Mukand financials and balance sheet

NSE: MUKANDLTDBSE: 500460Industrial ProductsSmall Cap

₹143.06₹10.32 (6.73%)BSE ₹143.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹153.38.

52-week range of traded prices to 23 Oct 2026

₹114.31Low, 16 Mar 2026₹190.70High, 7 Oct 2026

Next results date: the board meets on 12 Nov 2026 to consider: financial results.

Market cap: ₹2,067 Cr1,186th largest listed
P/E: 3.3
P/B: 1.4
Dividend yield: 2.10%
ROE: 51.2%
ROCE: 2.0%
Debt to equity: 1.11
Volume, NSE: 7,60,88852.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mukand annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,568 Cr, year to Mar 2023A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,890
Materials and goods−3,149
Employee costs−237
Other expenses−1,333
Operating profit171
Depreciation−62
Other income+554
One-off items0.0
Finance costs−150
Profit before tax512
Tax+92
Net profit604

What the company owns

Inventory₹2,402 Cr
Plant, investments and other assets₹1,220 Cr
Receivables₹423 Cr
Cash and bank₹20 Cr
Current investments₹12 Cr

What pays for it: net worth and liabilities

Borrowings₹1,697 Cr
Net worth₹1,522 Cr
Owed to suppliers₹562 Cr
Other liabilities₹296 Cr

Mukand business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Mukand segment results by quarter

Revenue by segment

₹4,900 CrTotal

Specialty Steel₹4,743 Cr96.8% of total
Industrial Machinery & Engineering Contracts₹157 Cr3.2% of total

