MAYURUNIQ - Mayur Uniquoters
📢 Recent Corporate Announcements
Mayur Uniquoters has appointed Mrs. Puja Poddar as President-HR and Administration and Senior Management Personnel, effective March 02, 2026. Mrs. Poddar is a promoter of the company and the daughter-in-law of the current Chairman and Managing Director, Mr. Suresh Kumar Poddar. She previously served the company for approximately five years, focusing on color technology and material innovation for artificial leather. This appointment marks a transition of a promoter family member into a key administrative leadership role.
- Appointment of Mrs. Puja Poddar as President-HR and Administration effective March 02, 2026
- Mrs. Poddar is a promoter and daughter-in-law of Chairman and MD Mr. Suresh Kumar Poddar
- Brings 5 years of previous experience within the company in R&D and material innovation
- The Board meeting for the appointment concluded within 40 minutes on March 02, 2026
Mayur Uniquoters has announced the appointment of Mrs. Puja Poddar as President-HR and Administration, effective March 02, 2026. Mrs. Poddar is a member of the promoter group and the daughter-in-law of the current Chairman and Managing Director, Mr. Suresh Kumar Poddar. She previously held a five-year tenure at the company focusing on color technology and material innovation for artificial leather. Her new role will involve overseeing the comprehensive HR and administrative functions of the organization.
- Mrs. Puja Poddar appointed as President-HR and Administration and Senior Management Personnel (SMP) effective March 02, 2026.
- The appointee is a promoter and daughter-in-law of CMD & CEO Mr. Suresh Kumar Poddar.
- Brings 5 years of prior experience within Mayur Uniquoters specializing in R&D and material innovation.
- The Board meeting was conducted via video conferencing and concluded within 40 minutes.
Mayur Uniquoters reported a robust performance for Q3 FY26, with stand-alone PAT growing 77% YoY to ₹52.93 crores and revenue increasing 22% to ₹236.99 crores. The company maintained healthy margins of 24-25%, driven by a strong export contribution of ₹97.18 crores. Management is actively evaluating a ₹200 crore capex for a South India plant and a potential ₹300 crore global facility to mitigate long-term tariff risks. Expansion into Europe is also gaining traction through a new subsidiary in Estonia focusing on the Marine and Furnishing segments.
- Stand-alone PAT increased 77% YoY to ₹52.93 crores, while stand-alone revenue grew 22% to ₹236.99 crores.
- Export revenue reached ₹97.18 crores for the quarter, with management expecting export growth to continue outpacing domestic growth.
- Total sales volume stood at 76.3 lakh meters, which includes 2.56 lakh meters of PU leather.
- Evaluating a ₹200 crore capex for a South India PVC plant with an ultimate capacity of 1 million meters per month.
- Maintained EBITDA margins in the 24-25% range due to a favorable product mix and increased focus on high-margin export OEMs.
Mayur Uniquoters Limited has released the audio recording of its earnings conference call held on February 02, 2026. The call discussed the company's unaudited financial performance for the third quarter and the nine-month period ended December 31, 2025. This disclosure follows SEBI (LODR) Regulations to ensure transparency for shareholders. Investors can access the recording via the company's website to understand management's outlook on the synthetic leather industry and operational performance.
- Earnings conference call held on February 02, 2026, for Q3 FY2026 results.
- Audio recording covers the nine-month period ending December 31, 2025.
- Recording made available via a direct MP3 link on the company's official website.
- Compliance with Regulation 30 and 46 of SEBI Listing Obligations and Disclosure Requirements.
Mayur Uniquoters reported a robust performance for the quarter ended December 31, 2025, with standalone revenue growing 21.6% YoY to ₹236.99 crore. The company's net profit saw a significant jump of 77.4% YoY, reaching ₹52.94 crore, supported by a 70.6% increase in Profit Before Tax. Alongside the financial results, the board approved the appointment of Mr. Samdar Singh as Senior General Manager - HR and Administration to the senior management team. These results indicate strong operational leverage and growth in their core synthetic leather business.
- Standalone Revenue from operations rose 21.6% YoY to ₹23,698.52 lakhs in Q3 FY26.
