Sector Alpha Week of 2026-08-14
Sector Alpha — machine-written from the numbers · Data as of 2026-08-14

Mayur Uniquoters Ltd

MAYURUNIQ
Plastics - Plastic & Plastic Products

Mayur Uniquoters Ltd is coiled. The quarters are improving, yet the P/E sits at the 24th percentile of its own 10-year range — the business is moving before the market.

Biggest watch item: the price is already 19 weeks into its uptrend — timing risk, not thesis risk.

The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 24th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +36.6% year on year, and 87% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹744
+43.9% 1Y
P/E
15.6×
24th pctile
of its own 10-year range
Revenue (Jun 26)
₹269 Cr
+24.5% YoY
Profit (Jun 26)
₹56.0 Cr
+36.6% YoY
Operating margin
22.0%
+2.0 pp YoY
ROCE
25%
FY26
ROIC
18.7%
vs WACC 12.0% → +6.7 pp
Cash conversion
87%
of profit, last 3 FY
01 · Price story

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 ₹744, in a confirmed uptrend and 19 weeks into that stage. That is +13.7% against its own 200-day average. It sits at 66% 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 (3 weeks and counting).

Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹744 it trades +13.7% versus its 200-day average and sits at 66% of its 52-week range (₹478–₹882).

Aug 26: ₹744 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+13.7% versus the 200-day line, week 19 of stage 2
Price50-day avg200-day avg
S2S4S2S4S4S2₹917₹791₹666₹541₹416₹744₹655Aug 23May 24Feb 25Dec 25Aug 26
S2S4S2S4S4S2₹917₹791₹666₹541₹416₹744₹655Aug 23Feb 25Aug 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (553 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Aug 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +87% while the NIFTY 500 moved +284% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 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.

02 · Story check

Story check

Mayur Uniquoters Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: EARLY_EXPANSION. Still open: A collapse in export demand. Our fortnightly research layers last read it on 19 July 2026.

NOT YET CHECKED

Our read, 27 June 2026. Strong export growth driving margin expansion.

From the numbers. Cycle looks solid.

From the price. Price stage 2, week 19 — above its 200-day line, relative strength falling.

From the research. Strong export growth driving margin expansion.

🚨 Where they disagree. Cycle looks solid.

What is proven. Strong export growth driving margin expansion.

What is not proven yet. A collapse in export demand.

🚨 What would change our mind. A collapse in export demand.

Layer 1 read, 19 July 2026 — KEEP. Cheap (17.8x PE) held compounder with EPS climbing 6.95 to 13.68 over 3 years — but the WHY sits on a thin synthetic timeline and working capital is bloating. As an open position the hold case is intact: a CHEAP, compressing multiple while EPS nearly doubled over 12 quarters and the Mar 2026 quarter printed a 31% margin off a 19-23% band. Conviction is capped because the timeline is a web-fallback with only two model-grade claims and no concall so the export-growth WHY can't be corroborated, and working-capital days have bloated to 244 from a 156 average (+56%) with no explanation.

What would change Layer 1’s mind. A collapse in export demand — OR the Mar26 31% OPM proving a one-quarter artifact that reverts to the 19-21% band while working-capital days keep bloating, which would confirm the earnings quality is leaking rather than compounding.

Layer 2 read, 19 July 2026 — ADVANCE. Held export compounder — cohort's supply-glut/FII-exit label is not THIS name's exit; WC bloat is inventory, not receivables. Mayur is a held position on an intact hold thesis: PE 17.8 at the 33.8th percentile compressing while earnings expand, and the sector bundle names it the cohort standout on a 66% PAT beat from value-added export mix. The scary sector labels — CAPACITY_RISK, institutions FLEEING — are a 7-stock aggregate that Mayur's own book contradicts (FIIs rose 3.34% to 4.78% over six quarters), and the working-capital bloat to 244 days is inventory-led, not collection failure (debtor days flat 76->79). Genuine yellow flags, no thesis-break: hold continues.

What would change Layer 2’s mind. Debtor days spiking (export receivables turning uncollectible) rather than the current inventory build, OR the promoter/FII line in the NAME reversing to match the fleeing cohort, OR a collapse in export demand per the timeline's stops_working_if ('Tariffs increase' / export-demand collapse) — any of these flips ADVANCE toward BENCH/DROP.

Layer 3 read, 19 July 2026 — DEPLOY. Clean-governance export compounder; only real risk is a two-sided feedstock/tariff squeeze that partly self-hedges — DEPLOY.

