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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1965 Cr.
Stock P/E
25.9
P/B
1.3
Current Price
₹136
Book Value
₹ 105.4
Face Value
10
52W High
₹160.9
52W Low
₹ 112
Dividend Yield
2.21%

Mukand Overview

Business

Mukand Ltd. is an Indian company primarily engaged in the manufacturing and sale of special and alloy steels. Its core business involves melting, casting, and rolling steel to produce a range of high-quality products such as bright bars, wire rods, hot rolled bars, and billets. The company also has an industrial machinery division that designs, manufactures, and commissions custom-built heavy duty equipment like EOT cranes, rolling mills, and material handling systems for various industrial applications. Mukand makes money by selling its diversified steel products to critical sectors such as automotive, engineering, infrastructure, power, defense, and its industrial machinery to other manufacturing industries.

Revenue Mix

Mukand Ltd. primarily operates in two key business segments:

Steel: This segment constitutes the major portion of the company's revenue and involves the production and sale of various special and alloy steel products.

Industrial Machinery: This segment focuses on the engineering and manufacturing of heavy industrial equipment.

(Specific revenue contributions for each segment are not publicly available in this overview, but Steel is generally the dominant segment.)

Industry

The Indian steel industry is highly competitive, capital-intensive, and cyclical, driven by infrastructure development, manufacturing growth, and global steel price trends. It consists of large integrated players and specialized producers. Mukand Ltd. is positioned as a niche player, focusing on value-added special and alloy steels rather than commodity-grade steel. This specialization allows it to cater to high-demand, performance-critical applications in sectors like automotive, engineering, and power. Its industrial machinery division provides a diversified revenue stream and leverages its engineering expertise, differentiating it from pure-play steel manufacturers.

MOAT

Mukand's competitive advantages stem primarily from:

Specialization & Technical Expertise: Its focus on special and alloy steels requires advanced metallurgy, precise manufacturing processes, and R&D capabilities, creating a barrier to entry for generic steel producers. This allows for product differentiation and caters to higher-value applications.

Established Brand & Customer Relationships: With a long operating history, Mukand has built a reputation for quality and reliability, fostering strong, long-term relationships with key customers in demanding industries.

Diversification: The industrial machinery division provides a degree of diversification, enabling the company to tap into different industrial cycles and revenue streams beyond just steel.

Growth Drivers

Key factors that can drive Mukand's growth over the next 3-5 years include:

India's Infrastructure Push: Government initiatives in infrastructure development (roads, railways, ports, urban development) will drive demand for steel products, including specialized steels.

Manufacturing & Automotive Sector Growth: Expansion in the automotive, engineering, and capital goods sectors will increase demand for high-quality special and alloy steels.

Defense & Aerospace: Growing domestic manufacturing in defense and aerospace sectors requires advanced metallurgical products that Mukand could supply.

Technological Upgrades & Expansion: Investments in enhancing production capabilities and product portfolio to cater to evolving industry requirements.

"Make in India" Initiative: Government focus on boosting domestic manufacturing could reduce reliance on imports and provide opportunities for local steel producers.

Risks

Cyclicality of Steel Industry: Steel demand and prices are inherently cyclical, influenced by global economic conditions, raw material costs, and currency fluctuations, leading to volatile earnings.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials like iron ore, coking coal, and energy can impact production costs and profitability.

Intense Competition: The Indian steel market is competitive, with both domestic and international players, leading to pricing pressures.

Environmental Regulations: Increasing stringency of environmental norms and compliance costs can impact operations and capital expenditure.

Economic Slowdown: A slowdown in end-user industries (automotive, infrastructure, capital goods) would directly impact demand for Mukand's products.

Management & Ownership

Mukand Ltd. is part of the esteemed Bajaj Group, one of India's prominent industrial conglomerates. The Bajaj Group acts as the promoter, providing a strong institutional backing and a long history of industrial management experience. This association implies stable leadership, a focus on long-term value creation, and adherence to corporate governance standards typically associated with large business houses. The management team operates under the strategic guidance of the promoter group.

Outlook

Mukand Ltd. is positioned within a fundamental sector for India's economic growth, poised to benefit from the nation's infrastructure development and manufacturing push. Its specialization in special and alloy steels offers a degree of insulation from the more volatile commodity steel market, catering to high-value applications. The backing of the Bajaj Group provides stability and strategic direction. However, the company remains subject to the inherent cyclicality of the steel industry, raw material price volatility, and intense competition. While the demand outlook for quality steel products in India remains robust, Mukand's performance will hinge on its ability to manage costs, innovate its product portfolio, and efficiently execute expansion plans amidst a dynamic economic environment.

