Mukand Limited shareholders overwhelmingly approved a ₹3 per equity share dividend and the issuance of Redeemable Non-Convertible Debentures (NCDs) at its 88th Annual General Meeting (AGM) held on August 12, 2026. The resolutions passed with nearly unanimous support, with e-voting results showing 99.99% approval for key items including the financial statements and capital raising measures. The dividend includes a special Re. 1 payout to mark the Bajaj Group's centenary. This strong mandate reinforces the company’s strategy to fund growth through debt instruments while rewarding equity holders.

The meeting was conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM) in compliance with Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) regulations. mukand limited Chairman & Managing Director Niraj Bajaj presided over the session. Remote e-voting was open from August 9 to August 11, 2026, followed by electronic voting during the meeting. Anirudh Kumar Tanvar, Practising Company Secretary, served as the independent scrutinizer, confirming that all resolutions were passed with the requisite majority under Section 108 of the Companies Act, 2013 and Regulation 44 of SEBI Listing Regulations.

Voting Results Breakdown

The consolidated scrutinizer’s report highlights significant participation through remote e-voting, which accounted for the vast majority of valid votes cast. Below are the detailed voting outcomes for key resolutions:

Nirav Bajaj, retiring by rotation under Section 152(6) of the Companies Act, 2013, was re-appointed as a director. Chairman Niraj Bajaj, having an interest in this resolution, entrusted the conduct of these proceedings to A M Kulkarni. The re-appointment received 110,676,013 votes in favour out of 110,690,078 total valid votes.

Engagement and Compliance

During the question-and-answer session, 13 registered shareholder speakers raised queries regarding financial and operational performance. Neeraj Kant, Chief Executive Officer – Stainless Steel Division, and Dhanesh K Goradia, Chief Financial Officer, provided clarifications. Independent Directors Sankaran Radhakrishnan (Chairman, Audit Committee) and Prem Chandrani (Chairman, Nomination & Remuneration Committee) were present. The company complied with Regulation 30(2) of Schedule III Part A(A.13) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. KFin Technologies Limited facilitated the e-voting process, and the final results were submitted to stock exchanges within two working days.

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.