External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Mughal Iron & Steel Industries Limited / Equity Bottom-Up

Mughal Iron & Steel Industries Limited (MUGHAL PK)

<ul><li>We have revised our earnings estimates for Mughal Steel (MUGHAL) downward by 7-56% for FY25/26/27 to Rs2.0/14.1/18.8 respectively.</li><li>The June 2026 target price of MUGHAL has also been revised down to Rs110/share from earlier Rs125/share (-12%). However, 'Buy' stance is still maintained with the scrip providing a total return of 57% (5% D/Y) from last day closing price of Rs72/share.</li><li>Earnings have been revised downwards due to lower volumetric exports from Non-Ferrous (Copper) segment and delay in commissioning of captive coal plant. However, these developments have been partially offset by higher utilization of Ferrous segment and reduction in grid rates, lowering energy costs.</li></ul>

We have revised our earnings estimates for Mughal Steel (MUGHAL) downward by 7-56% for FY25/26/27 to Rs2.0/14.1/18.8 respectively.The June 2026 target price of MUGHAL has also been revised down to Rs110/share from earlier Rs125/share (-12%). However, 'Buy' stance is still maintained with the scrip providing a total return of 57% (5% D/Y) from last day closing price of Rs72/share.Earnings have been revised downwards due to lower volumetric exports from Non-Ferrous (Copper) segment and delay in commissioning of captive coal plant. However, these developments have been partially offset by higher utilization of Ferrous segment and reduction in grid rates, lowering energy costs.

Mughal Iron & Steel Industries (MUGHAL): Earnings Revised Down; Buy Maintained