Mukand Limited has executed a term sheet with AGP DC Infra Private Limited for the sale of land parcels in Kalwa, Thane, for a composite consideration of approximately ₹506 crore. The agreement, signed on July 15, 2026, covers a total area of about 9.2 acres, including a northern access road, and involves the exchange of non-exclusive rights of way. The company has received an advance of ₹10 crore from the purchaser, with the final consideration subject to revision based on actual land measurement and regulatory approvals.

Key Deal Details

The following table summarises the key parameters of the land sale transaction:

Transaction Overview

The agreement involves the sale of land parcels admeasuring an aggregate of 35,548.93 square metres (approx. 8.78 Acres) and a portion of land admeasuring approx. 1,691.64 square metres (approx. 0.42 Acres) forming part of the Northern Access Road. The transaction includes the grant of a non-exclusive right of way by the purchaser to the company for five years over the 0.42-acre portion, and by the company to the purchaser in perpetuity over the remaining 1.68 Acres of the access road.

Conditions and Approvals

The sale is subject to necessary approvals, permissions, and No Objection Certificates (NOCs) from the Government of Maharashtra, the Collector of Thane, the Gram Panchayat, and other concerned authorities. Completion is also contingent upon the fulfilment of conditions precedent, joint survey, demarcation of the land, and the purchaser's satisfaction with technical and legal due diligences. The company stated that the sale is not expected to impact its operations and does not constitute the sale of a substantial undertaking under Section 180(1)(a) of the Companies Act, 2013.

Mukand Limited's Board of Directors approved the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026. The company delivered a sharp improvement in profitability, with consolidated net profit rising to ₹604.15 crore in FY26 from ₹75.89 crore in FY25. The Board also recommended a final dividend of ₹3 per equity share (30%), including a special payout of ₹1 per equity share (10%) in celebration of 100 years of the Bajaj Group, subject to shareholder approval at the forthcoming Annual General Meeting.

Consolidated Financial Performance

Mukand's consolidated revenue from operations for the full year stood at ₹4,889.83 crore, broadly in line with ₹4,889.99 crore in the previous year. Total income, however, rose significantly to ₹5,443.53 crore from ₹4,904.42 crore, driven by a sharp increase in other income to ₹553.70 crore from ₹14.43 crore. Profit before tax for the year climbed to ₹512.13 crore from ₹118.30 crore. Total comprehensive income for FY26 stood at ₹601.61 crore compared to ₹70.67 crore in FY25. Basic and diluted earnings per share (face value ₹10) for the year were ₹41.81, up from ₹5.24 in the prior year.

The following table summarizes key consolidated financial metrics for the quarter and full year:

Standalone Financial Performance

On a standalone basis, Mukand's revenue from operations for FY26 was ₹4,762.30 crore, compared to ₹4,685.07 crore in FY25. Total income grew to ₹5,336.44 crore from ₹4,703.19 crore. Profit after tax from continuing operations for the full year stood at ₹642.15 crore versus ₹52.60 crore in FY25. Including discontinued operations, standalone net profit for FY26 was ₹634.69 crore compared to ₹86.95 crore in the prior year. Total comprehensive income on a standalone basis reached ₹762.09 crore in FY26 against ₹81.73 crore in FY25.

Segment Performance

Mukand's Specialty Steel segment remained the primary revenue driver, contributing ₹4,743.30 crore to consolidated segment revenue in FY26, compared to ₹4,651.52 crore in FY25. The segment result for Specialty Steel improved significantly to ₹675.39 crore from ₹213.70 crore. The Industrial Machinery & Engineering Contracts segment reported revenue of ₹156.87 crore in FY26 versus ₹238.47 crore in FY25, with a segment result of ₹(10.36) crore compared to ₹38.42 crore in the prior year.

Key Corporate Developments

A significant contributor to profitability in the quarter was the execution of conveyance deeds for the sale of land parcels situated at Dighe — comprising approximately 14.18 acres and a 50% undivided share in approximately 2.44 acres — with the resultant surplus included in other income. Additionally, the sale of approximately 3.07 acres at Kalwe and a 50% undivided share in approximately 0.06 acres at Dighe was completed on May 12, 2026, following receipt of necessary government approvals; this transaction will be accounted for in the first quarter of FY 2026-27 and the related land has been disclosed as "Assets Held for Sale" under Ind AS 105.

The Board also approved infusion of funds up to ₹160 crore into the share capital of Mukand Heavy Engineering Limited (MHEL), a wholly owned subsidiary. The slump sale of part of the Industrial Machinery Division to MHEL was completed on March 31, 2026, against receipt of purchase consideration of ₹45.78 crore discharged in the form of 26,347 equity shares issued and allotted by MHEL. The difference between the purchase consideration and net assets transferred (₹0.53 crore) has been credited to Capital Reserve. As per applicable Ind AS, this business is disclosed as Discontinued Operations in the standalone financial results; since the transaction is with a wholly owned subsidiary, there is no impact on the consolidated financial results.

Balance Sheet Highlights

On a consolidated basis, total assets as at March 31, 2026 stood at ₹4,077.04 crore compared to ₹3,541.95 crore as at March 31, 2025. Total equity strengthened to ₹1,522.33 crore from ₹949.62 crore, reflecting the improvement in profitability. Inventories increased to ₹2,402.43 crore from ₹2,007.77 crore. Short-term borrowings remained largely stable at ₹1,431.08 crore versus ₹1,452.04 crore in the prior year.

The statutory auditors, DHC & Co., Chartered Accountants, have issued an unmodified opinion on both the standalone and consolidated audited financial results for the year ended March 31, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 14, 2026. Niraj Bajaj, Chairman & Managing Director, has been duly authorized by the Board to sign the audited financial results.