Mayur Uniquoters Ltd (MAYURUNIQ)
₹794.20 +0.45% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mayur Uniquoters' revenue was ₹269 Cr (+24.7% year on year, -1.4% on the previous quarter), and net profit ₹56.1 Cr (+37.8% year on year); the operating margin was 21.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹269 | +24.7% | -1.4% |
| Operating profit | ₹58.9 | +37.1% | -31.5% |
| Net profit | ₹56.1 | +37.8% | -4.9% |
| EPS (₹) | 12.92 | +37.9% | -5.6% |
| Operating margin | 21.9% | — | — |
MAYURUNIQ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.49% of the MAYURUNIQ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.22%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 47.6% · 48.5% · 61.3% · 64.7% · 51.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Mayur Uniquoters Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, Beetal Financial & Computer Services Private Limited. It confirms that securities received for dematerialization during the period were verified, accepted or rejected, and cancelled within the prescribed timeline of 15 days. This is a recurring administrative filing confirming standard depository compliance.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Issued by RTA Beetal Financial & Computer Services Private Limited on October 05, 2026
- Security certificates received were mutilated and cancelled, with depositories substituted in the register within 15 days
Mayur Uniquoters held its 33rd AGM on September 18, 2026, where shareholders approved 5 of 6 resolutions, including a final dividend of Rs 6.00 per share. Crucially, a special resolution to re-appoint Mr. Arun Bagaria as Whole Time Director/Executive Director (w.e.f. August 1, 2027) failed after securing only 70.44% votes in favor against the required 75%. Promoter group votes saw 29.51% (75.37 lakh votes) cast against his re-appointment, alongside 35.92% institutional votes against, pointing to internal promoter friction or governance pushback.
- Special resolution to re-appoint Mr. Arun Bagaria as Executive Director failed with only 70.4406% votes in favour (29.5594% against)
- Promoter group cast 75,37,321 votes (29.5136% of promoter votes polled) AGAINST Mr. Arun Bagaria's re-appointment
- Institutional shareholders cast 35.9221% of their votes against the re-appointment resolution
- Final dividend of Rs 6.00 per equity share approved with 99.9992% votes in favor
- Item No. 3 (appointment of Arun Bagaria retiring by rotation) passed as an ordinary resolution with 70.4019% in favour
Mayur Uniquoters conducted its 33rd Annual General Meeting on September 18, 2026, with 124 shareholders in attendance via video conferencing. Key ordinary and special businesses transacted included the adoption of FY26 financial statements and approval of a final dividend of Rs 6.00 per equity share (face value Rs 5.00). In addition, resolutions were put forward for the re-appointment of Mr. Arun Bagaria as Whole Time Director and the appointment of Mr. Vinod Kumar Haritwal as an Independent Director. Formal voting results under Regulation 44 are to be declared separately.
- Declared/proposed final dividend of Rs 6.00 per equity share of face value Rs 5.00
- A total of 124 members attended the 33rd AGM (5 promoter group, 119 public)
- Remote e-voting window was held from September 14, 2026 (10:00 AM) to September 17, 2026 (5:00 PM)
- Transacted 6 resolutions covering FY26 financial adoption, dividend, and director appointments
Mayur Uniquoters announced the results of its Postal Ballot, where an ordinary resolution regarding related-party remuneration was defeated. The resolution pertained to the approval of remuneration for Mrs. Puja Poddar, President - HR and Administration, for holding an office or place of profit. Out of 26,18,528 total votes polled (promoter group abstained/ineligible), 62.93% (16,47,957 votes) voted against while only 37.07% voted in favour. Institutional investors heavily opposed the proposal, with 77.31% of their polled votes cast against.
- Ordinary resolution to approve related party remuneration for Mrs. Puja Poddar was rejected.
- Total votes cast against stood at 62.93% (16,47,957 votes) vs 37.07% (9,70,571 votes) in favour.
- Institutional shareholders voted overwhelmingly against, with 77.31% (16,39,590 votes) opposing.
- Promoter and promoter group held 2,55,38,433 shares (58.77%) but did not vote as an interested party.
- Total voter turnout represented 6.03% of total outstanding shares (26,18,528 out of 4,34,52,600 shares).
Mayur Uniquoters has informed the exchange regarding the superannuation of Mr. Prahalad Sahai Jangid, Deputy General Manager - Finance & Accounts, effective September 02, 2026. Mr. Jangid has ceased to be Senior Management Personnel (SMP) after serving the company for over 21 years. This is a planned superannuation in the mid-to-senior finance team with no disruptions to ongoing operations.
