Mayur Uniquoters Limited (MAYURUNIQ) AI Stock Analysis

• Market Cap: ₹22.16B
• Dividend Yield: 1.01%
• Average Volume (3M): 3.87K
• Price to Earnings (P/E): 10.6
• Beta (1Y): 0.79
• Revenue Growth: 11.55%
• EPS Growth: 13.57%
• Country: IN
• Employees: 475
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 11.70
• Shares Outstanding: 43,452,600
• 10 Day Avg. Volume: 4,568
• 30 Day Avg. Volume: 3,873
• PEG Ratio: 0.62
• Price to Book (P/B): 2.19
• Price to Sales (P/S): 2.38
• P/FCF Ratio: 15.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 42.75
• Revenue Forecast (FY): ₹9.46B

• Rating: 80 Outperform
• Price Target: ₹576.00 ▲(12.16% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is driven primarily by strong financial performance—especially the very low leverage, high equity backing, and improving profitability—supported by a constructive technical uptrend. The main offset is near-term technical stretch (overbought signals), while valuation appears reasonable with a modest dividend yield.

Positive Factors

Very strong balance sheet

Extremely low leverage and a high equity ratio materially increase financial flexibility over the medium term. This supports capital investments, program qualification costs for automotive customers, and resilience through demand cycles without relying on external debt or equity raises.

Robust free cash flow generation

Sizable and rapidly improving free cash flow enhances the company's ability to fund capex, R&D and working capital for export contracts. Strong FCF supports sustainable operations, payoff of obligations, and strategic reinvestment without stressing the balance sheet.

Consistent revenue and margin improvement

Steady top-line growth coupled with rising net margins indicates durable operational strength and pricing or mix improvements. This trend suggests competitive product positioning in automotive and export markets and supports long-term earnings predictability.

Negative Factors

Customer/contract concentration unclear

The absence of disclosed named partnerships or contract concentration limits visibility into revenue durability. If revenue depends on a few large OEM programs, loss or non-renewal could materially affect volumes and utilization, raising medium-term execution risk.

Gross margin level shifted vs prior years

A lower reported gross margin versus the 2020 level suggests possible input-cost pressure or unfavorable product mix. Persistent margin compression would constrain operating leverage and limit the ability to translate revenue into higher operating cash flow.

End-market cyclicality exposure

Heavy exposure to automotive and consumer discretionary sectors ties demand to macro cycles and OEM program timing. Demand swings can cause volatile production schedules, working-capital swings and uneven capacity utilization over multi-month horizons.

Mayur Uniquoters Limited Business Overview & Revenue Model

Company Description

Mayur Uniquoters Limited manufactures and sells coated textile fabrics in India. Its products include artificial leather/foam leather, PVC Vinyl and PUsynthetic leather, and other substitutes of leather. The company also exports its products. Its products are used in footwear, furnishings, automotive OEM, automotive replacement, and automotive exports markets. The company was incorporated in 1992 and is based in Jaipur, India.

How the Company Makes Money

Mayur Uniquoters makes money primarily by manufacturing and selling synthetic leather/coated textile materials to industrial and consumer-product manufacturers. Its core revenue stream is product sales: customers (notably automotive OEMs and tier suppliers, as well as manufacturers in footwear, furniture, and upholstery-related categories) purchase rolls/sheets of coated fabric that are then converted into finished goods (e.g., seat covers or upholstery components). Revenue is generated through (1) domestic sales in India and (2) export sales to international customers, with earnings influenced by volumes shipped, product mix (higher-spec automotive-grade materials versus other grades), and pricing based on specifications and contracted supply terms. The company’s ability to secure repeat supply business is typically supported by qualification/approval processes for automotive-grade materials and ongoing development of new designs, textures, and performance characteristics that enable it to win programs and retain customers. If specific information on the company’s named partnerships, contract structures, or customer concentration is not publicly available in the provided context, that data point is null.

Mayur Uniquoters Limited Financial Statement Overview

Summary

Strong overall fundamentals: improving net profit margin (15.3% to 17.0%), solid operating margins, and healthy revenue growth (~9.6% from 2024 to 2025). Balance sheet is a standout with very low leverage (debt-to-equity down to 0.009) and high equity ratio (90.6%). Cash flows improved meaningfully with free cash flow turning positive and growing ~50.9% from 2024 to 2025, though cash conversion efficiency still has room to improve.

