BSE: 500460 | NSE: MUKANDLTD | Steel & Iron Products | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Mukand Ltd is a average quality company.
The key valuation ratios of Mukand Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mukand Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9.3% | 9% | 15.5% | 9.3% | 5.3% | 2.5% | 12.9% | 8.3% | 14.3% | 10.8% | - |
| Value Creation Index ⓘ | -0.3 | -0.4 | 0.1 | -0.3 | -0.6 | -0.8 | -0.1 | -0.4 | 0.0 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2,819 | 2,731 | 2,667 | 3,070 | 3,588 | 2,818 | 2,681 | 4,643 | 5,618 | 5,218 | 4,991 |
| Sales YoY Gr. | - | -3.1% | -2.4% | 15.1% | 16.9% | -21.4% | -4.9% | 73.2% | 21% | -7.1% | - |
| Adj EPS ⓘ | 0.9 | 1.5 | 0.9 | 4.4 | -4.9 | -13.8 | -27.8 | 5.1 | -14.2 | 7 | 6.8 |
| YoY Gr. | - | 66.3% | -40.5% | 398.9% | -210.5% | NA | NA | NA | -379.8% | NA | - |
| BVPS (₹) ⓘ | 32.5 | 32.6 | 25.6 | 80.2 | 74.5 | 60.6 | 63.5 | 51.2 | 61 | 65.5 | 66.6 |
| Adj Net Profit ⓘ | 12.6 | 21 | 12.5 | 62 | -68.6 | -195 | -393 | 73.1 | -205 | 101 | 99 |
| Cash Flow from Ops. ⓘ | 11.8 | 117 | 295 | 764 | -172 | 121 | -262 | -105 | 174 | 76.6 | - |
| Debt/CF from Ops. ⓘ | 217.5 | 23.3 | 9.8 | 2.6 | -13.8 | 21 | -7 | -19.4 | 8.7 | 19.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.1% | 7.8% | 24.9% | -7.1% | ||||
| Adj EPS ⓘ | 25.8% | NA | NA | NA | ||||
| BVPSⓘ | 8.1% | -2.6% | 1.1% | 7.4% | ||||
| Share Price | 9.4% | 33.3% | 0.8% | -26.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.6 | 1 | 1 | 8.3 | -6.3 | -20.4 | -44.8 | 8.9 | -25.2 | 11.1 | 10.4 |
| Op. Profit Mgn % ⓘ | 12.4 | 13.2 | 12.4 | 2.1 | 4.9 | 3.9 | -9.7 | 5.1 | -3.1 | 4.4 | 5.8 |
| Net Profit Mgn % ⓘ | 0.5 | 0.8 | 0.5 | 2 | -1.9 | -6.9 | -14.7 | 1.6 | -3.6 | 1.9 | 2 |
| Debt to Equity ⓘ | 5.5 | 5.9 | 8 | 1.7 | 2.3 | 3 | 2 | 2.8 | 1.7 | 1.6 | 0 |
| Working Cap Days ⓘ | 327 | 364 | 393 | 329 | 237 | 305 | 308 | 184 | 157 | 165 | 84 |
| Cash Conv. Cycle ⓘ | 202 | 235 | 241 | 155 | 96 | 158 | 169 | 106 | 95 | 106 | 35 |
Return on Equity has increased versus last 3 years average to 10.40%
Sales growth is growing at healthy rate in last 3 years 24.85%
Debt to equity has declined versus last 3 years average to 1.57
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at -8.43%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 6.8 | 6.8 |
| TTM Sales (₹ Cr.) | 4,991 | 4,937 |
| BVPS (₹.) ⓘ | 66.6 | 65.1 |
| Reserves (₹ Cr.) ⓘ | 818 | 796 |
| P/BV ⓘ | 1.95 | 2.00 |
| PE ⓘ | 18.99 | 19.04 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 128.20 / 212.50 |
| All Time Low / High (₹) | 1.69 / 212.50 |
| Market Cap (₹ Cr.) | 1,876 |
| Equity (₹ Cr.) | 144.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 21.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,819 | 2,731 | 2,667 | 3,070 | 3,588 | 2,818 | 2,681 | 4,643 | 5,618 | 5,218 |
| Operating Expenses ⓘ | 2,481 | 2,398 | 2,338 | 3,019 | 3,438 | 2,712 | 2,941 | 4,408 | 5,806 | 4,987 |
| Manufacturing Costs | 940 | 936 | 973 | 1,013 | 1,179 | 903 | 798 | 1,256 | 1,415 | 1,325 |
| Material Costs | 1,249 | 1,134 | 1,049 | 1,729 | 1,947 | 1,539 | 1,831 | 2,901 | 3,966 | 3,397 |
| Employee Cost | 159 | 171 | 175 | 182 | 208 | 189 | 189 | 202 | 205 | 219 |
| Other Costs ⓘ | 133 | 156 | 142 | 94 | 104 | 81 | 122 | 49 | 220 | 47 |
| Operating Profit ⓘ | 338 | 333 | 328 | 51 | 150 | 107 | -260 | 235 | -187 | 230 |