Mukand Share Price

Live · BSE / NSE · Inception: 1937
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Mukand Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 1177 1239 1258 1263 1262 1107 1129 1161 1331 1269
Other Income 6 4 4 3 2 6 39 3 4 508
Total Income 1182 1243 1262 1266 1264 1112 1167 1163 1335 1777
Total Expenditure 1114 1156 1187 1187 1190 1042 1081 1091 1259 1287
Operating Profit 68 87 75 79 74 71 86 72 76 491
Interest 34 31 32 33 32 33 34 38 40 39
Depreciation 12 12 11 14 13 13 14 15 16 18
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 22 43 32 33 29 24 38 20 21 434
Provision for Tax 3 14 7 8 14 13 9 10 11 -121
Profit After Tax 19 29 24 25 15 11 29 10 10 555
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 19 29 24 25 15 11 29 10 10 555
Adjusted Earnings Per Share 1.3 2 1.7 1.7 1 0.8 2 0.7 0.7 38.4

Mukand Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 3005 2953 2713 3436 3689 2923 2726 4643 5568 5175 4890 4890
Other Income 19 25 59 66 60 68 750 114 602 77 18 554
Total Income 3024 2978 2771 3502 3750 2991 3476 4757 6170 5252 4908 5442
Total Expenditure 2644 2593 2378 3245 3542 2798 3177 4410 5761 4944 4610 4718
Operating Profit 381 385 393 257 208 193 300 348 408 308 299 725
Interest 276 293 294 473 327 364 332 161 177 131 130 151
Depreciation 76 77 72 158 58 75 69 45 52 50 51 63
Exceptional Income / Expenses -15 -13 0 1283 0 0 0 0 0 0 0 0
Profit Before Tax 13 2 42 920 -158 -296 -155 151 172 127 118 513
Provision for Tax 2 5 53 99 -43 -57 49 -25 0 23 42 -91
Profit After Tax 12 -3 -11 821 -115 -240 -204 176 172 104 76 604
Adjustments -1 -4 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 11 -8 -11 821 -115 -240 -204 176 172 104 76 604
Adjusted Earnings Per Share 0.8 -0.5 -0.8 58.1 -8.2 -17 -14.4 12.2 11.9 7.2 5.3 41.8

Mukand Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1872 1861 314 1080 915 671 463 666 854 905 950
Minority's Interest 110 112 0 0 0 0 0 0 0 0 0
Borrowings 1546 1637 1709 779 1568 1894 1763 886 1448 1433 107
Other Non-Current Liabilities 0 7 -48 85 94 33 77 -13 30 28 79
Total Current Liabilities 2291 2436 2404 2514 1899 1860 947 1931 812 639 2418
Total Liabilities 5819 6052 4380 4458 4476 4458 3249 3470 3144 3005 3554
Fixed Assets 2461 2429 693 562 505 516 447 484 488 452 539
Other Non-Current Assets 257 250 332 1457 1464 1389 232 320 167 171 308
Total Current Assets 3101 3374 3355 2439 2506 2554 2570 2558 2470 2359 2699
Total Assets 5819 6052 4380 4458 4476 4458 3249 3470 3144 3005 3554

Mukand Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 43 40 22 22 17 8 10 31 42 39 51
Cash Flow from Operating Activities 19 135 319 894 -56 150 -328 -102 106 65 180
Cash Flow from Investing Activities -11 -35 -36 88 7 12 1345 280 619 99 -124
Cash Flow from Financing Activities -10 -94 -283 -987 40 -159 -997 -166 -728 -152 -86
Net Cash Inflow / Outflow -3 5 -0 -5 -9 2 20 12 -3 12 -29
Closing Cash & Cash Equivalent 40 46 22 17 8 10 30 42 39 51 22

