At a Glance
Mayur Uniquoters – the king of PVC and PU-coated fabrics – clocked Q1 FY26 revenue ₹206 Cr (+6% YoY) and PAT ₹41 Cr (+19% YoY). Margins stood firm at 21% OPM, while the stock trades at a comfy P/E 17x. In a world of volatile leather, this synthetic player is quietly compounding.
Introduction
Once a humble coated fabric maker, Mayur now supplies to Ford, Chrysler, and even BMW – fancy, right? With 400+ variants of artificial leather and exports growing, it’s an underrated auto-ancillary play. But don’t get carried away – sales growth is a mere 9% CAGR over 5 years. The stock has been a tortoise – slow, steady, and occasionally asleep.
Business Model (WTF Do They Even Do?)
- Products: Artificial leather (PVC & PU) for footwear, automotive, furniture, and fashion.
- Key Customers: OEMs like Ford, Mercedes, Hyundai, and big footwear brands.
- Edge: Quality certifications, export tie-ups, and brand “Texture & Hues” in retail.
Roast: They sell fake leather at real prices – but hey, margins justify the drama.
Financials Overview
Q1 FY26
- Revenue: ₹206 Cr (+6% YoY)
- EBITDA: ₹43 Cr (21% margin)
- PAT: ₹41 Cr (+18.7% YoY)
- EPS: ₹9.38
FY25 Recap
- Revenue: ₹820 Cr
- PAT: ₹141 Cr
- ROE: 16%
- Dividend: 15%
Comment: Margin king in a low-growth industry.
Valuation
- P/E Method
- EPS (TTM): ₹33.6
- Fair P/E: 18x
- Value ≈ ₹605
- EV/EBITDA
- EBITDA: ₹182 Cr
- EV multiple 10x → Value ≈ ₹1,820 Cr → ₹620/share
- DCF:
- Assuming 10% growth → ₹650
🎯 Fair Value Range: ₹600 – ₹650
CMP ₹580 → fairly valued.
What’s Cooking – News, Triggers, Drama
- New PU plant to expand exports in premium segment.
- Auto OEM orders rising with EV boom.
- Trigger: Export orders to luxury brands could boost topline.
- Risk: Raw material (PVC resin) price volatility.
Balance Sheet
| (₹ Cr) | Mar 2025 |
|---|---|
| Assets | 1,046 |
| Liabilities | 90 |
| Net Worth | 925 |
| Borrowings | 9 |
Remark: Debt-free, cash-rich – a CFO’s dream.
Cash Flow – Sab Number Game Hai
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating | 115 | 92 | 159 |
| Investing | -32 | -78 | -68 |
| Financing | -66 | -21 | -70 |
Remark: Strong cash generation, invests wisely.
Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | 16% |
| ROCE | 21% |
| P/E | 17x |
| PAT Margin | 18% |
| D/E | 0.01 |
Remark: Solid ratios, textbook example of balance.
P&L Breakdown – Show Me the Money
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 764 | 764 | 820 |
| EBITDA | 144 | 156 | 181 |
| PAT | 107 | 120 | 141 |
Remark: Profits compounding faster than revenue – efficiency FTW.
Peer Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| Bhartiya Intl. | 1,029 | 15.6 | 77x |
| Superhouse | 665 | 7.2 | 26x |
| Mayur Uniquoters | 832 | 148 | 17x |
Remark: Best margins and lowest P/E – hidden gem?
Miscellaneous – Shareholding, Promoters
- Promoters: 58.6%
- FIIs: 3.8%
- DIIs: 3.4%
- Public: 34%
Observation: Decent institutional interest, strong promoter holding.
EduInvesting Verdict™
Mayur Uniquoters is a slow-growing, high-margin niche player. The company’s debt-free status and strong ROE make it attractive for long-term investors. However, lack of aggressive topline growth keeps it from being a multibagger.
SWOT Quickie
- Strengths: Debt-free, export tie-ups, high margins.
- Weaknesses: Slow revenue growth, raw material sensitivity.
- Opportunities: PU expansion, global auto contracts.
- Threats: Cheap imports, demand cycles.
Final Word: Stable, cash-rich, and fairly valued. Perfect for boring portfolios – because sometimes boring makes money.
Written by EduInvesting Team | 30 July 2025
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