Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · MAYUR LEATHER PRODUCTS LTD. · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
A leather products company listed on BSE has carried out no manufacturing activity in FY25 or FY26, and reported zero revenue from operations in FY26. The standalone net profit of Rs. 1.124 crore in FY26 is sourced entirely from other income and exceptional gains on the sale of fixed assets, with no sales of goods. Property, plant and equipment has been relocated and a parcel of land was auctioned by Canara Bank after the company was declared an NPA. Borrowings have been classified as NPA since FY 2022-23. The statutory auditor issued an adverse opinion for FY26, flagging multiple qualifications including a material uncertainty on the company's ability to continue as a going concern. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Other income. Dormant company with no manufacturing activity, dependent on other income and asset sales
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
9
4
0
0
0
EBITDA (ex other income)
(0)
(6)
(0)
(1)
0
margin %
(1.1)
(138.1)
(176.5)
—
—
Owners' profit
(1)
0
0
0
0
EPS, as reported (₹)
(1.05)
(7.22)
(1.80)
0.06
2.32
ROE % · ROCE %
(9.4) · 0.2
(152.4) · (74.8)
(49.0) · (7.2)
1.8 · 1.9
40.1 · 11.2
Debt / equity (x)
0.60
1.75
2.35
2.34
1.38
Cash from operations
3
(0)
(0)
(1)
(1)
Capex
0
(2)
0
0
0
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MAYUR LEATHER PRODUCTS LTD. · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Revenue
0
0
0
0
0
0
0
0
Profit before tax
(0)
(0)
(0)
0
(0)
1
0
0
Net profit
(0)
(0)
(0)
0
(0)
1
0
0
EPS (₹)
(0.18)
(0.21)
(0.07)
0.52
0.23
1.32
0.55
0.63
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
KHAZANCHI JEWELLERS LTD
1,792
12.6
5.61
—
28.0
37.7
—
6.8
UDAY JEWELLERY INDS. LTD.
753
28.5
3.63
—
17.2
23.1
—
8.3
PNGS GARGI FASHION JEWELLERY L
540
11.4
3.81
—
22.1
27.0
—
30.4
KD GREEN INDUSTRIES LTD
284
18.1
3.95
31.7
7.0
8.6
—
16.5
GOLKUNDA DIAMONDS & JEWELLERY
246
18.0
3.07
—
17.1
20.7
—
9.0
AJC Jewel Manufacturers Limite
198
47.5
—
—
—
28.7
—
—
ASHAPURI GOLD ORNAMENT L
192
9.3
1.15
—
11.1
15.0
—
11.4
Patdiam Jewellery Limited
147
7.8
—
—
—
—
—
—
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
14.3
12.9
25 of 47
48%
P/B
6.9
1.0
34 of 37
8%
ROCE
11.0
4.7
17 of 50
67%
ROE
40.1
2.3
3 of 37
94%
Debt / Equity
1.4
0.1
33 of 37
11%
Profit growth
21.6
1.4
15 of 34
58%
Market cap
19
25
33 of 54
40%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MAYUR LEATHER PRODUCTS LTD. · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
26 Oct 2026 · No share conversion requests received in September 2026 quarter
compliance
minimal
—
—
29 Sept 2026 · AGM approves director re-appointments and new auditor
management changes
medium
—
—
29 Sept 2026 · AGM clears new auditor, director appointments and FY26 results
management changes
medium
—
—
29 Sept 2026 · 41st AGM results: All 5 resolutions passed, new auditor and director appointed
29 Sept 2026 · Open Offer by Mr Ghanshyam Hansrajani at Rs 27.92 per share for 26% stake
strategic transactions
high
—
—
26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2/H1 FY26 results
compliance
minimal
—
—
23 Sept 2026 · Detailed Public Statement published for Open Offer at Rs 27.92 per share
compliance
minimal
—
—
22 Sept 2026 · Open Offer for 26% stake in Mayur Leather at Rs 27.92 per share
strategic transactions
high
—
—
15 Sept 2026 · Open Offer at Rs 27.92 per share for Mayur Leather Products from public shareholders
strategic transactions
high
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
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Why
A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
an event is a fact; a rating is an opinion that requires SEBI RA registration
A target price and upside
The current price and the multiples against the group
a target is a forecast; a multiple is a measurement
Estimate years marked E
More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