Mukand Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.79 -0.53 -0.8 58.06 -8.17 -16.96 -14.41 12.2 11.89 7.19 5.25
CEPS(Rs) 6.24 5.2 4.25 69.26 -4.04 -11.63 -9.57 15.34 15.51 10.63 8.76
DPS(Rs) 0 0 0 0 0 0 1 1.5 2 2 2
Book NAV/Share(Rs) 14.9 14.45 22.22 76.36 64.7 47.43 32.71 46.12 59.08 62.61 65.72
Core EBITDA Margin(%) 10.86 10.86 10.99 5.4 4 4.26 -16.53 5.03 -3.48 4.46 5.73
EBIT Margin(%) 8.68 8.91 11.03 39.47 4.56 2.31 6.52 6.72 6.27 4.99 5.07
Pre Tax Margin(%) 0.4 0.06 1.38 26.08 -4.29 -10.14 -5.68 3.25 3.09 2.45 2.42
PAT Margin (%) 0.35 -0.1 -0.37 23.27 -3.13 -8.21 -7.48 3.8 3.09 2.01 1.55
Cash Profit Margin (%) 2.65 2.22 1.98 27.76 -1.55 -5.63 -4.96 4.77 4.03 2.97 2.59
ROA(%) 0.21 -0.06 -0.22 18.58 -2.59 -5.37 -5.29 5.25 5.19 3.38 2.31
ROE(%) 5.62 -1.65 -4.38 117.8 -11.58 -30.26 -35.97 31.23 22.6 11.81 8.18
ROCE(%) 10.69 10.01 10.57 42.87 5.03 1.95 5.96 11.91 13.8 10.87 10.11
Receivable days 106.4 119.91 131.1 68.04 37.06 54.53 62.63 39.67 31.31 35.12 35.83
Inventory Days 148.86 163.05 170.38 126.62 116.69 163.69 165.94 101.1 98.67 110.72 134.28
Payable days 117.91 111.69 139.51 112.48 104.04 110.5 88.76 54.76 46.96 53.15 61.86
PER(x) 59.34 0 0 1.01 0 0 0 11.56 11.79 20.68 17.13
Price/Book(x) 3.14 2.23 3.82 0.77 0.84 0.29 2.54 3.06 2.37 2.37 1.37
Dividend Yield(%) 0 0 0 0 0 0 1.2 1.06 1.43 1.35 2.22
EV/Net Sales(x) 1.06 1.09 1.52 0.84 0.89 0.98 1.18 0.83 0.63 0.69 0.58
EV/Core EBITDA(x) 8.38 8.35 10.46 11.23 15.79 14.89 10.7 11.11 8.55 11.64 9.49
Net Sales Growth(%) 19.4 -1.76 -8.12 26.65 7.38 -20.78 -6.73 70.32 19.91 -7.05 -5.5
EBIT Growth(%) 112.77 1.91 13.84 315.21 -87.92 -54.79 163.18 75.7 11.86 -26.04 -4.01
PAT Growth(%) 113.9 -129.08 -231.87 7333.74 -114.07 -78.55 15.05 186.52 -2.57 -39.54 -26.92
EPS Growth(%) 113.18 -167.5 -50.92 7334.03 -114.07 -107.72 15.05 184.67 -2.57 -39.54 -26.92
Debt/Equity(x) 12.09 13.56 9.48 1.97 2.81 4.11 4.49 3.06 1.76 1.65 1.64
Current Ratio(x) 1.35 1.39 1.4 0.97 1.32 1.37 2.71 1.32 3.04 3.69 1.12
Quick Ratio(x) 0.72 0.77 0.84 0.53 0.66 0.64 1.54 0.57 1.13 1.2 0.29
Interest Cover(x) 1.05 1.01 1.14 2.95 0.52 0.19 0.53 1.94 1.97 1.96 1.91
Total Debt/Mcap(x) 3.96 6.26 2.48 2.57 3.33 14.33 1.76 1.02 0.74 0.69 1.2

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -6% +2% +11% +5%
Operating Profit CAGR -3% -5% +9% -2%
PAT CAGR -27% -24% +20%
Share Price CAGR +13% +2% +3% +13%
ROE Average +8% +14% +8% +10%
ROCE Average +10% +12% +11% +12%

Mukand Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 74.7 %
FII 0.26 %
DII (MF + Insurance) 1.1 %
Public (retail) 25.3 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.774.774.774.774.774.774.774.774.774.7
FII 0.320.240.20.230.20.280.140.190.290.26
DII 1.191.561.751.11.11.11.11.11.11.1
Public 25.325.325.325.325.325.325.325.325.325.3
Others 0000000000
Total 100100100100100100100100100100

Mukand Peer Comparison

Steel & Iron Products Edit Columns

Mukand Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Mukand Pros & Cons

Pros

  • Company has reduced debt.

Cons

  • Company has a low return on equity of 14% over the last 3 years.
  • Debtor days have increased from 53.15 to 61.86days.
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