MarketFriction

Mukand Ltd

NSE MUKANDLTD · BSE 500460 · Iron & Steel Products
₹172.66 -4.15%
NSE close2026-10-01
52 week range114.31 - 184.80
Market cap₹2,495 Cr.
P/E3.94
ASM short-term Price band 20% Delivery 35.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,3771,1771,2391,2581,2631,2621,1071,1291,1611,3291,2691,362
Expenses1,3071,1141,1561,1871,1871,1901,0421,0811,0911,2571,2871,355
Operating Profit70628371767265476972-177
OPM %5%5%7%6%6%6%6%4.2%6%5%-1.4%0.5%
Other Income36443263934508105
Interest333431323332333438403934
Depreciation121212111413131414161818
Profit before tax2822433233292438202143460
Tax %16%12%33%23%24%49%55%23%50%51%-28%5%
Net Profit2319292425151129101055557
EPS in Rs1.611.342.011.681.751.030.752.010.680.7138.413.97
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,9532,7133,4363,6892,9232,7264,6435,5685,1754,8904,8905,121
Expenses2,5932,3513,2163,5422,8483,2284,4045,7394,8824,6054,7184,990
Operating Profit36036122014875-502239-172293285172131
OPM %12%13%6%4.0%2.6%-18%5%-3.1%6%6%3.5%2.6%
Other Income12451,33179687481195731514553620
Interest293294473327364332161177131130150150
Depreciation7772158587569455250516266
Profit before tax242920-158-296-155151172127118512535
Tax %280%127%11%-27%-19%32%-17%0%18%36%-18%
Net Profit-6-11821-115-240-20417617210476604632
EPS in Rs-0.53-0.8058.06-8.17-16.96-14.4112.4711.897.195.2541.8143.77
Dividend Payout %0%0%0%0%0%-7%12%17%28%38%7%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth5%12%-4%8%
Compounded Profit Growth22%16%30%689%
Stock Price CAGR11%5%1%33%
Return on Equity-20%-2%8%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital141141141141141141141145145145145145
Reserves1,7251,7141739387745293215227097608051,378
Borrowings2,6212,8522,9792,1242,5752,7552,0762,0361,5051,4891,5591,697
Other Liabilities1,3761,3861,1811,2439751,0346998228196361,033858
Total Liabilities5,8636,0934,4744,4474,4654,4603,2373,5243,1783,0303,5424,077
Fixed Assets2,4612,429693562505516447484488452537628
CWIP3831392323302632303414298
Investments38361331,2681,2871,214528128159102940
Other Assets3,3263,5973,6092,5942,6502,7002,2362,8802,5012,5342,8333,312
Total Assets5,8636,0934,4744,4474,4654,4603,2373,5243,1783,0303,5424,077
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity19135319894-56150-328-10210665180-441
Cash from Investing Activity-11-35-36887121,34528061999-124472
Cash from Financing Activity-10-94-283-98740-159-997-166-728-152-86-37
Net Cash Flow-35-0-5-922012-312-29-6
Free Cash Flow-697283980-50129302-319726127440
CFO/OP1%41%90%412%-36%205%69%-37%-66%23%61%-254%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days122144137314552693930383232
Inventory Days380417456220227309217184144173240278
Days Payable230238294196138172846450487165
Cash Conversion Cycle27332329956134189203159125163201245
Working Capital Days87104119-15537715541971192062
ROCE %7%7%8%4%5%2%-18%8%-8%11%10%4%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.70%74.70%74.70%74.70%74.70%74.70%74.70%74.70%74.70%74.70%74.70%74.70%
FIIs0.08%0.32%0.23%0.20%0.22%0.20%0.28%0.14%0.18%0.28%0.26%0.25%
DIIs1.17%1.19%1.56%1.74%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.03%
Public24.04%23.78%23.50%23.35%23.97%24.00%23.93%24.05%24.01%23.91%23.94%24.03%
No. of Shareholders47,59349,80949,48149,35552,36652,08851,69951,16051,39050,21349,21849,306

Fundamentals

Market Cap₹ 2,495 Cr.
Current Price₹ 172
Stock P/E3.94
Book Value₹ 105
ROCE4.44 %
ROE5.57 %
Dividend Yield1.16 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)8%
Compounded Profit Growth (TTM)689%
Consolidated figures.
