Mukand Limited has issued a comprehensive postal ballot notice to shareholders, seeking approval for critical corporate governance matters including director re-appointments and substantial related party transactions for the upcoming financial year.

Key Resolutions for Shareholder Approval

The company has proposed five resolutions through the postal ballot process, with voting scheduled exclusively through remote e-voting mechanism. The resolutions encompass leadership continuity and strategic business arrangements essential for the company's operations.

Leadership Appointments and Compensation

The postal ballot seeks re-appointment of Shri Niraj Bajaj as Chairman and Managing Director for a three-year term from July 05, 2026, to July 04, 2029. The 71-year-old leader, who holds 1,19,45,461 equity shares (8.27%) in the company, will receive annual remuneration comprising basic salary of ₹1,57,50,000, perquisites of ₹53,60,000, and provident fund contribution of ₹18,90,000, totaling ₹2,30,00,000.

Simultaneously, Shri Nirav Bajaj's re-appointment as Whole-time Director is proposed for May 16, 2026, to May 15, 2029. His compensation package includes basic salary of ₹16,95,153, special allowance of ₹7,74,927, and variable pay of ₹11,59,969, among other components, totaling ₹60,03,262 annually.

Substantial Related Party Transactions

The company seeks approval for material related party transactions totaling significant amounts for FY 2026-27. The proposed arrangements include transactions worth ₹3,150.00 crore with Mukand Sumi Special Steel Limited, covering sale of goods, services, rent arrangements, and trade advances. Additionally, transactions worth ₹2,075.00 crore with Jamnalal Sons Private Limited involve loans, corporate guarantees, and commission arrangements.

Subsidiary Company Arrangements

Mukand Heavy Engineering Limited, the company's wholly-owned subsidiary, requires approval for its own related party transactions. The subsidiary proposes transactions worth ₹60.00 crore with Mukand Sumi Special Steel Limited for purchase and sale of goods and services, and ₹20.50 crore with Jamnalal Sons Private Limited for corporate guarantee arrangements.

Voting Process and Timeline

The remote e-voting process will commence on Friday, February 20, 2026, at 09:00 a.m. (IST) and conclude on Saturday, March 21, 2026, at 05:00 p.m. (IST). Shareholders whose names appear in the register as of the cut-off date of February 13, 2026, are eligible to participate in the voting process. KFin Technologies Limited serves as the e-voting agency, with Anirudh Kumar Tanvar appointed as the scrutinizer for conducting the postal ballot process.

The postal ballot notice reflects the company's commitment to maintaining robust corporate governance while ensuring operational flexibility for its core business activities and subsidiary operations.

Mukand Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, showcasing mixed performance across its business segments. The Board of Directors approved these results at their meeting held on February 12, 2026, along with key leadership appointments.

Financial Performance Overview

The company's standalone financial results for Q3 FY26 demonstrated steady operational performance despite challenging market conditions.

For the nine months ended December 31, 2025, revenue from operations reached ₹3,546.71 crore compared to ₹3,626.08 crore in the corresponding period last year. The profit after tax for the nine-month period stood at ₹66.93 crore versus ₹69.56 crore in the previous year.

Consolidated Results Performance

The consolidated financial results reflected the performance of Mukand Limited along with its subsidiaries and associates.

Segment-wise Business Analysis

The company operates through two primary business segments: Specialty Steel and Industrial Machinery & Engineering Contracts.

Specialty Steel Segment:

• Q3 FY26 revenue: ₹1,288.63 crore
• Nine months FY26 revenue: ₹3,526.83 crore
• Segment result for Q3 FY26: ₹58.28 crore

Industrial Machinery & Engineering Contracts:

• Q3 FY26 revenue: ₹43.35 crore
• Nine months FY26 revenue: ₹96.31 crore
• Segment result for Q3 FY26: ₹5.78 crore

Board Decisions and Leadership Changes

The Board of Directors approved significant leadership appointments during their February 12, 2026 meeting:

Both appointments are subject to shareholder approval and the directors are liable to retire by rotation.

Key Corporate Developments

Several significant corporate actions impacted the company's financial position:

• Land Sale Agreement: Mukand executed an Agreement for Sale on July 23, 2025, for land parcels of approximately 17.77 acres in Kalwe and Dighe, Thane District, for ₹673 crore consideration with ₹110 crore advance received
• Business Transfer: The company approved the sale of part of its Industrial Machinery Division to wholly-owned subsidiary Mukand Heavy Engineering Limited through a Business Transfer Agreement executed on October 18, 2025
• Demerger Impact: The NCLT approved the demerger of Stainless Steel Cold Finished Bars and Wires business from MSMPL into Mukand Limited with effect from April 01, 2024

Regulatory Compliance and Publication

The company fulfilled its regulatory obligations by publishing the financial results in multiple newspapers. The unaudited financial results were published in Business Standard (English) on February 13, 2026, and Free Press Journal (English) and Navshakti (Marathi) on February 14, 2026. The results are also available on the company's website at www.mukand.com and stock exchange websites.

Operational Highlights

The company's operational metrics showed mixed trends across quarters. Employee benefits expense increased to ₹54.22 crore in Q3 FY26 from ₹49.11 crore in Q3 FY25. Finance costs rose to ₹38.44 crore compared to ₹30.41 crore in the corresponding previous quarter.

The discontinuing operations segment reported a loss of ₹4.14 crore in Q3 FY26 compared to a profit of ₹8.13 crore in Q3 FY25, primarily due to the planned business transfer to the subsidiary.

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