🔍

Mukand Limited (MUKANDLTD)

📊 NSE: MUKANDLTD 🏢 Steel - Large 📅 Last Updated: 12/14/2025 10:06

📢 Recent Corporate Announcements

Mukand receives Rs 59.29 cr as second tranche for Kalwa land sale

🟢 POSITIVE ⭐ 5/10

OTHER 📅 19 Aug 2026, 06:37 PM

Mukand Limited has received Rs 59.29 crore from AGP DC Infra Private Limited on August 19, 2026, towards the second tranche of part consideration for the sale of its Kalwa land. This transaction follows the execution of a term sheet dated July 15, 2026. The received amount represents approximately 3.1% of Mukand's market capitalisation (Rs 1,886 crore). Cash inflows from non-core land monetisation support liquidity and balance sheet deleveraging against total debt of Rs 1,697 crore.

Received Rs 59.29 crore on August 19, 2026, towards second tranche of land sale consideration
Land sale transaction is with AGP DC Infra Private Limited for property situated at Kalwa
Follows initial term sheet execution dated July 15, 2026
Tranche receipt equals ~3.1% of company's market capitalization (Rs 1,886 crore)

💡 Track subsequent filings for total transaction value, definitive agreement execution, and updates on debt reduction from sale proceeds.

CRISIL reaffirms Mukand's rating on ₹1,585 Cr bank facilities and ₹75 Cr FDs at BBB+/Stable

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 17 Aug 2026, 02:41 PM

CRISIL Ratings has reaffirmed Mukand Limited's credit ratings under its annual surveillance review. The company's long-term bank facilities of ₹1,400.10 crore and fixed deposit programme of ₹75.00 crore were reaffirmed at 'CRISIL BBB+/Stable'. Short-term bank facilities comprising ₹184.90 crore in bank guarantees were reaffirmed at 'CRISIL A2'. In total, ₹1,585 crore of bank loan facilities were reviewed, which represents approximately 93.4% of the company's total debt of ₹1,697 crore.

Long-term bank facilities totaling ₹1,400.10 Cr reaffirmed at 'CRISIL BBB+/Stable'
Short-term non-fund bank guarantee facilities of ₹184.90 Cr reaffirmed at 'CRISIL A2'
Fixed deposit programme of ₹75.00 Cr reaffirmed at 'CRISIL BBB+/Stable'
Total bank loan facilities reviewed stand at ₹1,585.00 Cr, primarily with Citi Bank

💡 Track upcoming quarterly operating margins (TTM OPM is 1.3%) and debt reduction milestones to assess potential triggers for a future rating upgrade.

Mukand Ltd Shareholders Approve ₹3 Dividend and NCD Issuance at 88th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 12 Aug 2026, 04:00 PM

Mukand Limited shareholders have approved all resolutions at the 88th AGM held on August 12, 2026. Key approvals include a dividend of ₹3 per equity share, which features a ₹1 special payout to mark 100 years of the Bajaj Group. Shareholders also passed a special resolution for the issuance of Redeemable Non-convertible Debentures (NCDs) on a private placement basis. The company maintains a high promoter holding of 74.7% and recently reported a TTM PAT of ₹585 Cr, though this was heavily influenced by a one-off gain in Q4 FY26.

Approved dividend of ₹3 per equity share, representing a ~2.1% yield on the current price of ₹140.6.
Special resolution for NCD issuance on private placement basis passed with 99.99% majority (11,06,88,859 votes in favor).
Dividend of 8% on Cumulative Redeemable Preference Shares for FY26 was ratified.
Re-appointment of Shri Nirav Bajaj as Director was approved with 99.99% shareholder support.
Total valid votes cast for the adoption of FY26 financial statements stood at 11,06,90,078.

💡 Investors should monitor the specific timeline for dividend disbursement and watch for future filings regarding the quantum and interest rates of NCDs issued under the new approval.

Mukand Ltd Approves ₹3 Dividend and Private Placement of NCDs at 88th AGM

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 12 Aug 2026, 03:01 PM

Mukand Limited concluded its 88th Annual General Meeting on August 12, 2026, where shareholders approved a total equity dividend of ₹3 per share, which includes a ₹1 special dividend for the Bajaj Group centenary. A key resolution passed was the approval to issue Redeemable Non-convertible Debentures (NCDs) on a private placement basis, providing the company with financing flexibility. This is significant given the company's current debt of ₹1,697 Cr and a Debt-to-Equity ratio of 1.00. Operationally, the company highlighted a bloom production volume of 4,99,240 Metric Tonnes for the fiscal year.

