Mukand Limited (MUKANDLTD)

Loading page…

Mukand Limited (MUKANDLTD) · mywealthgrid

About

Mukand Limited manufactures iron and steel products in industrials sector with ₹1,938 Cr market cap and stable quarterly revenue ₹1.2–1.4K Cr. Current metrics show PE 3.06 and ROE 48.88%, though recent quarters include exceptional gains obscuring normalized profitability.

Founded: 1955
Face value: ₹10

Market cap

₹2,495 Cr

P/E

3.9×

P/B

1.6×

Dividend yield

1.7%

ROE

48.9%

ROCE

44.4%

Debt / equity

1.11

OPM

3.5%

EPS (TTM)

₹43.8

Book value

₹105.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins thin (3.5% avg) and volatile (–1.98% to 6.72%), limiting resilience if commodity prices or volumes fall

Leverage (D/E 1.11) combined with thin margins leaves minimal buffer; verify debt service viability if revenues or margins contract

Mar 2026 showed exceptional ₹554–568 Cr gains on ₹1.2K revenue; normalized profit ₹10–60 Cr per quarter, far below reported, complicates earnings assumptions

Promoter concentration (74.7%) and minimal institutional ownership (FII 0.25%, DII 1.03%) limit minority influence and access to capital allocation

Generated analysis · source review pending

Growth drivers

Margin recovery potential: Sep–Dec 2025 quarters showed 5.7–6.7% OPM vs recent near-zero; stabilization at those levels would substantially lift profit on stable ₹1.2–1.4K Cr quarterly revenue

Valuation upside: PE 3.06 relative to ROE 48.88% suggests undervaluation; if normalized earnings (excluding Mar 2026 exception) are clarified, re-rating likely

Cash generation: five-year dividend history shows capital generation; verify if management deploys retained earnings into capex or M&A for growth

Sector demand: steel and industrial products depend on infrastructure and industrial-output cycles; verify whether tailwinds are emerging and how company captures volume growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹172.7+0.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 22.9% (3-yr avg)
+High return on capital employed of 23.1%
+Profit CAGR of 52.1% over the last 3 years
+High promoter holding of 74.7% with no pledge

Cons

−Thin operating margin of 3.5%
−Low dividend payout of 6.9% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality: 54
Growth: 71
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,952	3,528	3,689	2,923	2,726	4,637	5,568	5,175	4,890	4,890
COGS	1,375	1,831	2,018	1,614	1,865	2,897	3,922	3,350	3,052	3,149
Gross profit	1,578	1,697	1,671	1,309	861	1,740	1,645	1,825	1,838	1,741
	1,219	1,485	1,524	1,234	1,363	1,488	1,829	1,533	1,553	1,570
	359	212	148	75	-502	252	-184	292	284	171
OPM %	12.2%	6%	4%	2.6%	-18.4%	5.4%	-3.3%	5.6%	5.8%	3.5%
Depreciation	77	158	58	75	69	45	52	50	51	62
Interest	291	473	327	364	332	161	177	131	130	150
	23	45	60	68	748	116	585	16	14	554
Profit before tax	2	920	-158	-296	-155	162	172	127	118	512
Tax	—	99	-43	-57	49	-15	0	24	42	-92
Tax %	—	10.8%	-27%	-19.1%	31.7%	-9.5%	0.3%	19%	35.9%	-18%
	-8	821	-115	-240	-204	177	172	103	76	604
PAT margin %	-0.3%	23.3%	-3.1%	-8.2%	-7.5%	3.8%	3.1%	2%	1.6%	12.4%
EPS (₹)	—	—	—	-17	-14.4	12.6	11.9	7.1	5.2	41.8
EPS adjusted (₹)	—	—	—	-17	-14.4	12.3	11.9	7.1	5.3	41.8
	—	—	—	—	—	12%	16.8%	28.1%	38.2%	7.2%
Annual report	Annual report for Mar 2016	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	141	141	145	145	145	145	144
Reserves	529	321	522	709	777	805	1,378
	2,679	2,076	2,036	1,505	1,489	1,559	1,697
	1,110	699	822	819	636	1,033	858
Total equity & liabilities	4,460	3,237	3,524	3,178	3,046	3,542	4,077
	467	447	484	488	482	537	628
CWIP	24	26	32	30	34	140	93
Investments	1,214	528	128	159	10	29	40
	2,755	2,236	2,880	2,501	2,520	2,836	3,316
Total assets	4,460	3,237	3,524	3,178	3,046	3,542	4,077

