Evaluating state-owned enterprises (SOEs) strictly through conventional commercial accounting metrics often fails to\ncapture their broader welfare impacts in developing nations. The state-owned sugar sector in Bangladesh, managed by the\nBangladesh Sugar and Food Industries Corporation (BSFIC), frequently faces criticism due to persistent operational deficits.\nHowever, this sector operates primarily as a socio-economic anchor across rural landscapes. This paper empirical-conceptually\nmeasures the non-market \"Social Value\" generated by state-owned sugar mills across four critical dimensions: public education,\ncommunity healthcare, rural infrastructure, and regional agricultural development. Utilizing a Social Return on Investment\n(SROI) logic and institutional analysis, the study demonstrates that the socio-economic externalities—including climate-resilient\nfarming, subsidized medical services, rural transport networks, and micro-economic liquidity—substantially offset recorded\nfinancial losses. The paper argues for an integrated evaluation framework that embeds social accounting into public sector\nperformance appraisals to safeguard rural livelihoods and advance the UN Sustainable Development Goals (SDGs).