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Swing Capital

Mukand Ltd

NSE: MUKANDLTD BSE: 500460Metal

Mukand Ltd is engaged in manufacturing of special alloy steel, billets, bars, rods, EOT cranes, material handling equipment and other industrial machinery and comprehensive engineering services.[1]

₹149
52W: ₹106 — ₹162
PE 3.42 · Book ₹117 · +27% vs book
Market Cap₹2,152 Cr
Stock P/E3.42Price to Earnings
ROCE23.5%Return on Capital
ROE48.4%Return on Equity
Div. Yield1.32%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 25.5% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 26.4%
  • +Company has been maintaining a healthy dividend payout of 23.4%

Weaknesses

  • −Tax rate seems low
  • −Earnings include an other income of Rs.567 Cr.

Shareholding Pattern

Promoters74.7%
FIIs0.26%
DIIs1.1%
Public23.94%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.7%74.7%74.7%74.7%74.7%74.7%74.7%74.7%
FIIs0.2%0.22%▲0.00.2%▼0.00.28%▲0.10.14%▼0.10.18%▲0.00.28%▲0.10.26%▼0.0
DIIs1.74%1.1%▼0.61.1%1.1%1.1%1.1%1.1%1.1%
Public23.35%23.97%▲0.624%▲0.023.93%▼0.124.05%▲0.124.01%▼0.023.91%▼0.123.94%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1881,2401,1891,2151,2231,0591,1021,1441,2981,218
Expenses1,1251,1571,1281,1451,1581,0031,0551,0671,2241,242
Operating Profit638361706456487774-24
OPM %5%7%5%6%5%5%4%7%6%-2%
Net Profit212926271617341617568
EPS ₹1.482.021.811.871.131.22.341.11.1939.29

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,762Cr, down 3.1% YoY. OPM at 4%.

Debt Position

Borrowings at ₹1,697Cr. Debt-to-equity ratio: 1.10x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹55Cr (12% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.1% (-0.42pp change). FIIs: 0.26% (+0.20pp change). Promoters hold 74.7%.

Margin & Efficiency

ROCE improving from 6% (Mar 2015) to 24% (Mar 2026). Working capital days: 60.

Valuation

PE 3.42x with 23.5% ROCE. Price is 27% above book value of ₹117. Dividend yield: 1.32%.

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