MVK Agro Food Product Ltd is an integrated sugar and bio-energy company built on a simple idea: take one raw material - sugarcane - and turn every part of it into something sellable, from crystalline sugar and fuel-grade ethanol to organic manure and captive power. Founded in 2018 and listed on the NSE Emerge platform in 2024, the company grew by acquisition - first a sugar mill in 2020, then a dairy unit in 2023, then two jaggery businesses in 2025 - stitching together a multi-stream agro-processor in Maharashtra’s Nanded district. The recurring approach is what management calls “one cane, many revenue streams”: crush sugarcane, sell the sugar, ferment the molasses into ethanol, burn the bagasse for power, and return the pressmud to farmers as fertilizer - nothing leaves the site as waste.
Business segments
Three engines at different stages - a sugar-and-bio-energy core that generates the bulk of revenue, a fast-growing jaggery business acquired through share-swaps, and a small dairy unit that extends the group’s agro-processing reach - all fed by the same sugarcane procurement network.
1. Sugar and bio-energy: the core engine that turns cane into multiple paycheques
Every tonne of sugarcane crushed yields crystalline sugar for sale, molasses for ethanol, bagasse for captive power, and pressmud for organic manure - so the company earns four ways from one harvest.
- Sugar is the anchor product - the company produces premium M-30 and S-30 crystalline sugar grades at its 2,500 TCD (tonnes crushed per day) plant, and domestic sugar sales made up roughly two-thirds of standalone revenue in FY26. The sugar recovery rate of 9.81% beats both the Maharashtra state average of 9.49% and the Nanded regional average of 9.31%, which means more sugar extracted from the same cane.
- Ethanol turns a by-product into a government-backed revenue stream - molasses left over from sugar-making is distilled into ethanol and sold to Oil Marketing Companies under India’s fuel-blending mandates, so the company gets a fixed-price buyer and avoids the crop-price swings that commodity traders face. India faces a massive structural supply deficit of 650 crore litres to meet its E80 flex-fuel blending mandates, and sugarcane delivers the highest ethanol output per hectare of any crop.
- Bagasse powers the plant, surplus gets sold - the fibrous residue after crushing is burned in a captive 3 MW co-generation plant, making the factory fully self-sufficient in electricity, with any leftover bagasse sold to paper manufacturers. This means the company does not buy grid power to run its crushing operations.
- Pressmud closes the loop with farmers - the clarification cake filtered out during sugar processing is supplied directly to regional growers as nutrient-rich organic manure, so the factory’s waste stream returns to agriculture as a soil conditioner.
- Procurement is local and direct - the company draws sugarcane from an agricultural command area of 4,587 hectares, with cane grown across 11,336 acres as of FY26, up more than a quarter from the year before. Raw cane purchases, harvesting, and field-to-plant transport together account for nearly 89% of the parent company’s operating costs, so the business lives or dies on how efficiently it manages the harvest-to-crush logistics.
2. Natural sweeteners: the jaggery business bought, not built
Two wholly owned subsidiaries manufacture organic jaggery powder and related bio-products, acquired in 2025 through share-swaps that turned their former owners into MVK shareholders - a capital-efficient way to bolt on a high-margin growth engine.
- Jaggery is the fastest-growing revenue line - jaggery powder sales reached ₹2,718.74 lakhs in FY26, a nearly sixfold jump year-on-year, making it the second-largest standalone revenue stream after sugar at 17.7% of the parent’s sales.
- Acquired via share-swap, not cash - both subsidiaries, Dr. Shankarrao Chavan Jaggery and Agro Product Private Limited and V.P.K. Agro Food Product Private Limited, were bought in August 2025 by issuing MVK equity shares at ₹90 each rather than paying cash, so the acquisitions preserved the company’s balance-sheet capacity for its factory expansion.
- The larger subsidiary is the heavyweight - Dr. Shankarrao Chavan Jaggery contributed ₹12,591.36 lakhs in revenue and ₹2,431.04 lakhs in profit after tax to the consolidated group in FY26, roughly 1.6 times the revenue of the second jaggery unit. Both businesses operate in the FMCG food-processing space.
3. Consumer foods: a small dairy extension
A wholly owned subsidiary makes curd, butter, and ghee - a modest but profitable bolt-on that extends the group’s farm-to-food logic from sugarcane into milk.
- Acquired early, kept simple - Sai Krupa Dairy & Food Products Private Limited was bought in 2023 at 100% ownership and contributed ₹1,647.69 lakhs in revenue with ₹576.47 lakhs in profit after tax in FY26. The subsidiary operates as a straightforward dairy processor, consolidated line-by-line into the group’s financials.
Group structure and partners
A listed parent with three wholly owned subsidiaries, a tight promoter holding, and a green-energy offtake agreement that signals where the next engine is headed.
- The parent is the listed vehicle - MVK Agro Food Product Ltd trades on the NSE Emerge SME platform under the symbol MVKAGRO, with promoters holding 64.56% of shares as of March 2025 and the Managing Director, Marotrao Vyankatrao Kawale, personally holding 54.15%.
- All three subsidiaries are 100% owned - Sai Krupa Dairy (acquired 2023), Dr. Shankarrao Chavan Jaggery (acquired August 2025 via share-swap), and V.P.K. Agro Food Product (acquired August 2025 via share-swap) each report into the parent with no minority interests.
- A biogas offtake deal is in place - the company signed a Tripartite Agreement with Maharashtra Natural Gas Limited and GAIL (India) Limited to supply Compressed Biogas under the government’s CBG-CGD Synchronization Scheme, with the supply quantity to be decided at the time of supply. No equity changed hands in the deal, and the counterparties are not related to the promoter group.
- Regulatory permissions for expansion are secured - the company holds environmental clearance for a 120 KLPD ethanol distillery with a 2.5 MW co-generation plant, and an Industrial Enterprises Memorandum approval to double sugarcane crushing capacity from 2,500 TCD to 4,000 TCD. Capital work-in-progress of ₹17,719.91 lakhs is already deployed toward these projects.