Mayur Uniquoters Ltd (NSE: MAYURUNIQ) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Suresh Kumar Poddar — Chairman & Managing Director
Vinod Kumar Sharma — Chief Financial Officer
Analysts:
Unidentified Participant
Rahul Dani — Analyst
Viraj Kacharia — Analyst
Presentation:
operator
Sam ram. It. Sa. Sa. Sa. Sam it. Sa. Sam. Ladies and gentlemen, good afternoon and welcome to the Mayur Unicotters Limited Q3FY26 earnings conference call hosted by Monarch Network Capital Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dhani from Munark Network Capital Ltd. Thank you. And over to you.
Rahul Dani — Analyst
Yeah. Thank you, Sapnali. Good afternoon everyone. On behalf of Munark Network Capital, it’s our pleasure to host the senior management of Myujini Quarters. We have with us Mr. Suresh Kumar Podar, Chairman and Managing Director of the company. And we have Mr. Vinod Kumar Sharma CS. We will start the call with opening remarks from the CFO and then move to Q and A. Thank you. And over to you sir.
Vinod Kumar Sharma — Chief Financial Officer
Thank you. Rahul. Good afternoon. Dear investors and analysts. It is a great pleasure to address you as we reflect on the past years and look forward to the future of the company.
Your support and trust in Mayur unicoders have been instrumental in our success and we are honored to share the with you the performance of Mayur. Thanks for giving your precious time to Join Mayur UniCoter Ministry 23 FY26 Conference Call Mayur UniCoter, being a market leader in synthetic leather industry and an organized player has been able to leverage the emerging opportunities and deliver exemplary performance in past years both in national and international business markets. Now I would like to start with financial highlights for quarter three FY26 under review and we will also reply to a query after our review of the financial results for the quarter the company has achieved.
The revenue from operations on a standalone basis is 236.99 crores, PBT is 70.08 crores and PET 52.93 crores. In the quarter the standalone revenue increased by 22% and PBT and PET both increased by 71 and 77% on Y and Y basis. The revenue from operations from consulted DECI is 237.48 crores TBT 67.16 and PET 50.73 crores. In this quarter the consolidated revenue increased by 14% and PBD PAT increased rises 366%. Further, our endeavor is to make the company a preferred supplier for the leading OEMs. And especially in overseas market, US and European regions and in addition to this we have already received some good export orders from US for OM supply and resulting into a good contribution to our top line and bottom line and this increased momentum is expected to continue in next 23 years.
While pursuing our business interests, Mayur Unicoters has also been enjoying to fulfill our responsibilities towards society under the corporate social responsibility programs we have contributed towards the tabular plantation around 45,000 and more plants already we have planted and have a plan to do it at large scale in coming years. The company has also adopted many happy schools for education of children. The company has worked on education for all and underprivileged children, various health care initiatives especially child skill development, water for all, sanitation and school area, distribution of books, bags, clothes etc. And most importantly family planning and family welfare schemes in nearby villages.
The state government has also recognized these initiatives on various platforms. Thankful to all the investors for their valuable time. To those who became a part of this earning call with this first year note, I’d like to conclude and request you all to open the form for questions and answers since we have limited time. Therefore please avoid repeated questions and I am also giving you the segment wise number you can note down so that you can avoid the repeated questions on this point. Export Journal we have achieved in September quarter 20.73 crores export OEM 26.45 crore total export 97.18 Porto and domestic 52.01 replacement 38.84 footwear 39.93 furnishing 6.47 and others 2.56 domestic total 139.81 and total is 236.99.
Total volume has been 76.3 lakhs meters including PU which has been 2.56 lakhs meters per quarter and value 6 and 1. That’s the financial summary from my side and now you can start your questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment. While the question resembles. We have the first question from the line of Viraj from Simple, please go ahead.
Viraj Kacharia
Thanks for the opportunity. Just couple of questions. First is if you can give some update on the capex plans for south and we were also evaluating for the US Markets So any color on the quantum of Capex capacity we are looking to add.
Suresh Kumar Poddar
So. So we, we are looking. Yeah. So correctly said we were looking at both the option but obviously we will do one first CapEx and then we will do the second Cap. Right. So if we are evaluating which one we have to go for first but if we do in south it’s approximately 200cr.
If we do on a global scale it will be a 300cr over there.
Viraj Kacharia
Sorry, how much on a global scale?
