Mukand Ltd: Stock Analysis & Fundamentals

Mukand Ltd's latest quarterly results (Mar 2026) show

• PAT Growth YoY: +4945.5%
• Revenue Growth YoY: +14.6%
• Operating Margin: -1.0%

Mukand Ltd's current PE ratio is 3.2x.

• Current PE: 3.2x
• Market Cap: 1.9K Cr
• Dividend Yield: 1.49%

Mukand Ltd's price-to-book ratio is 1.3x.

• Price-to-Book (P/B): 1.3x
• Book Value per Share: ₹105
• Current Price: ₹134

Mukand Ltd's fundamental strength based on key financial ratios

• Return on Capital (ROCE): 23.0%

Mukand Ltd has a debt-to-equity ratio of N/A.

• Total Debt: ₹2,000 Cr

Mukand Ltd's return ratios over recent years

• FY2024: ROCE 11.0%
• FY2025: ROCE 10.0%
• FY2026: ROCE 23.0%

Mukand Ltd's operating cash flow is negative (FY2026).

• Cash from Operations (CFO): ₹-441 Cr
• Free Cash Flow (FCF): ₹31 Cr
• CFO/PAT Ratio: -73% (weak cash conversion)

Mukand Ltd's current dividend yield is 1.49%.

• Dividend Yield: 1.49%
• Current Price: ₹134

Mukand Ltd's shareholding pattern (Mar 2026)

• Promoters: 74.7%
• FII (Foreign): 0.3%
• DII (Domestic): 1.1%
• Public: 23.9%

Mukand Ltd's promoter holding has remained stable recently.

• Current Promoter Holding: 74.7% (Mar 2026)
• Previous Quarter: 74.7% (Dec 2025)
• Change: 0.00% (stable)

Mukand Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.

Mukand Ltd has 3 key growth catalysts identified from recent earnings analysis

• Value Added Product Mix Shift — Shift to high-margin niche grades is necessary to offset commodity-grade margin compression.
• Demerger Spin Off Value Unlock — Transferring the machinery division to a subsidiary allows for better operational focus and potential future monetization.
• Interest Cost Reduction Deleveraging — Large land sale proceeds are critical to reducing the high debt-to-equity ratio of 3.02x.

Mukand Ltd has 4 key risks worth monitoring

• [HIGH] Fluctuating raw material costs and global steel price volatility are compressing — Fluctuating raw material costs and global steel price volatility are compressing margins.
• [MEDIUM] Red Sea crisis and Russia-Ukraine conflict disrupting supply chains and inflatin — Red Sea crisis and Russia-Ukraine conflict disrupting supply chains and inflating freight costs.
• [MEDIUM] U — U.S. tariffs on Indian steel imports challenging export volumes.
• [LOW] Ongoing arbitration and tax disputes, including a challenge to Section 148 notic — Ongoing arbitration and tax disputes, including a challenge to Section 148 notices.

Mukand Ltd's management has provided the following forward guidance for Long-term

• Revenue outlook: Optimistic about long-term growth trajectory in steel and engineering sectors.
• Margin outlook: Not Given
• Management tone: cautious

Mukand Ltd's most important sub-sector-specific KPIs from the latest concall

• Specialty Steel Revenue: ₹1,288.63 crore — Steady operational performance in the core segment despite market headwinds.
• Net Debt to Equity: 3.02x (YoY Increased) — High leverage remains a concern despite land sale agreements.
• Bloom Production Volume: 4,99,240 MT — Reflects commitment to operational excellence across Kalwe and Hospet plants.
• Industrial Machinery Revenue: ₹260 crore (YoY 17.6%) — Growth reflects deep technical expertise and focus on customized solutions.
• Inventory Turnover Ratio: 2.14x — Sluggish ratio indicates inefficiencies in managing working capital.
• Interest Expense %: 2.65% — Reflects the burden of high debt on the company's operating revenues.

Based on quantitative research signals, here is why Mukand Ltd may be worth studying

• Currently showing mixed signals — monitor for clearer trend confirmation

Mukand Ltd investment thesis summary:

Mukand Ltd's forward outlook based on current data signals

• Key Catalyst: Value Added Product Mix Shift
• Key Risk: Fluctuating raw material costs and global steel price volatility are compressing