What would change Layer 3’s mind. A specific US tariff order/rate on this HS category at >10% PAT impact within 1-2 quarters, OR a promoter pledge / SEBI action breaking the CLEAN dossier, escalates geopolitical/governance to HIGH and flips to DROP. Sharpening the Timeline's own falsifier: a collapse in export demand (not just cost inflation) would break the thesis — a CIO cycle call.

The test written in advance. A collapse in export demand. — the thesis as written as stated by the next result.

The test written in advance. Tariff Risk — Tariff Risk US policy announcements by the next result.

What the company does. Export growth is strong. Margins are expanding. Capex planned.

The dials — and the exact level that would change the read
DialNowWasWhy it mattersWatch line
Export GrowthHIGHExport OEM demand is strong.Tariffs increase.
Everything further down this page is evidence for or against these.
the numbers
EARLY_EXPANSION
the price
stage 2, above the 200-day line
the why
NEAR_TROUGH
FY26-Q1FY26-Q4

🚨 What the surface reading misses. The surface reading is: Growth The research reads it further: Sustainable

🚨 What the surface reading misses. The surface reading is: Better mix The research reads it further: Pricing power

1 · Operating leverageBUILDING
2 · Value-added mixQUIET
3 · Management changeQUIET
4 · Paying down debtQUIET
5 · Regulatory approvalQUIET
6 · Order-book winsQUIET
7 · ConsolidationQUIET
8 · Demerger or value unlockQUIET
9 · BuybackQUIET
10 · New geographiesQUIET
11 · Selling more to existing customersQUIET
12 · New product launchQUIET
13 · Mandatory normsQUIET
14 · A bigger market to sell intoQUIET
15 · Market-share gainsQUIET
16 · Asset qualityQUIET

Lever 1 · Operating leverage — BUILDING. Export OEM demand is strong. What proves it keeps working: Export Growth. It stops working if Tariffs increase.

Sources: our stock research file (27 June 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.

The whole page in one table — every row jumps to its section
SectionWhere it is nowVs a year agoThe one thing to watch nextRead
Margin22%Export Growth
03 · Revenue

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.

FY26 revenue ₹967 Cr (+9.9% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
7.0% a year over 10 years
RevenueYoY growth
1.0k31%78320%5228.6%261−2.6%0−14%₹ Cr%₹9679.9%FY16FY21FY26
1.0k31%78320%5228.6%261−2.6%0−14%₹ Cr%₹9679.9%FY16FY21FY26
Jun 26: ₹269 Cr (+24.5% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
10th straight quarter of growth
Revenue (quarterly)YoY growth
29527%22119%14712%744.8%0−2.5%₹ Cr%₹26924.5%Sep 23Dec 24Jun 26
29527%22119%14712%744.8%0−2.5%₹ Cr%₹26924.5%Sep 23Dec 24Jun 26

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.

FY26-Q3. The quarter showed strong growth.

FY26-Q4. The quarter showed strong growth.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

04 · Operating margin

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. Export growth is driving the overall thesis.

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.

FY26: 24.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 11-year window.
within a 18.0–27.0% band over 11 years
operating marginYoY change (pp)
28%4.7%25%2.1%23%−0.5%20%−3.1%17%−5.7%%%24%2%FY16FY21FY26
28%4.7%25%2.1%23%−0.5%20%−3.1%17%−5.7%%%24%2%FY16FY21FY26
Jun 26: 22.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
32%11%28%7.3%25%3.5%22%−0.3%18%−4.0%%%22%2%Sep 23Dec 24Jun 26
32%11%28%7.3%25%3.5%22%−0.3%18%−4.0%%%22%2%Sep 23Dec 24Jun 26

FY26-Q3. The quarter showed strong growth.

FY26-Q4. The quarter showed strong growth.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Watch next
MetricExport Growth
ThresholdTariffs increase.
Which resultthe next result
05 · Net profit

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%.

FY26 profit ₹192 Cr (+28.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
9.6% a year over 10 years
Net profitYoY growth
20732%15621%1048.9%52−2.7%0−14%₹ Cr%₹19228.9%FY16FY21FY26
20732%15621%1048.9%52−2.7%0−14%₹ Cr%₹19228.9%FY16FY21FY26
Jun 26: ₹56.0 Cr (+36.6% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
10th straight quarter of growth
Net profit (quarterly)YoY growth
6470%4851%3232%1614%0−5.2%₹ Cr%₹5636.6%Sep 23Dec 24Jun 26
6470%4851%3232%1614%0−5.2%₹ Cr%₹5636.6%Sep 23Dec 24Jun 26

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.

