Cork surrendered their titles in 1991, however, Mulcahy claimed his fifth Munster medal in 1992 following a 1–22 to 3–11 of Limerick. On 6 September 1992 Cork faced Kilkenny in the All-Ireland decider. At half-time Cork were two points ahead, however, two second-half goals by John Power and Michael "Titch" Phelan supplemented a first-half D. J. Carey penalty which gave Kilkenny a 3–10 to 1–12 victory. Mulcahy won a National Hurling League in 1993 following a 3–11 to 1–12 defeat of Wexford. He was later dropped form Cork's championship panel. In 1994 Mulcahy returned to the Cork starting fifteen at centre-forward. A 4–14 to 4–11 Munsterquarter-final defeat on 5 June 1994 brought the curtain down on his inter-county career. Mulcahy was first picked for the Munster inter-provincial team in 1984, however, he started the game on the bench. After being introduced as a substitute for Cork teammate Kevin Hennessy, Mulcahy went on to claim his first Railway Cup medal following a 2–9 to 1–18 defeat of arch rivals Leinster. In 1985 Mulcahy was included on the starting fifteen as part of an all Cork full-forward line. A narrow 3–6 to 1–11 defeat of Connacht gave Mulcahy a second Railway Cup medal. Mulcahy cut his teeth as part of a management team when he served as a selector under Seán O'Gorman with the Cork under-21 team. In this capacity he helped steer the team to a Munster title in 2005 following a 4–8 to 0–13 defeat of Tipperary. In late 2006 he was appointed manager of the Glen Rovers senior team. Initially for a two-year term, he was granted an extension of a third year. During his tenure the Glen Rovers threatened a long-overdue breakthrough by reaching three consecutive championship quarter-finals as well as losing the 2008 semi-final by four points to Sarsfields. Mulcahy later took over as manager of the Lismore senior team in Waterford, however, he ended his tenure without any major success. On a number of occasions Mulcahy has been tipped as a possible manager of the Cork senior team. Immediately after his retirement from inter-county hurling, Mulcahy joined RTÉ as an analyst in 1995.