Income Statement

Mayur Uniquoters Limited has demonstrated strong income statement performance with consistent revenue growth and improving profitability metrics. The gross profit margin improved from 46.2% in 2020 to 42.7% in 2025, indicating effective cost management. The net profit margin increased from 15.3% to 17.0% over the same period, highlighting enhanced bottom-line efficiency. The company also exhibited robust EBIT and EBITDA margins, reflecting solid operational performance. The revenue growth rate of approximately 9.6% from 2024 to 2025 underscores the company's strong sales trajectory.

Balance Sheet

The balance sheet of Mayur Uniquoters Limited is strong, characterized by a low debt-to-equity ratio, which has decreased significantly from 0.059 in 2020 to 0.009 in 2025, indicating prudent financial leverage. The return on equity (ROE) has been stable, increasing from 13.8% in 2020 to 15.6% in 2025, reflecting effective utilization of shareholder funds. Additionally, the equity ratio is high at 90.6% in 2025, suggesting a strong capital structure with significant shareholder equity backing.

Cash Flow

The cash flow position of Mayur Uniquoters Limited is solid, with steady growth in free cash flow, which has increased from negative in 2022 to a positive free cash flow of 1,375.36 million in 2025. The free cash flow growth rate from 2024 to 2025 is a remarkable 50.94%, demonstrating effective cash management. The operating cash flow to net income ratio is healthy, ensuring that the company's earnings are well-supported by cash flow. However, the free cash flow to net income ratio could be improved further to enhance cash conversion efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.15B	8.80B	8.03B	7.76B	6.56B	5.13B
Gross Profit	3.55B	3.76B	3.33B	3.01B	2.58B	2.37B
EBITDA	2.40B	2.32B	1.91B	1.56B	1.46B	1.41B
Net Income	1.54B	1.49B	1.22B	1.04B	943.70M	897.49M
Balance Sheet
Total Assets	11.34B	10.55B	9.63B	8.71B	8.22B	7.57B
Cash, Cash Equivalents and Short-Term Investments	2.29B	2.69B	2.57B	1.74B	1.27B	1.69B
Total Debt	74.75M	90.31M	151.82M	251.11M	305.97M	408.08M
Total Liabilities	1.16B	990.72M	957.62M	1.17B	1.15B	1.34B
Stockholders Equity	10.17B	9.56B	8.67B	7.54B	7.07B	6.23B
Cash Flow
Free Cash Flow	679.64M	1.38B	911.29M	899.63M	-347.69M	271.63M
Operating Cash Flow	834.97M	1.57B	1.13B	1.21B	131.46M	545.19M
Investing Cash Flow	-252.41M	-677.69M	-781.61M	-319.96M	168.61M	-201.86M
Financing Cash Flow	-233.42M	-697.94M	-208.65M	-666.21M	-211.85M	-377.32M

Mayur Uniquoters Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 513.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAYURUNIQ, the sentiment is Negative. The current price of 513.55 is below the 20-day moving average (MA) of 521.42, below the 50-day MA of 527.43, and below the 200-day MA of 528.82, indicating a bearish trend. The MACD of -9.57 indicates Positive momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 56.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MAYURUNIQ.

Mayur Uniquoters Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAYURUNIQ	80 Outperform	₹22.16B	10.60	―	1.01%	11.55%	13.57%
SANDHAR	70 Outperform	₹28.75B	24.73	―	0.60%	17.39%	33.63%
KALAMANDIR	68 Neutral	₹15.41B	14.42	―	1.31%	23.15%	47.46%
LUMAXIND	66 Neutral	₹47.28B	26.20	―	0.62%	26.75%	20.28%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RPSGVENT	57 Neutral	₹19.90B	-5.57	―	―	23.60%	72.41%
LANDMARK	51 Neutral	₹15.04B	34.51	―	0.10%	27.97%	-35.12%

Mayur Uniquoters Limited Corporate Events

Mayur Uniquoters appoints Puja Poddar as President–HR and Administration

Mayur Uniquoters Limited has strengthened its leadership bench by appointing Mrs. Puja Poddar as President–HR and Administration and designating her as Senior Management Personnel, effective March 2, 2026. The board approved the move via video conference, with Poddar taking full-time charge of overseeing the company’s human resources and administrative functions.

Poddar brings prior experience from Mayur Uniquoters in colour technology, material innovation for artificial leather and coated fabrics, and cross-functional coordination across R&D, production and quality. Her track record, including engagements with global automakers such as Mercedes-Benz, signals a push to align the company’s people and administrative strategy with its technically driven, internationally focused growth ambitions.