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Specialty Steel	4,743.3	675.39	2,907.91	679.42	2,228.49	30.31
Industrial Machinery & Engineering Contracts	156.87	-10.36

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	45.3%	44.8%	31.6%	37.5%	29.6%	35.3%	37.6%	35.6%
EBITDA margin %	4%	4.3%	-16.5%	5.5%	-3.2%	5.6%	5.8%	3.5%
EBIT margin %	2.4%	1.7%	-19%	4.5%	-4.1%	4.7%	4.8%	2.2%
PAT margin %	-3.1%	-8.2%	-7.5%	3.8%	3.1%	2%	1.6%	12.4%
Working capital
Receivable days	—	52	69	39	30	38	32	32
Inventory days	—	309	217	184	144	173	240	278
Payable days	—	—	84	64	50	48	71	65
NWC days	—	—	203	159	125	163	201	245
Leverage
Current ratio	—	1.37	2.71	1.32	3.04	3.69	1.12	1.38
Debt to EBITDA	—	21.52	—	8.03	—	5.1	5.49	9.92
Debt to equity	—	3.99	4.49	3.06	1.76	1.62	1.64	1.11
Interest coverage	0.5	0.3	0.7	2	2	2	1.9	4.4
Asset turnover	—	0.66	0.84	1.32	1.75	1.7	1.38	1.2
Return ratios
Return on assets %	—	-5.4%	-6.3%	5%	5.4%	3.4%	2.1%	14.8%
Return on capital employed %	—	4.5%	9.5%	16.7%	18%	10.8%	14%	44.4%
Return on equity %	—	-35.8%	-44.1%	26.6%	20.1%	11.1%	8%	39.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%	74.7%
	0.08%	0.32%	0.24%	0.2%	0.23%	0.2%	0.28%	0.14%	0.19%	0.29%	0.26%	0.25%
	1.17%	1.19%	1.56%	1.75%	1.11%	1.1%	1.1%	1.1%	1.1%	1.1%	1.1%	1.03%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.05%	23.79%	23.5%	23.35%	23.96%	24%	23.92%	24.06%	24.01%	23.91%	23.94%	24.02%
No. of shareholders	—	—	—	—	—	—	—	—	51,390	50,213	49,218	49,306

Promoter holding up 0 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
NEELIMA BAJAJ FAMILY TRUSTPromoter Group	BuyOff Market	50,000	₹65.1 L	0.00% → 0.03%	1 Oct 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

26 deals · 9 Aug 2021 – 9 Aug 2021

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Aug 2021	BACHHRAJ & CO PRIVATE LIMITED	Bulk	NSE	Buy	1,04,10,025	₹153.00	₹159.27 Cr
9 Aug 2021	BACHHRAJ & CO PRIVATE LIMITED	Block	NSE	Buy	1,04,10,025	₹153.00	₹159.27 Cr
9 Aug 2021	RAJESH VIREN SHAH	Block	NSE	Sell	72,23,359	₹153.00	₹110.52 Cr
9 Aug 2021	RAJESH VIREN SHAH	Bulk	NSE	Sell	72,23,359	₹153.00	₹110.52 Cr
9 Aug 2021	BAJAJ SEVASHRAM PRIVATE LIMITED	Bulk	NSE	Buy	61,71,352	₹153.00	₹94.42 Cr
9 Aug 2021	BAJAJ SEVASHRAM PRIVATE LIMITED	Block	NSE	Buy	61,71,352	₹153.00	₹94.42 Cr
9 Aug 2021	BACHHRAJ FACTORIES PRIVATE LIMITED	Block	NSE	Buy	46,02,847	₹153.00	₹70.42 Cr
9 Aug 2021	BACHHRAJ FACTORIES PRIVATE LIMITED	Bulk	NSE	Buy	46,02,847	₹153.00	₹70.42 Cr
9 Aug 2021	SHAH CZAEE SUKETU	Block	NSE	Sell	38,75,352	₹153.00	₹59.29 Cr
9 Aug 2021	SHAH CZAEE SUKETU	Bulk	NSE	Sell	38,75,352	₹153.00	₹59.29 Cr

