Mayur Uniquoters Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mayur Uniquoters Ltd trades at ₹730, in a confirmed uptrend and 25 weeks into that stage. That is +7.8% against its own 200-day average. It sits at 62% of a 52-week range of ₹478 to ₹882. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).

Today the stock is in a confirmed uptrend — week 25 of stage 2, confirmed. At ₹730 it trades +7.8% versus its 200-day average and sits at 62% of its 52-week range (₹478–₹882).

Against the market, two honest reads. Cumulative: over the last 10.6 years the stock moved +84% while the NIFTY 500 moved +268% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2026-07-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Mayur Uniquoters Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: EARLY_EXPANSION. Still open: Consolidated operating profit margin falling below 19% alongside two consecutive quarters of declining export OEM revenues and cancellation of key US automotive platform supply contracts.

Our read, 22 August 2026. Export OEM automotive expansion and brownfield capacity additions drive double-digit earnings growth with 22-25% sustainable operating margins.

From the numbers. Mayur Uniquoters trades at 17.8x trailing earnings (37th percentile of 10-year valuation history) and 2.9x book value. The earnings cycle sits in early expansion driven by export OEM volume growth (+50% in FY26), while…

From the price. Price stage 2, week 25 — above its 200-day line, relative strength falling.

From the research. Export OEM automotive expansion and brownfield capacity additions drive double-digit earnings growth with 22-25% sustainable operating margins.

🚨 Where they disagree. Mayur Uniquoters trades at 17.8x trailing earnings (37th percentile of 10-year valuation history) and 2.9x book value. The earnings cycle sits in early expansion driven by export OEM volume growth (+50% in FY26), while the valuation multiple reflects compression from peak levels of 28.7x. While the deterministic cycle normalization flags a peak margin risk following Q4 FY26 OPM spike to 31%, Q1 FY27 results show operating margins stabilizing at 22% (operating profit ₹59 Cr), confirming normalized earnings durability in line with the 22-25% medium-term guidance framework.

What is proven. Export OEM automotive expansion and brownfield capacity additions drive double-digit earnings growth with 22-25% sustainable operating margins.

What is not proven yet. Consolidated operating profit margin falling below 19% alongside two consecutive quarters of declining export OEM revenues and cancellation of key US automotive platform supply contracts.

🚨 What would change our mind. Consolidated operating profit margin falling below 19% alongside two consecutive quarters of declining export OEM revenues and cancellation of key US automotive platform supply contracts.

Layer 1 read, 22 August 2026 — KEEP. Cheapest, least-run name here — export car-seat fabric lifted profit 36.6% while the shares barely moved. Profit rose 36.6% to 56 Cr in the June quarter and margin settled at 22%, exactly the level management calls its ongoing base after the March quarter's currency-flattered 31%. The reason is mix, not price: export orders from car makers reached 104 Cr, 38.7% of sales, and automotive exports grew about 50% to 290 Cr, while low-margin domestic footwear shrank as its raw-material costs doubled. The shares still trade at 15.9 times earnings, the 26th percentile of their own decade, with almost no debt (8 Cr) and cash covering 87% of reported profit over three years. The honest brake is that management has just cut its own three-year growth guide to 10-12% from 15-20%, which is why this is a…

What would change Layer 1’s mind. Two consecutive quarters with operating margin below 21% while export OEM revenue stops growing — that would say the 22-25% margin base is a currency-and-mix accident rather than the platform-supplier economics I am relying on, and it is the exact kill-switch the timeline attaches to the export driver.

Layer 2 read, 22 August 2026 — ADVANCE. OEM exports confirm the turn; sector supply risk caps confidence but does not break the thesis. Export OEM sales were Rs 73.6 crore and total exports Rs 104 crore, while the sector timeline confirms Mayur's OEM programmes are a structural customer-cycle shift. The rule labels FLEEING institutions plus SUPPLY_FLOOD as CAPACITY_RISK, but no source shows the stock's thesis kill-switch has fired.

What would change Layer 2’s mind. Flip to DROP if a filing or concall shows lost US OEM programmes, failed raw-material pass-through, or operating margin staying below management's stated sustainable band for two quarters.

Layer 3 read, 22 August 2026 — DEPLOY. Management says US tariffs already erased expected growth in general exports, and the targeted search confirms a live 2026 tariff regime; without a quantified 10% profit hit, L3 grades it MEDIUM. The thesis survives because export-OEM sales are already delivered and management cut planned expansion from a larger greenfield project to a smaller brownfield line, preserving capital while the risk clears.

What would change Layer 3’s mind. A tariff expansion that reaches Mexico-routed OEM shipments, followed by two quarters of falling export-OEM sales and margin below the Timeline's 19% break level, would escalate risk to HIGH and flip DEPLOY to DROP.

CIO read, 22 August 2026 — RETAIN. HELD (defended slot) · forward-asymmetry 69/100 · CLEAR_KEEP. Export OEM sales reached Rs 73.6 crore, while the share still trades near the lower part of its own rating history. A judged 12% EPS path clears the model's 7% hurdle; clean cash conversion and a small banked move support a clear keep.

