Mayur Uniquoters Ltd (MAYURUNIQ)

Consumer Durables · Leather · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹766 ↑ 46.46% (1Y)

🎯 Key Takeaways

Mayur Uniquoters Ltd is in a high-growth phase driven by export momentum and strategic capacity expansion in the leather and industrial gloves segment. Management is targeting 10-15% revenue growth over the next three years, supported by sustainable export margins of 25-30% and planned capacity additions.
Revenue declined 1.5% QoQ to ₹269 in Q1FY27.
⚠️ Foreign exchange volatility poses a risk to margins, as highlighted in the annual report, given the company's export exposure and currency-sensitive p

Market Cap

₹3,328

P/E Ratio

16.1

P/B Ratio

3.48

ROE

21.7%

ROCE

29.0%

Debt/Equity

0.01

Div Yield

0.78%

Promoter

58.8%

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📖 The Story

Mayur Uniquoters Ltd is in a high-growth phase driven by export momentum and strategic capacity expansion in the leather and industrial gloves segment. Management is targeting 10-15% revenue growth over the next three years, supported by sustainable export margins of 25-30% and planned capacity additions. The company demonstrates strong profitability metrics, including ROCE of 29% and ROE of 21.7%, with minimal debt (D/E of 0.01).

📰 What's Happening

In Q1 FY27 (August 10, 2026 filing), consolidated revenue grew 25% YoY to ₹269.23 crores, with PAT up 43% YoY to ₹58.95 crores, driven by export revenue growth of 30.24% and capacity utilization of 75-78%. Management plans to add 5 lakh meters of capacity by February-March 2027, potentially boosting annual revenue by ₹150-300 crores. Export revenue is expected to drive growth, with sustainable margins targeting 25-30%. Earlier, in Q4 FY26 (May 23, 2026), revenue reached ₹273.35 crores with PAT at ₹59.43 crores, supported by 15-20% export growth and CAPEX of ₹350 crores for global expansion. FX gains of ₹7.5 crores also contributed to profitability.

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

Revenue has shown consistent YoY growth over the past four quarters, rising from ₹237 crores in December 2025 to ₹269.23 crores in June 2026, with operating margins expanding from 17.9% to 19.1% despite seasonal fluctuations. PAT growth accelerated to 43% YoY in Q1 FY27, supported by export momentum and margin improvement. The company has guided for 10-15% revenue growth over three years, underpinned by capacity expansion and export demand. Margin targets of 25-30% are being pursued through favorable product mix and currency depreciation benefits.

🔮 Management Outlook & What's Next

Management expects export revenue to be the primary growth driver over the next 2-3 years, targeting sustainable margins of 25-30%. Capacity expansion of 5 lakh meters by February-March 2027 is projected to add ₹150-300 crores to annual revenue. FX gains and favorable raw material pricing have supported profitability, with inventory valuation remaining stable. The company is focused on scaling global operations through CAPEX of ₹350 crores, with plans to maintain profitability amid foreign exchange volatility.

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	861	934	996	1,111
Borrowings	12	7	7	8
Total Liabilities	993	1,055	1,134	1,262
Fixed Assets	224	222	218	213
Investments	209	212	230	285
Total Assets	993	1,055	1,134	1,262

The balance sheet shows minimal debt (₹8 crores in borrowings as of March 2026) and strong equity base of ₹22 crores with reserves of ₹1,111 crores, reflecting robust financial health. Total assets grew to ₹1,262 crores from ₹1,134 crores a year ago, indicating asset base expansion. The company maintains a current ratio of 7.71, suggesting high liquidity, and a debt-equity ratio of 0.01, underscoring conservative leverage. Capital allocation appears focused on growth, with ₹350 crores in CAPEX underway for global expansion.

💰 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 remains stable at 58.77% from Q1 FY27 to Q4 FY26, indicating confidence in long-term prospects. FII holdings increased from 3.24% in Q3 FY26 to 4.78% in Q1 FY27, suggesting institutional accumulation. DII holdings rose from 3.32% to 3.13% with minor fluctuations, while public shareholding declined slightly from 26.15% to 25.13%. The growing number of shareholders (37,381 in Q1 FY27) reflects broadening retail interest.

⚖️ Peer Comparison — Leather

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
METROBRAND	25,543	62.8	38.9%	24.1%	0.00
RELAXO	8,886	47.9	13.0%	8.8%	0.00
BATAINDIA	8,760	60.0	20.7%	9.2%	0.00
CAMPUS	6,925	54.9	32.5%	29.2%	0.41
MAYURUNIQ	3,328	16.1	29.0%	21.7%	0.01
BIL	1,155	44.6	10.2%	5.8%	1.07
SREEL	580	17.7	9.5%	7.1%	0.00
MIRZAINT	440	—	-3.4%	-4.0%	0.03
LIBERTSHOE	418	51.4	8.9%	9.2%	0.84
KHADIM	218	78.7	8.3%	1.1%	0.45

🔗 Peer Stock Analyses

METROBRAND RELAXO BATAINDIA CAMPUS BIL

⚠️ Risk Factors

Foreign exchange volatility poses a risk to margins, as highlighted in the annual report, given the company's export exposure and currency-sensitive pricing. Raw material scarcity could pressure input costs, particularly in leather and chemical inputs. High promoter concentration (58.77%) increases governance scrutiny and reduces float availability. Export growth depends on sustained global demand, making the company vulnerable to geopolitical and macroeconomic headwinds.

📋 Recent Filings

🧠 Analyst's Read

Mayur Uniquoters is executing a clear growth strategy backed by strong profitability and export momentum, with capacity expansion poised to accelerate revenue. Investors should monitor execution of the capacity addition plan and sustainability of export margins amid evolving global demand and currency movements.

Based on filing content and financial data. Not a recommendation.

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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.

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