FY26-Q3. The quarter showed strong growth.

FY26-Q4. The quarter showed strong growth.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

06 · Cash flow — the router

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.

FY26: CFO ₹133 Cr vs profit ₹192 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
87% of 3-year profit arrived as cash
Operating cashNet profitFree cash
2101458117−48₹ Cr₹133₹192₹111FY16FY21FY26
2101458117−48₹ Cr₹133₹192₹111FY16FY21FY26
FY26: CFO = 69% of profit (three-year rate 87%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
124%95%65%35%5.8%%69%FY16FY21FY26
124%95%65%35%5.8%%69%FY16FY21FY26

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.

07 · Where the cash goes

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.

FY26: a 197-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 11-year window.
−17 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
2391861338027days197d170d79d52dFY16FY18FY21FY23FY26
2391861338027days197d170d79d52dFY16FY21FY26

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.

FY26: capex ₹22.0 Cr, work-in-progress ₹3.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
594530150₹ Cr₹22₹3FY17FY19FY21FY23FY26
594530150₹ Cr₹22₹3FY17FY21FY26

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

08 · Return on capital

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 25% in FY26. That is up from a trough of 17% in FY23. Return on invested capital clears the cost of that capital by +6.7 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 25%, 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: 18.7% − 12.0% = a +6.7 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.

FY26: ROCE 25% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 10-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY23's 17%
ROCEROIC (annual)WACC
36%29%23%17%10%%25%19.2%FY17FY21FY26
36%29%23%17%10%%25%19.2%FY17FY21FY26
Q4 FY26: ROCE 17.9% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
18%17%15%13%12%%17.9%16.9%Q1 FY24Q2 FY25Q4 FY26
18%17%15%13%12%%17.9%16.9%Q1 FY24Q2 FY25Q4 FY26
09 · Debt

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.

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.

FY26: debt ₹8.0 Cr at 0.01× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
330.042×250.034×170.025×80.016×00.008×₹ Cr×₹80.01×FY22FY24FY26
330.042×250.034×170.025×80.016×00.008×₹ Cr×₹80.01×FY22FY24FY26
Mar 26: debt ₹8.0 Cr, debt-to-equity 0.01 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
270.032×200.026×140.020×70.014×00.008×₹ Cr×₹80.01×Jun 23Sep 24Mar 26
270.032×200.026×140.020×70.014×00.008×₹ Cr×₹80.01×Jun 23Sep 24Mar 26
10 · Ownership

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.

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.

Fiscal-year ends: promoters +0.3 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
63%47%31%15%−1.6%%58.8%3.7%3.6%33.9%Mar 24Mar 25Mar 26
63%47%31%15%−1.6%%58.8%3.7%3.6%33.9%Mar 24Mar 25Mar 26
Foreign institutions added 1.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
64%47%31%14%−2.6%%58.8%4.8%3.1%33.3%Jun 23Dec 24Jun 26
64%47%31%14%−2.6%%58.8%4.8%3.1%33.3%Jun 23Dec 24Jun 26
11 · Safety line

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.

12 · Valuation

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 15.6× P/E, near the bottom of its own range — cheaper only 24% of the time. Its long-run median P/E is 19.2×, measured across 10.1 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 15.6× is near the bottom of its own range — cheaper only 24% of the time, against a long-run median of 19.2× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 15.6× vs a 19.2× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.1-year window; loss-period spikes above 29× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 24% of the time
P/EMedianEPS (TTM) (quarterly)
30.2×₹51.524.5×₹38.718.8×₹25.813.0×₹12.97.3×₹0.0×15.60×₹48Jul 16Jan 19Aug 21Mar 24Aug 26
30.2×₹51.524.5×₹38.718.8×₹25.813.0×₹12.97.3×₹0.0×15.60×₹48Jul 16Aug 21Aug 26
PEG 0.39 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 11 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
2.9×2.3×1.6×0.9×0.2××0.39×Q2 FY24Q4 FY24Q3 FY25Q1 FY26Q4 FY26
2.9×2.3×1.6×0.9×0.2××0.39×Q2 FY24Q3 FY25Q4 FY26
P/E
15.6×
24th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +28.4% against a +43.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +8.4%/yr price move, ~+15.7%/yr came from earnings growth and ~−7.3 pp from the multiple (compressing); over 10y, of the +5.3%/yr price move, ~+11.0%/yr came from earnings growth and ~−5.7 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.

