Reported Earnings • Jul 23
Full year 2026 earnings released: EPS: ₹41.81 (vs ₹5.25 in FY 2025) Full year 2026 results: EPS: ₹41.81 (up from ₹5.25 in FY 2025). Revenue: ₹48.9b (flat on FY 2025). Net income: ₹6.04b (up ₹5.28b from FY 2025). Profit margin: 12% (up from 1.6% in FY 2025). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Jul 22
Dividend increased to ₹3.00 Dividend of ₹3.00 is 50% higher than last year. Ex-date: 7th August 2026 Payment date: 11th September 2026 Dividend yield will be 2.1%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (5% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 15
Mukand Limited, Annual General Meeting, Aug 12, 2026 Mukand Limited, Annual General Meeting, Aug 12, 2026, at 11:30 Indian Standard Time. Tillkännagivande • Jul 10
Mukand Limited to Report Q1, 2027 Results on Aug 12, 2026 Mukand Limited announced that they will report Q1, 2027 results on Aug 12, 2026 Reported Earnings • May 16
Full year 2026 earnings released: EPS: ₹41.81 (vs ₹5.25 in FY 2025) Full year 2026 results: EPS: ₹41.81 (up from ₹5.25 in FY 2025). Revenue: ₹54.4b (up 11% from FY 2025). Net income: ₹6.04b (up ₹5.28b from FY 2025). Profit margin: 11% (up from 1.6% in FY 2025). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: ₹0.71 (vs ₹1.03 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.71 (down from ₹1.03 in 3Q 2025). Revenue: ₹13.4b (up 5.8% from 3Q 2025). Net income: ₹102.6m (down 31% from 3Q 2025). Profit margin: 0.8% (down from 1.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹0.68 (vs ₹1.78 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.68 (down from ₹1.78 in 2Q 2025). Revenue: ₹11.6b (down 7.9% from 2Q 2025). Net income: ₹98.8m (down 62% from 2Q 2025). Profit margin: 0.8% (down from 2.0% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹2.01 (vs ₹1.68 in 1Q 2025) First quarter 2026 results: EPS: ₹2.01 (up from ₹1.68 in 1Q 2025). Revenue: ₹11.7b (down 7.2% from 1Q 2025). Net income: ₹290.3m (up 19% from 1Q 2025). Profit margin: 2.5% (up from 1.9% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 08
Mukand Limited Approves Dividend for Financial Year Ended March 31, 2025 Mukand Limited in its Annual General Meeting held on August 8, 2025 approved to declare a dividend on Equity Shares at the rate of INR 2/- per equity share for the financial year ended March 31, 2025. Declared Dividend • Jul 18
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 25th July 2025 Payment date: 22nd August 2025 Dividend yield will be 1.4%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 19% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 08
Mukand Limited to Report Q1, 2026 Results on Aug 08, 2025 Mukand Limited announced that they will report Q1, 2026 results on Aug 08, 2025 New Risk • Jun 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹137, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 32% over the past three years. Reported Earnings • May 17
Full year 2025 earnings released: EPS: ₹5.24 (vs ₹7.11 in FY 2024) Full year 2025 results: EPS: ₹5.24 (down from ₹7.11 in FY 2024). Revenue: ₹49.0b (down 5.2% from FY 2024). Net income: ₹758.9m (down 26% from FY 2024). Profit margin: 1.5% (down from 2.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹118, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 10.0% over the past three years. Tillkännagivande • Apr 19
Mukand Limited to Report Q4, 2025 Results on May 16, 2025 Mukand Limited announced that they will report Q4, 2025 results on May 16, 2025 Board Change • Feb 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Prem Kumar Chandrani was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹1.03 (vs ₹1.34 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.03 (down from ₹1.34 in 3Q 2024). Revenue: ₹12.6b (up 7.4% from 3Q 2024). Net income: ₹148.8m (down 23% from 3Q 2024). Profit margin: 1.2% (down from 1.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Tillkännagivande • Feb 10
Mukand Limited Announces Retirement of Bharti R Gandhi as an Independent Director Mukand Limited announced that at the board meeting held on February 10, 2025 noted the retirement of Mrs. Bharti R Gandhi as an Independent Director of the Company with effect from February 10, 2025, on completion of her second term of consecutive 5 (Five) years. Tillkännagivande • Jan 10
Mukand Limited to Report Q3, 2025 Results on Feb 10, 2025 Mukand Limited announced that they will report Q3, 2025 results at 12:15 PM, Indian Standard Time on Feb 10, 2025 Tillkännagivande • Dec 27
