Mayur Leather Products Ltd (531680)
🎯 Key Takeaways
- Mayur Leather Products Ltd appears to be in a severe financial distress phase, marked by recurring negative financial results and a dramatic decline in promoter holding over recent quarters. Despite historically strong profitability metrics like ROE and ROCE, the company has reported zero revenue and negative operating cash flow in its latest quarters, signaling operational collapse.
- ⚠️ The company faces existential operational risk with zero revenue generation across multiple quarters despite past profitability, suggesting business m
📖 The Story
Mayur Leather Products Ltd appears to be in a severe financial distress phase, marked by recurring negative financial results and a dramatic decline in promoter holding over recent quarters. Despite historically strong profitability metrics like ROE and ROCE, the company has reported zero revenue and negative operating cash flow in its latest quarters, signaling operational collapse. The business model seems to have unraveled, with no visible revenue generation despite prior scale and margins.
📰 What's Happening
Management has not provided any forward-looking commentary or operational updates in the latest filings, with all quarterly results showing negligible revenue and negative operating cash flow. There are no disclosed new orders, expansions, or strategic initiatives in the recent BSE filings. The company has not announced any restructuring, revival plan, or capital infusion to address the crisis. Shareholding patterns indicate a consistent reduction in promoter stake from 64% to 26.5% over four quarters, suggesting promoter exit or dilution. Institutional and DII holdings remain negligible and stable at 0.49% each, with no signs of accumulation.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 | -0 |
| OPM % | — | — | — | — | — |
| Net Profit | -0 | 1 | 0 | 0 | -0 |
| EPS | ₹-0.23 | ₹1.30 | ₹0.55 | ₹0.63 | ₹-0.18 |
The company's financial trajectory has sharply deteriorated, transitioning from profitability with positive EPS and revenue in FY25 to complete revenue collapse and negative cash flows in FY26. Quarterly financials show revenue of ₹0 across all recent periods, with only a brief positive EPS spike in Dec 2025 that did not sustain. Operating cash flow turned negative in Mar 2025 and has remained so, indicating no path to recovery in the near term. The absence of revenue despite past scale suggests either a complete shutdown or accounting irregularities, neither of which is addressed in management commentary.
🔮 Management Outlook & What's Next
There is no available forward guidance or management commentary on future prospects in the latest regulatory filings, with no discussion of business resumption, new product lines, or recovery timelines. The lack of strategic updates suggests either silence amid crisis or deliberate omission of negative developments. Previous filings do not contain any disclosed turnaround plans, making it impossible to assess management's intended direction for the business.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 | Mar 2026 | Mar 2027 |
|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 |
| Reserves | -2 | -2 | -2 | -1 | -1 |
| Borrowings | 4 | 4 | 4 | 4 | 4 |
| Total Liabilities | 13 | 13 | 13 | 14 | 14 |
| Fixed Assets | 2 | 2 | 2 | 3 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 13 | 13 | 13 | 14 | 14 |
The balance sheet shows flat and minimal asset growth with consistently low equity of ₹4 crore and negative reserves, indicating cumulative losses have eroded capital. Borrowings remain stable at ₹4 crore, but with no revenue to service debt, the company's ability to sustain financing is in question. Total assets of ₹13-14 crore appear to be largely intangible or underutilized, with no evidence of active investment or asset generation. The capital structure remains highly leveraged relative to equity, but with no operational cash flow, deleveraging is not occurring organically.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -1 |
| Investing | +1 |
| Financing | -0 |
| Net Cash Flow | -0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 64.0% | 52.0% | 40.7% | 26.5% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.5% | 0.5% | 0.5% | 0.5% |
| Public | 29.3% | 41.8% | 52.4% | 67.5% |
| # Shareholders | 2,107 | 2,084 | 2,078 | 2,122 |
Promoter holding has declined sharply from 64% to 26.5% over four quarters, signaling significant stake sales or dilution, possibly to fund operations or settle liabilities. FII and DII holdings remain static at 0.49%, with no signs of new institutional interest or accumulation. The sharp drop in promoter stake combined with stagnant institutional interest suggests declining confidence from key stakeholders. The increasing number of public shareholders (2,122) may reflect retail interest at low prices, but without fundamentals, this does not indicate healthy ownership structure.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 25,047 | 61.6 | 38.9% | 24.1% | 0.00 |
| RELAXO | 8,903 | 48.0 | 13.0% | 8.8% | 0.00 |
| BATAINDIA | 8,771 | 60.0 | 20.7% | 9.2% | 0.00 |
| CAMPUS | 6,902 | 54.7 | 32.5% | 29.2% | 0.41 |
| MAYURUNIQ | 3,277 | 15.8 | 29.0% | 21.7% | 0.01 |
| BIL | 1,154 | 44.6 | 10.2% | 5.8% | 1.07 |
| SREEL | 567 | 17.3 | 9.5% | 7.1% | 0.00 |
| MIRZAINT | 444 | — | -3.4% | -4.0% | 0.03 |
| LIBERTSHOE | 414 | 50.9 | 8.9% | 9.2% | 0.84 |
| KHADIM | 214 | 77.2 | 8.3% | 1.1% | 0.45 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
The company faces existential operational risk with zero revenue generation across multiple quarters despite past profitability, suggesting business model failure. High promoter dilution and exit indicate potential governance concerns or lack of confidence in recovery. The balance sheet shows no meaningful asset base or liquidity buffer, with negative cash flows threatening solvency. Additionally, the lack of any disclosed revival strategy or management communication increases uncertainty around future viability.
🧠 Analyst's Read
The company is in a critical distress phase with no visible path to recovery, making it a high-risk entity despite historical profitability metrics. Investors should monitor for any signs of operational revival, new financing, or management communication, but current indicators suggest prolonged stagnation or potential delisting risks.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts for your stocks — summarized by AI daily
Set up your AI Radar — pick stocks, get daily email summaries of new filings.
Set up AI Radar — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd