Mukat Pipes Ltd.

•

mukatpipes.comBSE: -NSE: MUKATPIPE

Market Cap₹ 19 Cr.

Current Price

High / Low—

Stock P/E0.0

Book Value₹ -6

Price to Book-3.10

Dividend Yield0.00 %

ROCE0.0 %

ROE0.0 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company is almost debt free
Company generates healthy free cash flow

CONS

Net worth is negative - accumulated losses have eroded equity
Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
Company has a low return on capital employed of 0.0%
Company has a low return on equity of 0.0% over last 3 years
Interest coverage is weak at -0.1x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1325.00	13.07	324022.65	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	189.00	21.38	235937.32	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	197.10	19.06	81412.65	1.19	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2591.20	29.60	68353.43	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	APLAPOLLO	2250.00	50.83	62473.14	0.38	263.11	10.94	5606.71	12.07	31.83	7.34
6.	JSL	737.70	18.72	60817.43	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
7.	SHYAMMETL	1066.05	26.49	29756.85	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	305.30	29.88	19524.19	0.66	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2732.25	44.24	19150.89	0.37	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	508.95	15.87	17934.44	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	240.90	20.11	16218.33	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MUKATPIPE	15.99	0.00	18.92	0.00	-0.13	-570.00	1.60	70.53	0.00	-11.23

Detailed Comparison with:

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	1	2	2	1	1	1	1	1	1	2	2	2
	1	1	2	2	1	1	1	1	1	1	2	2	2
Operating Profit	0	-0	0	-0	-0	0	0	-0	-0	-0	-0	0	-0
OPM %	8.46%	-1.64%	2.33%	-3.40%	-7.62%	0.00%	0.86%	-32.98%	-7.45%	-76.47%	-3.33%	7.73%	-15.28%
	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	0	0	0	0	-0	0	0	-0	-0	-0	0	0	-0
Tax %	0.00%	0.00%	0.00%	0.00%	-0.00%	0.00%	0.00%	-0.00%	-0.00%	-0.00%	0.00%	0.00%	-0.00%
Net Profit	0	0	0	0	-0	0	0	-0	-0	-0	0	0	-0
	0.12	0.03	0.07	0.03	-0.02	0.04	0.06	-0.21	-0.01	-0.29	0.10	0.25	-0.11

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	6	5	5	8	4	6	6	3	6	4	6
	6	6	6	9	5	6	6	4	6	4	6
Operating Profit	0	-0	-1	-1	-0	-0	-0	-0	0	-0	-1
OPM %	3.74%	-8.83%	-16.95%	-6.96%	-3.94%	-4.03%	-4.41%	-8.12%	0.89%	-9.68%	-8.50%
	0	1	0	0	0	0	0	0	1	0	1
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	0	-0	-1	-0	-0	-0	-0	-0	0	-0	-0
Tax %	0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	0.00%	-0.00%	-0.00%
Net Profit	0	-0	-1	-0	-0	-0	-0	-0	0	-0	-0
EPS	0.09	-0.18	-0.59	-0.29	0.00	-0.08	-0.10	-0.11	0.25	-0.14	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -4%
5 Years:: -3%
3 Years:: -14%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 0%
5 Years:: 0%
3 Years:: 0%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6	6	6	6	6	6	6	6	6	6
	-11	-12	-12	-13	-13	-13	-13	-13	-13	-13
	3	9	10	9	10	10	9	10	10	9
Trade Payables	2	0	0	0	0	0	0	0	0	0
	7	3	4	3	2	2	2	2	2	2
Total Liabilities	7	7	8	6	4	5	4	4	5	4
	2	2	2	2	2	1	1	1	1	1
	1	1	2	1	1	1	0	1	1	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	0	0	0	0	0	0	0	1	2	1
	3	4	4	2	2	2	2	2	2	2
Total Assets	7	7	8	6	4	5	4	4	5	4

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1	-0	0	0	-0	0	0	0	1	-0
Cash from Investing	-0	0	-0	-0	0	0	0	0	0	-0
Cash from Financing	-1	-0	-0	-0	-0	-0	-0	-0	-0	-0
	0	-0	-0	-0	-0	0	0	0	1	-1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.09	-0.18	-0.59	-0.29	-0.04	-0.08	-0.10	-0.11	0.25	-0.14
Book Value (₹)	-4.45	-4.76	-5.35	-5.65	-5.69	-5.77	-5.86	-6.09	-5.78	-5.91
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.19	-0.08	-0.49	-0.18	0.07	0.03	0.01	0.00	0.36	-0.03
PROFITABILITY
Operating Margin %	3.82%	-6.65%	-7.68%	-0.98%	4.74%	2.88%	2.59%	4.48%	0.89%	-9.68%
Net Margin %	1.54%	-3.39%	-11.97%	-4.35%	-1.08%	-1.53%	-1.88%	-3.78%	4.72%	-4.16%
ROE %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROCE %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	1.56%	-3.07%	-9.37%	-5.16%	-0.97%	-2.06%	-2.62%	-2.93%	6.16%	-3.46%
EFFICIENCY
Debtor Days	89	82	53	19	4	1	0	0	0	0
Inventory Days	69	74	90	67	80	42	34	70	51	51
Payable Days	1071	166	34	15	13	6	6	20	5	5
	-914	-10	108	71	71	37	28	51	46	46
FINANCIAL HEALTH
Debt to Equity (x)	-0.59x	-0.58x	-0.53x	-0.50x	-0.52x	-0.53x	-0.52x	-0.50x	-0.52x	-0.50x
Interest Coverage (x)	4.48x	-0.16x	-4.37x	-1.50x	0.62x	0.33x	0.19x	0.13x	3.04x	-0.12x
	0.52x	0.99x	0.88x	0.70x	0.71x	0.86x	0.62x	0.84x	1.21x	1.23x
GROWTH
Revenue Growth %	-0.20%	-8.44%	3.40%	46.05%	-43.81%	37.44%	-0.52%	-45.96%	90.36%	-38.82%
Operating Profit Growth %	117.41%	-261.54%	-8.49%	82.63%	371.45%	-16.57%	-10.54%	-6.56%	284.31%	-80.78%
Net Profit Growth %	105.58%	-305.30%	-231.39%	50.68%	86.09%	-95.53%	-22.13%	-8.64%	337.71%	-153.95%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	337.71%	-153.96%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	51.49x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	-2.24x	-3.10x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	30.12x	219.63x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.71	73.71	73.71	73.71	73.71	73.71	73.71	73.71	73.71
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.29	26.29	26.29	26.29	26.29	26.29	26.29	26.29	26.29

Documents

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

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