Profit by segment

Specialty Steel₹675 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Specialty Steel
Revenue, ₹ crore
3,534
2,796
3,319
4,530
5,429
4,953
4,652
4,743
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
137
90
330
236
390
236
214
675
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Industrial Machinery & Engineering Contracts
Revenue, ₹ crore
109
27
100
140
223
238
157
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−30
−58
−27
−22
17
38
−10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,689	2,928	3,354	4,644	5,570	5,176	4,890	4,900
Company revenue, as in its results	3,689	2,923	2,726	4,637	5,568	5,175	4,890	4,890
Revenue	3,534	2,796	3,319	4,530	5,429	4,953	4,652	4,743
Revenue growth	–	−20.9%	18.7%	36.5%	19.8%	−8.8%	−6.1%	2.0%
Profit	137	90	330	236	390	236	214	675
Profit growth	–	−34.8%	269.0%	−28.7%	65.4%	−39.4%	−9.4%	215.8%
Margin	3.9%	3.2%	10.0%	5.2%	7.2%	4.8%	4.6%	14.2%
Return on capital	–	6.2%	21.5%	11.3%	21.8%	11.7%	10.5%	30.3%
Assets	–	2,340	2,121	2,756	2,420	2,454	2,883	2,908
Liabilities	–	887	582	674	635	428	852	679
Capital employed	–	1,453	1,538	2,082	1,785	2,026	2,031	2,228
Revenue	–	109	27	100	140	223	238	157
Revenue growth	–	–	−75.7%	–	39.9%	59.0%	6.9%	−34.2%
Profit	–	−30	−58	−27	−22	17	38	−10
Profit growth	–	–	–	–	–	–	120.6%	–
Margin	–	−27.1%	−218.3%	−27.1%	−15.9%	7.8%	16.1%	−6.6%
Return on capital	–	−9.7%	−22.7%	−10.9%	−14.9%	15.2%	14.8%	−2.5%
Assets	–	363	294	301	254	254	360	465
Liabilities	–	57	39	53	104	139	101	56
Capital employed	–	306	255	249	150	115	259	409
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	0	–	–	–
Return on capital	–	–	–	–	0.0%	–	–	–
Assets	–	–	–	–	19	–	–	–
Liabilities	–	–	–	–	0	–	–	–
Capital employed	–	–	–	–	19	–	–	–
Revenue	17	23	8	13	–	–	–	–
Profit	−35	−51	−211	−5	–	–	–	–
Margin	−201.2%	−224.2%	−2,729.7%	−35.7%	–	–	–	–
Return on capital	–	−174.7%	–	–	–	–	–	–
Assets	–	166	29	6	–	–	–	–
Liabilities	–	137	166	146	–	–	–	–
Capital employed	–	29	−137	−140	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	44	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	24	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–
Revenue	139	–	–	–	–	–	–	–
Profit	−13	–	–	–	–	–	–	–
Margin	−9.6%	–	–	–	–	–	–	–
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	0	–	–	–
Assets	–	–	–	–	0	–	–	–
Liabilities	–	–	–	–	0	–	–	–
	–	–	–	0	–	–	–	–
Profit	–	–	–	−1	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
	–	–	0	–	–	–	–	–
Profit	–	–	0	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	−1	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	−50	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Mukand quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 30 Jun	Mar 2021Filed 26 May	Mar 2022Filed 21 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue from operations	2,873	3,482	3,689	2,923	2,726	4,637	5,568	5,175	4,890	4,890
	2,507	3,316	3,542	2,798	3,175	4,383	5,745	4,883	4,606	4,719
Materials and goods bought	1,192	1,831	2,018	1,614	1,865	2,897	3,922	3,350	3,052	3,149
Employee costs	–	–	210	190	190	191	205	219	226	237
Other expenses	–	–	1,314	995	1,119	1,295	1,618	1,314	1,327	1,333
Operating profit before depreciation	366	166	148	124	−449	254	−177	292	284	171
Operating margin	12.8%	4.8%	4.0%	4.3%	−16.5%	5.5%	−3.2%	5.6%	5.8%	3.5%
Materials, % of revenue	–	–	54.7%	55.2%	68.4%	62.5%	70.4%	64.7%	62.4%	64.4%
Employee costs, % of revenue	–	–	5.7%	6.5%	7.0%	4.1%	3.7%	4.2%	4.6%	4.8%
Other expenses, % of revenue	–	–	35.6%	34.0%	41.1%	27.9%	29.1%	25.4%	27.1%	27.3%
Depreciation and amortisation	74	158	58	75	69	45	52	50	51	62
Operating profit after depreciation	293	8	89	49	−517	209	−229	242	234	109
Other income	29	91	60	68	748	116	585	16	14	554
Finance costs	295	473	327	364	332	161	177	131	130	150
Profit before one-off items and tax	26	−374	−177	−247	−101	164	179	127	118	512
One-off items	0	1,283	0	0	0	0	0	0	0	0
Profit before tax	26	909	−177	−247	−101	164	179	127	118	512
	52	99	−43	−57	49	−15	0	24	42	−92
Current tax	–	−8	0	0	0	0	0	0	0	0
Deferred tax	–	107	−43	−57	49	−15	0	24	42	−92
Share of profit of joint ventures and associates	−1	–	19	−50	−53	−2	−7	–	–	–
Net profit	−30	821	−115	−240	−204	177	172	103	76	604
Other comprehensive income	–	–	3	2	−4	−1	0	−6	−5	−3
Total comprehensive income	–	–	−113	−238	−208	176	172	96	71	602
Net margin	−1.0%	23.6%	−3.1%	−8.2%	−7.5%	3.8%	3.1%	2.0%	1.6%	12.4%
Net margin without joint ventures and associates	−1.0%	–	−3.6%	−6.5%	−5.5%	3.9%	3.2%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 23 May	Mar 2020Filed 30 Jun	Mar 2021Filed 26 May	Mar 2022Filed 21 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	915	671	463	624	854	921	950	1,522
Share capital	141	141	141	141	145	145	145	144
Reserves	774	529	321	483	709	777	805	1,378
	2,428	2,679	2,070	2,031	1,505	1,489	1,559	1,697
Repayable after a year	1,568	1,894	1,763	886	1,448	1,433	107	266
Repayable within a year	860	785	307	1,146	56	56	1,452	1,431
	1,899	1,860	953	1,905	812	639	2,418	2,216
Trade payables	762	762	436	495	536	440	595	562
Other financial liabilities	214	156	60	40	45	26	57	37
Other liabilities	54	148	138	214	167	109	307	179
Provisions	10	10	11	10	8	9	7	8
	1,654	1,929	1,828	939	1,512	1,486	174	339
Other financial liabilities	4	0	0	0	0	0	8	13
Provisions	34	35	39	38	63	52	59	60
Deferred tax	48	0	26	15	0	0	0	–
	4,468	4,460	3,243	3,468	3,178	3,046	3,542	4,077
Held for sale or for a demerger	–	–	–	–	19	23	8	10
	1,961	1,906	667	726	689	664	835	1,004
Plant in use, after depreciation	505	467	424	461	456	452	537	627
Plant being built	23	30	26	32	30	34	140	93
Intangible assets	0	0	22	5	2	0	0	1
Goodwill	0	0	0	0	30	30	0	0
Intangible assets being developed	0	0	–	0	0	0	3	5
Property held to earn rent	0	–	106	0	0	0	0	–
Investments	1	0	1	103	1	10	28	28
Stakes in joint ventures and associates	1,286	0	–	0	0	0	0	–
Other financial assets	15	15	18	25	18	17	17	18
Deferred tax	52	12	0	6	71	49	25	118
Other assets	78	1,381	69	94	80	72	85	115
	2,507	2,554	2,576	2,742	2,470	2,359	2,699	3,063
Inventories	1,254	1,367	1,111	1,442	1,549	1,590	2,008	2,402
Trade receivables	455	418	517	480	463	533	427	423
Cash and cash equivalents	8	10	36	42	39	51	22	16
Other bank balances	61	68	16	167	2	2	4	4
Current investments	0	0	421	0	158	0	1	12
Loans given	273	339	182	160	51	31	72	28
Other financial assets	306	215	159	148	79	55	34	25
Tax paid in advance	0	2	0	0	–	0	0	–
Other assets	149	133	134	303	129	96	131	154
Net debt	2,359	2,601	1,596	1,822	1,305	1,436	1,532	1,665