| Operating Profit Margin (%) | 12.0% | 12.2% | 12.3% | 1.7% | 4.2% | 3.8% | -9.7% | 5.1% | -3.3% | 4.4% |
| Other Income ⓘ | 20 | 22 | 242 | 312 | 79 | 52 | 724 | 38 | 608 | 78 |
| Interest ⓘ | 266 | 279 | 425 | 267 | 303 | 338 | 307 | 161 | 175 | 131 |
| Depreciation ⓘ | 75 | 74 | 71 | 56 | 58 | 75 | 69 | 45 | 51 | 48 |
| Exceptional Items ⓘ | -15 | 0 | 0 | -13 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2 | 2 | 74 | 26 | -132 | -255 | 88 | 66 | 194 | 128 |
| Tax ⓘ | 1 | 1 | 63 | -18 | -48 | -59 | 42 | -26 | 9 | 25 |
| Profit After Tax | 2 | 2 | 11 | 44 | -84 | -196 | 46 | 92 | 185 | 104 |
| PAT Margin (%) | 0.1% | 0.1% | 0.4% | 1.4% | -2.3% | -6.9% | 1.7% | 2.0% | 3.3% | 2.0% |
| Adjusted EPS (₹) | 0.1 | 0.1 | 0.8 | 3.1 | -6.0 | -13.8 | 3.3 | 6.3 | 12.8 | 7.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 31% | 24% | 16% | 28% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 2,121 | 2,118 | 361 | 1,134 | 1,053 | 857 | 897 | 740 | 881 | 946 |
| Share Capital ⓘ | 147 | 147 | 141 | 141 | 141 | 141 | 141 | 145 | 145 | 145 |
| Reserves ⓘ | 1,974 | 1,971 | 220 | 993 | 912 | 716 | 756 | 596 | 737 | 802 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 2,331 | 2,464 | 2,597 | 1,658 | 2,229 | 2,461 | 1,820 | 1,036 | 1,505 | 1,473 |
| Long Term Debt | 1,502 | 1,582 | 1,649 | 779 | 1,564 | 1,894 | 1,735 | 886 | 1,448 | 1,433 |
| Short Term Debt | 829 | 882 | 949 | 879 | 665 | 567 | 84 | 151 | 56 | 40 |
| Trade Payables | 868 | 838 | 864 | 989 | 764 | 775 | 428 | 508 | 541 | 441 |
| Others Liabilities ⓘ | 431 | 497 | 523 | 611 | 342 | 308 | 244 | 1,243 | 220 | 197 |
| Total Liabilities ⓘ | 5,751 | 5,917 | 4,345 | 4,392 | 4,389 | 4,401 | 3,389 | 3,529 | 3,147 | 3,057 |
Fixed Assets | ||||||||||
| Gross Block | 3,406 | 3,437 | 1,769 | 1,474 | 1,469 | 1,550 | 1,541 | 1,604 | 1,600 | 1,638 |
| Accumulated Depreciation | 958 | 1,030 | 1,077 | 912 | 964 | 1,034 | 1,094 | 1,120 | 1,153 | 1,197 |
| Net Fixed Assetsⓘ | 2,448 | 2,407 | 693 | 562 | 505 | 516 | 447 | 484 | 447 | 441 |
| CWIP ⓘ | 26 | 29 | 39 | 23 | 23 | 30 | 26 | 32 | 30 | 34 |
| Investmentsⓘ | 251 | 251 | 267 | 1,428 | 1,453 | 1,429 | 715 | 188 | 275 | 121 |
| Inventories | 1,424 | 1,462 | 1,343 | 1,105 | 1,254 | 1,367 | 1,111 | 1,461 | 1,447 | 1,494 |
| Trade Receivables | 987 | 1,116 | 1,011 | 310 | 443 | 420 | 517 | 492 | 518 | 599 |
| Cash Equivalents | 80 | 65 | 61 | 59 | 60 | 67 | 36 | 209 | 39 | 51 |
| Others Assetsⓘ | 537 | 586 | 932 | 905 | 650 | 572 | 537 | 663 | 392 | 316 |
| Total Assets ⓘ | 5,751 | 5,917 | 4,345 | 4,392 | 4,389 | 4,401 | 3,389 | 3,529 | 3,147 | 3,057 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 12 | 117 | 295 | 764 | -172 | 121 | -262 | -105 | 174 | 77 |
| PBT ⓘ | 17 | 2 | 74 | 41 | -132 | -255 | 88 | 66 | 194 | 128 |
| Adjustment ⓘ | 319 | 340 | 276 | 41 | 279 | 385 | -287 | 170 | -231 | 94 |
| Changes in Working Capital ⓘ | -342 | -217 | -54 | 704 | -320 | -8 | -80 | -328 | 215 | -143 |
| Tax Paid ⓘ | 18 | -8 | -5 | -11 | 1 | -2 | 17 | -13 | -5 | -2 |
| Cash Flow From Investing Activity ⓘ | 2 | -31 | -33 | 89 | 8 | 16 | 1,353 | 338 | 558 | 102 |
| Capex | -14 | -36 | -34 | 88 | 6 | -18 | 631 | -170 | 619 | -49 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 32 | 715 | 508 | -61 | 150 |
| Others ⓘ | 16 | 5 | 1 | 2 | 2 | 1 | 7 | 0 | 0 | 1 |