Mukand Limited Announces Executive Changes Mukand Limited informed that Shri Shriram V Panse shall cease to be Chief Executive Officer - Kalwe Steel Plant, due to his retirement with effect from close of business hours of December 31, 2024. Shri Neeraj Kant is appointed as Chief Executive Officer - Kalwe Steel Plant with effect from January 01, 2025. Shri Neeraj Kant is a pragmatic & astute leader and brings with total of 37 years of enriching experience in Steel & Steel Derivative Industry. He worked with Welspun Corp. Limited, where he was the CEO Steel. He also earlier worked as Managing Director of The Indian Steel and Wire Products Limited (subsidiary of Tata Steel Limited). He was also a Marketing chief in Steel Authority of India Limited. Some of Shri Neeraj's positions that he held during professional journey, is Chairman of CII(Jharkhand State Council), Executive Member of National Committee of CII, Chairman of Institution of Engineers (India) at Jamshedpur Local Centre and was also a Nominated Member of Tata Steel to oversee the takeover of Incab Industries Limited. Shri Neeraj Kant is B.Tech (Chemical Engineering) from IIT Kanpur and has done MBA from Edinburgh University Management School. Shri Neeraj Kant in his free time enjoys running, music, fitness & travelling. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: ₹1.78 (vs ₹1.61 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.78 (up from ₹1.61 in 2Q 2024). Revenue: ₹12.7b (down 8.0% from 2Q 2024). Net income: ₹257.8m (up 11% from 2Q 2024). Profit margin: 2.0% (up from 1.7% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Tillkännagivande • Nov 08
Mukand Limited Announces Retirement Shri Amit Yadav, Independent Director, Effective November 09, 2024 Mukand Limited informed that Shri Amit Yadav, Independent Director of the Company will retire on November 09, 2024. Tillkännagivande • Oct 14
Mukand Limited to Report Q2, 2025 Results on Nov 08, 2024 Mukand Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Tillkännagivande • Sep 11
Mukand Limited Appoints Shri Prem Kumar Swamidas Chandrani as Independent Director Mukand Limited announced the appointment of Shri Prem Kumar Swamidas Chandrani as Independent Director of the Company for a term of 3 (three) consecutive years commencing from September 10, 2024 upto September
09, 2027. Shri Prem Chandrani is Head of the One-Year MBA Program and Chairperson International Relations at S P Jain Institute of Management & Research in Mumbai. He holds a degree of Commerce with Honours from Shri Ram College of Commerce, Delhi University and an MBA from London Business School, UK. He is a Chartered Accountant, a Chartered Managemen Accountant and a Certified Information Systems Auditor. Shri Prem Chandrani started his career as an auditor with Price Waterhouse in India in 1974. Since then he has served several organizations in USA, UK, Japan, Middle East and India that included being CFO of a publicly listed company in India, Head of Strategy and Finance of a large conglomerate headquartered in Dubai, CEO of Japanese company, and Director of Strategy Consulting at Powerhousecoopers. From 2007, Shri Prem Chandrani has been a full time Professor at S P Jain Institute of Management & Research at Mumbai. His key interests are in the areas of accounting, strategy and international management. Tillkännagivande • Aug 05
Mukand Limited Announces Retirement of Prakash V Mehta as Independent Director, Effective August 8, 2024 Mukand Limited announced the retirement of Shri Prakash V Mehta as an Independent Director due to end of his second term of consecutive 5 years. Date of cessation: August 8, 2024. Reported Earnings • Jul 17
Full year 2024 earnings released: EPS: ₹7.11 (vs ₹11.89 in FY 2023) Full year 2024 results: EPS: ₹7.11 (down from ₹11.89 in FY 2023). Revenue: ₹51.7b (down 7.1% from FY 2023). Net income: ₹1.03b (down 40% from FY 2023). Profit margin: 2.0% (down from 3.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 16
Mukand Limited, Annual General Meeting, Aug 05, 2024 Mukand Limited, Annual General Meeting, Aug 05, 2024, at 11:30 Indian Standard Time. Location: kamalnayan bajaj hall, bajaj bhawan, jamnalal bajaj marg, 226, nariman point - 400021, mumbai India Declared Dividend • Jul 15
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 26th July 2024 Payment date: 4th September 2024 Dividend yield will be 1.2%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not covered by cash flows (235% cash payout ratio). The dividend has increased by an average of 26% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 59% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 04
Mukand Limited to Report Q1, 2025 Results on Aug 05, 2024 Mukand Limited announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • May 16
Full year 2024 earnings released: EPS: ₹7.11 (vs ₹11.89 in FY 2023) Full year 2024 results: EPS: ₹7.11 (down from ₹11.89 in FY 2023). Revenue: ₹51.9b (down 6.8% from FY 2023). Net income: ₹1.03b (down 40% from FY 2023). Profit margin: 2.0% (down from 3.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 16
