Investors

Investors - Chairman's Message

Dear Shareholders,

Good Morning.

The past year, 2025-26 was a mix of opportunities and challenges. Throughout this period, Mukand remained focused on its key strengths which are Engineering excellence and Strong customer relationships, while adapting to the changing business needs. These values have been at the heart of our company for decades.

This year is particularly special as the Bajaj Group completes 100 years of its remarkable journey. For a century, the Group has stood for integrity, trust and responsible business, while making a meaningful contribution to India’s industrial and economic development. At Mukand, we take great pride in being part of this legacy and remain committed to carrying these values forward in everything we do.

Financial Year 2025–26 was another year that tested the adaptability of industries across the world. The global business environment remained challenging during the year. Geo-political developments, excess steel capacity, supply chain disruptions, commodity price fluctuations and changing trade dynamics continued to influence markets across the world.

Even in this environment, India continued to stand out as one of the world’s fastest-growing major economies. Continued investments in infrastructure, manufacturing and industrial development, supported by government initiatives, created new opportunities for the steel and engineering sectors.

Against this backdrop, Mukand focused serving its customers with consistency and preparing the business for the opportunities ahead.

Our Steel Division delivered a steady performance during the year. With a strong emphasis on specialty Alloy Steel and Stainless-Steel products, backed by continuous improvements in our manufacturing processes and quality standards, we further strengthened our presence across sectors such as automotive, engineering, energy, oil & gas, marine and defence.

During Financial Year 2025–26, your Company achieved bloom production of 5,10,715 Metric  Tonnes across its Kalwe and Hospet plant. The Alloy Steel Division recorded production of 3,53,150 Metric Tonnes, while the Stainless Steel Division produced 1,57,565 Metric Tonnes.

During Financial Year 2025–26, your Company recorded revenue from continuing operations of ₹4,762 crore as compared to ₹4,685 crore in the previous year. The Company reported a Profit After Tax of ₹635 crore for the year.

Beyond these financial and operational achievements, we remain focused on strengthening the fundamentals of our business.

One of the notable milestones during the year was the recognition of Mukand under the Government of India’s Green Steel Taxonomy framework. Our Kalwe facility received a 5-Star Green Steel Rating for Black Bars and a 4-Star Green Steel Rating for Wire Rods and Bright Bars. This recognition reflects our continued commitment to responsible manufacturing, operational excellence and environmental stewardship.

Another important development during the year was the transfer of our Industrial Machinery Business to Mukand Heavy Engineering Limited (MHEL), our wholly owned subsidiary. This step will allow the industrial machinery business to grow with greater focus and create new opportunities in the heavy engineering space. We believe this will help MHEL build a stronger presence in the years ahead while enabling Mukand to sharpen its focus on its core businesses.

During the year, the company completed the sale of certain non-core land assets. This has further strengthened the Company’s financial position and provided greater flexibility to support future growth while continuing to create value for our shareholders.

Alongside these developments, we remained focused on improving productivity and responding better to the evolving needs of our customers.

Alongside our financial performance, the first quarter also witnessed another important development. We executed a Term Sheet for the proposed sale of another non-core land asset.

Looking ahead, I remain optimistic about the future of India’s steel and engineering industries. Continued investments in infrastructure, manufacturing, renewable energy, transportation and industrial development are expected to create sustained demand for high-quality steel products and engineering solutions. While the global business environment may continue to present challenges from time to time, I believe Mukand is well positioned to benefit from the opportunities that lie ahead.

Our priorities remain clear. We will continue to enhance our portfolio of value-added products, improve manufacturing efficiency, and strengthen our relationships with customers.

As we move into the next year, we do so with confidence and a clear sense of purpose. Guided by the values that have shaped Mukand over the decades, we remain committed to building a stronger and future-ready organisation that contributes to India’s industrial growth while creating lasting value for all our stakeholders.

Before I conclude, I would like to place on record my sincere appreciation to our customers, suppliers, business partners, shareholders and employees for your continued trust and support. Together, I am confident that we will continue to build on Mukand’s proud legacy and create an even stronger future for our Company.

Thank you.

Mr. Niraj R. Bajaj
Chairman & Managing Director