| Cash Flow From Financing Activityⓘ | -14 | -101 | -260 | -859 | 153 | -136 | -1,071 | -212 | -736 | -165 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -312 | -277 | -406 | 68 | -269 | -267 | -323 | -150 | -183 | -121 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14 | -22 | -29 |
| Others ⓘ | 298 | 175 | 145 | -928 | 422 | 131 | -749 | -49 | -532 | -16 |
| Net Cash Flow ⓘ | 0 | -15 | 2 | -6 | -10 | 0 | 19 | 21 | -5 | 13 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0.34 | 0.35 | 2.73 | 5.89 | -7.69 | -20.47 | 5.24 | 11.19 | 22.87 | 11.34 |
| ROCE (%) | 9.25 | 9.03 | 15.49 | 9.27 | 5.25 | 2.45 | 12.92 | 8.26 | 14.31 | 10.77 |
| Asset Turnover Ratio | 0.55 | 0.53 | 0.58 | 0.71 | 0.82 | 0.64 | 0.69 | 1.34 | 1.68 | 1.68 |
| PAT to CFO Conversion(x) | 6 | 58.5 | 26.82 | 17.36 | N/A | N/A | -5.7 | -1.14 | 0.94 | 0.74 | Working Capital Days |
| Receivable Days | 110 | 125 | 130 | 78 | 38 | 56 | 64 | 40 | 33 | 39 |
| Inventory Days | 155 | 172 | 171 | 144 | 120 | 170 | 169 | 101 | 94 | 103 |
| Payable Days | 130 | 141 | 158 | 119 | 109 | 118 | 92 | 55 | 47 | 53 |
Mukand, incorporated in 1937; is engaged in manufacturing of alloy and stainless steel long products. Earlier known as Mukand Iron & Steel Works; the company operates in four segments namely steel, industrial machinery, road construction and other products.
Mukand is part of Bajaj group of companies. Bajaj Auto is Flagship Company of this group.
Company’s steel plant is located at Kalwe near Mumbai and Hospet, Karnataka. Mukand’s manufacturing facilities are ISO 9000: 2000 certified.
The Company supplies its steel products to customers located in countries such as the United States of America, Germany, Italy, the Netherlands, Switzerland, United Arab Emirates, Japan, Korea, Hong Kong, Taiwan, Vietnam, to mention a few.
The company has offered its products and services to clients like Maruti Udyog, Bajaj Auto, Honda Motor Cycle & Scooter India, Hero Honda Motors, Steel Authority of India, Larsen & Toubro, Defence Research and Development Organisation, Mitsui, General Electric, National Highways Authority of India are among others.
In 2012 the company formed the Joint Venture with Sumitomo Corporation, Japan & sale of Cold Finished Bars & Wires Business to subsidiary, Technosys Metal Processing Ltd.
Business Area
Steel- Under this, it manufactures a wide range of steel and alloy products such as wire rods, rolled products, round bars, hexagons, round corners squares, bright bars, cold finished wires and cast for booms and billets.
Machinery- Under this Mukand manufactures electric overhead travelling (EOT) cranes, electrical level luffing crane, gantry crane, container handling crane, bulk material handling and equipment, process plant equipment.
Turnkey projects- This division undertakes several projects for various organisation such as a 40 metre high mobile service structure for assembly of augmented satellite launching vehicle (ASLV) for Indian Space Research Organization (ISRO); An anode handling and rodding plant for National Aluminium Company are among several others projects.
Road construction- The company undertook construction of two highway projects namely Ashapur-Khaga and Handia-Rajatalao funded by the World Bank.
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