Approved a total equity dividend of ₹3 per share, including a ₹1 special payout (30% of face value).
Passed a special resolution for the issuance of Redeemable Non-convertible Debentures (NCDs) via private placement.
Confirmed 8% dividend on Cumulative Redeemable Preference Shares for FY26.
Reported annual bloom production volume of 4,99,240 Metric Tonnes across Kalwe and Hospet plants.
Re-appointed Shri Nirav Bajaj as a Director following his retirement by rotation.

💡 Investors should monitor the terms and timing of the NCD issuance to see how it impacts interest costs, given the existing ₹1,697 Cr debt. Additionally, track the progress of the stainless steel business demerger which was approved by NCLT in April 2025.

97.6% PAT Growth in Q1 FY27; Mukand Ltd Reports Strong Specialty Steel Performance

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 11:50 AM

Mukand Limited reported a robust Q1 FY27 with consolidated revenue growing 20.7% YoY to ₹1,362.21 cr. Net profit nearly doubled to ₹57.36 cr from ₹29.03 cr in the year-ago period, driven by the Specialty Steel segment and a turnaround in the Industrial Machinery division. The company also progressed on its asset monetization strategy, completing a 3.07-acre land sale and signing a term sheet for an additional 9.20-acre parcel at Kalwe. Despite the strong quarterly performance, the company maintains a high debt-to-equity ratio of 1.00.

Consolidated Revenue from Operations grew 20.7% YoY to ₹1,362.21 cr in Q1 FY27.
Consolidated Net Profit surged 97.6% YoY to ₹57.36 cr compared to ₹29.03 cr in Q1 FY26.
Industrial Machinery & Engineering segment turned profitable with a result of ₹2.13 cr vs a loss of ₹2.75 cr YoY.
Executed conveyance deed for 3.07 acres of land at Kalwe, with surplus recognized in Other Income.
Classified 9.20 acres of land at Kalwe as 'Assets Held for Sale' following a term sheet signed on July 1, 2026.

💡 Investors should monitor the closure of the 9.20-acre land sale and whether the proceeds are utilized for debt reduction. Additionally, track the sustainability of the turnaround in the Industrial Machinery segment, which has historically been a laggard.

Mukand Ltd Schedules 88th AGM for August 12, 2026; Sets August 5 as E-voting Cut-off

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jul 2026, 10:48 AM

Mukand Limited has announced its 88th Annual General Meeting (AGM) for August 12, 2026, to be conducted via video conferencing. The company has established August 5, 2026, as the cut-off date for determining shareholder eligibility for electronic voting. This filing is a procedural requirement to provide the Annual Report 2025-26 web-link to shareholders who have not registered their email addresses. Investors should note the company's TTM revenue of ‹3,745 Cr and a high promoter holding of 74.7%.

88th Annual General Meeting scheduled for August 12, 2026, at 11:30 a.m.
Cut-off date for e-voting eligibility fixed as August 05, 2026.
Annual Report 2025-26 was dispatched electronically on July 20, 2026.
Company maintains a significant debt of ‹1,697 Cr against a net worth of ‹1,694 Cr (D/E of 1.00).

💡 Investors should access the full Annual Report via the provided link to review management's commentary on the specialty steel segment and the sustainability of the ‹585 Cr TTM PAT.

Rs 3 Dividend: Mukand Ltd Sets August 07, 2026, as Record Date

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 21 Jul 2026, 11:18 AM

Mukand Limited has announced August 07, 2026, as the record date for its recommended dividend of Rs 3 per equity share (30% of face value). The dividend is subject to shareholder approval at the 88th Annual General Meeting (AGM) scheduled for August 12, 2026. At the current market price of Rs 143.9, this payout represents a dividend yield of approximately 2.08%. If approved, the dividend will be disbursed within 30 days from the date of the AGM.

Dividend recommended at Rs 3 per equity share of Rs 10 face value (30%)
Record date for determining eligibility is Friday, August 07, 2026
88th Annual General Meeting to be held on Wednesday, August 12, 2026
Dividend yield stands at approximately 2.08% based on the current price of Rs 143.9
Payment to be completed within 30 days of the AGM declaration

💡 Investors interested in the dividend should monitor the ex-dividend date (typically one business day prior to the record date) to ensure eligibility for the Rs 3 per share payout.