Valuation
Market capRs 2,495 Cr
Enterprise valueRs 4,172 Cr
P/E (TTM)3.94x
Price to book1.64x
Price to sales0.49x
EV / EBITDA5.55x
EV / EBIT6.09x
EV / sales0.81x
Earnings yield25.35%
Dividend yield1.74%
P/E, 3-year average13.54x
P/B, 3-year average1.63x
P/E, 5-year average12.81x
P/B, 5-year average2.06x
Profitability
Operating margin (excl. other income)3.51%
Operating margin (incl. other income)14.82%
EBITDA margin14.66%
Pre-tax margin10.44%
Net profit margin12.35%
Net margin, latest quarter4.21%
ROE48.88%
ROCE23.13%
ROA15.86%
ROE, 3-year average22.96%
ROCE, 3-year average14.70%
ROA, 3-year average7.17%
ROE, 5-year average24.54%
ROCE, 5-year average13.97%
ROA, 5-year average6.37%
ROIC (approx.)25.26%
Tax rate-17.97%
Other income / net worth36.32%
Growth
Sales growth (latest year)-0.00%
Profit growth (latest year)696.09%
Sales CAGR, 3 years-4.23%
Sales CAGR, 5 years12.40%
Profit CAGR, 3 years52.07%
Sales growth QoQ7.34%
Profit growth QoQ-89.66%
Sales growth YoY (latest quarter)20.69%
Profit growth YoY (latest quarter)97.59%
Per share
EPS (TTM)Rs 43.77
EPS (latest year)Rs 41.81
EPS (latest quarter)Rs 3.97
EPS, 3-year averageRs 18.08
EPS, 5-year averageRs 15.67
Book value per shareRs 105.35
Sales per shareRs 354.42
Cash flow per shareRs -30.52
Free cash flow per shareRs 2.77
Dividend per share (latest year)Rs 3.00
Dividend per share, 3-year averageRs 2.33
Dividend per share, 5-year averageRs 2.10
Dividends
Dividend payout7.18%
Dividend payout, 3-year average24.36%
Dividend payout, 5-year average20.44%
Efficiency
Asset turnover1.20x
Fixed asset turnover7.79x
Inventory turnover1.83x
Inventory days199 days
Debtor days32 days
Debtors turnover11.57x
Creditor days65 days
Cash conversion cycle245 days
Working capital days62 days
Leverage
Total debtRs 1,697 Cr
Cash and bankRs 20 Cr
Net debtRs 1,677 Cr
Debt to equity1.11x
Net debt / EBITDA2.23x
Interest coverage4.56x
Current ratio (filing 2026-03-31)1.38x
Quick ratio (filing 2026-03-31)0.30x
Trade payables (filing 2026-03-31)Rs 562 Cr
Owners' fund to total sources37.34%
Debt to assets41.62%
Cash flow
Cash from Operating Activity (latest year)Rs -441 Cr
Cash from Investing Activity (latest year)Rs 472 Cr
Cash from Financing Activity (latest year)Rs -37 Cr
Net Cash Flow (latest year)Rs -6 Cr
Free cash flow (latest year)Rs 40 Cr
FCFE (approx.: FCF + change in debt)Rs 177 Cr
Cash from ops / profit, 5 years-0.17x
Statement figures
Net sales (TTM)Rs 5,121 Cr
Net sales (latest year)Rs 4,890 Cr
Sales (latest quarter)Rs 1,362 Cr
Operating profit excl. other income (latest year)Rs 172 Cr
Operating profit (latest quarter)Rs 7 Cr
Other income (TTM)Rs 620 Cr
EBITDA (TTM)Rs 751 Cr
PBDT (TTM)Rs 601 Cr
Profit before tax (TTM)Rs 535 Cr
Tax (latest year)Rs -92 Cr
Net profit (TTM)Rs 632 Cr
Net profit (latest year)Rs 604 Cr
Net profit (latest quarter)Rs 57 Cr
Depreciation (TTM)Rs 66 Cr
Depreciation (latest quarter)Rs 18 Cr
Interest (TTM)Rs 150 Cr
Cost of goods sold (latest year)Rs 4,404 Cr
Total expenditure (latest year)Rs 4,718 Cr
Total income (latest year)Rs 5,443 Cr
Share capitalRs 145 Cr
ReservesRs 1,378 Cr
Shareholders' fundsRs 1,522 Cr
Total assetsRs 4,077 Cr
Net blockRs 628 Cr
Capital work in progressRs 98 Cr
InvestmentsRs 40 Cr
ReceivablesRs 423 Cr
InventoryRs 2,402 Cr
Other liabilitiesRs 858 Cr
Shares outstanding (crore)14.45
Ownership
Promoter holding74.70% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 3.9 is at the 25th percentile of its own 5.4-year range (median 13.1, low 0.8, high 33.2).