Mukand Limited Recommends Dividend for the Fiscal Year 2023-2024 Mukand Limited announced that at the board meeting held on May 15, 2024 recommended a dividend of INR 2/- (Rupees Two only) per equity share of INR 10/- each fully paid up (i.e.@ 20%) for the fiscal year 2023-2024. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹168, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 101% over the past three years. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: ₹1.34 (vs ₹1.30 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.34 (up from ₹1.30 in 3Q 2023). Revenue: ₹11.8b (down 11% from 3Q 2023). Net income: ₹193.6m (up 3.3% from 3Q 2023). Profit margin: 1.6% (up from 1.4% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹198, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 228% over the past three years. Tillkännagivande • Dec 08
India Thermal Power Pvt Ltd. completed the acquisition of a 48.3% stake in Stainless India Limited from Mukand Limited (BSE:500460) India Thermal Power Pvt Ltd. agreed to acquire a 48.3% stake in Stainless India Limited from Mukand Limited (BSE:500460) for INR 6.67 million on November 9, 2023.
India Thermal Power Pvt Ltd. completed the acquisition of a 48.3% stake in Stainless India Limited from Mukand Limited (BSE:500460) on December 7, 2023. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹1.61 (vs ₹0.17 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.61 (up from ₹0.17 in 2Q 2023). Revenue: ₹13.8b (down 5.9% from 2Q 2023). Net income: ₹233.1m (up ₹209.1m from 2Q 2023). Profit margin: 1.7% (up from 0.2% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 12
Mukand Limited Approves Dividend for the Financial Year Ended March 31, 2023 Mukand Limited announced that at its AGM held on August 11, 2023, the shareholders approved dividend on equity shares at the rate of INR 2 per equity share for the financial year ended March 31, 2023. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹173, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 768% over the past three years. New Risk • Jul 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 145% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.0% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Jul 23
Full year 2023 earnings released: EPS: ₹11.89 (vs ₹12.20 in FY 2022) Full year 2023 results: EPS: ₹11.89 (down from ₹12.20 in FY 2022). Revenue: ₹55.7b (up 20% from FY 2022). Net income: ₹1.72b (down 2.6% from FY 2022). Profit margin: 3.1% (down from 3.8% in FY 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 85% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 23
Mukand Limited, Annual General Meeting, Aug 11, 2023 Mukand Limited, Annual General Meeting, Aug 11, 2023, at 11:30 Indian Standard Time. Location: Kamalnayan Bajaj Hall, Bajaj Bhawan Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai 400 021 Mumbai India Agenda: To consider and adopt the audited standalone financial statements and audited consolidated financial statements of the Company for the year ended March 31, 2023, together with the Report/s of the Board of Directors and the Auditors thereon; to declare dividend on 8% Cumulative Redeemable Preference Shares at the rate of 8% on paid up value of shares for the financial year ended March 31, 2023; to declare a dividend on Equity Shares at the rate of INR 2/- (Rupees Two) per equity share for the financial year ended March 31, 2023; to appoint a Director in the place of Shri A M Kulkarni, who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re-appointment; and to consider other business matters. Upcoming Dividend • Jul 21
Upcoming dividend of ₹2.00 per share at 1.6% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 10 September 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.6%. Within top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (7.5%). Reported Earnings • May 17
Full year 2023 earnings released: EPS: ₹11.89 (vs ₹12.55 in FY 2022) Full year 2023 results: EPS: ₹11.89 (down from ₹12.55 in FY 2022). Revenue: ₹61.5b (up 33% from FY 2022). Net income: ₹1.72b (down 3.2% from FY 2022). Profit margin: 2.8% (down from 3.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 99% per year, which means it is significantly lagging earnings growth. Board Change • Apr 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Non-Executive Independent Director Radhakrishnan Sankaran was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Feb 14