Mukand Ltd to Seek Approval for ₹500 Cr NCD Fundraise and ₹3 Dividend at 88th AGM

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 20 Jul 2026, 07:12 PM

Mukand Limited has scheduled its 88th Annual General Meeting (AGM) for August 12, 2026. The company is seeking shareholder approval for a total dividend of ₹3 per equity share, which includes a ₹1 special dividend celebrating 100 years of the Bajaj Group. A key agenda item is a special resolution to raise up to ₹500 crore through Non-Convertible Debentures (NCDs) on a private placement basis to fund capital expenditure and general corporate purposes. This proposed fundraise limit represents approximately 25% of the company's current market capitalization.

Proposed dividend of ₹3 per equity share for FY 2025-26, including a ₹1 special payout.
Seeking enabling resolution to raise up to ₹500 crore via NCDs in one or more tranches.
88th AGM scheduled for August 12, 2026, at 11:30 a.m. IST via video conferencing.
Re-appointment of Shri Nirav Bajaj as Director, who holds 1,154 equity shares (0.001%).
Proposed remuneration of ₹1,35,000 for Cost Auditors M/s. Y. R. Doshi & Co. for FY 2026-27.

💡 Monitor the AGM voting results on August 12, 2026, and watch for specific announcements regarding the timing and interest rates of any NCD issuances under the ₹500 crore limit.

Rs 506 Cr Land Sale: Mukand Ltd Executes Term Sheet for Kalwa Land Monetization

🟢 POSITIVE ⭐ 8/10

OTHER 📅 15 Jul 2026, 02:59 PM

Mukand Limited has entered into a term sheet with AGP DC Infra Private Limited for the sale of approximately 9.2 acres of land in Kalwa, Thane. The deal is valued at Rs 55 crore per acre, totaling approximately Rs 506 crore, which represents roughly 26.5% of the company's current market capitalization. An advance of Rs 10 crore has been received, with the final sale contingent on regulatory approvals and technical due diligence. The company states this sale will not impact its core steel operations.

Total land sale consideration of approximately Rs 506 crore for ~9.2 acres.
Transaction value represents ~26.5% of the current Rs 1,911 Cr market capitalization.
Sale price fixed at Rs 55 crore per acre for land parcels in Village Kalwa, Thane.
Initial advance of Rs 10 crore received from the purchaser on July 15, 2026.
Sale includes 8.78 acres of land plus access road rights totaling approx. 9.2 acres.

💡 Watch for the final sale deed execution and the specific use of proceeds, particularly if used to reduce the company's Rs 1,697 Cr debt burden.

June 30, 2026 Quarter: Mukand Ltd Submits SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Jul 2026, 03:29 PM

Mukand Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day window. This includes the verification, listing, and cancellation of physical share certificates. This is a routine administrative filing required for all listed companies in India to ensure the integrity of shareholding records.

Dematerialization requests were processed within 15 days of receipt from depository participants.
Compliance period covers the quarter from April 1, 2026, to June 30, 2026.
Registrar and Share Transfer Agent (RTA) KFin Technologies Limited issued the confirmation on July 4, 2026.
All physical certificates were mutilated and cancelled after due verification as per SEBI norms.

💡 No action is required as this is a standard procedural filing. Investors should focus on upcoming quarterly financial results for updates on business performance.

Mukand Ltd Reports 100% Compliance in Structured Digital Database for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 09:57 AM

Mukand Limited has filed its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026. The certificate confirms that the company is adhering to SEBI (Prohibition of Insider Trading) Regulations by maintaining a non-tamperable internal database. Specifically, the company identified 2 events involving Unpublished Price Sensitive Information (UPSI) during the quarter and successfully captured both in the system. This is a routine regulatory filing demonstrating standard corporate governance.

100% compliance achieved with 2 out of 2 required UPSI events captured in the database
Database is maintained internally with a full audit trail as per SEBI PIT Regulations
System architecture allows for the maintenance of records for a mandatory period of 8 years
Certification provided by an independent Practicing Company Secretary for the period ending June 30, 2026

💡 This is a procedural filing. Investors should continue to monitor the company's operational performance and the progress of its specialty steel expansion strategy.

Mukand Ltd Trading Window Closure for Q1 FY2026-27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 02:21 PM

Mukand Limited has announced the closure of its trading window for designated persons starting July 1, 2026. This action is taken in accordance with SEBI Insider Trading regulations ahead of the unaudited financial results for the quarter ending June 30, 2026. The window will remain shut until 48 hours after the financial results are officially released to the stock exchanges. The company will announce the specific date for the Board Meeting to approve these results in a separate notification.

