Ravi Bhatt
11 Oct • 9:15 PM · SEBI-Registered Analyst
MAYUR UNIQUOTERS FUNDAMENTAL RESEARCH REPORT
Mayur Uniquoters (NSE: MAYURUNIQ, BSE: 522249), Jaipur, is India’s leading organised maker of synthetic (PVC and PU) leather and coated fabrics: 400+ variants for automotive OEMs (domestic and export: Ford, Chrysler, and BMW/Mercedes in South Africa), the auto replacement market, footwear and furnishing (retail brand “Texture and Hues”). It is founder-led (Suresh Kumar Poddar, ~5 decades in the trade), debt-free with ~Rs 380-400 Cr of liquid investments, and rated CARE AA/Stable. Event 1 - export mix is lifting profits. Q1 FY27 consolidated revenue Rs 269 Cr (+25%) and PAT Rs 56 Cr (+38%) (standalone PAT +43%). Exports were Rs 103.8 Cr of Rs 247 Cr standalone sales (~42%), with export-OEM Rs 73.6 Cr (+~40% YoY). FY26 PAT was Rs 192 Cr (+29%) at a 24% OPM; Q4 FY26’s 31% margin was flattered by a one-off forex gain, and management guides a sustainable 25% (±1-2%).

