Skip to content

    Mayur Uniquoters

    MAYURUNIQ
    Consumer Durables·12 Nov 2025
    Management Summary

    Mayur Uniquoters delivered strong standalone performance in Q2 FY26 with 15% QoQ revenue growth and 17% QoQ PAT growth. Consolidated results, however, showed slower growth due to inventory in transit and provisions for old stock. The company is operating at 75-77% capacity, with export business showing robust growth, and plans for new capacity in South India are under discussion, while the Mexico plant decision is deferred.

    Highlights

    5
    • Standalone revenue from operations increased by 15% QoQ to INR 237.76 crores.

    • Standalone PBT and PAT both increased by 17% QoQ to INR 64.63 crores and INR 48.10 crores respectively.

    • Consolidated revenue from operations increased by 8% QoQ to INR 240.31 crores.

    • Gross margin increased 2% QoQ and 2% YoY on a consolidated basis.

    • PU business volume increased 12.5% QoQ and value by 48% QoQ, reaching INR 7.80 crores.

    Concerns

    5
    • Consolidated PBT increased by only 1% QoQ to INR 55.61 crores, significantly lower than standalone growth.

    • The difference between standalone and consolidated PAT/PBT is due to inventory in transit/warehouse, impacting consolidated results.

    • Consolidated gross margins were impacted by provisions for old inventories.

    • The PU business incurred a loss of INR 5.8 crores due to depreciation, and new deals are yet to materialize.

    • The Mexico plant capex decision is on hold until March 2026 due to strategic reasons and market uncertainty.

    What Changed2

    vs Q3 FY26

    Guidance items4 → 6 (+2)Risks discussed5 → 3 (-2)

    Key financials

    Single quarter

    06 metrics
    1. 01Standalone Revenue₹237.76 Cr+15%QoQ
    2. 02Standalone PAT₹48.1 Cr+17%QoQ
    3. 03Consolidated Revenue₹240.31 Cr+8%QoQ
    4. 04Consolidated PAT₹40.84 Cr+1%QoQ
    5. 05Capacity Utilization75%

    Segment breakdown

    Others (Domestic)
    ₹138 Cr29.1%
    Total Exports
    ₹100 Cr21.1%
    Export OEM
    ₹71 Cr15.0%
    Auto OEM Domestic
    ₹49 Cr10.3%
    Footwear
    ₹43 Cr9.1%
    Replacement
    ₹36 Cr7.6%
    Export General
    ₹29 Cr6.1%
    Furnishing
    ₹8 Cr1.7%
    Treemap· Share of Revenue

    Capital allocation

    1
    high confidence
    CategoryHeadline
    Liquidity

    Cash ₹450 crores

    Net cash balance on the balance sheet, earmarked for capex, new capex or any new projects.

    Guidance & targets

    6
    CategoryTargetPriority
    Revenue
    Revenue Growth
    12% to 15%
    High
    Revenue
    Domestic Business Growth
    8% to 10%
    Medium
    Revenue
    Export Business Growth
    15% or somewhere more than that
    Medium
    Revenue
    Total Exports
    INR 350 crores to INR 400 crores
    Medium
    Profitability
    Profit Growth
    15% to 20%
    High
    Capacity
    South India Plant Capacity Addition
    INR 4 lakhs to INR 5 lakhs per month or INR 5 million to INR 6 million a year
    Medium

    Consolidated EBITDA Growth for Full Year

    Next quarter (Q3 FY26) and H2 FY26
    CurrentFlat in H1 FY26
    TargetSignificant increase in H2 to achieve 20% profit growth for FY26

    Why it matters

    To verify if the company can achieve its 20% profit growth target for FY26, given flat H1 consolidated EBITDA, implying a strong H2 performance.

    So definitely, we are expecting a good increase in EBITDA for the year.