Trading window closure effective from Wednesday, July 1, 2026.
Closure is related to the consideration of unaudited financial results for the quarter ending June 30, 2026.
Window will reopen 48 hours after the dissemination of the financial results to BSE and NSE.

💡 No action is required as this is a standard regulatory procedure. Investors should monitor for the upcoming board meeting date to assess the company's quarterly financial performance.

Mukand Ltd Recommends ₹3 Dividend; FY26 Profit Surges to ₹634.69 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 May 2026, 07:17 PM

Mukand Limited reported a massive jump in standalone Profit After Tax (PAT) for FY26, reaching ₹634.69 crore compared to ₹86.95 crore in the previous year. The Board has recommended a total dividend of ₹3 per share (30%), which includes a special ₹1 dividend to celebrate the 100th anniversary of the Bajaj Group. Furthermore, the company is strengthening its subsidiary by approving a ₹160 crore fund infusion into Mukand Heavy Engineering Limited. Total income for the fiscal year grew by approximately 13.5% to ₹5,336.44 crore.

Recommended a total dividend of ₹3 per share, including a ₹1 special payout for the Bajaj Group centenary.
Standalone FY26 Profit After Tax (PAT) rose significantly to ₹634.69 crore from ₹86.95 crore in FY25.
Total income for the full year FY26 increased to ₹5,336.44 crore from ₹4,703.19 crore in the previous year.
Approved a capital infusion of up to ₹160 crore into wholly-owned subsidiary Mukand Heavy Engineering Limited.
Q4 FY26 standalone PAT stood at ₹567.76 crore, bolstered by significant other income and tax credits.

💡 The sharp increase in profitability and the special dividend payout are strong positive triggers for the stock. Investors should monitor the impact of the ₹160 crore investment in the heavy engineering subsidiary on future consolidated growth.

Mukand Ltd FY26 Net Profit Surges to ₹635 Cr; Announces ₹3 Dividend Including Special Payout

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 May 2026, 07:05 PM

Mukand Limited reported a massive jump in standalone net profit to ₹634.69 crore for FY26, compared to ₹86.95 crore in the previous year, largely driven by a significant one-time 'Other Income' of ₹514 crore in Q4. The company declared a total dividend of ₹3 per share, which includes a ₹1 special dividend celebrating the Bajaj Group's centenary. Additionally, the board approved a ₹160 crore capital infusion into its subsidiary, Mukand Heavy Engineering, to support growth. While annual revenue remained relatively stable at ₹4,762 crore, the bottom line saw exceptional growth due to non-operational gains.

Standalone Net Profit for FY26 rose to ₹634.69 crore from ₹86.95 crore in FY25.
Recommended total dividend of ₹3 per share (30%), including a ₹1 special dividend for Bajaj Group's 100 years.
Approved fund infusion of up to ₹160 crore into wholly owned subsidiary Mukand Heavy Engineering Limited.
Annual revenue from operations grew slightly to ₹4,762.30 crore compared to ₹4,685.07 crore in the previous year.
Q4 FY26 'Other Income' stood at ₹514.44 crore, significantly impacting the quarterly and annual profitability.

💡 Investors should recognize that the profit surge is primarily driven by one-time gains rather than core operational growth; however, the special dividend and subsidiary investment indicate a strong balance sheet and commitment to expansion.

Mukand Ltd Completes Land Sale at Kalwa and Dighe for Rs 111.85 Crore

🟢 POSITIVE ⭐ 7/10

OTHER 📅 12 May 2026, 06:43 PM

Mukand Limited has finalized the sale of land parcels in Kalwa and Dighe, Maharashtra, receiving an aggregate consideration of Rs 111.85 crore. This concludes the transfer of approximately 17.25 acres of land as part of a value-unlocking strategy previously disclosed in March 2026. The transaction was executed with AGP DC INFRA PRIVATE LIMITED and does not involve any related parties. The company has confirmed that these sales will have no adverse impact on its manufacturing operations.

Sold 3.07 acres of land at Kalwa for a lump-sum consideration of Rs 110.83 crore.
Completed sale of 50% undivided share in 0.06 acres at Dighe for Rs 1.02 crore.
Total land transfer across both locations finalized at approximately 17.25 acres (69,823 sq. mtrs).
Aggregate consideration of Rs 111.85 crore received from AGP DC INFRA PRIVATE LIMITED.
Management confirms the sale will not impact the company's operational capacity or core business.

💡 The cash inflow of over Rs 111 crore is a positive development for the company's liquidity and balance sheet. Investors should monitor the upcoming quarterly results to see if these proceeds are utilized for debt reduction or growth capital.

