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.

Mukand Limited has completed the sale of land parcels at villages Kalwa and Dighe through the execution of Deeds of Conveyance on May 12, 2026. This development follows the company's earlier disclosure dated March 27, 2026, and marks the conclusion of the transfer of lands admeasuring approximately 69,823 sq. mtrs, equivalent to approximately 17.25 acres, at these two locations.

Land Sale Transactions: Key Details

The company executed two separate conveyance deeds as part of this transaction. The first pertains to the sale of balance land at village Kalwa, while the second covers a 50% undivided share in land parcels at village Dighe. The following table summarises the key parameters of both transactions:

The aggregate consideration received from both transactions amounts to Rs. 111,85,42,581/- (Rupees One Hundred and Eleven Crores Eighty Five Lakhs Forty Two Thousand Five Hundred and Eighty One only).

Buyer Details and Transaction Nature

The purchaser in both transactions is AGP DC Infra Private Limited (formerly known as APG DC Infra Private Limited), a company incorporated under the Companies Act, 2013, with its registered office at Assetz House, 30, Crescent Road, Bengaluru, Karnataka, India – 560001.

Key disclosures regarding the nature of the transaction are as follows:

• The purchaser does not belong to the promoter, promoter group, or group companies of Mukand Limited.
• The transaction does not fall under the ambit of related party transactions.
• None of the company's Promoters, Directors, Key Managerial Personnel, and/or their relatives are interested, either directly or indirectly, in the aforesaid matter.
• The purpose of entering into the Deeds of Conveyance is to unlock value from the land parcels without affecting the operations of the company.

Operational and Regulatory Context

Mukand Limited has clarified that the said sale is not expected to have any impact on the company's operations. Furthermore, the sale of these land parcels does not constitute a transfer of an undertaking or substantially the whole of the undertaking in terms of Section 180(1)(a) of the Companies Act, 2013. The disclosure has been made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the relevant SEBI Master Circular. With the completion of these transactions, Mukand Limited has concluded the full transfer of lands at villages Dighe and Kalwa as referenced in its earlier intimation dated March 27, 2026.

Source: None/Company/INE304A01026/384abf49ee854e9e.pdf