Mukand Limited Approves the Resignation of A M Kulkarni as Whole-Time Director, Effective April 12, 2023 Mukand Limited approved the resignation of Shri A M Kulkarni as Whole-time Director with effect from April 12, 2023 at the board meeting held on February 13, 2023. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹1.30 (vs ₹2.48 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.30 (down from ₹2.48 in 3Q 2022). Revenue: ₹13.4b (up 1.0% from 3Q 2022). Net income: ₹187.5m (down 47% from 3Q 2022). Profit margin: 1.4% (down from 2.6% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improved over the past week After last week's 20% share price gain to ₹136, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 362% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₹127, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 367% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹0.17 (vs ₹1.27 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.17 (down from ₹1.27 in 2Q 2022). Revenue: ₹14.6b (up 23% from 2Q 2022). Net income: ₹24.0m (down 87% from 2Q 2022). Profit margin: 0.2% (down from 1.5% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹0.17 (vs ₹1.27 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.17 (down from ₹1.27 in 2Q 2022). Revenue: ₹14.8b (up 25% from 2Q 2022). Net income: ₹24.0m (down 87% from 2Q 2022). Profit margin: 0.2% (down from 1.5% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 21
Full year 2022 earnings released: EPS: ₹12.55 (vs ₹14.41 loss in FY 2021) Full year 2022 results: EPS: ₹12.55 (up from ₹14.41 loss in FY 2021). Revenue: ₹46.4b (up 70% from FY 2021). Net income: ₹1.77b (up ₹3.81b from FY 2021). Profit margin: 3.8% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 56% per year whereas the company’s share price has increased by 51% per year. Tillkännagivande • Jul 20
Mukand Limited to Report Q3, 2023 Results on Feb 14, 2023 Mukand Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non-Executive Independent Director Radhakrishnan Sankaran was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
Full year 2022 earnings released: EPS: ₹12.55 (vs ₹14.41 loss in FY 2021) Full year 2022 results: EPS: ₹12.55 (up from ₹14.41 loss in FY 2021). Revenue: ₹46.4b (up 70% from FY 2021). Net income: ₹1.77b (up ₹3.81b from FY 2021). Profit margin: 3.8% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 18% share price gain to ₹156, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 182% over the past three years. Reported Earnings • Feb 14
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.48 (down from ₹4.56 in 3Q 2021). Revenue: ₹13.5b (up 69% from 3Q 2021). Net income: ₹350.6m (down 46% from 3Q 2021). Profit margin: 2.6% (down from 8.1% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 43% per year. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹1.27 (vs ₹5.87 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹11.9b (up 72% from 2Q 2021). Net income: ₹180.0m (up ₹1.01b from 2Q 2021). Profit margin: 1.5% (up from net loss in 2Q 2021). Executive Departure • Oct 06
Joint MD & Whole Time Director Suketu Shah has left the company On the 1st of October, Suketu Shah's tenure as Joint MD & Whole Time Director ended after 32.3 years in the role. As of June 2021, Suketu still personally held 44.79k shares (₹5.8m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.67 years. Executive Departure • Oct 06
Co-Chairman & MD Rajesh Shah has left the company On the 1st of October, Rajesh Shah's tenure as Co-Chairman & MD ended after 32.3 years in the role. As of June 2021, Rajesh still personally held 7.20m shares (₹938m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.67 years. Upcoming Dividend • Sep 01
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 23 September 2021. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (2.5%). Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS ₹5.43 (vs ₹8.77 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹7.92b (up 154% from 1Q 2021). Net income: ₹767.4m (up ₹2.01b from 1Q 2021). Profit margin: 9.7% (up from net loss in 1Q 2021). Recent Insider Transactions • Aug 13
Co-Chairman & MD recently sold ₹1.1b worth of stock On the 9th of August, Rajesh Shah sold around 7m shares on-market at roughly ₹153 per share. This was the largest sale by an insider in the last 3 months. This was Rajesh's only on-market trade for the last 12 months. Reported Earnings • May 28
Full year 2021 earnings released: ₹14.41 loss per share (vs ₹16.96 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: ₹34.7b (up 19% from FY 2020). Net loss: ₹2.04b (loss narrowed 15% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 09
New 90-day low: ₹58.75 The company is down 8.0% from its price of ₹63.80 on 09 December 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 30% over the same period. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS ₹4.56 (vs ₹4.67 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹8.88b (up 38% from 3Q 2020). Net income: ₹645.3m (up ₹1.31b from 3Q 2020). Profit margin: 7.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 28
New 90-day high: ₹64.65 The company is up 39% from its price of ₹46.65 on 29 September 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 34% over the same period.