1–10 of 26

1 / 3

Mr. NIRAJ RAMKRISHNA BAJAJExecutive Director-Chairperson
Mr. ARVIND M KULKARNINon-Executive - Non Independent Director
Mr. NIRAVNAYAN NIRAJ BAJAJExecutive Director
Mr. SANKARAN RADHAKRISHNANNon-Executive - Independent Director
Mr. PREM KUMAR SWAMIDAS CHANDRANINon-Executive - Independent Director
Mrs. TASNEEM VIKRAM SINGH MEHTANon-Executive - Independent Director
Mr. Dhanesh GoradiaChief Financial Officer
Mr. Rajendra SawantCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	107	0	0%	0%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Clarification of Price Movement29 Sept 2026 · General
The Exchange has sought clarification from Mukand Ltd on September 29, 2026 with reference to significant movement in price, in order to ensure that investors have latest relevant information ....29 Sept 2026 · Clarification
Announcement under Regulation 30 (LODR) - Update (Sale of land at Kalwa)19 Aug 2026 · General
Revision in Credit Rating17 Aug 2026 · Credit Rating

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

2 announcementsExport CSV

29 Sept 2026, 6:24 pmCompany Update

Clarification Of Price Movement

General PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	45.3%	44.8%	31.6%	37.5%	29.6%	35.3%	37.6%	35.6%
EBITDA margin %	4%	4.3%	-16.5%	5.5%	-3.2%	5.6%	5.8%	3.5%
EBIT margin %	2.4%	1.7%	-19%	4.5%	-4.1%	4.7%	4.8%	2.2%
PAT margin %	-3.1%	-8.2%	-7.5%	3.8%	3.1%	2%	1.6%	12.4%
Working capital
Receivable days	—	52	69	39	30	38	32	32
Inventory days	—	309	217	184	144	173	240	278
Payable days	—	—	84	64	50	48	71	65
NWC days	—	—	203	159	125	163	201	245
Leverage
Current ratio	—	1.37	2.71	1.32	3.04	3.69	1.12	1.38
Debt to EBITDA	—	21.52	—	8.03	—	5.1	5.49	9.92
Debt to equity	—	3.99	4.49	3.06	1.76	1.62	1.64	1.11
Interest coverage	0.5	0.3	0.7	2	2	2	1.9	4.4
Asset turnover	—	0.66	0.84	1.32	1.75	1.7	1.38	1.2
Return ratios
Return on assets %	—	-5.4%	-6.3%	5%	5.4%	3.4%	2.1%	14.8%
Return on capital employed %	—	4.5%	9.5%	16.7%	18%	10.8%	14%	44.4%
Return on equity %	—	-35.8%	-44.1%	26.6%	20.1%	11.1%	8%	39.7%

Date	Category	Subject	Filing
29 Sept 2026, 6:24 pm	Company Update General	Clarification Of Price Movement	PDF
29 Sept 2026, 5:46 pm	Company Update Clarification	Clarification sought from Mukand Ltd	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	117	155	894	-56	150	-319	-92	106	10	180	-441
	-31	-28	88	7	12	1,345	300	619	99	-124	472
	-101	-125	-987	40	-159	-1,000	-196	-728	-152	-86	-37
Net cash flow	-15	2	-5	-9	2	26	12	-3	-43	-29	-6
Free cash flow	155	185	847	-67	127	-325	-323	45	-38	54	-549
CFO / Operating profit %	32.6%	—	422%	-37.8%	120.1%	—	-36.2%	—	3.5%	63.4%	-257.8%

Mukand Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

9

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Asset held for sale · revenue

Mukand Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends9

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Asset held for sale · revenue

9

1