1. At a Glance – Synthetic Leather, Real Cash
Mayur Uniquoters Ltd is that rare Indian midcap which doesn’t scream on Twitter, doesn’t sponsor IPL teams, yet keeps minting cash like an obedient CA student. At a market cap of ₹2,226 Cr, the stock is chilling near ₹512, down ~6% over three months while earnings are doing bhangra in the background.
Q3 FY26 numbers came in spicy: ₹237 Cr revenue (+21.6% YoY) and ₹52.9 Cr PAT (+77% YoY). Operating margins touched 25%, which in manufacturing land is basically IPL auction money. ROCE stands tall at ~21%, debt is almost nonexistent (₹7.5 Cr, yes that’s not a typo), and dividend yield sits near 1%—small, but consistent.
The company sells synthetic leather, but ironically its financials look very real. While peers are still figuring out survival, Mayur is arguing with analysts about how much cash is too much cash. So why is the stock sleepy? Is the market ignoring a compounder or waiting for a plot twist?
2. Introduction – The Boring Company That Keeps Winning
Mayur Uniquoters has mastered the art of being boring and profitable—an underrated superpower in Indian equities. No flashy fintech pivot. No AI buzzword slides. Just PVC, PU, and discipline.
Founded decades ago and run by the Poddar family, the company dominates India’s synthetic leather space, supplying everyone from Maruti to Relaxo. If you’ve sat on a car seat, worn budget footwear, or touched artificial leather furniture in India—congrats, you’ve probably experienced Mayur’s product without knowing it.
Despite steady earnings growth and a squeaky-clean balance sheet, the stock has underperformed in the last year. This disconnect between price and performance is exactly what makes Mayur interesting—and also suspiciously ignored.
Is this a classic “manufacturing is boring” discount? Or is the
market worried about growth saturation? Let’s open the factory shutters and inspect the books.
3. Business Model – WTF Do They Even Do?
In simple terms: Mayur makes fake leather that behaves like real leather, costs less, and doesn’t annoy animal activists.
They manufacture 400+ variants of PVC-coated and PU-coated fabrics used in:
- Footwear (budget kings like Bata, Relaxo)
- Automotive OEMs (Maruti, Tata, Hyundai, Kia, VW)
- Auto replacement market
- Furnishings & exports
They also run a small but aspirational furnishing retail business via their WOS Mayur Tecfab under the brand Texture & Hues. Think of it as management’s weekend passion project—not yet a revenue monster.
Manufacturing happens across 2 PVC plants near Jaipur and 1 PU plant in MP, with total capacity of ~54 Mn linear meters. Capacity utilisation in Q3 FY26 was ~70%, which means there’s room to grow without lighting another capex bonfire.
Question for you: would you rather own a company selling dreams—or one selling car seats at 25% margin?
4. Financials Overview – Numbers That Don’t Shout, They Whisper Confidence
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 237 | 195 | 238 | 21.6% | -0.4% |
| EBITDA | 58 | 46 | 59 | 26% | -1.7% |
| PAT | 52.9 | 29.8 | 48 | 77.4% | 10.2% |
| EPS (₹) | 12.18 | 6.87 | 11.07 | 77% | 10% |
Annualised EPS (Q3 rule):
Average
