Mukand Limited shareholders approved a dividend of ₹3 per equity share for the financial year ended March 31, 2026, at its 88th Annual General Meeting (AGM) held on August 12, 2026. The payout includes a special distribution of Re. 1 per share to celebrate the 100-year milestone of the Bajaj Group. In addition to the dividend, members approved the issuance of Redeemable Non-Convertible Debentures (NCDs) on a private placement basis, signaling the company's intent to raise capital through debt instruments. The meeting also saw the re-appointment of Nirav Bajaj as a director.

The AGM was conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM) in compliance with circulars from the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI). mukand limited Chairman & Managing Director Niraj Bajaj presided over the proceedings, which began at 11:30 a.m. and concluded at 1:08 p.m. A total of 91 members attended the virtual meeting. The company ensured two-way video conferencing facilities were available through KFin Technologies Limited, allowing live participation and voting.

Key Resolutions Passed

Shareholders approved several ordinary and special resolutions during the meeting. The statutory auditors' report and secretarial auditor's report for FY26 contained no adverse remarks or qualifications affecting the company's functioning. The key outcomes are detailed below:

Nirav Bajaj, who retires by rotation under Section 152(6) of the Companies Act, 2013, offered himself for re-appointment and was approved by the members. Since Chairman Niraj Bajaj had an interest in this resolution, he entrusted the conduct of these specific proceedings to A M Kulkarni.

Engagement and Compliance

During the question-and-answer session, 13 registered shareholder speakers raised queries regarding the company's financial and operational performance. Neeraj Kant, Chief Executive Officer – Stainless Steel Division, and Dhanesh K Goradia, Chief Financial Officer, provided clarifications to the members. The presence of Independent Directors Sankaran Radhakrishnan (Chairman, Audit Committee) and Prem Chandrani (Chairman, Nomination & Remuneration Committee and Stakeholders Relationship Committee) was confirmed.

The company complied with Regulation 30(2) of Schedule III Part A(A.13) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Necessary documents pursuant to the Companies Act, 2013, and Secretarial Standard on General Meetings were made available for electronic inspection. KFin Technologies Limited served as the scrutinizer for the e-voting process. The consolidated scrutinizer's report and voting results were submitted to the stock exchanges within two working days of the meeting's conclusion.

Mukand reported a 97% year-on-year increase in consolidated net profit to ₹57.36 crore for the quarter ended June 30, 2026 (Q1FY26), driven by a significant surge in revenue from its Specialty Steel segment. The company's consolidated revenue from operations rose 20.6% to ₹1,362.21 crore, reflecting strong demand and improved operational efficiency across its core business units.

The Board of Directors, at a meeting held on August 12, 2026, approved the unaudited standalone and consolidated financial results for Q1FY26. The results were reviewed by DHC & Co., Chartered Accountants, who issued a limited review report pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Niraj Bajaj, Chairman and Managing Director, authorized the disclosure of the results.

Consolidated Financial Performance

The company's top-line growth was underpinned by its Specialty Steel segment, which contributed ₹1,321.46 crore to segment revenue, up from ₹1,099.48 crore in the year-ago quarter. The Industrial Machinery & Engineering Contracts segment also saw improvement, with revenue rising to ₹40.75 crore from ₹29.23 crore. The following table summarizes the key consolidated financial metrics for the quarter:

As per the latest data, consolidated EBITDA stood at ₹70 million against ₹480 million in the year-ago period, with the EBITDA margin contracting to 0.51% from 4.17% year-on-year. Consolidated other income rose sharply to ₹1.05 billion compared to ₹387 million in the prior year period, reflecting significant gains from land asset monetisation during the quarter.

Standalone Results and Other Income

On a standalone basis, Mukand reported a net profit after tax of ₹61.33 crore for Q1FY26, compared to ₹33.82 crore in the corresponding quarter of the previous year. A key driver of this profitability was a substantial gain from other income, which stood at ₹112.18 crore. This figure includes a surplus from the sale of land parcels situated at Kalwe and Dighe, as disclosed in the notes to the accounts. The company executed conveyance deeds for approximately 3.07 acres at Kalwe and a 50% undivided share in land parcels at Dighe during the quarter.

Segment-Wise Analysis

The Specialty Steel segment remains the primary profit engine, contributing ₹89.19 crore to the segment result, a sharp increase from ₹40.63 crore in Q1FY25. The Industrial Machinery & Engineering Contracts segment returned to profitability with a segment result of ₹2.13 crore, compared to a loss of ₹2.75 crore in the prior year period. The segment-wise performance is detailed below:

Assets Held for Sale

Mukand has classified certain land parcels as "Assets Held for Sale" in accordance with Ind AS 105. The company executed a term sheet on July 15, 2026, for the sale of a land parcel measuring approximately 9.20 acres at Kalwe. This transaction is subject to necessary government approvals and fulfillment of conditions precedent. As of June 30, 2026, assets held for sale totaled ₹15.94 crore, up from ₹9.99 crore at the end of FY26.

Key Takeaways

The quarter's results reflect a dual narrative: while net profit growth was robust at 97% year-on-year, the EBITDA contraction to ₹70 million from ₹480 million and margin compression to 0.51% from 4.17% indicate pressure at the operating level. The significant rise in other income to ₹1.05 billion, driven by one-time land sale gains at Kalwe and Dighe, played a material role in supporting bottom-line profitability. Core segment performance, particularly in Specialty Steel, continued to demonstrate operational strength with a meaningful improvement in segment results.