The test written in advance. Consolidated operating profit margin falling below 19% alongside two consecutive quarters of declining export OEM revenues and cancellation of key US automotive platform supply contracts. — the thesis as written as stated by the next result.

The test written in advance. US Import Tariff and Protectionism Risk — US Import Tariff and Protectionism Risk US trade policy announcements on synthetic leather classification and North American origin rules. by the next result.

The test written in advance. Operating Margin Mean-Reversion from Peak Spike — Operating Margin Mean-Reversion from Peak Spike Quarterly OPM prints dropping below 21% or GPM contracting by more than 200 bps QoQ. by the next result.

What the company does. Export OEM mix expanded to 39% of sales, lifting blended realization and supporting 22-25% sustainable operating margins. Brownfield addition of 5 lakh meters monthly capacity at Jaipur facility by March 2027 adds ₹120-150 Cr revenue runway for ₹50 Cr capex. Net cash balance sheet with ₹8 Cr debt and 3-year aggregate OCF/PAT of 0.87 provides self-funded capital allocation flexibility.

🚨 What the surface reading misses. The surface reading is: Revenue grew 24.5% YoY in Q1 FY27. The research reads it further: Export-led volume growth and premium automotive mix drove top-line acceleration despite domestic footwear softness.

🚨 What the surface reading misses. The surface reading is: Operating profit grew 37.2% YoY with 200 bps margin expansion. The research reads it further: Higher realization on dollar-denominated export contracts offset domestic raw material inflation.

Lever 1 · Operating leverage — BUILDING. Automotive OEM export revenue reached ₹73.6 Cr in Q1 FY27, elevating sustainable operating margins to 22-25%. What proves it keeps working: Export OEM Automotive Mix Shift. It stops working if US or European automotive OEM production volumes contract sharply or supply platform contracts fail renewal.

Lever 2 · Value-added mix — BUILDING. New coating line at Jaipur facility adds 5 lakh meters monthly capacity by March 2027 for ₹50 Cr capex. What proves it keeps working: Capital-Efficient Brownfield Capacity Expansion. It stops working if Installation encounters engineering delays past Q4 FY27 or customer demand fails to absorb incremental volume.

Lever 3 · Management change — BUILDING. European entity targets marine, furnishing, and automotive upholstery segments to diversify export revenue. What proves it keeps working: European Geographic Expansion via Slovenia Subsidiary. It stops working if European economic slowdown dampens discretionary marine and luxury upholstery demand.

Lever 4 · Paying down debt — BUILDING. Domestic auto OEM sales of ₹56.1 Cr in Q1 FY27 supported by platform wins with Mahindra and Tata Motors. What proves it keeps working: Domestic Automotive OEM Platform Penetration. It stops working if Domestic auto OEMs shift to alternative fabrics or lower-cost unorganized PVC suppliers.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mayur Uniquoters Ltd reported ₹269 Cr of revenue in the Jun 26 quarter, +24.5% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 7.0% a year. The last full year, FY26, came in at ₹967 Cr. The last four reported quarters add to ₹1,019 Cr.

FY26 revenue came in at ₹967 Cr (+9.9% on the year), capping 10 years at 7.0% compound. The latest quarter (Jun 26) printed ₹269 Cr, +24.5% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.7% growth against the decade's 7.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.4% over the last 4 quarters against +11.8%/yr over the last 8 — accelerating; TTM profit +34.4% vs +27.2%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mayur Uniquoters Ltd's operating margin is 22.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 18.0% to 27.0%. The current quarter sits inside that band.

Why this happened. Mayur Uniquoters is scaling supply to major global automotive platforms including Ford, Chrysler/Stellantis, Mercedes-Benz, and BMW. Export OEM shipments generate higher unit realizations and wider gross margins than domestic footwear, lifting consolidated operating profit margins toward the 22-25% baseline.

The latest quarter's operating margin is 22.0%, +2.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 18.0%–27.0%.

Why the margin moved: operating margin went +2.0 pp year on year while gross margin went +0.7 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mayur Uniquoters Ltd earned ₹56.0 Cr of net profit in the Jun 26 quarter, +36.6% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹192 Cr. The 10-year compound rate is 9.6%. That is 20.8% of the quarter's revenue. The same quarter a year earlier earned ₹41.0 Cr.

Jun 26 profit was ₹56.0 Cr, +36.6% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹192 Cr (+28.9%), and the 10-year compound rate is 9.6%.

Why profit moved: revenue contributed +24.5% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +36.0% vs revenue +15.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 87% of Mayur Uniquoters Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹133 Cr of operating cash against ₹192 Cr of profit. After ₹22.0 Cr of capital spending, ₹111 Cr was left as free cash.

FY26: operating cash of ₹133 Cr against reported profit of ₹192 Cr, leaving free cash of ₹111 Cr after ₹22.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 87% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 87%: the cash cycle tightened 17 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mayur Uniquoters Ltd's cash conversion cycle runs 197 days in FY26, down from 214 days in FY21. Capital spending ran ₹60.0 Cr over the last 3 years. At FY26 sales of ₹967 Cr each day of that cycle holds about ₹2.6 Cr, so roughly ₹522 Cr sits inside the business at any moment.

