Super specialty steel manufacturer and Bajaj Group company Mukand announced the sale of 17.77 acres of land in Thane district near Mumbai for close to Rs 673 crore, sending the share price sharply higher by over 10 percent in early trade on July 24.
The move is aimed to unlock value by the company, and Mukand has received an advance of Rs 110 crore for the land deal. In the past, Mukand has used proceeds from non-core asset sale to pare down debt.
"...the Company has executed an Agreement for Sale on July 23, 2025 for the sale of land parcels admeasuring approx. 17.77 acres together with 50% undivided right, title and interest in the access road admeasuring approximately 2.73 acres and for the grant of a perpetual non-exclusive right of way over a land parcel admeasuring 0.16 acres or thereabouts situated at Kalwe and Dighe, in Thane district for a consideration of not less than Rs 86,980 per sq. mt. aggregating to approx Rs 673 crore and has received an advance of Rs 110 crore from the purchaser," a company filing said.
As of March 2025, Mukand's adjusted net debt stood at Rs 1,537.85 crore with a net debt to equity at 1.60x. Adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents and current investments.
The management has been focusing cost optimization to deepen presence in the specialty steel domain, particularly catering to the evolving demands of automotive, engineering, and oil & gas sectors. During FY25, Mukand clocked revenue from operations of Rs .4,911.16 crore, a modest decline of 5.08% compared to a year ago, which the management said was due to challenging market environment. In a volatile global backdrop of Russia–Ukraine conflict, supply chain disruptions in Middle East, and subdued steel demand in Europe, Mukand reported a net profit of Rs 86.95 crore for FY25.
"FY2024–25 presented significant challenges for the steel industry, with global headwinds stemming from geo-political tensions, supply chain disruptions, and dampened demand in key international markets. On the domestic front, the industry faced intense pressure due to a surge in low-priced steel imports and reduced exports, which weighed heavily on market dynamics and pricing," the company recent said.
These external pressures have challenged Mukand's priority of operational efficiency and technological advancement. During FY25, one of Mukund's division secured its very first order from USA, a significant milestone in its global journey.
Mukand plans to invest further in downstream value-added products to strengthen position and is prioritizing special steel for niche applications in aerospace, defense, power, and precision engineering.
Over the last one year, Mukand's shares have fallen 11 percent, and are up 13 percent on a YTD basis. The steel maker has a market capitalisation of around Rs 2,100 crore.
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