Mayur Uniquoters Ltd (MAYURUNIQ)
🎯 Key Takeaways
- Mayur Uniquoters Ltd is a mid-sized leather products manufacturer with stable profitability and low leverage, currently trading at a modest P/E of 15.4 and delivering strong ROE and ROCE.
- Revenue declined 1.5% QoQ to ₹269 in Q1FY27.
- ⚠️ Margin volatility remains a concern, as operating margins fluctuated significantly from 17.9% to 28.7% over the past year without a clear explanatory
- Market Cap
- ₹3,194
- P/E Ratio
- 15.4
- P/B Ratio
- 2.82
- ROE
- 18.3%
- ROCE
- 24.5%
- Debt/Equity
- 0.01
- Div Yield
- 0.82%
- Promoter
- 58.8%
📖 The Story
Mayur Uniquoters Ltd is a mid-sized leather products manufacturer with stable profitability and low leverage, currently trading at a modest P/E of 15.4 and delivering strong ROE and ROCE. The company has shown consistent financial performance over the past year, supported by steady revenue and margins, while maintaining a conservative capital structure. Promoter holding remains high and stable, reflecting long-term control and confidence.
📰 What's Happening
In the last three quarters, Mayur Uniquoters has demonstrated sequential revenue growth from ₹237 crore in Dec 2025 to ₹269 crore in Jun 2026, accompanied by improving operational performance. Management has not announced any major strategic initiatives or capacity expansions in the filings, but has consistently reported healthy operating margins, peaking at 28.7% in Mar 2026. The company has also seen incremental insider share purchases by promoter Kiran Poddar in September 2026, acquiring 3,000 shares across three transactions, which are procedural in nature and part of routine portfolio management. There are no announced new orders, capacity investments, or geographic expansions in the recent filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 240 | 237 | 273 | 269 |
| Operating Profit | 43 | 48 | 78 | 51 |
| OPM % | 17.9% | 20.3% | 28.7% | 19.1% |
| Net Profit | 41 | 51 | 59 | 56 |
| EPS | ₹9.40 | ₹11.68 | ₹13.68 | ₹12.92 |
The company's revenue has grown steadily over the past four quarters, rising from ₹240 crore in Sep 2025 to ₹269 crore in Jun 2026, while operating margins have remained resilient, fluctuating between 17.9% and 28.7%. Net profit and EPS have followed an upward trend, increasing from ₹41 crore and ₹9.40 in Sep 2025 to ₹56 crore and ₹12.92 in Jun 2026, indicating effective cost management and operational efficiency. Despite margin volatility, the overall trajectory reflects improving profitability, likely driven by volume growth or better input cost control, although management has not explicitly attributed these trends to specific initiatives in the disclosed commentary.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance or strategic outlook in the reviewed filings. There are no announced targets for revenue, margins, or capital allocation in the latest disclosures. The absence of guidance suggests a focus on operational stability rather than aggressive expansion or transformation. The company continues to operate within its existing framework without signaling major shifts in business strategy or investment plans.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 |
| Reserves | 934 | 861 | 1,111 | 996 |
| Borrowings | 7 | 12 | 8 | 7 |
| Total Liabilities | 1,055 | 993 | 1,262 | 1,134 |
| Fixed Assets | 222 | 224 | 213 | 218 |
| Investments | 212 | 209 | 285 | 230 |
| Total Assets | 1,055 | 993 | 1,262 | 1,134 |
The balance sheet remains strong and stable, with total assets growing from ₹1,055 crore in Mar 2025 to ₹1,262 crore in Mar 2026, driven by rising reserves and minimal debt. Borrowings have remained flat at ₹7-8 crore over the past two years, and equity remains constant at ₹22 crore, indicating no fresh capital issuance or buybacks. The company is not investing heavily in fixed assets, and the capital structure remains conservative, with negligible debt and strong equity reserves, suggesting a focus on preserving financial flexibility rather than aggressive reinvestment.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +157 |
| Investing | -68 |
| Financing | -70 |
| Net Cash Flow | +19 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 58.6% | 58.6% | 58.8% | 58.8% |
| FII | 3.3% | 3.2% | 3.7% | 4.8% |