- DGM - Finance & Accounts Mr. Prahalad Sahai Jangid superannuated effective September 02, 2026
- Completed a tenure of over 21 years with the company
- Ceased to be Senior Management Personnel (SMP) under Regulation 30 from close of business September 02, 2026
Mayur Uniquoters Limited has issued an intimation under Regulation 36(1)(b) of SEBI Listing Regulations regarding the dispatch of weblink details for its FY 2025-26 Annual Report and Notice of AGM. The communication was sent to shareholders whose email addresses are not registered with the Company or Depository Participants. The company's 33rd Annual General Meeting is scheduled to be held on Friday, September 18, 2026, at 11:00 AM IST via Video Conferencing.
- 33rd Annual General Meeting scheduled for September 18, 2026, at 11:00 AM IST via Video Conference (VC/OAVM)
- Weblink and access paths provided for FY 2025-26 Annual Report and AGM Notice pursuant to SEBI LODR Regulation 36(1)(b)
- Letter dispatched to shareholders who do not have registered email IDs with the Company/RTA/DPs
Mayur Uniquoters has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report highlights that exports generated ~41% of total revenue across 21 countries, primarily serving the automotive industry. Domestic raw material sourcing rose to 49.74% (from 45.00% in FY25), with 20.86% sourced directly from MSMEs. The filing is a standard annual compliance requirement with no immediate earnings impact.
- Exports contributed ~41% of total turnover across 21 international countries, mainly to automotive OEMs.
- Raw material procurement directly from MSMEs expanded to 20.86% in FY26 compared to 13.00% in FY25.
- Domestic raw material sourcing increased to 49.74% from 45.00% in the previous financial year.
- Workforce comprised 397 permanent employees, 68 permanent workers, and 930 contract workers across 3 operating plants.
Mayur Uniquoters has issued the notice for its 33rd Annual General Meeting scheduled for September 18, 2026, alongside its FY25-26 Annual Report. The Board has recommended a final dividend of Rs 6.00 per share (120% on face value of Rs 5.00), representing a total payout of Rs 26.07 crore. For FY26, the company posted a consolidated total income of Rs 1,022.08 crore and a consolidated net profit of Rs 191.74 crore, up 28.44% YoY. Promoter holding stood at 58.77% as of March 31, 2026.
- 33rd Annual General Meeting scheduled for Friday, September 18, 2026 via video conferencing.
- Proposed final dividend of Rs 6.00 per share (120%), involving a total outflow of Rs 2,607.16 lakhs (Rs 26.07 crore).
- FY26 consolidated total income reached Rs 102,207.62 lakhs compared to Rs 92,086.25 lakhs in FY25.
- Consolidated PAT increased by 28.44% YoY to Rs 19,174.00 lakhs (Rs 191.74 crore) for FY26.
- Promoter holding marginally increased by 0.18% to 58.77% as of March 31, 2026.
Mayur Uniquoters reported a strong Q1 FY27 with consolidated revenue growing 25% YoY to ₹269.23 cr and PAT rising 38% to ₹56.12 cr. While volume growth was modest at 2%, the performance was driven by a superior product mix, specifically high-value US OEM exports which contributed significantly to realization gains. The company is on track to commission a new 5 lakh meter production line by Feb-March 2027, estimated to add ₹150 cr to annual revenue. Management remains cautious on international greenfield expansion due to global volatility and noted that the PU plant continues to face intense Chinese competition.
- Consolidated PAT increased 38% YoY to ₹56.12 cr for the quarter ended June 30, 2026.
- Export segment performed strongly, contributing ₹103.80 cr to standalone revenue, led by Auto OEMs at ₹73.56 cr.
- New production line of 5 lakh meters expected to be operational by Q4 FY27 (Feb-March 2027).
- Volume growth was limited to 2%, with the remaining 23% revenue growth driven by realization and product mix changes.
- Management estimates total additional revenue potential of ₹250-400 cr from current and planned capacity expansions.
Mayur Uniquoters is seeking shareholder approval via postal ballot for the remuneration of Mrs. Puja Poddar, daughter-in-law of CMD Suresh Kumar Poddar. Appointed as President-HR and Administration on March 2, 2026, her proposed salary is up to ₹5 Lakhs per month, totaling ₹60 Lakhs annually. The e-voting period is scheduled from August 8 to September 6, 2026. This transaction is classified as a related party transaction under Section 188 of the Companies Act, requiring an ordinary resolution.
- Proposed remuneration of up to ₹5 Lakhs per month for Mrs. Puja Poddar.
- Mrs. Poddar was appointed as President-HR and Administration on March 2, 2026.
