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Mukand Ltd.

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mukand.comBSE: 500460NSE: MUKANDLTD
Market Cap₹ 2,016 Cr.
Current Price
High / Low₹ 154 / 114
Stock P/E3.2
Book Value₹ 109
Price to Book1.13
Dividend Yield2.15 %
ROCE23.1 %
ROE48.9 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steel: 96.8% • Industrial Machinery: 3.2%

AI Sector View

AI GENERATED

Metals & Mining

Hold

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.

Confidence
61%
View full sector analysis →

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

Metals & MiningIron & SteelSteel & Iron Products
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.JSWSTEEL1267.5012.51309961.290.564696.00112.5847364.0011.5520.6719.60
2.TATASTEEL182.8520.69228259.992.192385.2418.8260794.2915.2612.7015.40
3.SAIL179.0017.3173936.401.311644.05120.8026245.671.257.0815.92
4.WELCORP2676.2530.5770596.970.191047.88200.114081.1214.9123.9432.17
5.JSL755.2019.1662260.170.53768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2153.0048.6459779.850.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1074.3526.7029988.530.42350.7320.665455.0923.4513.8814.03
8.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
9.RATNAMANI2808.1545.4719682.880.36107.03-15.82971.63-15.6318.0116.69
10.SARDAEN524.7516.3718491.210.38478.139.501608.04-1.0717.7641.59
11.GPIL244.5020.4116460.690.41222.372.751750.4732.2920.2019.36
12.MUKANDLTD139.553.192016.442.1557.3697.591362.2120.6923.130.53
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,3821,3771,1771,2391,2581,2631,2621,1071,1291,1611,3311,2691,362
1,3051,3071,1141,1561,1871,1871,1901,0421,0811,0911,2591,2871,407
Operating Profit7770628371767265476972-17-45
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%
336443263934508105
Interest33333431323332333438403934
Depreciation12121212111413131414161818
Profit before Tax342822433233292438202143460
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 Profit3123002426151129101055557
2.141.611.342.011.681.751.030.752.010.680.7138.413.97

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,7133,4363,6892,9232,7264,6435,5685,1754,8904,8905,123
2,3783,2453,5422,7983,1774,4105,7614,9444,6104,7265,044
Operating Profit334191148124-451233-19423128016479
OPM %12.32%5.55%4.00%4.26%-16.53%5.03%-3.48%4.46%5.73%3.35%1.54%
591,35060687501146027718561620
Interest294473327364332161177131130150150
Depreciation72158587569455250516266
Profit before Tax42920-158-296-155151172127118512535
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-11821-115-240-20417617210476604632
EPS-0.8058.06-8.17-16.96-14.4112.2011.897.195.2541.81—
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

Corporate actions

2026

Aug 7

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2025

Jul 25

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2024

Jul 26

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2023

Jul 28

₹ 0.20

Rs.2.0000 per share(20%)Dividend

2022

Jul 28

₹ 0.15

Rs.1.5000 per share(15%)Dividend

2021

Sep 8

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2026

Jul 22

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital141141141141141144144144144144
1739387745293215227097608051,378
2,7041,8342,4322,6792,0741,0371,5051,4731,5681,710
Trade Payables867983762762428508536440595562
4945613673472841,259250187442203
Total Liabilities4,3804,4584,4764,4583,2493,4703,1443,0053,5543,996
693562505516447484488452537628
Capital Work in Progress392320242632303414093
1331,2681,2871,214528128159102940
1,3431,1051,2541,3671,1111,4611,5491,5902,0082,402
0000000533427423
Cash & Bank696769784621042532620
2,1021,4321,3411,2591,0911,155876333387391
Total Assets4,3804,4584,4764,4583,2493,4703,1443,0053,5543,996

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
323905-54154-348-8911365180-441
Cash from Investing-36887121,34528061999-124472
Cash from Financing-283-98740-159-997-166-728-152-86-37
-0-5-922012-312-29-6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.7074.7074.7074.7074.7074.7074.7074.7074.70
0.200.220.200.280.140.180.280.260.25
1.751.101.101.101.101.101.101.101.03
Government0.000.000.000.000.000.000.000.000.00
23.3423.9724.0023.9224.0624.0123.9123.9324.01

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-19
Updates

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
Credit Rating- Revision

2026-08-17 - Mukand Limited has informed the Exchange about Credit Rating- Revision

2026-08-13
Copy of Newspaper Publication

2026-08-13 - Mukand Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12
Shareholders meeting

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
Shareholders meeting

2026-08-12 - Outcome of AGM

2026-08-12
Outcome of Board Meeting

2026-08-12 - Mukand Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-22
Copy of Newspaper Publication

2026-07-22 - Mukand Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-22
General Updates

2026-07-22 - Mukand Limited has informed the Exchange about General Updates

2026-07-21
Record Date

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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