MUKANDLTD

Mukand Limited

Specialty and alloy steel producer in the Bajaj group

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

mukand.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹171.99
Market cap
2,485 Cr
Stock P/E
3.9
P/B
1.63
Dividend yield
1.2%
ROE (FY26)
39.7%
ROCE (FY26)
20.6%
Operating margin (FY26)
2.2%
Debt / equity (FY26)
1.11
OCF / EBITDA (FY26)
-257.8%
OCF / EBITDA (3Y)
-33.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Mukand is a Mumbai-headquartered steelmaker with works at Thane, and its Specialty Steel segment brings in most of its revenue.

Company snapshot

28thBy market cap

Ranked among 64 companies in Iron & Steel Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 96.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Industrial Machinery & Engineering Contracts
4.0%
51 Cr7 Cr302 Cr
Speciality Steel
96.0%
1,211 Cr55 Cr2,741 Cr

What we see

Positives
  • ✓Return on equity of 39.7% — the company generates strong returns on shareholders' money.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,377 Cr1,177 Cr1,239 Cr1,258 Cr1,263 Cr1,262 Cr1,107 Cr1,129 Cr1,161 Cr1,331 Cr1,269 Cr1,362 Cr
Operating expenses (approx.)1,307 Cr1,114 Cr1,156 Cr1,187 Cr1,187 Cr1,190 Cr1,042 Cr1,081 Cr1,091 Cr1,259 Cr1,287 Cr1,355 Cr
EBITDA70 Cr62 Cr83 Cr71 Cr76 Cr72 Cr65 Cr47 Cr69 Cr72 Cr-17 Cr7 Cr
OPM %5.1%5.3%6.7%5.6%6.0%5.7%5.9%4.2%6.0%5.4%-1.4%0.5%
Other income3 Cr6 Cr4 Cr4 Cr3 Cr2 Cr6 Cr39 Cr3 Cr4 Cr508 Cr105 Cr
Interest33 Cr34 Cr31 Cr32 Cr33 Cr32 Cr33 Cr34 Cr38 Cr40 Cr39 Cr34 Cr
Depreciation12 Cr12 Cr12 Cr11 Cr14 Cr13 Cr13 Cr14 Cr15 Cr16 Cr18 Cr18 Cr
Profit before tax28 Cr22 Cr43 Cr32 Cr33 Cr29 Cr24 Cr38 Cr20 Cr21 Cr434 Cr60 Cr
Tax %16.3%11.6%32.4%23.2%22.3%49.2%54.8%22.9%50.3%50.7%-27.9%4.7%
Net profit23 Cr19 Cr29 Cr24 Cr26 Cr15 Cr11 Cr29 Cr10 Cr10 Cr555 Cr57 Cr
EPS (₹)₹1.61₹1.34₹2.01₹1.68₹1.78₹1.03₹0.75₹2.01₹0.68₹0.71₹38.51₹3.97