P/B 1.64 is at the 35th percentile (median 2.16).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMUKANDLTDNifty 50Difference
1 week+11.2%-2.8% +14.0 pts
1 month+26.9%-6.8% +33.7 pts
3 months+29.8%-7.6% +37.4 pts
6 months+44.3%+0.4% +43.9 pts
1 year+28.6%-9.9% +38.5 pts
2 years+0.7%-13.6% +14.3 pts
3 years+2.0%+14.2% -12.2 pts
5 years+20.2%+27.9% -7.7 pts
1 mutual fund schemes hold about ₹0 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -25% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 26% of total assets in 2026
lookProfit leans on other income Other income was 108% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ASM short-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,362 Cr +20.6% vs Jun 2025. Net profit ₹57 Cr +96.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-07Dividend - Rs 2 Per Share & Special Dividend Re 1 Per Share
2025-07-25Dividend - Rs 2 Per Share
2024-07-26Annual General Meeting/Dividend - Rs 2 Per Share
2023-07-28Annual General Meeting/Dividend - Rs 2 Per Share
2022-07-28Annual General Meeting/Dividend - Rs 1.50 Per Share
2021-09-08 Dividend - Re 1 Per Share
2019-07-25 Annual General Meeting
2018-08-02 Annual General Meeting
2017-07-13 Annual General Meeting
2016-07-28 Annual General Meeting
2015-07-30 Annual General Meeting
2014-07-31Annual General Meeting
2014-02-10Rights 1:1 @ Premium Rs.11/- Per Equity Share
2013-08-01Annual General Meeting
2012-08-02Annual General Meeting
2011-07-14Annual General Meeting And Dividend Re.1/- Per Share
2010-07-08Annual General Meeting And Dividend Re.1/- Per Share
2009-07-09Annual General Meeting
2008-07-11Agm/Div-Re.1/- Per Share
2007-06-28Agm/Div-Re.1/- Per Sh
2006-06-29Agm
DateTypeWhat it says
2026-09-29Price movementSignificant movement in price has been observed in Mukand Limited. The Exchange, in order to ensure that investors have latest relevant information ab...
2026-09-29Price movementSignificant movement in price has been observed in Mukand Limited. The Exchange, in order to ensure that investors have latest relevant information ab...
2026-08-19UpdatesDisclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Update on Sale of land at Kalwa.
2026-08-17Credit Rating- RevisionCredit Rating- Revision
2026-08-12Shareholder meetingSubmission of Voting Results of 88th Annual General Meeting, pursuant to Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulat...
2026-08-12Shareholder meetingOutcome of AGM
2026-08-12Board meeting outcomeMukand Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-22General UpdatesGeneral Updates
2026-07-21Record DateRecord date for the purpose of Dividend is 07-Aug-2026.
2026-07-20Shareholder meetingShareholders meeting
2026-07-15AgreementsAgreements
2026-07-07Structural Digital DatabasePlease find enclosed herewith SDD Compliance Certificate issued by Practising Company Secretary for the quarter ended June 30, 2026 for compliance wit...
2026-06-11Disclosure under SEBI TakeovMukand Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Ac...
2026-05-14General UpdatesRecommended Dividend
2026-05-14Board meeting outcomeMukand Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-12AgreementsAgreements
2026-04-29Disclosure under SEBI TakeovNiraj Bajaj has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acqui...
2026-04-06Structural Digital DatabasePlease find enclosed herewith SDD Compliance Certificate issued by Practising CompanySecretary for the quarter ended March 31, 2026 for compliance wit...
2026-03-31OthersOthers
2026-03-27AgreementsAgreements
2026-03-23Shareholder meetingVoting results.
2026-02-19Shareholder meetingNotice of Postal Ballot
2026-02-16Change in ManagementChange in Management
2026-02-12AppointmentAppointment of Mr Nirav Bajaj as Executive Director of the company w.e.f. May 16, 2026.
2026-02-12AppointmentAppointment of Mr Niraj Bajaj as Chairman & Managing Director of the company w.e.f. July 05, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Short Term Additional Surveillance Measure (Short Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03