View All MUKANDLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue from operations for FY 2024-25 was INR 4,911.16 Cr, representing a decline of 5.08% from INR 5,174.69 Cr in the previous year. The Industrial Machinery division grew 17.6% to INR 260 Cr from INR 221 Cr. Specialty Steel remains the primary segment with liabilities of INR 846.42 Cr as of September 2025.

Geographic Revenue Split

The company derives approximately 92-93% of its revenue from the domestic market and 7-8% from export markets. This split protects the business from localized slowdowns but exposes it to global trade tensions and freight cost volatility.

Profitability Margins

Profit After Tax (PAT) for FY 2024-25 was INR 86.95 Cr, up 16.4% from INR 74.69 Cr. However, the PAT margin in Q1 FY25 was 1.9%, down from 3.1% in FY23, reflecting pressure from low-priced imports and increased freight costs.

EBITDA Margin

The operating margin improved to 5.64% in FY24 from -3.23% in FY23. This recovery was driven by cost optimization and improved realizations despite a 5.08% decline in overall revenue during the subsequent fiscal year.

Capital Expenditure

The company is investing in downstream value-added products and niche applications for aerospace and defense. Specific historical and planned CapEx in INR Cr was not disclosed in the available documents.

Credit Rating & Borrowing

The company maintains a moderate financial risk profile with an interest coverage ratio of 2.76x in Q1 FY25. Promoters provided unsecured loans of INR 100 Cr as of March 31, 2025, to support liquidity.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel scrap and ferroalloys. These are susceptible to global price volatility, which directly impacts the operating margin of the specialty steel division.

Import Sources

Not disclosed in available documents, though the company notes susceptibility to global market fluctuations and supply chain disruptions in the Middle East.

Capacity Expansion

Current bloom production volume is 4,99,240 Metric Tonnes across the Kalwe and Hospet plants. The company plans to increase the scale of operations specifically in the industrial machinery segment.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; a decline in raw material prices in FY24 affected the final price of finished products, impacting revenue by 5.08% in FY25.

Manufacturing Efficiency

The company achieved a bloom production volume of 4,99,240 MT. Efficiency is being driven by increasing capacity utilization at downstream rolling facilities to unlock operating leverage.

Logistics & Distribution

Increased freight costs and supply chain disruptions have adversely impacted export volumes and overall distribution efficiency.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by focusing on downstream value-added products, increasing capacity utilization in downstream facilities, and supplying over 650 grades of specialty steel to niche sectors like aerospace, defense, and power.

Products & Services

Alloy steel, stainless steel, industrial machinery, heavy engineering equipment, stainless steel cold finished bars, and wires.

Brand Portfolio

Bajaj Mukand

New Products/Services

Special steel grades tailored for niche applications in aerospace, defense, power, and precision engineering are expected to drive future value growth.

Market Expansion

The company is deepening its presence in the specialty steel domain, particularly catering to the evolving demands of the automotive, engineering, and oil & gas sectors.

Strategic Alliances

The company completed the demerger of the Stainless Steel Cold Finished Bars and Wires business from Mukand Sumi Metal Processing Limited (MSMPL) into Mukand Ltd, effective April 01, 2024.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward sustainable manufacturing and green production practices. Mukand is positioning itself by integrating renewable energy and focusing on high-tech specialty steel.

Competitive Landscape

Intense competition from low-priced steel imports and other domestic alloy steel manufacturers.

Competitive Moat

The company's moat is built on its established 'Bajaj Mukand' brand, 3.5 decades of promoter experience, and a vast product basket of 650 steel grades, which are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to global steel demand and domestic industrial production. A surge in low-priced imports weighed heavily on market dynamics in FY 2024-25.

Consumer Behavior

Increasing demand for customized, high-performance engineering solutions in the automotive and aerospace sectors is driving the shift toward specialty steel.

Geopolitical Risks

The Russia-Ukraine conflict and Middle East supply chain disruptions pose risks to raw material procurement and export logistics.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent regulations on water usage and effluent discharge. The company must also comply with NCLT orders regarding corporate restructuring.

Environmental Compliance

Water management is a key risk; the company is implementing water-efficient practices to mitigate the risk of production disruptions and elevated compliance costs.

Legal Contingencies

The National Company Law Tribunal (NCLT) approved the scheme of demerger for the stainless steel business on April 29, 2025. No other major pending litigation values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices and global trade tensions are the primary uncertainties, potentially impacting operating margins by several percentage points.