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,041 Cr3,482 Cr3,689 Cr2,923 Cr2,726 Cr4,637 Cr5,568 Cr5,175 Cr4,890 Cr4,890 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,680 Cr3,316 Cr3,542 Cr2,798 Cr3,175 Cr4,383 Cr5,745 Cr4,883 Cr4,606 Cr4,719 CrSign in free for the trailing twelve months
EBITDA361 Cr166 Cr148 Cr124 Cr-449 Cr254 Cr-177 Cr292 Cr284 Cr171 CrSign in free for the trailing twelve months
OPM %11.9%4.8%4.0%4.3%-16.5%5.5%-3.2%5.6%5.8%3.5%Sign in free for the trailing twelve months
Other income32 Cr91 Cr60 Cr68 Cr748 Cr116 Cr585 Cr16 Cr14 Cr554 CrSign in free for the trailing twelve months
Interest294 Cr473 Cr327 Cr364 Cr332 Cr161 Cr177 Cr131 Cr130 Cr150 CrSign in free for the trailing twelve months
Depreciation72 Cr158 Cr58 Cr75 Cr69 Cr45 Cr52 Cr50 Cr51 Cr62 CrSign in free for the trailing twelve months
Profit before tax42 Cr920 Cr-158 Cr-296 Cr-155 Cr162 Cr172 Cr127 Cr118 Cr512 CrSign in free for the trailing twelve months
Tax %127.1%10.8%27.0%19.1%-31.7%-9.5%0.3%19.0%35.8%-18.0%Sign in free for the trailing twelve months
Net profit-11 Cr821 Cr-115 Cr-240 Cr-204 Cr177 Cr172 Cr103 Cr76 Cr604 CrSign in free for the trailing twelve months
EPS (₹)₹-0.80₹58.07₹-8.17₹-16.96₹-14.41₹12.55₹11.89₹7.11₹5.24₹41.81Sign in free for the trailing twelve months
Dividend payout %—————7.9%12.6%28.1%38.0%4.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital141 Cr141 Cr141 Cr141 Cr141 Cr141 Cr145 Cr145 Cr145 Cr144 Cr
Reserves173 Cr938 Cr774 Cr529 Cr321 Cr483 Cr709 Cr777 Cr805 Cr1,378 Cr
Borrowings2,698 Cr1,830 Cr2,428 Cr2,679 Cr2,070 Cr2,031 Cr1,505 Cr1,489 Cr1,559 Cr1,697 Cr
Other liabilities1,464 Cr1,496 Cr1,125 Cr1,110 Cr710 Cr812 Cr819 Cr636 Cr1,033 Cr858 Cr
Total liabilities4,476 Cr4,406 Cr4,468 Cr4,460 Cr3,243 Cr3,468 Cr3,178 Cr3,046 Cr3,542 Cr4,077 Cr
Fixed assets (net)693 Cr562 Cr505 Cr467 Cr424 Cr461 Cr456 Cr452 Cr537 Cr627 Cr
CWIP39 Cr23 Cr23 Cr30 Cr26 Cr32 Cr30 Cr34 Cr140 Cr93 Cr
Investments133 Cr1,268 Cr1,287 Cr0.47 Cr528 Cr103 Cr159 Cr10 Cr29 Cr40 Cr
Loans & advances——273 Cr339 Cr182 Cr160 Cr51 Cr31 Cr72 Cr28 Cr
Inventories1,343 Cr1,105 Cr1,254 Cr1,367 Cr1,111 Cr1,442 Cr1,549 Cr1,590 Cr2,008 Cr2,402 Cr
Trade receivables1,021 Cr294 Cr455 Cr418 Cr517 Cr480 Cr463 Cr533 Cr427 Cr423 Cr
Cash & bank22 Cr17 Cr8 Cr10 Cr36 Cr42 Cr39 Cr51 Cr22 Cr16 Cr
Other assets1,226 Cr1,136 Cr663 Cr1,828 Cr418 Cr748 Cr431 Cr346 Cr307 Cr449 Cr
Total assets4,476 Cr4,406 Cr4,468 Cr4,460 Cr3,243 Cr3,468 Cr3,178 Cr3,046 Cr3,542 Cr4,077 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity319 Cr907 Cr-56 Cr150 Cr-319 Cr-92 Cr106 Cr10 Cr180 Cr-441 Cr
Cash from investing-36 Cr88 Cr7 Cr12 Cr1,345 Cr300 Cr619 Cr99 Cr-124 Cr472 Cr
Cash from financing-283 Cr-1,000 Cr40 Cr-159 Cr-1,000 Cr-196 Cr-728 Cr-152 Cr-86 Cr-37 Cr
Net cash flow-0.42 Cr-5 Cr-9 Cr2 Cr26 Cr12 Cr-3 Cr-43 Cr-29 Cr-6 Cr
Free cash flow (OCF − Capex)282 Cr860 Cr-67 Cr127 Cr-325 Cr-323 Cr45 Cr-37 Cr54 Cr-549 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.1%47.9%5.0%2.0%7.0%12.1%14.8%10.7%9.9%20.6%
ROE %-3.6%76.0%-12.6%-35.8%-44.1%28.4%20.1%11.1%8.0%39.7%
Debtor days122314552693830383231
Inventory days428221238328256169143171229244
Days payable2761881451831005849476857
Cash conversion cycle27464138198224149124161193218
OCF / EBITDA %88.2%545.7%-37.8%120.1%—-36.2%—3.5%63.4%-257.8%
OCF / EBITDA % (3 years)——173.3%228.4%———n.m.n.m.-33.5%
Debt / equity8.591.702.653.994.483.251.761.621.641.11
Current ratio1.400.971.321.372.701.443.043.691.121.38
Net debt / EBITDA7.41—16.4021.44—7.84—4.925.419.83