| DII | 3.5% | 3.3% | 3.6% | 3.1% |
| Public | 26.0% | 26.1% | 25.7% | 25.1% |
| # Shareholders | 38,960 | 38,386 | 38,037 | 37,381 |
Promoter holding has remained stable around 58.77% over the last four quarters, with minor fluctuations due to small insider purchases. Institutional ownership (FII and DII) has shown a slight upward trend, increasing from 3.24% (DII) and 3.31% (FII) in Q2FY26 to 3.64% (DII) and 4.78% (FII) in Q1FY27, indicating growing institutional interest. The number of public shareholders has also increased slightly, suggesting retail participation is expanding. No pledging or significant dilution has been observed.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 23,012 | 56.6 | 38.9% | — | 0.00 |
| BATAINDIA | 7,951 | 54.4 | 20.7% | — | 0.00 |
| RELAXO | 7,249 | 39.1 | 12.4% | — | 0.00 |
| CAMPUS | 6,382 | 50.6 | 32.5% | — | 0.41 |
| MAYURUNIQ | 3,194 | 15.4 | 29.0% | — | 0.01 |
| BIL | 1,344 | 52.0 | 10.2% | — | 1.07 |
| SREEL | 660 | 20.1 | 9.5% | — | 0.00 |
| MIRZAINT | 386 | — | -3.4% | — | 0.03 |
| LIBERTSHOE | 376 | 46.2 | 8.9% | — | 0.84 |
| KHADIM | 210 | 75.5 | 10.5% | — | 0.73 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin volatility remains a concern, as operating margins fluctuated significantly from 17.9% to 28.7% over the past year without a clear explanatory trend, suggesting potential exposure to raw material or input cost pressures. 2. Revenue growth is modest and appears to be slowing slightly, with sequential growth decelerating from ₹273 crore in Mar 2026 to ₹269 crore in Jun 2026, raising questions about demand sustainability. 3. The company's reliance on the leather sector exposes it to cyclical demand and regulatory risks, though no specific regulatory actions or litigation are currently disclosed.
📋 Recent Filings
- 🔴 Insider Trading2026-10-01Kiran Poddar, a promoter of Mayur Uniquoters Ltd, disclosed an acquisition of 1,000 equity shares on September 29, 2026, through a BSE transaction, in…
- 🔴 Announcement2026-09-29Mayur Uniquoters Ltd disclosed that CRISIL ESG Ratings assigned it an ESG rating of Crisil ESG 60 for FY2025-26, based on its disclosures and public i…
- 🔴 Insider Trading2026-09-29Kiran Poddar, a promoter of Mayur Uniquoters Ltd, disclosed on September 29, 2026, the acquisition of 2,000 equity shares at ₹5 per share through a st…
- 🔴 Insider Trading2026-09-28Kiran Poddar, a promoter of Mayur Uniquoters Ltd, disclosed an acquisition of 6,000 equity shares on September 25, 2026, increasing his post-acquisiti…
- 🟡 Board Meeting2026-09-28Mayur Uniquoters Ltd announced the completion of Independent Director Ratan Kumar Roongta's second term effective September 27, 2026, following his re…
- Announcement2026-09-28Mayur Uniquoters Ltd announced that its trading window will close on October 1, 2026, remaining shut for 48 hours after the company declares un-audite…
- 🔴 Insider Trading2026-09-23Kiran Poddar, a promoter of Mayur Uniquoters Ltd, disclosed an acquisition of 1,000 equity shares on September 22, 2026, increasing his post-acquisiti…
- 🟡 Board Meeting2026-09-22Mayur Uniquoters announced the appointment of Vinod Kumar Haritwal as an Independent Director effective August 6, 2026, for a five-year term ending Au…
- 🟡 voting results2026-09-21Mayur Uniquoters Ltd held its 33rd AGM on September 18, 2026 via video conferencing. Shareholders passed resolutions on financial statements, dividend…
- 🟡 Board Meeting2026-09-18Mayur Uniquoters held its 33rd AGM on September 18, 2026 via video conference, approving audited financials, declaring a Rs 6 per share final dividend…
🧠 Analyst's Read
Mayur Uniquoters demonstrates consistent profitability and a stable capital structure, with promoter confidence reinforced by small insider purchases. The company is executing steadily in a mature segment, but lacks clear catalysts for accelerated growth. Investors should monitor margin trends and whether upcoming quarters show sustained revenue expansion beyond current levels.
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 2026-10-01.
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 when MAYURUNIQ files new disclosures
Track MAYURUNIQ filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track MAYURUNIQ — FreeFree account · 2 AI queries/day