13 · Stage: Consistent

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.

Growth, year by year: revenue +9.9% in FY26, profit +28.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
31%32%20%21%8.6%8.9%−2.6%−2.7%−14%−14%%%9.9%28.9%FY16FY21FY26
31%32%20%21%8.6%8.9%−2.6%−2.7%−14%−14%%%9.9%28.9%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit accelerating
RevenueProfitEPS
16%38%13%30%9.5%21%6.1%13%2.7%4.3%%%15.4%34.4%35.7%Sep 23Dec 24Jun 26
16%38%13%30%9.5%21%6.1%13%2.7%4.3%%%15.4%34.4%35.7%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
25%23%22%20%19%%24.5%Sep 23Mar 24Dec 24Sep 25Jun 26
25%23%22%20%19%%24.5%Sep 23Dec 24Jun 26
Revenue growth
Steady high
latest +15.4% · span +3.6% to +15.4%
Profit growth
Rising
latest +34.4% · span +6.6% to +34.4%
EPS growth
Rising
latest +35.7% · span +7.9% to +35.7%
ROCE
Rising
latest 24.5% · span 19.3%–24.5%

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

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+9.9%+7.6%+13.5%+7.0%
Profit+28.9%+22.7%+16.4%+9.6%
EPS+28.4%+23.0%+17.0%+10.2%
Share price+43.9%+14.0%+8.4%+5.3%
Revenue YoY (Jun 26)
+24.5%
latest quarter vs a year ago
Profit YoY (Jun 26)
+36.6%
latest quarter vs a year ago
Revenue 10y
7.0%
long-run compound pace
14 · 4-Factor Sector Score

4-Factor Sector Score

65.6/100 — rank 1 of 8 in Plastics - Plastic & Plastic Products · 100% evidence confidence

Mayur Uniquoters Ltd scores 65.6 out of 100 against the 8 companies it is compared with in Plastics - Plastic & Plastic Products, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 25 + 15.6 + 16 + 9 = 65.6. 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.

15 · Said versus delivered

Said versus delivered

What Mayur Uniquoters Ltd's management promised, set against what actually arrived — 3 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.

🚨 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.”

Expansion Timeline Regression · 2 February 2026. In November, management committed to 'definitely' installing a new production line in India within a 'few months' to meet immediate capacity needs while foreign expansion was paused. The February call reveals a step back to the evaluation phase, with management now deliberating between a South India plant or a global location rather than executing the immediate domestic addition previously promised. Earlier call (Nov 2025): “Definately, we will put one more line in coming few months in India. Of course, we have to increase our capacity.” Later call (Feb 2026): “We are looking at both options [South India vs Global]... We are evaluating which one to prioritize... Once a final decision is made, we will let you know.”

PU Segment Performance Reversal · 2 February 2026. During the November call, management highlighted a 21% volume increase in the PU division and expressed optimism about imminent deals. In the February call, volumes contract materially to 2.56 lakh meters (vs 3.14 lakh in Nov), and management's confidence has eroded, shifting from expecting 'good news' to refusing to comment on utilization due to a lack of finalized agreements. Earlier call (Nov 2025): “Our volume from PU plant is, for the quarter, 314,000... We are talking to customers waiting for the orders and waiting for the good news.” Later call (Feb 2026): “PU, which was 2.56 lakh meters for the quarter... Until and unless we have something in hand, I do not want to comment [on utilization].”

