1. At a Glance
There are family businesses, and then there’s the Bajaj clan — a dynasty that can build scooters, finance your loans, insure your life, and now… melt steel like it’s butter. Mukand Ltd, the group’s lesser-known metallic cousin, has been quietly forging its comeback story while the rest of the Bajaj empire rides electric bikes and Finserv valuations.
Market Cap: ₹1,920 crore
Current Price: ₹133
Revenue (FY25): ₹4,658 crore
PAT (FY25): ₹64.7 crore
Debt: ₹1,811 crore
ROCE: 9.91%
ROE: 7.84%
Dividend Yield: 1.51%
Promoter Holding: 74.7% (Bajaj family fortress intact)
Q2 FY26 brought sales of ₹1,161 crore and a net profit of ₹9.88 crore, a 60% fall QoQ thanks to weaker export demand and the ongoing slump sale of its machinery division. But don’t let the numbers fool you — under the hood, this 95-year-old steel warrior is quietly reshaping itself for the renewable, high-efficiency era.
In the Bhagavad Gita, Krishna says, “You have the right to perform your duty, but not to the fruits of your actions.”
Mukand seems to have taken that literally — it keeps producing steel, even if profits are still catching up.
2. Introduction
Once upon a time, Mukand was India’s prestige steel brand — the “Rolls Royce” of alloy steels, powering everything from Maruti crankshafts to fighter jet parts. Then came the 2010s: global steel prices crashed, debts ballooned, and Mukand’s balance sheet looked like an overcooked ladle.
But the Bajaj bloodline doesn’t back down. Over the last five years, Mukand has cut debt by ₹1,100 crore, sold non-core assets, merged subsidiaries, and even installed solar farms to light up its furnaces sustainably.
The story now is not of survival, but slow, surgical revival. While Tata Steel and JSW fight for megaton market share, Mukand’s niche is specialty alloy steel — a business where precision, not tonnage, wins. Think crankshafts, springs, ball bearings, and aerospace-grade alloys.
In Q2 FY26, the company also completed the slump sale of its Industrial Machinery division (those big EOT cranes and steel structures) to its wholly owned arm Mukand Heavy Engineering Ltd (MHEL) — effectively unbolting non-core operations from the mother ship.
And in typical Bajaj style, they even sold some land worth ₹673 crore — because when business cycles cool, real estate always keeps the steelmen warm.
3. Business Model – WTF Do They Even Do?
Mukand Ltd operates in two main segments, though one’s clearly doing the heavy lifting (pun intended):
- Specialty Steel Division (~96%)
This is Mukand’s bread, butter, and blast furnace. They produce alloy and stainless steels like billets, blooms, bars, rods, and wire rods — the critical inputs for automobiles, engineering, energy, and defense. Customers include the likes of Maruti, Hyundai, Toyota, Bajaj Auto, Hero, and Honda — basically, every vehicle that honks at you in Indian traffic owes a part of