- Annualized remuneration of ₹60 Lakhs represents approximately 0.31% of the company's TTM PAT of ₹191 Cr.
- E-voting results to be declared on or before September 8, 2026.
Mayur Uniquoters has released the audio recording of its earnings conference call held on August 06, 2026, regarding the Q1 FY2027 results. This follows a strong FY26 performance where the company reported a TTM revenue of ₹967 Cr and a PAT of ₹191 Cr. The call typically provides management insights into the ramp-up of PU operations, which has a medium-term revenue target of ₹100-125 Cr. Investors can access the recording via the company's website to evaluate progress on export orders from US and European OEMs.
- Earnings conference call conducted on August 06, 2026, for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹967 Cr with a healthy operating profit margin of 24.3%
- Management is targeting a ramp-up in PU operations to reach ₹100-125 Cr in the medium term
- Promoter holding remains stable at 58.77% as of March 2026
- Company maintains a low debt-to-equity ratio of 0.01 with a net worth of ₹1,129 Cr
Mayur Uniquoters Ltd has announced its 33rd Annual General Meeting (AGM) to be held on September 18, 2026, via video conferencing. The meeting will cover the Integrated Annual Report for FY 2025-26, a year where the company reported a revenue of ₹966.67 crore and a PAT of ₹191.31 crore. This is a standard regulatory procedure for the ₹3,333 crore market cap company. Investors will have the opportunity to review audited financial statements and vote on company resolutions electronically.
- 33rd Annual General Meeting scheduled for Friday, September 18, 2026, at 11:00 A.M.
- Meeting to be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM).
- Integrated Annual Report for FY 2025-26 includes audited financial statements showing ₹966.67 crore revenue.
- Electronic distribution of notice and annual report to be managed by Beetal Financial & Computer Services (P) Limited.
Mayur Uniquoters has fixed August 21, 2026, as the record date to determine shareholder eligibility for the final dividend of FY26. The dividend is subject to shareholder approval at the 33rd Annual General Meeting (AGM) scheduled for September 18, 2026. If approved, the payout will be completed within 30 days of the AGM. This follows a strong financial year where the company reported a TTM PAT of ‹ 191.3 Cr and maintained a healthy 24.3% operating margin.
- Record date for dividend entitlement fixed for August 21, 2026.
- 33rd Annual General Meeting (AGM) to be held on September 18, 2026.
- Dividend payment to be processed within 30 days from the date of the AGM.
- Company reported FY26 revenue of ‹ 966.67 Cr, a growth from ‹ 879.75 Cr in FY25.
- Maintained a low debt-to-equity ratio of 0.01 with a net worth of ‹ 1,129 Cr.
Mayur Uniquoters approved its Q1 FY27 results and announced key board changes during its August 5 meeting. Mr. Vinod Kumar Haritwal has been appointed as an Independent Director for a 5-year term effective August 6, 2026, while Mr. Ratan Kumar Roongta will retire on September 27, 2026. The company fixed August 21, 2026, as the record date for the final dividend of FY26. Additionally, the board recommended the re-appointment of Executive Director Arun Bagaria for another 5-year term starting August 2027.
- Appointment of Mr. Vinod Kumar Haritwal as Independent Director for a 5-year term until August 2031
- Record date for final FY26 dividend fixed for August 21, 2026
- Q1 FY27 standalone revenue from operations reported at ₹247.03 Cr
- Re-appointment of Mr. Arun Bagaria as Executive Director for 5 years starting August 1, 2027
- 33rd Annual General Meeting (AGM) scheduled for September 18, 2026
Mayur Uniquoters approved its Q1 FY27 results, reporting revenue from operations of ₹247.03 Cr, a 19.7% increase compared to ₹206.41 Cr in the same quarter last year. The company has fixed August 21, 2026, as the record date for the final dividend of FY26. Significant management changes were announced, including the appointment of Mr. Vinod Kumar Haritwal as an Independent Director for 5 years and the re-appointment of Executive Director Mr. Arun Bagaria for another 5-year term starting August 2027. Mr. Ratan Kumar Roongta will retire as Independent Director on September 27, 2026, after completing his second tenure.
- Revenue from operations for Q1 FY27 reached ₹247.03 Cr, up from ₹206.41 Cr in Q1 FY26.
- Profit Before Tax (PBT) for the quarter ended June 30, 2026, stood at ₹77.79 Cr.
- Record date for the final dividend of FY26 is set for August 21, 2026.
- Mr. Vinod Kumar Haritwal appointed as Additional Independent Director for a 5-year term starting August 6, 2026.
- Mr. Arun Bagaria re-appointed as Executive Director for 5 years effective August 1, 2027.
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.
