NSE: MAYURUNIQ · BSE: 522249
MAYUR UNIQUOTERS LTD
Manufactures PU/PVC synthetic leather, used mainly in automotive upholstery, footwear, marine and furnishing applications. FY26 revenue was INR 967.018 crore, with automotive OEMs — including recently won Ford export platforms — as the largest customer group; exports grew 35.5% YoY with automotive OEM exports up 50% YoY. FY26 consolidated EBITDA margin was 29.96%, supported by an INR 30 crore FX gain from rupee depreciation. The largest input cost is raw materials at 53.8% of revenue, followed by employee cost at 5.9% and other operating expenses at 15.2%. Management guides FY27 export revenue growth at 15-20% and domestic at 8-10%, with export mix targeted at 40-45% of revenue. A new coating line at the existing facility and a global greenfield (likely Mexico) are under execution/evaluation, alongside a smaller PU leather sub-line that generated INR 27.08 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PU/PVC Synthetic Leather. Coated synthetic-leather manufacturing; export-oriented, FX-sensitive
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 656 | 776 | 803 | 880 | 967 |
| EBITDA (ex other income) | 126 | 139 | 159 | 191 | 235 |
| margin % | 19.1 | 17.9 | 19.8 | 21.7 | 24.3 |
| Owners' profit | 0 | 104 | 0 | 0 | 0 |
| EPS, as reported (₹) | 21.17 | 23.69 | 27.86 | 34.18 | 44.13 |
| ROE % · ROCE % | 13.3 · 17.2 | 13.8 · 17.4 | 14.1 · 18.3 | 15.6 · 21.0 | 16.9 · 22.7 |
| Debt / equity (x) | 0.04 | 0.03 | 0.02 | 0.01 | 0.01 |
| Cash from operations | 13 | 121 | 113 | 157 | 133 |
| Capex | (48) | (31) | (21) | (19) | (24) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 208 | 208 | 251 | 216 | 240 | 237 | 273 | 269 |
| Profit before tax | 51 | 42 | 57 | 55 | 56 | 67 | 81 | 74 |
| Net profit | 40 | 31 | 42 | 41 | 41 | 51 | 59 | 56 |
| EPS (₹) | 9.09 | 7.05 | 9.54 | 9.37 | 9.40 | 11.68 | 13.68 | 12.92 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD ◆ | 3,177 | 15.3 | 2.80 | 10.7 | 16.9 | 22.5 | 13.5 | 30.4 |
| BHARTIYA INTERNATIONAL | 1,363 | 52.7 | 2.80 | 15.2 | 2.8 | 7.7 | 19.9 | 10.2 |
| KOTHARI INDUSTRIAL CORP L | 1,182 | 33.8 | 5.11 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| MIRZA INTERNATIONAL LIMIT | 368 | — | 0.65 | 9.1 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 160 | 19.5 | 0.33 | 6.8 | 0.8 | 1.4 | 4.7 | 8.1 |
| ANKA INDIA LTD. | 98 | 146.9 | 3.73 | 59.8 | (1.8) | (0.9) | — | (0.2) |
| ZENITH EXPORTS LTD | 97 | 210.9 | 1.15 | — | 2.7 | 3.7 | — | (4.0) |
| SUPER TANNERY LTD. | 87 | 12.9 | 0.75 | 7.7 | 5.8 | 7.2 | 5.3 | 12.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.3 | 25.6 | 3 of 10 | 78% |
| P/B | 2.8 | 1.1 | 8 of 11 | 20% |
| ROCE | 22.5 | 2.6 | 1 of 11 | 100% |
| ROE | 16.9 | 1.9 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.3 | 2 of 11 | 90% |
| EBITDA margin | 30.4 | 8.1 | 1 of 11 | 100% |
| Revenue growth | 24.7 | 12.4 | 5 of 10 | 56% |
| Profit growth | 37.8 | (11.0) | 6 of 12 | 55% |
| Market cap | 3177 | 97 | 1 of 13 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 4 to approve September results | board shareholder meetings | low | — | — |
| 10 Oct 2026 · IEPF share transfer notice published in newspapers | compliance | minimal | — | — |
| 9 Oct 2026 · GM-Marketing Ashutosh Pandey resigns from Mayur Uniquoters | management changes | medium | — | — |
| 8 Oct 2026 · Quarterly RTA certificate on share dematerialization filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter Kiran Poddar buys 1000 shares in open market | ownership changes | high | — | — |
| 29 Sept 2026 · Mayur Uniquoters assigned Crisil ESG rating of 60 | business updates | medium | — | — |
| 29 Sept 2026 · Special Window Open for Re-lodging Physical Share Transfer Requests | compliance | minimal | — | — |
| 29 Sept 2026 · Promoter Kiran Poddar buys 2,000 shares via open market | ownership changes | high | — | — |
| 28 Sept 2026 · Independent Director completes second term and steps down | management changes | medium | — | — |
| 28 Sept 2026 · Promoter Kiran Poddar buys 6,000 shares of Mayur Uniquoters | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | 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 | MarketPing publishes no forecasts — your own model lives on the Models page |
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.