Mukand Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mukand Ltd trades at ₹146, in a confirmed uptrend and 9 weeks into that stage. That is +9.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹116 to ₹146. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹146 it trades +9.5% versus its 200-day average and sits at 100% of its 52-week range (₹116–₹146).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +356% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 90th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mukand Ltd trades at 29.0× P/E, at the pricey end of its own range (90th percentile). Its long-run median P/E is 18.9×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 29.0× is at the pricey end of its own range (90th percentile), against a long-run median of 18.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +696.4% against a +5.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +12.5%/yr price move, ~+11.3%/yr came from earnings growth and ~+1.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mukand Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

44.3/100 — rank 7 of 10 in Steel · 83% evidence confidence

Mukand Ltd scores 44.3 out of 100 against the 10 companies it is compared with in Steel, ranking 7. Price leads the evidence: RS versus the benchmark is 8.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 12.1 + 5.9 + 12.4 + 13.9 = 44.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mukand Ltd reported ₹1,269 Cr of revenue in the Mar 26 quarter, +14.6% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 5.2% a year. The last full year, FY26, came in at ₹4,890 Cr. The last four reported quarters add to ₹4,888 Cr.

Mukand Ltd reported ₹1,269 Cr of revenue in the Mar 26 quarter, +14.6% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 5.2% a year. The last full year, FY26, came in at ₹4,890 Cr. The last four reported quarters add to ₹4,888 Cr.

FY26 revenue came in at ₹4,890 Cr (+0.0% on the year), capping 10 years at 5.2% compound. The latest quarter (Mar 26) printed ₹1,269 Cr, +14.6% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +0.4% growth against the decade's 5.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +0.0% over the last 4 quarters against −2.8%/yr over the last 8 — stabilising; TTM profit +705.3% vs +143.3%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: −1.0% this quarter (−7.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mukand Ltd's operating margin is −1.0% in the Mar 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −18.0% to 13.0%. The current quarter sits inside that band.

Mukand Ltd's operating margin is −1.0% in the Mar 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −18.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −1.0%, −7.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −18.0%–13.0%.

🚨 Why the margin moved: operating margin went −7.3 pp year on year while gross margin went −9.4 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +4,945.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mukand Ltd earned ₹555 Cr of net profit in the Mar 26 quarter, +4,945.5% year on year. Full-year FY26 profit was ₹604 Cr. That is 43.7% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr.

Mukand Ltd earned ₹555 Cr of net profit in the Mar 26 quarter, +4,945.5% year on year. Full-year FY26 profit was ₹604 Cr. That is 43.7% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr.

Mar 26 profit was ₹555 Cr, +4,945.5% year on year. On the full year, FY26 printed ₹604 Cr (+694.7%).

Why profit moved: revenue contributed +14.6% and the margin −7.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +1,218.3% vs revenue +0.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −25% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −25% of Mukand Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−441 Cr of operating cash against ₹604 Cr of profit. After ₹109 Cr of capital spending, ₹−550 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹−441 Cr against reported profit of ₹604 Cr, leaving free cash of ₹−550 Cr after ₹109 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −25% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −25%: the cash cycle stretched 42 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 42 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 245-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mukand Ltd's cash conversion cycle runs 245 days in FY26, up from 203 days in FY21. Capital spending ran ₹371 Cr over the last 3 years. At FY26 sales of ₹4,890 Cr each day of that cycle holds about ₹13.4 Cr, so roughly ₹3,282 Cr sits inside the business at any moment.

FY26: debtors at 32 days, inventory at 278 days — roughly 9.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 245 days, looser than FY21's 203.

The full loop: cash goes out to suppliers and production on day 0; stock waits 278 days to sell; customers pay about 32 days after that; and suppliers themselves are paid at 65 days — netting out to the 245-day cycle.

In money terms: at FY26 sales of ₹4,890 Cr, each day of the cycle holds about ₹13.4 Cr — so the 245-day loop keeps roughly ₹3,282 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹371 Cr over the last 3 fiscal years against ₹163 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹98.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 4% and the ROIC − WACC spread is −8.5 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Mukand Ltd earns a ROCE of 4% in FY26. That is up from a trough of −18% in FY21. Return on invested capital clears the cost of that capital by −8.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.4% net margin on 1.20× asset turns.

FY26 ROCE is 4%, recovered from a FY21 trough of −18% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 12.4% net margin × 1.20× asset turns × 2.68× balance-sheet leverage ≈ 39.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 3.5% − 12.0% = a −8.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.11.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Mukand Ltd carries total debt of ₹1,697 Cr against shareholder equity of ₹1,522 Cr as of Mar 26, a debt-to-equity of 1.11. On the annual view that ratio went from 3.06 in FY22 to 1.11 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,697 Cr against shareholder equity of ₹1,522 Cr — a debt-to-equity of 1.11. On the annual view, debt-to-equity went from 3.06 (FY22) to 1.11 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Mukand Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 74.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −0.7 points over 8 quarters to 1.0%; Promoters: +0.0 points over 8 quarters to 74.7%; Foreign institutions: +0.0 points over 8 quarters to 0.3%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mukand Ltd: the Z-score reads 2.42. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 2.42 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 2.42.

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