- Net Profit for the quarter surged 77.4% YoY to ₹5,293.51 lakhs from ₹2,984.16 lakhs in Q3 FY25.
- Earnings Per Share (EPS) increased to ₹12.18 for the quarter, up from ₹6.88 in the previous year's corresponding period.
- Profit Before Tax (PBT) stood at ₹7,008.79 lakhs, representing a 70.6% growth over the previous year.
- Appointed Mr. Samdar Singh as Senior General Manager - HR and Administration (SMP) effective January 30, 2026.
Mayur Uniquoters has scheduled a conference call for Monday, February 2, 2026, at 3:30 PM IST to discuss its Q3FY26 and nine-month financial results. The call will feature top management, including Chairman and MD Suresh Kumar Poddar and CFO Vinod Kumar Sharma. This interaction will focus on the company's financial performance for the period ending December 31, 2025, and provide a roadmap for future business outlook. Such calls are critical for understanding management's perspective on sectoral demand and margin sustainability.
- Conference call scheduled for February 2, 2026, at 3:30 PM IST
- Agenda focuses on Un-audited Standalone and Consolidated Q3FY26 and 9MFY26 results
- Management representation includes Chairman & MD Suresh Kumar Poddar and CFO Vinod Kumar Sharma
- Discussion will include future business outlook and operational updates
- Call hosted in coordination with Monarch Networth
Mayur Uniquoters has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The document, provided by the company's RTA, Beetal Financial & Computer Services, confirms that all share certificates received for dematerialization were processed and cancelled within 15 days. It also ensures that the names of the depositories have been updated in the register of members as the registered owners. This filing is a standard regulatory requirement to ensure transparency in shareholding records.
- Quarterly compliance certificate submitted for the period ending December 31, 2025.
- RTA confirms processing of dematerialization requests within the mandatory 15-day window.
- Verification that security certificates were mutilated and cancelled after due verification.
- Confirms that dematerialized securities are listed on BSE and NSE.
Mayur Uniquoters Ltd has announced the closure of its trading window starting January 01, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure ahead of the declaration of the company's un-audited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure effective from January 01, 2026.
- Closure relates to the financial results for the quarter and nine months ended December 31, 2025.
- Restriction applies to Directors, Promoters, KMPs, and Designated Employees.
- Trading window will reopen 48 hours after the financial results are officially declared.
Mayur Uniquoters Ltd announced the resignation of Mr. Babu Pathanjali from the post of General Manager - Production Head (SMP), effective December 06, 2025. Mr. Pathanjali resigned to pursue new career opportunities. The company has accepted his resignation and relieved him from his duties from the close of business hours on December 06, 2025. There are no other material reasons for his resignation.
- Mr. Babu Pathanjali resigned as General Manager - Production Head effective December 06, 2025
- Resignation effective from close of business hours on Saturday, December 06, 2025
- Mr. Pathanjali designated as Senior Management Personnel (SMP)
- Company Secretary is Kapil Arora, ACS 57885
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment: PU/PVC Synthetic Leather. Consolidated Total Operating Income (TOI) grew at a 10% CAGR over the three years ending FY25. In Q2 FY26, standalone revenue reached INR 237.76 Cr (up 15% QoQ) and consolidated revenue reached INR 240.31 Cr (up 8% QoQ). The PU segment specifically saw a 48% value growth in Q2 FY26, reaching INR 7.80 Cr.
Geographic Revenue Split
Export revenue share increased to 42% in Q2 FY26, up from 38-40% in the previous quarter. The company is focusing on US and European OEM markets. Direct exports to the US are low as the company primarily supplies to seat cover manufacturers in Mexico to mitigate tariff impacts.
Profitability Margins
Net Profit Margin was 17.19% in FY25. PAT rose to INR 149 Cr in FY25 from INR 122 Cr in FY24 (a 22% increase). H1FY26 margins were impacted by a one-time INR 10 Cr provision for old inventory, causing a 119 bps moderation in PBILDT margin to 20.49%.
EBITDA Margin
PBILDT margin improved to 22.76% in FY25, up 232 bps from 20.45% in FY24. This improvement was driven by a favorable product mix, specifically high-margin automotive exports, and effective cost-control measures.