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

16 · Related companies · Plastics - Plastic & Plastic Products
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Mayur Uniquoters Ltdthis pageMAYURUNIQ 65.6/100Favorable setup100% evidence LEADER 25.0/35 Revenue 15.4% · PAT 34.4% · OPM change 2 pp 100% evidence 15.6/25 ROCE 24.7% · OPM 22% 100% evidence 16.0/20 P/E 15.6× · PEG 0.62 100% evidence 9.0/20 RS sector 0.8% · RS bench 23.3% · 1Y 40.5%12 of 12 weeks ahead 100% evidence
Exact sum: 25 + 15.6 + 16 + 9 = 65.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Arrow Greentech LtdARROWGREEN 65.6/100Favorable setup87% evidence LEADER 16.2/35 Revenue 12.8% · PAT 16.7% · OPM change 7 pp 95% evidence 20.5/25 ROCE 30.4% · OPM 41% 95% evidence 8.9/20 P/E 19.1× · PEG — 50% evidence 20.0/20 RS sector 19.2% · RS bench 46% · 1Y 8%12 of 12 weeks ahead 100% evidence
Exact sum: 16.2 + 20.5 + 8.9 + 20 = 65.6 · Decision use: Price leads the evidence: RS versus the benchmark is 46%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3Shaily Engineering Plastics LtdSHAILY 62.2/100Mixed-positive evidence97% evidence LEADER 29.8/35 Revenue 19.9% · PAT 50.4% · OPM change 2 pp 95% evidence 17.9/25 ROCE 29.3% · OPM 30% 95% evidence 1.0/20 P/E 87.5× · PEG 4.29 100% evidence 13.5/20 RS sector 10.5% · RS bench 35.6% · 1Y 110.5%12 of 12 weeks ahead 100% evidence
Exact sum: 29.8 + 17.9 + 1 + 13.5 = 62.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4Nilkamal LtdNILKAMAL 56.8/100Mixed-positive evidence87% evidence BREAKING OUT 19.3/35 Revenue 7.6% · PAT 20.2% · OPM change 2 pp 95% evidence 9.4/25 ROCE 10.6% · OPM 9% 95% evidence 11.9/20 P/E 20.6× · PEG — 50% evidence 16.2/20 RS sector 3.7% · RS bench 28.3% · 1Y 13.3%5 of 12 weeks ahead 100% evidence
Exact sum: 19.3 + 9.4 + 11.9 + 16.2 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Plastiblends India LtdPLASTIBLEN 53.1/100Mixed-positive evidence82% evidence LEADER 21.0/35 Revenue 5.7% · PAT 31.3% · OPM change 3 pp 95% evidence 8.7/25 ROCE 10.7% · OPM 10% 76% evidence 14.9/20 P/E 12.1× · PEG — 50% evidence 8.5/20 RS sector -6% · RS bench 15.9% · 1Y 4.6%12 of 12 weeks ahead 100% evidence
Exact sum: 21 + 8.7 + 14.9 + 8.5 = 53.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Kingfa Science & Technology (India) LtdKINGFA 51.6/100Mixed-positive evidence100% evidence TURNING 24.2/35 Revenue 24.1% · PAT 46.1% · OPM change 3 pp 100% evidence 13.8/25 ROCE 23.2% · OPM 16% 100% evidence 4.8/20 P/E 35.2× · PEG 3.11 100% evidence 8.8/20 RS sector 0.8% · RS bench 24.2% · 1Y 67.7%9 of 12 weeks ahead 100% evidence
Exact sum: 24.2 + 13.8 + 4.8 + 8.8 = 51.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7DDev Plastiks Industries LtdDDEVPLSTIK 45.7/100Mixed-negative evidence94% evidence BREAKING OUT 12.6/35 Revenue 15.3% · PAT 9.2% · OPM change 0 pp 100% evidence 15.4/25 ROCE 31% · OPM 9% 100% evidence 13.1/20 P/E 13.4× · PEG 1.72 100% evidence 4.6/20 RS sector -15.3% · RS bench -3.2% · 1Y -3.4%6 of 10 weeks ahead 70% evidence
Exact sum: 12.6 + 15.4 + 13.1 + 4.6 = 45.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8Responsive Industries LtdRESPONIND 20.0/100Adverse evidence87% evidence ASLEEP 2.3/35 Revenue -13.1% · PAT -49.4% · OPM change -9.3 pp 100% evidence 8.8/25 ROCE 10.8% · OPM 12.1% 100% evidence 5.9/20 P/E 43.4× · PEG 3.05 65% evidence 3.0/20 RS sector -17.6% · RS bench -10.3% · 1Y -16.9%6 of 10 weeks ahead 70% evidence
Exact sum: 2.3 + 8.8 + 5.9 + 3 = 20 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

17 · Frequently asked questions

Frequently asked questions

What is Mayur Uniquoters Ltd's share price today?

Mayur Uniquoters Ltd trades at ₹744, +43.9% over the past year. The company is valued at ₹3,235 Cr. The stock sits at 66% of its 52-week range of ₹478–₹882, +13.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 14 August 2026.

What were Mayur Uniquoters Ltd's latest quarterly results?

Mayur Uniquoters Ltd reported revenue of ₹269 Cr and net profit of ₹56.0 Cr for the Jun 26 quarter. Revenue rose 24.5% and profit rose 36.6% year on year. Earnings per share were ₹12.92. The operating margin was 22.0%, 2.0 pp higher than a year earlier. — as of 14 August 2026.

What is Mayur Uniquoters Ltd's revenue?