Vinod Kumar Sharma
3. 300.
Viraj Kacharia
Okay, so that will be evaluated later but for the south plan we are looking to.
Vinod Kumar Sharma
We are in the process. So we are in the process of evaluation. Once we have a final decision that is made we will let it go.
Viraj Kacharia
And what kind of a capacity you are looking to add the south plant and timeline of additional.
Vinod Kumar Sharma
So once the decision is taken it takes approximately two years for the plant to start and.
We will start with 500,000 linen meters per month initially but obviously the capacity will be to make 1 million line meters per month. So the infrastructure will be ready but a line will be added into free list.
Viraj Kacharia
Okay, understood. And this will be the PVC plan, right? PVC leather plan, not the P.O.
Vinod Kumar Sharma
whatever you’re talking about. Expansion right now is about the PVC plant.
Viraj Kacharia
Okay, second question is sir, on the export piece you know do two parts of your question. One is, you know if you see bulk of our exports to us or through Mexico and recently the Mexico government they have imposed a tariff of.
operator
Your voice was breaking.
Vinod Kumar Sharma
Yeah, You were audible. Some words got muffled up in between.
Viraj Kacharia
Okay, is it, is it better now?
Suresh Kumar Poddar
It’s better now. It’s better now.
Suresh Kumar Poddar
Yeah. I’ll just repeat my question. You know Mexico government, they have imposed a tariff on imports from.
Vinod Kumar Sharma
We are not. I can just tell you in brief right now we are not impacted right now. How we can later on, that’s the lengthy process but we are not impacted right now.
Viraj Kacharia
Got it, got it. And so just two more questions. There’s similar news of tariffs on imports into South Africa. So do we see any impact for us
Suresh Kumar Poddar
South Africa I’m not aware of.
So like I will not be able to answer. I think so. We, I. We have not heard so something new that I’m hearing from you. But we have. But there is no tariff as.
Viraj Kacharia
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Okay, last question sir. See in exports typically how are the contracts priced? Are they a fixed price contract or you know. So any fluctuation in PVC or exchange rates, who gets, you know, who bears, you know, variability. Is it passed on to the OEM have an many times before but I repeat this question.
Suresh Kumar Poddar
we have an many times before but I repeat this question. So our material prices are fixed $. So obviously if there is a reduction in the dollar in the exchange rate money rupee is weaker.
Obviously the profit is to the company. And by sir
Viraj Kacharia
same is for the PVC material prices as well.
Vinod Kumar Sharma
Unless there very big. There’s a very big change the prices affect for the entire lifeline of the business. Until there very big change. Then obviously we always go to the customer and we have got. We got price increases in the past also which you have seen 1922 the prices going up from maybe 110 rupees per kilogram to 200 kilograms. And we got increased from customers also. And customers also. Because it’s not only limited to us. It’s a worldwide fund.
So everyone understand that. And it’s very well indexed also.
operator
Thank you. We have the next question from the line of avnish Chandra Clubsmiths Ltd. Please go ahead.
Unidentified Participant
Congratulation management team on continuous and if a great set of performance and great to know that we are still not affected due to tariff. But sir in which situation you think you will start getting affected and in that case what is the initial talk with our customers in the US market? Could you just highlight briefly on that.
Suresh Kumar Poddar
So we are not getting impacted very soon. But that’s why we also evaluating for the long term to put up a plant outside India. So immediate impact is not there. And we don’t see that impact coming in a very near future.
But you know world is moving towards de globalization also. So to countermeasure those things we are evaluating to put up a plan somewhere not taking a final call where but somewhere outside India. Definitely we are evaluating right now. We are not taking a final call right now.
Unidentified Participant
Okay. And any talk with the customer on sharing tariffs in case we get impacted in near term.
Vinod Kumar Sharma
So it’s no point disturbing the customer before you know, you know exactly if the tariff is there. It’s a very general discussion. Customers are willing to support us. But we have not had a very depth interest regarding those when we know that we will not get impacted in the future.
Unidentified Participant
Okay sir, fair enough. And sir second question on margin side and great to see that we are maintaining 2425% margin in new product mix where export percentage is higher. So if this product mix get maintained can we maintain this 24 25% margin in foreseeable future?
Suresh Kumar Poddar
Yes sir, we have said this in last three quarters again and again our concentration towards the export business is much lower. And our growth in the export Market will be higher than the growth in the domestic market.
