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.

Mukand Limited has fixed Friday, August 07, 2026, as the record date to determine shareholder eligibility for a dividend of ₹3 per equity share of ₹10 each. The payout, recommended by the Board at 30%, is subject to the approval of shareholders at the ensuing 88th Annual General Meeting (AGM). If approved, the dividend will be paid within thirty days from the date of declaration to members whose names appear in the Register of Members or the list of beneficial owners as on the record date.

88th Annual General Meeting

The 88th AGM is scheduled to be held on Wednesday, August 12, 2026, at 11:30 a.m. IST via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The meeting will transact ordinary business, including the adoption of financial statements for the year ended March 31, 2026, and special business such as raising funds through debt instruments. The Notice of AGM and Annual Report for the financial year 2025-26 were sent to members on July 20, 2026.

Dividend and Corporate Actions

The Board has recommended a total dividend of ₹3 per equity share, which includes a special payout of ₹1 per share to celebrate 100 years of the Bajaj Group. Additionally, an 8% dividend has been proposed on 8% Cumulative Redeemable Preference Shares. Shareholders will also consider a special resolution to supersede previous approvals and raise up to ₹500 crore through redeemable non-convertible debentures (NCDs) on a private placement basis to finance capital expenditure and general corporate purposes.

E-Voting and Participation

Remote e-voting commences on August 09, 2026, at 9:00 a.m. IST and concludes on August 11, 2026, at 5:00 p.m. IST. The cut-off date for determining voting eligibility is August 05, 2026. KFin Technologies Limited is the Registrar & Transfer Agent for the company. Shareholders may contact KFin Technologies Limited or the company's Corporate Secretarial Department for queries regarding remote e-voting or attending the e-AGM.