Capital Expenditure
The company maintains a low reliance on debt for expansion, utilizing healthy cash flow generation. While specific future INR figures for capex are not disclosed, the company has unencumbered liquid investments of INR 384 Cr as of March 31, 2025, to fund operations and growth.
Credit Rating & Borrowing
The company maintains a strong credit profile with a Debt-to-Equity ratio of 0.01x and an Interest Coverage Ratio of 133.24x. Total debt is negligible compared to a capital base of INR 962 Cr as of March 2025.
Operational Drivers
Raw Materials
Key raw materials include PVC resin, PU resins, and various chemicals used in synthetic leather manufacturing. Raw material costs declined in FY24, which partially offset a decline in average sales realization.
Import Sources
Not specifically disclosed in the provided documents, though the company notes risks related to the 'irregular supply of raw material' globally.
Capacity Expansion
The company is ramping up its PU (Polyurethane) operations with a target to reach INR 100-125 Cr in revenue in the medium term. Current PU revenue is approximately INR 30 Cr (estimated for FY26).
Raw Material Costs
Raw material costs are a significant driver; higher input costs in FY23 led to a decline in PBILDT margin to 18.64% from 19.94% in FY22. The company uses cost-control measures to manage these fluctuations.
Manufacturing Efficiency
Capacity utilization is improving, supporting a healthy PBILDT margin of ~22%. The company employs data analytics in internal audits and 5S/Kaizen practices to enhance efficiency.
Logistics & Distribution
The company is expanding its retail distribution network for the 'Texture and Hues' brand, targeting 1,000 dealers (over 700 already established as of November 2024).
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
Growth will be achieved through a 10-12% increase in TOI supported by new client/model additions in the automotive OEM segment, the progressive ramp-up of PU operations to INR 100-125 Cr, and the expansion of the 'Texture and Hues' retail furnishing brand to 1,000 dealers.
Products & Services
PU/PVC Synthetic Leather used in automotive upholstery, footwear, and home furnishing.
Brand Portfolio
Texture and Hues (Retail Furnishing).
New Products/Services
Expansion into the retail furnishing business via the 'Texture and Hues' brand, which targets the 40% of the synthetic leather market currently held by the retail sector.
Market Expansion
Focusing on becoming a preferred supplier for leading OEMs in the USA and European regions. Export orders from US OEMs are already being received.
External Factors
Industry Trends
The synthetic leather industry is evolving with a shift toward PU leather and premium automotive interiors. Mayur is positioning itself by ramping up PU capacity and targeting high-end global OEMs to capture this growth.
Competitive Landscape
Faces competition from other synthetic leather manufacturers and rising logistics costs from global competitors.
Competitive Moat
The moat is built on strong entry barriers in the automotive OEM supply chain, which requires rigorous product approvals and long-term relationships. This is sustainable due to the company's established track record and high-quality standards (IATF practices).
Macro Economic Sensitivity
Sensitive to global automotive demand and consumer discretionary spending in the footwear and furnishing sectors.
Consumer Behavior
Shift toward premium automotive interiors and branded home furnishings is driving demand for the company's high-end PVC and PU products.
Geopolitical Risks
Low impact from US-China or US-Mexico tariffs as the company supplies to Mexican units for local processing (cutting/stitching) rather than direct US export.
Regulatory & Governance
Industry Regulations
Compliance with IATF (International Automotive Task Force) practices for automotive supply and SEBI (LODR) regulations for corporate governance.
Environmental Compliance
The company faces risks related to the non-biodegradability of synthetic leather; it provides training on chemical handling and MSDS to ensure safety compliance.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ramp-up speed of the PU project and the potential for environmental regulations to restrict non-biodegradable synthetic leather.
Geographic Concentration Risk
Significant exposure to the Mexican market for automotive exports, which serves as a hub for the North American market.
Third Party Dependencies
Dependency on raw material suppliers for PVC and PU resins; irregular supply is cited as a key business risk.
Technology Obsolescence Risk
Risk of shift toward genuine leather or new bio-based synthetic alternatives; the company is mitigating this by investing in PU technology.
Credit & Counterparty Risk
Strong receivables management with a Debtor Turnover Ratio of 3.33 times and a current ratio of 8.08x, indicating high liquidity and low counterparty risk.