Unidentified Participant
Okay, and the last question. We are maintaining this 100 crore export run rate for last two quarters.
So any guidance on that side? What would be the run rate in near future in quarterly or yearly terms on export side?
Vinod Kumar Sharma
Just one second. Can you repeat this question? Because all three of the countries.
Unidentified Participant
That export, export business, export general and OEM put together, we are doing 99 crore last quarter and this quarter we have done 97 crores. So this run rate will go up to what level?
Vinod Kumar Sharma
So sorry, can I just say we. I have just said that our growth in the export market will be more than our domestic growth.
Vinod Kumar Sharma
Okay. Is not going down.
So whatever figures we have done in the past improve in the future, not go down.
Unidentified Participant
Okay? Okay sir, I will come back in the queue. Thank you.
operator
Thank you. We have the next question from the line of Harsh M from Toro Wealth Managers llp. Please go ahead.
Unidentified Participant
Congratulations on great set of numbers. Just wanted to understand that with respect to exports, are we exploring new markets apart from us or any other markets where for example the European, any of the European markets where there are some deals going on and you could benefit. And this is my first question
Vinod Kumar Sharma
last quarter discussion. If you read our notes, very specifically, we had said that we have had our export in the European market. We have a company in Estonia now and we have started exploring a whole business index European market around maybe from last financial year.
So if you can meet the woods over there, We have already started exploring already. Apart from us, we are selling in other European markets also. But like our successful model of having one unit 31 office in USA for our aftermarket business for furnishing contract marine. So our marine business is also growing very fast and Europe is also a great market for it. So we have now found a new company in Europe and we are exporting and exporting from India to Europe, keeping stock over there and tapping customers over there also. And the business is going very fast in that area also.
We are getting good response.
Unidentified Participant
Okay, well that. That’s good to hear. And in. And I just had a second question with respect to the product mix improving in this quarter towards higher margins till what level of margins we can, you know, reach maybe beyond 25%. Is there an aspiration for any margins going forward? Like you mentioned, that momentum would continue for two to three years. So how should we look at that?
Suresh Kumar Poddar
So what best I can say is our export business is growing and our margins in export business is better than our margins in the domestic business.
So definitely the margin because the product mix will change. And in India also we are trying to tap markets where we have some premium prices in related in relation to our product mix. So the margins will improve definitely. It will remain in the similar levels where we are now and it can go slightly better also.
Unidentified Participant
Got it. But there’s like there. Is there an aspiration for like 30% or you know it’s not, you know that is too high to expect.
Suresh Kumar Poddar
It’s very difficult to comment on.
Unidentified Participant
Okay, thank you so much. I’ll get back in queue.
Thanks.
operator
Thank you. We have the next question from the line of Gunit Singh from CCIP. Please go ahead.
Unidentified Participant
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Vinod Kumar Sharma
as I we have said like we are expecting targeting a two digit growth. So in the coming years. This year also in the coming year. So we have kept in potential outlook 15% growth in the coming year also. I said congrats on a greater on a great set of numbers. So what is the outlook for FY27 in terms of top line and bottom line? as I we have said like we are expecting targeting a two digit growth. So in the coming years. This year also in the coming year. So we have kept in potential outlook 15% growth in the coming year So as I we have said like we are expecting targeting a two digit growth. So in the coming years. This year also in the coming year. So we have kept in potential outlook 15% growth in the coming year also. So the numbers percentage is similar to calculate.
Unidentified Participant
All right. And in terms of the EBITDA margins, previous participants also talked about that. So 25% plus margin is sustainable. I would like to understand how many basis points of improvement margin has come from depreciation of rupee.
Vinod Kumar Sharma
As you have seen mostly coming from export and the passengers also increasing. So obviously in coming years our growth will come from majorly from export. So therefore the margin will be not less than today. It will be slightly better than today.
Unidentified Participant
All right. So at a very small percentage of the business profit margin has increased by because of the other gains.
Suresh Kumar Poddar
So it’s basically the product mix of export market. Our trail prices and definitely improvement in our operating activity has contributed to the improvement in margin because we are highly important. Got it sir. And in the PU division I mean what was the loss in the current quarter and by when do you think we can ramp up to optimal utilization or optimal utilization? The optimal utilization unless we can track a good order which is a continuous process that we are having.