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 May	Mar 2022Filed 21 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	−319	−92	106	10	180	−441
	−338	−79	113	12	173	−436
	−143	−322	−473	−164	−120	−601
Receivables	−359	−101	−50	−12	104	1
Inventories	256	−330	−88	−41	−418	−395
Payables	−314	75	28	−96	155	−33
Other working capital	273	35	−362	−15	39	−174
Tax paid	19	−12	−7	−2	7	−5
Capital spending	6	231	61	48	126	108
Free cash flow	−325	−323	45	−38	54	−549
	1,345	300	619	99	−124	472
Plant and property sold	637	0	681	−5	20	590
Dividends received	0	0	0	0	0	0
	−1,000	−196	−728	−152	−86	−37
Borrowings raised	0	0	−486	0	0	137
Borrowings repaid	−683	−62	0	0	70	0
Interest paid	−287	−137	−174	−123	−127	−145
Dividends paid	0	14	22	29	29	29
Shares bought back	0	3	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	26	12	−3	−43	−29	−6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Mukand dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 30 Jun	Mar 2021Filed 26 May	Mar 2022Filed 21 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Earnings per share	−₹2.12	₹58.07	−₹8.17	−₹16.96	−₹14.41	₹12.55	₹11.89	₹7.11	₹5.24	₹41.81
Diluted earnings per share	−₹2.12	₹58.07	−₹8.17	−₹16.96	−₹14.41	₹12.55	₹11.89	₹7.11	₹5.24	₹41.81
Dividend per share	–	–	–	–	₹1.00	₹1.50	₹2.00	₹2.00	₹2.00	₹3.00
Book value per share	–	–	₹64.70	₹47.43	₹32.71	₹44.15	₹59.08	₹63.74	₹65.71	₹105.34
Dividend payout	–	–	–	–	–	12.0%	16.8%	28.1%	38.1%	7.2%
Shareholder yield	–	–	–	–	0.0%	0.9%	1.1%	1.3%	2.2%	1.7%
Market cap at the year end (₹ crore)	1,201	823	765	188	1,171	1,992	2,038	2,149	1,296	1,729

