared to ₹8.33 in Q3 FY25. The paid-up equity share capital remained unchanged at ₹39.12 crore with a face value of ₹10 per share. Other equity as per balance sheet was reported at ₹452.94 crore.

The financial results reflect the seasonal nature of the company's sugar and power business segments, and the management noted that quarterly performance may not be representative of annual performance.