Mukand Ltd.
NSE: MUKANDLTD · Iron & Steel Products · sector
₹146.07NSE close 2026-10-26
Key numbers
Market cap₹2,111 cr
Price₹146.07
52w high / low₹191 / ₹114
P/E3.3xSector median 15.5x
P/B1.4xSector median 1.7x
Book value₹105.3
Dividend yield1.37%Sector median 0.60%
ROE51.2%Sector median 11.1%
ROCE21.3%Sector median 11.9%
OPM2.6%Sector median 6.7%
Debt / equity1.11xSector median 0.21x
EV/EBITDA28.8xSector median 11.8x
Interest cover4.6x
Current ratio1.38x
Sales growth 3y-4.2%Sector median +2.1%
Profit growth 3y+52.1%Sector median +13.0%
PEG0.07x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹32 cr vs borrowings ₹1,697 cr (FY26): borrowings are higher by ₹1,665 cr.
- Operating profit covered interest 4.6x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 98% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹146.07 on 2026-10-26: -23.4% from the 52-week high, +27.8% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹175.99 · low ₹88.87
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,263 | 1,262 | 1,107 | 1,129 | 1,161 | 1,331 | 1,269 | 1,362 |
| EBITDA | 76 | 72 | 65 | 47 | 69 | 72 | -17 | 7 |
| OPM % | 6.0% | 5.7% | 5.9% | 4.2% | 6.0% | 5.4% | -1.4% | 0.5% |
| Other income | 3 | 2 | 6 | 39 | 3 | 4 | 508 | 105 |
| Net profit | 26 | 15 | 11 | 29 | 10 | 10 | 555 | 57 |
| EPS (₹) | 1.78 | 1.03 | 0.75 | 2.01 | 0.68 | 0.71 | 38.51 | 3.97 |
| Revenue YoY | -8.1% | +5.5% | +14.7% | +20.7% | ||||
| Profit YoY | -61.7% | -31.0% | +4,991.6% | +97.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 4,637 | 5,568 | 5,175 | 4,890 | 4,890 | 5,123 |
| EBITDA | 254 | -177 | 292 | 284 | 171 | 131 |
| Net profit | 177 | 172 | 103 | 76 | 604 | 632 |
| EPS (₹) | 12.55 | 11.89 | 7.11 | 5.24 | 41.81 | 43.87 |
| Revenue growth | +20.1% | -7.1% | -5.5% | -0.0% | +7.6% | |
| Profit growth | -3.2% | -40.2% | -26.1% | +696.1% | +684.8% | |
| Dividend / share (₹) | 1.00 | 1.50 | 2.00 | 2.00 | 2.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -4.2% | +12.4% | +7.6% |
| Net profit | +52.1% | – | +684.8% |
| EPS | +52.1% | – | – |
| Share price | – | +1.4% (2y) | +21.2% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 854 | 921 | 950 | 1,522 |
| Borrowings | – | 1,505 | 1,489 | 1,559 | 1,697 |
| Cash & equivalents | – | 199 | 53 | 27 | 32 |
| Total assets | – | 3,178 | 3,046 | 3,542 | 4,077 |
| Fixed assets | – | 456 | 452 | 537 | 627 |
| Capital work in progress | – | 30 | 34 | 140 | 93 |
| Investments | – | 1 | 10 | 28 | 28 |
| Receivables | – | 463 | 533 | 427 | 423 |
| Inventory | – | 1,549 | 1,590 | 2,008 | 2,402 |
| Payables | – | 536 | 440 | 595 | 562 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -92 | 106 | 10 | 180 | -441 |
| Cash from investing | 300 | 619 | 99 | -124 | 472 |
| Cash from financing | -196 | -728 | -152 | -86 | -37 |
| Capex | 231 | 61 | 48 | 126 | 108 |
| Free cash flow | -323 | 45 | -38 | 54 | -549 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 20.1% | 11.1% | 8.0% | 39.7% |
| ROCE % | – | 15.1% | 10.7% | 9.9% | 20.6% |
| Debtor days | – | 30 | 38 | 32 | 32 |
| Inventory days | – | 144 | 173 | 240 | 278 |
| Payable days | – | 50 | 48 | 71 | 65 |
| Cash conversion cycle (days) | – | 124 | 163 | 201 | 245 |
| Working capital days | – | 109 | 121 | 21 | 63 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.70% |
| FIIs | 0.18% |
| DIIs | 0.41% |
| of which Mutual funds | 0.00% |
| of which Insurance | 0.40% |
| Public (non-institutions) | 24.71% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.70% | 74.70% | 74.70% | 74.70% | 74.70% | 74.70% | 74.70% | 74.70% |
| Promoter group | % |
|---|---|
| Jamnalal Sons Private Limited | 19.92% |
| Baroda Industries Private Limited | 12.69% |
| Bachhraj & Co Private Limited | 10.35% |
| Bajaj Sevashram Private Limited | 9.62% |
| Niraj Bajaj | 8.27% |
| Bajaj Holdings and Investment Ltd | 5.63% |
| Bachhraj Factories Private Limited | 4.86% |
| Sanraj Nayan Investments Private Limited | 1.55% |
| Shekhar Bajaj | 0.49% |
| Manish Santoshkumar Kejriwal | 0.20% |
| Kumud Bajaj (A/C Nimisha Bajaj Family Trust) | 0.17% |
| Kumud Bajaj (A/C Neelima Bajaj Family Trust) | 0.17% |
| Minal Bajaj | 0.14% |
| Niraj Holdings Private Limited | 0.10% |
| Sanjivnayan Bajaj (A/C Sanjali Family Trust) | 0.10% |
| Public holders above 1% | % |
|---|---|
| Siddhant Commercials Private Limited | 2.48% |
| Group Companies Welfare Funds | 1.56% |
48,756 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MUKANDLTD | ₹2,111 cr | 3.3x | 1.4x | 51.2% | 21.3% | 2.6% | -4.2% | 1.37% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Specialty Steel | ₹4,743 cr | 96.8% | ₹675 cr | 14.2% |
| Industrial Machinery & Engineering Contracts | ₹157 cr | 3.2% | ₹-10 cr | -6.6% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-07 | Dividend | Dividend - Rs 2 Per Share & Special Dividend Re 1 Per Share |
| 2025-07-25 | Dividend | Dividend - Rs 2 Per Share |
| 2024-07-26 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2023-07-28 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2022-07-28 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2021-09-08 | Dividend | Dividend - Re 1 Per Share |
| 2019-07-25 | Other | Annual General Meeting |
| 2018-08-02 | Other | Annual General Meeting |
| 2017-07-13 | Other | Annual General Meeting |
| 2016-07-28 | Other | Annual General Meeting |
| 2015-07-30 | Other | Annual General Meeting |
| 2014-07-31 | Other | Annual General Meeting |
| 2014-02-10 | Rights | Rights 1:1 @ Premium Rs.11/- Per Equity Share |
| 2013-08-01 | Other | Annual General Meeting |
| 2012-08-02 | Other | Annual General Meeting |
| 2011-07-14 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2010-07-08 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2009-07-09 | Other | Annual General Meeting |
| 2008-07-11 | Other | Agm/Div-Re.1/- Per Share |
| 2007-06-28 | Other | Agm/Div-Re.1/- Per Sh |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Steel and heavy machinery
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | MUKANDLTD |
| BSE code | 500460 |
| ISIN | INE304A01026 |
| Face value | ₹10.0 |
| Incorporated | 1937-11-29 |
| Website | www.mukand.com |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.