Mukand Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Steel: 96.8% • Industrial Machinery: 3.2%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.0%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 97.6% YoY, showing strong momentum
- Stock looks reasonably valued - P/E of 3.2 is below its historical median
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (109.6% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.25x)
- Working capital days have increased from 21 to 63 days
- Operating margins have contracted to 3.3% from 7.3%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| MUKANDLTD | 139.55 | 3.19 | 2016.44 | 2.15 | 57.36 | 97.59 | 1362.21 | 20.69 | 23.13 | 0.53 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,382 | 1,377 | 1,177 | 1,239 | 1,258 | 1,263 | 1,262 | 1,107 | 1,129 | 1,161 | 1,331 | 1,269 | 1,362 | |
| 1,305 | 1,307 | 1,114 | 1,156 | 1,187 | 1,187 | 1,190 | 1,042 | 1,081 | 1,091 | 1,259 | 1,287 | 1,407 | |
| Operating Profit | 77 | 70 | 62 | 83 | 71 | 76 | 72 | 65 | 47 | 69 | 72 | -17 | -45 |
| OPM % | 5.57% | 5.08% | 5.29% | 6.69% | 5.62% | 6.02% | 5.72% | 5.88% | 4.19% | 5.96% | 5.42% | -1.38% | -3.29% |
| 3 | 3 | 6 | 4 | 4 | 3 | 2 | 6 | 39 | 3 | 4 | 508 | 105 | |
| Interest | 33 | 33 | 34 | 31 | 32 | 33 | 32 | 33 | 34 | 38 | 40 | 39 | 34 |
| Depreciation | 12 | 12 | 12 | 12 | 11 | 14 | 13 | 13 | 14 | 14 | 16 | 18 | 18 |
| Profit before Tax | 34 | 28 | 22 | 43 | 32 | 33 | 29 | 24 | 38 | 20 | 21 | 434 | 60 |
| Tax % | 9.05% | 16.30% | 11.64% | 32.52% | 23.31% | 23.86% | 49.06% | 54.83% | 22.94% | 50.28% | 50.72% | -27.94% | 4.75% |
| Net Profit | 31 | 23 | 0 | 0 | 24 | 26 | 15 | 11 | 29 | 10 | 10 | 555 | 57 |
| 2.14 | 1.61 | 1.34 | 2.01 | 1.68 | 1.75 | 1.03 | 0.75 | 2.01 | 0.68 | 0.71 | 38.41 | 3.97 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,713 | 3,436 | 3,689 | 2,923 | 2,726 | 4,643 | 5,568 | 5,175 | 4,890 | 4,890 | 5,123 | |
| 2,378 | 3,245 | 3,542 | 2,798 | 3,177 | 4,410 | 5,761 | 4,944 | 4,610 | 4,726 | 5,044 | |
| Operating Profit | 334 | 191 | 148 | 124 | -451 | 233 | -194 | 231 | 280 | 164 | 79 |
| OPM % | 12.32% | 5.55% | 4.00% | 4.26% | -16.53% | 5.03% | -3.48% | 4.46% | 5.73% | 3.35% | 1.54% |
| 59 | 1,350 | 60 | 68 | 750 | 114 | 602 | 77 | 18 | 561 | 620 | |
| Interest | 294 | 473 | 327 | 364 | 332 | 161 | 177 | 131 | 130 | 150 | 150 |
| Depreciation | 72 | 158 | 58 | 75 | 69 | 45 | 52 | 50 | 51 | 62 | 66 |
| Profit before Tax | 42 | 920 | -158 | -296 | -155 | 151 | 172 | 127 | 118 | 512 | 535 |
| Tax % | 127.14% | 10.77% | 27.04% | 19.08% | -31.72% | -16.79% | 0.28% | 18.12% | 35.85% | -17.97% | -18.29% |
| Net Profit | -11 | 821 | -115 | -240 | -204 | 176 | 172 | 104 | 76 | 604 | 632 |
| EPS | -0.80 | 58.06 | -8.17 | -16.96 | -14.41 | 12.20 | 11.89 | 7.19 | 5.25 | 41.81 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | -6.94% | 12.29% | 16.82% | 27.83% | 38.08% | 7.18% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 12%
- 3 Years:
- -4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 52%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- -1%
- 3 Years:
- -6%
- 1 Year:
- 2%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 25%
- 3 Years:
- 23%
- Last Year:
- 49%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 141 | 141 | 141 | 141 | 141 | 144 | 144 | 144 | 144 | 144 |
| 173 | 938 | 774 | 529 | 321 | 522 | 709 | 760 | 805 | 1,378 | |
| 2,704 | 1,834 | 2,432 | 2,679 | 2,074 | 1,037 | 1,505 | 1,473 | 1,568 | 1,710 | |
| Trade Payables | 867 | 983 | 762 | 762 | 428 | 508 | 536 | 440 | 595 | 562 |
| 494 | 561 | 367 | 347 | 284 | 1,259 | 250 | 187 | 442 | 203 | |
| Total Liabilities | 4,380 | 4,458 | 4,476 | 4,458 | 3,249 | 3,470 | 3,144 | 3,005 | 3,554 | 3,996 |
| 693 | 562 | 505 | 516 | 447 | 484 | 488 | 452 | 537 | 628 | |
| Capital Work in Progress | 39 | 23 | 20 | 24 | 26 | 32 | 30 | 34 | 140 | 93 |
| 133 | 1,268 | 1,287 | 1,214 | 528 | 128 | 159 | 10 | 29 | 40 | |
| 1,343 | 1,105 | 1,254 | 1,367 | 1,111 | 1,461 | 1,549 | 1,590 | 2,008 | 2,402 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 533 | 427 | 423 | |
| Cash & Bank | 69 | 67 | 69 | 78 | 46 | 210 | 42 | 53 | 26 | 20 |
| 2,102 | 1,432 | 1,341 | 1,259 | 1,091 | 1,155 | 876 | 333 | 387 | 391 | |
| Total Assets | 4,380 | 4,458 | 4,476 | 4,458 | 3,249 | 3,470 | 3,144 | 3,005 | 3,554 | 3,996 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 323 | 905 | -54 | 154 | -348 | -89 | 113 | 65 | 180 | -441 | |
| Cash from Investing | -36 | 88 | 7 | 12 | 1,345 | 280 | 619 | 99 | -124 | 472 |
| Cash from Financing | -283 | -987 | 40 | -159 | -997 | -166 | -728 | -152 | -86 | -37 |
| -0 | -5 | -9 | 2 | 20 | 12 | -3 | 12 | -29 | -6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-19 - Mukand Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Update on Sale of land at Kalwa'.
2026-08-17 - Mukand Limited has informed the Exchange about Credit Rating- Revision
2026-08-13 - Mukand Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-12 - Submission of Voting Results of 88th Annual General Meeting, pursuant to Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
2026-08-12 - Outcome of AGM
2026-08-12 - Mukand Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-22 - Mukand Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-22 - Mukand Limited has informed the Exchange about General Updates
2026-07-21 - Mukand Limited has informed the Exchange that Record date for the purpose of Dividend is 07-Aug-2026.
News
Recent coverage and analyst commentary for MUKANDLTD
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