Mayur Uniquoters Ltd(MAYURUNIQ)

NSE: MAYURUNIQBSE: 522249

₹ 715.2+1.68%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,108 crWebsite: www.mayuruniquoters.comUpdated: 27 Oct 2026

About

Mayur Uniquoters Ltd manufactures PVC and PU synthetic leather from its facilities in India, serving footwear, automotive, furniture, and fashion customers across 36 states and 21 countries. With FY26 consolidated revenue of Rs 967.02 crore, it holds the largest installed capacity in the domestic organised synthetic leather segment. It supplies global automotive OEMs including Ford, Chrysler, Mercedes Benz, BMW, and Stellantis, with exports contributing around 41% of total turnover as of FY26.^[1][2]

Business segments

The company operates in a single reportable segment: manufacturing and sale of PU/PVC synthetic leather; no further segment split is reported.^[2]
In FY26, India revenue was Rs 553.80 crore and foreign-country revenue was Rs 387.91 crore, implying exports at roughly 41% of total standalone turnover.^[2]
In Q1 FY27, standalone revenue was INR 247.03 crore (+20% YoY) and consolidated revenue was INR 269.23 crore (+25% YoY).^[3]

Products and brands

Mayur manufactures more than 400 variants of artificial leather from PVC polymer, used in footwear (shoe uppers and insoles), automotive seat upholstery and inner linings, furniture, fashion apparel, and leather goods.^[2]
A retail furnishing business operates under the brand 'TEXTURE AND HUES' through wholly owned subsidiary Mayur Tecfab Private Limited.^[2]
The company has developed a sustainable product variant combining Recycled Yarn, Bio PVC, and Bio Filler; preliminary customer testing yielded positive results as of FY26, with emission testing and seat development evaluations underway.^[2]

Manufacturing capacity and operations

Installed annual capacity as of FY26: 48.60 million linear meters of PVC coated fabric and 5.00 million linear meters of PU coated fabric - the largest in the domestic organised segment.^[2]
PVC capacity utilisation was 75 - 78% in Q1 FY27, with current production at 2.7 - 2.8 million meters/month against installed capacity of 3.5 - 3.7 million meters/month.^[3]
PU plant utilisation was 23 - 25% in Q2 FY26 and remained significantly sub-scale through Q1 FY27, with China competition and volatile input costs cited as headwinds.^[4][3]
Subsidiaries include Mayur Uniquoters Corp. (Dallas, Texas - distribution only), Mayur Uniquoters SA (Pty) Ltd (Johannesburg - trading and OEM logistics), Mayur Tecfab Pvt. Ltd. (India), and step-down subsidiaries Futura Textiles Inc. (USA) and UAB Futura Textiles Europe (incorporated 26 September 2024).^[2]
Total employees as of 31 March 2026: 465.^[2]

Key operating numbers

Total volume sold in FY26: 31 million meters, up ~4.5 - 5% YoY; export volume grew 15% YoY and domestic volume grew ~flat in value (+4% value).^[5]
Auto OEM export revenue grew ~50% YoY to INR 290 crore in FY26 (vs INR 194 crore in FY25).^[5]
Export OEM revenue was INR 73.56 crore in Q1 FY27, up ~39% YoY; overall Q1 FY27 volume growth was ~3% YoY with the remaining ~22 percentage points of consolidated revenue growth driven by product mix shift.^[3]
PU segment revenue was INR 27.08 crore for full-year FY26.^[5]
Export share of standalone revenues reached 42.5% in FY26, up from ~38 - 40% in Q1 FY26.^[5]

Customers and distribution

Automotive customers include BMW, Mercedes Benz, Chrysler, Ford, Stellantis, Hyundai, MG, KIA, Maruti Suzuki, Tata, Toyota, Mahindra & Mahindra, Honda, Renault, Skoda/Volkswagen, Hero, Bajaj, Royal Enfield, TVS, and Piaggio, among others.^[2]
Footwear customers include Bata, Paragon, Lancer, Action, Relaxo, and VKC Group.^[2]
The company is present in 36 states nationally and 21 countries internationally as of FY26.^[2]
US OEM supply is routed through a Mexico warehouse; customers collect material in Mexico for seat-cover manufacturing, avoiding the US import tariff.^[4]
A European subsidiary (UAB Futura Textiles Europe, Estonia) stocks and sells to European customers including in Marine, Furnishing, and Contract segments, incorporated 26 September 2024.^[6][2]

Expansion and capex

A new brownfield PVC coating line (5 lakh meters/month) has been ordered at an existing facility at a capex of ~INR 50 crore for FY27; commissioning expected February - March 2027, lifting total PVC capacity to ~4.0 - 4.2 million meters/month and adding ~INR 150 crore of annual peak revenue.^[3][5]
An international manufacturing plant (Mexico, US, or other NAFTA country) remains under consideration with estimated capex of ~INR 250 - 300 crore; no location decision or timeline has been committed as of Q1 FY27 due to geopolitical and tariff volatility.^[3][5]
A new world-class R&D Centre is planned, focused on innovative and environment-friendly synthetic leather products and process technologies.^[2]

Recent developments

Ratan Kumar Roongta resigned as Independent Director on 27 September 2026 after completing his second term.^[7]
New Ford and Chrysler orders contributed to ~39% YoY Export OEM revenue growth in Q1 FY27; management expects the momentum to continue for 2 - 3 years.^[3]
The South India greenfield plant plan was dropped in Q4 FY26; space was instead identified within an existing facility for the new coating line.^[5]
Domestic footwear segment reported degrowth in Q1 FY27 as sole material prices surged 2x - 3x, suppressing market demand.^[3]

Market Cap

₹3,108 Cr

High / Low

₹906 / 472

Stock P/E

14.7

Price / Book

2.7

Book Value

₹261

EPS

₹44.1

No. of Shares

4.35 Cr

ROCE

24.7%

ROE

18.4%

OPM

25.5%

Debt / Equity

0.01

Sales

₹967 Cr

Net Profit

₹192 Cr

Promoter holding

58.8%

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