So we are not looking at a big margin at the moment. We want to process so stabilize the plant right now. Definitely we’re talking with a lot of companies. You know how many industries are coming in the south market Also. We don’t want to comment on those areas. All right, so got it. But in terms of expectations in FY27 we will be able to ramp up in terms of like the kind of conversations we are having and the demand scenario FY27 we see around 70, 80 utilization. See everything see, you can aspire to have full utilization also I told you until unless we have something concerned in hand, I don’t want to comment anything.
A lot of cheap import is coming from China. There’s a lot of manipulation. We are talking and discussing business in different avenues. But until unless we have something on in hand, I don’t want to comment like this is how the outlook will be.
Unidentified Participant
Got it sir. And what is the revenue? There was a follow up last follow up question.
operator
Please rejoin the queue. Thank you. Thank you. We have the next question from the line of Vedic from Monarch Network Capital Ltd. Please go ahead.
Unidentified Participant
So sir, I have first question on the domestic front where I want to understand that since the past four quarters our domestic business is not doing good for us coming in the domestic business is basically from the auto oem. But our auto replacement, footwear and other furnishing and all. So sir, that is not going so can you explain us the reason why these businesses are not going to and going forward? What is our endeavor to how to take forward our domestic business in terms of growth and Sorry, can I. In between?
Vinod Kumar Sharma
I think so your data is somewhere wrong.
We did not say our domestic business is not growing. We said our focus is more towards the export business. Our target for domestic growth is between 8 to 10%. Our target for export growth is much more than domestic business. So domestic business is growing. We said we are not interested in growing our business where our margins are very very low. Because we like chairman has said many times before also we focus a lot on the bottom line than focusing on the top line. So we never said that our domestic business will not grow and it has grown this year also and it will grow in the coming years.
It is because our margins are much better in the export business. That means that is why our concentration and focus is more on the export business. So please, maybe we have communicated something wrong in the past or maybe you have misunderstood. So like let me rectify the things. Our domestic business will also grow. But yes, the competition in domestic business is really growing. Our footwear business is not growing because of local competition because of price low price margin. So that’s why that’s the only area which is a matter of concern at the moment. But we never said our business will not grow in domestic business.
Our autoem business is growing and our auto replacement and footwear is not going as I just said that.
Unidentified Participant
However, I’ve got the answer for whatever you said. Now second question is on the raw material front. I mean the raw material sourcing. How what would Be the mix between the import and sourcing it domestically.
Suresh Kumar Poddar
Or domestic. Normally imports are nearly one third of our total raw material.
Unidentified Participant
Total raw material imports would be 1/3. Right.
Suresh Kumar Poddar
Let me see. We don’t have the figure in hand right now. Let me. If you can just send us a mail. I don’t want to give you any wrong figures but obviously because lot of our raw materials are coming from Europe, us, China also.
So let us give you the exact figure. I don’t want to give you a wrong figure right now. So I think it should be around 60, 65% but we’ll check and get back to you. So let us. Let me. If you can send us a mail, we’ll give you the exact figure or.
Unidentified Participant
Okay, okay. And the one last question on the other income front, can you just quantify our other income breakup or such? Because every quarter our other income is shooting up at a drastic. At a fast pace. And also what should be the other income amount which we should take ahead?
Suresh Kumar Poddar
Yeah, this quarter, this quarter other income has major part of foreign exchange gain around 50% and remaining is our treasury income.
Unidentified Participant
Can you repeat?
Suresh Kumar Poddar
50. 50% is on account of foreign exchange gain because of increasing prices of dollar euro and balance is coming from our treasury income because of investment. Yes.
operator
Thank you. We have the next question from the line of Rishabh Bhotra from Anand Party shares and stock brokers Institutional equities. Please go ahead.
Unidentified Participant
Hello sir. Congratulations on the setup number. Taking the last question forward. In the other income you mentioned, forex, is it a notional or booked account profit? No. Can it reverse?
Suresh Kumar Poddar
Yes. No reversal is there.
Unidentified Participant
Yeah. Okay. And secondly, are there anything which we can draw from budget with respect to artificial leather? There were two line items and also on the buyback. Any, any directional view on that?
Suresh Kumar Poddar
So for buyback we have not taken the call so I don’t want to. We will discuss and we’ll let you know. I don’t want to comment because we have not discussed this issue also right now.
We generally we do it in the final. After the final results are done. So I don’t want to say anything which we have not discussed right now. And any other. What was the second question?
