MAYURUNIQ Q3 FY26 earnings call.
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Revenue
₹236.99 Cr
verification pending
Revenue YoY
22%
reported change
EBITDA
Pending
latest reported figure
Source
transcript
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mayur Uniquoters delivered a standout Q3 FY26 with standalone revenue of ₹236.99 crore (+22% YoY) and PAT of ₹52.93 crore (+77% YoY), driven by robust export momentum (export mix now ~41% of revenue) and favorable product mix. Management targets 15% revenue growth for FY27 while maintaining current margin levels, with exports growing faster than domestic (8-10% target). Capex plans include a ₹200 crore South PVC plant (500K-1M sq meters/month capacity, 2-year timeline) and ongoing evaluation of US manufacturing. Key risks include Mexico/South Africa tariff exposure (currently nil impact), Chinese import competition in PU segment, and footwear margin pressure. EU-India FTA (10-12 months for implementation) could accelerate non-automotive exports to European OEMs. Management expressed confidence in sustained growth momentum driven by export OEM wins and European expansion via new subsidiary.
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Guidance to track
- Management maintained 15% growth outlook for FY27, similar to FY26 performance, with exports growing faster than domestic 8-10% target.
- Export business margins superior to domestic; product mix shift and operational improvements will maintain or slightly improve current 24-25% EBITDA margin levels.
- New PVC leather plant planned in South India at ₹200 crore capex; infrastructure for 1M sq.m/month capacity with initial 500K sq.m/month line operational in ~2 years.
- Export business growth will exceed domestic 8-10% growth rate; ₹100 crore quarterly export run rate will increase going forward.
Risks flagged
- Mexican tariffs on imports may affect company's US aftermarket business routed through Mexico; currently no impact but monitoring situation closely as supply chains could be disrupted.
- Cheap PU imports from China creating pricing pressure in domestic market; PU plant utilization below optimal levels due to competitive imports and management hesitant to provide specific ramp-up timeline.
- Domestic footwear business not growing due to local competition and unfavorable price/margin dynamics; management identified this as the only area of concern in domestic portfolio.
- Export contracts priced in USD with fixed pricing; rupee weakening currently benefits margins but any reversal could compress export profitability as price pass-through to customers is infrequent.
Key quotes
- Our concentration toward the business is much and our growth in the export market will be higher than the growth in the domestic market. So this will be able to level.
- We are not impacted right now. How we can later on that'll be lengthy process but we are not impacted right now. That's why we also evaluating for the long term to put up plants outside India.
- Whatever we are saying only thing I want to say what I say we do it once we say that we do it we put our heart and soul to bring that to the market.
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