Ratios

Consolidated, years to March.Mukand PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 30 Jun	Mar 2021Filed 26 May	Mar 2022Filed 21 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue growth	−2.7%	21.2%	5.9%	−20.8%	−6.7%	70.1%	20.1%	−7.1%	−5.5%	0.0%
Operating profit growth	2.0%	−54.6%	−11.3%	−15.6%	–	–	–	–	−2.7%	−39.8%
Net profit growth	–	–	–	–	–	–	−3.2%	−40.2%	−26.1%	696.1%
Earnings per share growth	–	–	–	–	–	–	−5.3%	−40.2%	−26.3%	697.9%
	–	–	−12.6%	−30.3%	−36.0%	32.6%	23.2%	11.6%	8.1%	48.9%
	–	–	–	−17.6 pts	−5.7 pts	68.6 pts	−9.4 pts	−11.7 pts	−3.5 pts	40.8 pts
From the net margin	–	–	–	−20.5 pts	2.7 pts	54.4 pts	−6.3 pts	−8.3 pts	−2.5 pts	56.5 pts
From asset turnover	–	–	–	6.9 pts	−2.2 pts	17.5 pts	5.6 pts	−0.1 pts	−1.0 pts	−8.7 pts
From borrowing	–	–	–	−4.0 pts	−6.2 pts	−3.3 pts	−8.7 pts	−3.3 pts	0.0 pts	−7.0 pts
Return on capital employed	–	–	2.7%	1.5%	−20.4%	7.9%	−9.7%	10.1%	9.3%	3.4%
Cash conversion	–	–	–	–	–	−51.8%	61.6%	10.0%	237.3%	−73.0%
Interest cover	1.0	0.0	0.3	0.1	–	1.3	–	1.8	1.8	0.7
Debt to equity	–	–	2.65	3.99	4.48	3.25	1.76	1.62	1.64	1.11
Receivable days	–	–	45	52	69	38	30	38	32	32
Inventory days	–	–	227	309	217	182	144	173	240	278
Payable days	–	–	138	172	85	62	50	48	71	65
Cash conversion cycle, days	–	–	134	189	201	157	125	163	201	245
Working capital days	–	–	138	175	195	140	99	121	127	168
Asset turnover	–	–	0.83	0.65	0.71	1.38	1.68	1.66	1.48	1.28
Assets per rupee of net worth	–	–	4.88	5.63	6.80	6.17	4.50	3.51	3.52	3.08
Sales per rupee of plant	–	–	7.30	6.26	6.42	10.05	12.20	11.46	9.11	7.80
Capital spending to depreciation	–	–	–	–	0.09	5.16	1.16	0.96	2.48	1.74
Plant being built, % of plant in use	–	–	4.5%	6.5%	6.2%	6.9%	6.5%	7.6%	26.1%	14.9%

Interest cover is left blank for the years to Mar 2021 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 15.9%
Cash from operations against operating profit: −257.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.2%	12.4%	−4.2%
Profit growth, yearly rate	–	–	52.1%
Return on equity, average	–	24.9%	22.9%
Return on capital employed, average	–	4.2%	7.6%
Operating margin, average	2.7%	3.4%	5.0%
Net margin, average	2.7%	4.6%	5.3%
Asset turnover, average	–	1.50	1.48
Cash conversion cycle, days, average	–	178	203
Interest cover, average	–	1.4	1.5
Debt to equity, average	–	1.88	1.46

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−237	−251	−441
Cash from investing	1,366	447	472
Cash from financing	−1,199	−275	−37
Capital spending	574	282	108
Dividends paid	122	87	29
Shares bought back	3	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	137	137
Borrowings repaid	132	70	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	6	4	6	6	4
Altman Z-scorePublished threshold 1.81	–	–	1.47	1.12	2.07	2.55	3.59	3.62	2.33	2.86
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.09	−2.09	−1.86	−2.25	−3.01	−1.17
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−31.95	−0.93	−16.64	−0.21	0.59	15.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−2.10	0.05	0.85	−0.32
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	12.71	30.35	−77.19	−23.72	22.19	−14.39	−1.01
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	29.09	−34.34	−25.58	−27.91	17.21	35.16	16.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−3.58	−2.15	3.43	−4.37	−1.10	0.28	0.28
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.82	0.99	0.39	0.63	0.76	1.03	0.61
Effective tax ratePublished threshold 17.16 per cent	197.60	10.89	–	–	–	−9.40	0.27	19.03	35.85	−17.97
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−16.95	−3.81	17.57	29.81	−18.99

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil BBB+Review, Re-affirm	Stable	0.10
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Fixed Deposits	Crisil BBB+Review, Re-affirm	Stable	75
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2Review, Re-affirm		184.90

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.