Mukand Limited is a Bajaj Group company that has spent over eight decades evolving from a steel re-roller into a specialised manufacturer of high-performance metals and heavy machinery. It makes the specialty steel long products-alloy and stainless steel bars, rods, and wires-that become the gears, engine valves, and fasteners inside most vehicles on Indian roads, alongside the giant cranes that build ships and ports. The recurring approach is a quiet, technical one: develop grades that customers previously had to import, win their trust as the first-approved supplier, and then lock in that position through metallurgical expertise that is hard to replicate. # Business segments Two engines, one dominant-a specialty steel platform that supplies the critical metal for India's automotive and industrial core, and a smaller heavy-engineering unit that builds the cranes those industries run on. ## 1. Specialty steel: the metal inside India's vehicles and factories **Mukand is the market leader in specialty alloy steel long products in India, making the high-stress components-gears, crankshafts, fasteners-that go into most cars and two-wheelers manufactured in the country.** - **First-approved supplier to automakers** - Mukand was the first steel company to receive approvals to supply steel when Maruti launched in India in the early 1980s, and later from Hero Honda; it continues to be the first steel company to get approvals from most automobile companies manufacturing in India, which creates a deep incumbency advantage. - **Two plants, two metals** - an alloy steel plant at Hospet, Karnataka, and a stainless steel plant at Kalwe, Thane, together produced roughly 5 lakh metric tonnes of blooms in FY25, with alloy steel contributing about 3.5 lakh tonnes and stainless steel about 1.5 lakh tonnes. - **Import substitution as a growth engine** - the in-house R&D team continuously develops grades that customers previously had to import; in one year, 12% of alloy steel sales came from newly-developed, difficult-to-produce grades that replaced imports, including micro-alloyed steel for connecting rods and boron-treated steel for crank pins. - **Scrap-based stainless steel with a cost edge** - the Thane plant melts premium-grade scrap using advanced technology, giving full control over composition and making Mukand a proven low-cost stainless steel producer that is well-positioned in export markets and ranks among the top 25 stainless steel long-product players globally. - **Raw materials are the cost battleground** - more than 70% of steel-making costs come from raw materials; iron ore is sourced locally from Karnataka mines, metallurgical coke is mainly imported, and nickel-critical for stainless steel-is entirely imported with no indigenous reserves, so the Thane plant's proximity to Nhava Sheva port is a structural advantage. ## 2. Industrial machinery: the cranes that build India's heavy infrastructure **A six-decade-old heavy-engineering division that designs and builds giant custom cranes for steel plants, ports, and shipyards, including Asia's first 91-metre-span EOT crane.** - **End-to-end project capability** - the division handles design, engineering, manufacturing, supply, erection, commissioning, and after-sales service, making it one of the very few heavy-machine producers in India that can manage the entire product lifecycle. - **Landmark projects define credibility** - it manufactured and commissioned Asia's first 91-metre-span EOT crane with a dual lifting capacity of 100+100 tonnes, and secured a contract for what was described as India's heaviest and largest indigenously designed EOT crane for a defence project at Vizag. - **Earns by the project, not the unit** - revenue from engineering contracts is recognised over time using the percentage-of-completion method, meaning income reflects the long, multi-stage nature of designing, building, and commissioning each crane. - **Recently carved out for focused growth** - in FY26, the EOT crane and materials-handling portion of the business was transferred to Mukand Heavy Engineering Limited, a wholly owned subsidiary, via a slump sale, to give it dedicated attention and unlock scale. # Group structure and partners **Mukand sits inside the Bajaj Group, one of India's top-five conglomerates, and has simplified its structure in recent years-buying out joint-venture partners, demerging businesses into the parent, and monetising surplus land to reduce debt.** - **Bajaj Group parentage** - the company is part of the Bajaj Group, one of the top five business conglomerates in India by market capitalisation, and is listed on both BSE and NSE. - **Land monetisation strengthened the balance sheet** - the company sold surplus leasehold land at its Thane facilities in multiple transactions, including roughly 54 acres for ₹679 crore and another 46 acres for ₹796 crore, with proceeds used mainly for debt repayment.