Unidentified Participant
And there were two light line items with respect to artificial leather. One was extension of sale from 6 months to 12 months. And also another line item was there with respect to artificial le.
Suresh Kumar Poddar
Export proceeds. Earlier it was mandated to be realized. Artificial. I. I cannot comment on it. But we don’t know. I mean you can highlight of specified input extended to export of Shoe.
It is. It is. It is particularly relating to the footwear and upper duty is applicable when you are purchasing importing the goods specified for the specified purpose that can be used for footwear or upper call making.
Suresh Kumar Poddar
And lastly sir, if you can give guidance with respect to volume, revenue and EBITDA margin for next two years. 27, 28. What? What? Okay. Revenue may be or volume maybe so realization there is no improvement. Okay. Value 15 for next two years and margin more or less similar level.
operator
Thank you. We have the next question from the line of chairman from ADECO Asset Management. Please go ahead.
Unidentified Participant
Thank you so much for taking a question and congratulations for. For a good set of result. I have two questions. One is. I mean with the EU and India Free Trade Agreement, I mean effectively taking the tariff of the table for Indian letter and related products given and are present in a European oem. How are you planning to convert this qualified tailwind into opportunity over a medium term?
Suresh Kumar Poddar
Sorry, can you complete your question? I thought your question.
Unidentified Participant
Yeah. You have a very strong presence in the US market. So how are you planning to ramp up your presence in the European market?
Vinod Kumar Sharma
Okay, so as I have, you know, we are already working with two customers very strong OEMs, Mercedes Benz and BMW.
They are currently buying from South Africa. We’re supplying for them in the South African market right now. True. So the impact of zero duty, it will take almost like 10 to 12 months for the papers to be signed by EU and all the European nations. Okay. So it will definitely help us improve our non automotive business very strongly for sure. And we have already taken steps to move in the right direction by putting up one. Sorry, why having one subsidiary company in Europe already. Right. As far as. As far as OEM business is concerned. So obviously price does make a difference.
But duty or not duty, I have to be competitive in terms of my competitors over there. But generally most automotive companies in Europe also they would prefer us to have a plant over there. But if you see. But if you see European automotive industry is not growing as much rather than it’s. There’s a story of degrowth over there. So our first target would be targeting the US market. And okay, we will be little more price competitive because the duty will go down. But it will help us grow our non automotive business more than the automotive business.
Unidentified Participant
Got it? Got it, sir. And also sir, I mean in a different time your PV PVC prices have soften up and we understand, I mean the. In fact plasticizes prices have started going up. Yarn prices have started going up. So I Think the price is going up also it will not go down further as a major impact. I think the water mode almost right sir. But any I mean incremental benefit that we have not passed on to the customer like the like Joe coming quarters March. Would it be possible?
Vinod Kumar Sharma
[Foriegn Speech] Okay. Got was not a very big listing. As so when there is a minor increase also then we also don’t pass on the cost to the customer. Unless there’s a major impact at the raw material prices. We don’t disturb our customers. Got it sir. Got it. Thank you so much. And best of luck for the future. Thank you.
operator
Thank you ladies and gentlemen. We will take that as a last question. Now I hand the conference over to the management for the closing comments. Thank you. And over to you sir.
Vinod Kumar Sharma
Thank you. Thank you all investors. You spared the time for this conference call of MyU Q3FYU. And lastly we ask you. We say you that you should rest assured the management is doing their all efforts to make the ignition growing further. And our increase and growing momentum will be continued in coming quarters and years too. And yeah. Mr. Podaj say hello to everyone. So he’s sitting also next to us. So I just want him to say hello to everyone. Only one thing I can say. Whatever is it. Whenever Banur has done that it is very difficult to reply every individual questions.
In nutshell what is our growth? What is our bottom line growth that we have said and always like that it is impossible. Now today you say that today’s market condition. Is anybody capable of saying 100%. So whatever you are saying, only thing I want to say what I say is to do it. Once we say that we’ll do it. Put our heart and soul to bring that to the market. That’s. Thank you. Thank you from my side also it was a pleasure interacting with everyone. If you have any other query please send a email to the company secretary or the cso.
We’ll reply to you on those things. A question. Thank you. Thank you.
operator
Thank you very much. On behalf of Monarch Network Capital Ltd. The that concludes this conference. Thank you for joining with us today. And you may now disconnect your lines.