Mayur Uniquoters Ltd reported revenue of ₹269 Cr in the Jun 26 quarter, +24.5% year on year. For the full FY26 fiscal year, revenue was ₹967 Cr (+9.9%). Over the last 10 years revenue compounded at 7.0% a year. — as of 14 August 2026.

What is Mayur Uniquoters Ltd's profit?

Mayur Uniquoters Ltd earned ₹56.0 Cr of net profit in the Jun 26 quarter, +36.6% year on year — the 10th straight quarter of growth. Full-year FY26 profit was ₹192 Cr. The operating margin ran 22.0% in the latest quarter. — as of 14 August 2026.

What is Mayur Uniquoters Ltd's market cap?

Mayur Uniquoters Ltd's market capitalisation is ₹3,235 Cr at a share price of ₹744. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.

What is Mayur Uniquoters Ltd's P/E ratio?

Mayur Uniquoters Ltd trades at a P/E of 15.6×, at the 24th percentile of its own 10-year range, against a long-run median of 19.2×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.

Does Mayur Uniquoters Ltd pay a dividend?

Yes — Mayur Uniquoters Ltd's dividend payout was 14% of profit in FY26, and it recorded a payout in each of its last 11 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.

Is Mayur Uniquoters Ltd overvalued?

On its own history, Mayur Uniquoters Ltd looks cheap: its P/E of 15.6× has been cheaper only 24% of the time in 10 years (long-run median 19.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.

Is Mayur Uniquoters Ltd growing?

Yes — Mayur Uniquoters Ltd is growing: latest-quarter revenue +24.5% year on year, profit +36.6%, and the margin +2.0 pp at 22.0%. The 10-year compound rates are 7.0% (revenue) and 9.6% (profit). The earnings engine currently reads: improving — as of 14 August 2026.

How is Mayur Uniquoters Ltd performing?

Mayur Uniquoters Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 24.5% and profit rose 36.6% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 14 August 2026.

What stage is Mayur Uniquoters Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 24.5% and holding. The read comes from the last 12 quarters of growth (revenue growth +15.4% latest, profit growth +34.4% latest, eps growth +35.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.

Is Mayur Uniquoters Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +13.7% versus its 200-day average and at 66% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.

Is Mayur Uniquoters Ltd beating the market?

Not lately — on a trailing-13-week view Mayur Uniquoters Ltd is currently behind the NIFTY 500 (3 weeks and counting; last ahead the week of 2026-07-24), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +87% against the NIFTY 500's +284% — behind the index over the full window. — as of 14 August 2026.

Will Mayur Uniquoters Ltd's share price go up?

This page publishes no price forecast for Mayur Uniquoters Ltd. What it measures instead: the share price is ₹744, the price is in a confirmed uptrend 19 weeks in. Its P/E of 15.6× sits at the 24th percentile of its own 10-year range. — as of 14 August 2026.

Who owns Mayur Uniquoters Ltd?

Promoters hold 58.8% of Mayur Uniquoters Ltd, foreign institutions 4.8%, domestic institutions 3.1% and the public 33.3% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 1.5 points over 8 quarters. — as of 14 August 2026.

Does Mayur Uniquoters Ltd have too much debt?

No — Mayur Uniquoters Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹8.0 Cr against equity of ₹1,133 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.

What is Mayur Uniquoters Ltd's capex?

Mayur Uniquoters Ltd spent ₹60.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹22.0 Cr, with ₹3.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.

What is Mayur Uniquoters Ltd's cash flow?

Mayur Uniquoters Ltd generated ₹133 Cr of operating cash flow in FY26 and ₹111 Cr of free cash flow after ₹22.0 Cr of capital spending. Reported profit that year was ₹192 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.

Is Mayur Uniquoters Ltd's profit real cash?

Yes — over the last 3 fiscal years, 87% of Mayur Uniquoters Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹133 Cr against reported profit of ₹192 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 14 August 2026.

Where is Mayur Uniquoters Ltd in its business cycle?

Mayur Uniquoters Ltd's FY26 operating margin was 24.0%, against a 11-year band of 18.0%–27.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 22.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.

What could break the Mayur Uniquoters Ltd story?

Biggest watch item: the price is already 19 weeks into its uptrend — timing risk, not thesis risk. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.

Is Mayur Uniquoters Ltd a stock worth studying right now?

This is not investment advice. The machine read: Mayur Uniquoters Ltd is coiled. The quarters are improving, yet the P/E sits at the 24th percentile of its own 10-year range — the business is moving before the market. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.

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