    How to verify

    key_financials.metrics[label='Consolidated PAT']

    Risks & concerns

    3
    RiskSeverity

    Impact of inventory provisions on consolidated gross margins

    Provisions for old inventories are impacting the reflection of gross margin improvement on a consolidated basis.Both acknowledged

    medium

    Delay in materialization of PU business deals

    Despite talking to many customers, deals for the PU business are still waiting to get materialized.Management acknowledged

    medium

    Uncertainty and postponement of Mexico plant capex

    The decision on the Mexico plant capex, which is a huge number, has been put on hold until next March due to strategic reasons and market situation, including a 'US problem'.Management acknowledged

    medium

    Q&A highlights

    8

    “In current scenario, where the demand is increasing for the automotive supplies in U.S., especially in U.S. where they provide us the three months or four months the requirement in advance, so we dispatch the material from India to U.S. And that's why in the quarter, we have dispatched the material, which resulted into increase in our bottom line and top line, both in standalone. But the material is some of the material is still in transit and some have already reached to the destination, which is still in warehouse. So till the material is in warehouse, the actual realization will not reflect in consolidated results, where that material will be ultimately sold from the warehouse, then it will reflect in our consolidated results.”

    Explains the significant discrepancy in profitability metrics between standalone and consolidated results, attributing it to inventory accounting for US exports.

    asked by Awanish Chandra

    2 min read5 chapters

    Detailed Narrative

    01

    Q2 FY26 Financial Performance Overview

    Mayur Uniquoters reported a strong standalone performance for Q2 FY26, with revenue from operations reaching INR 237.76 crores, marking a 15% quarter-on-quarter increase. Standalone PBT and PAT also saw significant growth of 17% QoQ, amounting to INR 64.63 crores and INR 48.10 crores respectively. On a consolidated basis, revenue grew 8% QoQ to INR 240.31 crores, however, consolidated PBT increased by only 1% QoQ to INR 55.61 crores, and PAT to INR 40.84 crores.

    02

    Standalone vs. Consolidated Profitability Discrepancy

    A notable difference in profitability metrics between standalone and consolidated results was observed. Management clarified that this discrepancy primarily stems from inventory accounting for US exports; material dispatched from India is recognized in standalone results but remains in transit or warehouse, not reflecting in consolidated results until actual sale from the overseas warehouse. This inventory effect, coupled with provisions for old inventories, also impacted consolidated gross margins, which, despite increasing 2% YoY, did not fully reflect underlying improvements.

    03

    Export Market Focus and Growth

    The company's total exports for Q2 FY26 stood at INR 100 crores, with export OEM contributing INR 71 crores and general exports INR 29 crores. Management emphasized its endeavor to become a preferred supplier for leading OEMs in overseas markets, particularly the US and European regions. This focus has resulted in good export orders and increased momentum, which is expected to continue for the next 2-3 years, with export business projected to grow faster (15%+) than domestic business (8-10%).

    04

    PU Business Update and Challenges

    The PU business experienced a volume increase of approximately 12.5% QoQ and a value increase of 48% QoQ, reaching INR 7.8 crores in total volume. However, the PU plant incurred a loss of INR 5.8 crores, which management attributed to depreciation rather than a cash loss. The current utilization of the PU plant is low, between 23% to 25%. While the company is actively engaging with many customers, new deals are yet to materialize, posing a challenge for ramping up production.

    05

    Capacity Expansion and Capital Allocation Strategy

    Mayur Uniquoters is currently operating at 75-77% capacity utilization and acknowledges the need for additional capacity. Plans for a new plant in South India are under discussion, with an estimated capacity addition of 4-5 lakh units per month or 5-6 million units per year, though the exact timeline for groundbreaking and commercialization is not yet decided. The previously considered Mexico plant capex, a 'huge number,' has been put on hold until March 2026 due to strategic reasons and market uncertainties, including a 'US problem.' The company holds a net cash balance of INR 450 crores, earmarked for future capex and new projects.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.