FY26: debtors at 79 days, inventory at 170 days — roughly 5.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 197 days, tighter than FY21's 214.

The full loop: cash goes out to suppliers and production on day 0; stock waits 170 days to sell; customers pay about 79 days after that; and suppliers themselves are paid at 52 days — netting out to the 197-day cycle.

In money terms: at FY26 sales of ₹967 Cr, each day of the cycle holds about ₹2.6 Cr — so the 197-day loop keeps roughly ₹522 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹60.0 Cr over the last 3 fiscal years against ₹87.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹3.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mayur Uniquoters Ltd earns a ROCE of 24% in FY26. That is up from a trough of 17% in FY23. Return on invested capital clears the cost of that capital by +7.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 19.9% net margin on 0.77× asset turns.

FY26 ROCE is 24%, recovered from a FY23 trough of 17% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 19.9% net margin × 0.77× asset turns × 1.11× balance-sheet leverage ≈ 17.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 19.3% − 12.0% = a +7.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Mayur Uniquoters Ltd carries total debt of ₹8.0 Cr against shareholder equity of ₹1,133 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.04 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Why this happened. Increasing adoption of premium synthetic leather in Indian utility vehicles and passenger cars drives domestic OEM volume. Expanding partnerships with domestic manufacturers provide volume stability to counterbalance export shipping cycles.

Mar 26: total debt of ₹8.0 Cr against shareholder equity of ₹1,133 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.04 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.5 points of Mayur Uniquoters Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 4.8% of the company. Domestic institutions moved −0.8 points over the same window, to 3.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. The Slovenian operating subsidiary provides direct regional distribution into European replacement and luxury furnishing markets, supplementing OEM supplies to German automotive manufacturers and reducing single-geography dependency on the United States.

The register over the last two years — Foreign institutions: +1.5 points over 8 quarters to 4.8%; Domestic institutions: −0.8 points over 8 quarters to 3.1%; Promoters: +0.3 points over 8 quarters to 58.8%.

Why the register moved: foreign institutions drove it (+1.5 points), absorbed on the other side by domestic institutions (−0.8 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mayur Uniquoters Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mayur Uniquoters Ltd trades at 15.2× P/E, near the bottom of its own range — cheaper only 22% of the time. Its long-run median P/E is 19.1×, measured across 10.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.2× is near the bottom of its own range — cheaper only 22% of the time, against a long-run median of 19.1× measured over 10.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +28.4% against a +43.2% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +9.3%/yr price move, ~+15.7%/yr came from earnings growth and ~−6.4 pp from the multiple (compressing); over 10y, of the +5.5%/yr price move, ~+11.1%/yr came from earnings growth and ~−5.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 24 August 2026 price, Mayur Uniquoters Ltd was paying for profit growth of about 7.0% a year. Profit itself has compounded 9.6% a year over the past 10 years. Today the market pays 15.2× P/E, the 22nd percentile of its own 10-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 28 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mayur Uniquoters Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 24.5% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

79.9/100 — rank 1 of 2 in Plastics - Plastic & Plastic Products · 97% evidence confidence

Mayur Uniquoters Ltd scores 79.9 out of 100 against the 2 companies it is compared with in Plastics - Plastic & Plastic Products, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 28.2 + 20 + 16.8 + 14.9 = 79.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Mayur Uniquoters Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Top-Line Growth Guidance Reduced · 6 August 2026. Prior guidance in February 2026 was centered on 15% value growth, while the May 2026 call retained 8%-10% domestic and 15%-20% export growth expectations. In August 2026, management instead guided to 10%-12% top-line growth for the next 3 years, later broadening the range to 10%-15%; the generic reference to plans being outside management's control does not explain the quantified reduction.

Existing-Line Production Timeline Delayed · 6 August 2026. In May 2026, management said the already-ordered line at the existing facility should be completed by the end of calendar year 2026, with only a possible one-month variance. In August 2026, the production start moved to February-March 2027, a 2-3 month delay that could defer the planned 5 lakh meters of additional capacity; no explanation was provided for the revised timing.

International Plant Capex Assumption Reduced · 6 August 2026. Management repeatedly used an approximately INR300 crore estimate for a global facility in the February and May 2026 calls. In August 2026, the working assumption was reduced to Rs.250 crores over the subsequent 2 years, but management did not clarify whether the reduction reflects a change in scope, location, or facility specifications.

🚨 FY26 Growth Guidance Downgrade · 2 February 2026. Management maintained specific guidance of 12-15% revenue growth and 15-20% profit growth for FY26 during the November call. In the February call, however, they lowered expectations to a general 'conventional outlook' of 10% growth for the current year, effectively cutting the profit guidance target by up to half without specific justification. Earlier call (Nov 2025): “Yes. We are sticking to our earlier guidance... 12% to 15% revenue growth and 15% to 20% profit growth for FY”. Later call (Feb 2026): “This year and next year, we have kept a conventional outlook for 10% growth.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions