{"id":183574,"date":"2026-05-20T06:23:51","date_gmt":"2026-05-20T10:23:51","guid":{"rendered":"https:\/\/alphastreet.com\/india\/mayur-uniquoters-ltd-mayuruniq-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T06:26:32","modified_gmt":"2026-05-20T10:26:32","slug":"mayur-uniquoters-ltd-mayuruniq-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mayur-uniquoters-ltd-mayuruniq-q4-2026-earnings-call-transcript\/","title":{"rendered":"Mayur Uniquoters Ltd (MAYURUNIQ) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Mayur Uniquoters Ltd (NSE: MAYURUNIQ) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Arun Bagheria<\/strong> \u2014 Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Rahul Dani<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Viraj Kacharia<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to MyU Unique Waters Limited Q4 and FY26 earnings call hosted by Monarch Net Worth 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 the conference call, please signal an operator by pressing Star then zero on your touch tone phone. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call.<\/p>\n

These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dhani from Monarch Network. Thank you. And over to you sir.<\/p>\n

Rahul Dani<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Hi. Thank you. Ikra. Good afternoon everyone. On behalf of Monarch Network Capital it’s our pleasure to host the Mayur Uniquarters Q4FY26 earnings call. On the call today we have Mr. Arun Bagheria, Executive Director and Mr. Vinod Kumar Sharma, CF of the company. We will start the call with opening remarks on the management and move to Q and A. Thank you. And over to you sir.<\/p>\n

Arun Bagheria<\/strong> \u2014 Executive Director<\/em><\/p>\n

Thank you. Rahul. Good afternoon. Dear investors and analysts. It’s 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 in ecotors have been instrumental in our success and we are honored to share with you the performance of Mayur. Thanks for giving your precious time to Join Mayur Unicoders Ltd. Q4FY26 conference call. Mayur Unicoters Ltd. Being a market leader in the synthetic leather industry and an organized player has been able to leverage emerging opportunities and delivered exemplary performance in past years both in national and international business markets.<\/p>\n

Now I would like to start with financial highlights for Q4FY26 under review and we will reply to your queries after our review of the financial results for the quarter the company has achieved. The revenue from operations on standalone basis is 260.55 crores. BBT 82.59 crores and PET rupees 60.71 crores. In the quarter the standalone revenue increased by 22%. PBT and PET both increased by 70 and 73% on YM Y basis. The revenue from operations on Consolidated basis is 273.35 crores, PBT is 81.23 crores and PET 59.43 crore and in this quarter this revenue increased by 9% and PBT and PET increased by 54 and 43% in consolidated basis.<\/p>\n

Further our endeavor is to make the company a preferred supplier for the leading OM and overseas markets especially US and European regions. And in addition to this we have already received some good export orders from US for OM supplies which are making a good contribution to our sales, revenue and profitability and this increased momentum is expected to continue in next 23 years. While pursuing our business interest mayur any quarters has also been endeavoring to fulfill our responses to our society under the corporate social responses program we have contributed towards the Regular plantations approximate 45,000 plus plants.<\/p>\n

We have already done 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 healthcare initiatives is especially child skill development, water for all, sanitation at a school area, distribution of books, bags, cloth, etc. And most importantly family planning and family welfare schemes in nearby villages. The state government has also recognized these initiatives on various platforms.<\/p>\n

I am thankful to all the investors for their valuable time. To those to those who became the part of this earning call with this positive note, I would like to conclude and request you all to open the form for questions and answers since we have limited time of 45 minutes for the call therefore request you to please avoid repeated questions. Over to you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on the touch tone telephone. If you wish to remove yourself from the question queue you may press Star and two participants are requested to use hand flips while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Anurag Patel from Quest Investment Managers. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Sir, my question is on the raw material side particularly paste PVC and the yarn, how has been the current trend on the raw material prices and also are you facing any issue on the availability of paste pvc? If you can throw some light on this to us please.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So obviously it’s a petroleum by product so the prices have gone up and the prices have gone up significantly. So like there was a challenge initially in the month of March where people were expecting that there could be an issue regarding the availability of the raw material, but I think so those issues are resolved now. And prices have also softened a little bit from the all time from the highs of March is softened a little bit but availability is not an issue right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And over the next two, three months are you expecting any further increase or. It still remains uncertain.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So it’s very difficult to predict the prices definitely because things are settled right now. So we don’t see any increase in the near future. As of today it’s very difficult to predict what Trump does tomorrow. So like I cannot say that those things but things looking more stable right now and availability definitely is not an issue right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, answer for us how it can impact us basically on the domestic business side. So do we have sufficient inventory?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So you have to see it in two ways. One is short term and second is long term. So long term we don’t see too much of impact. Short term, yes, maybe a month or so like because it takes some time to pass on the price increase to the customers. Definitely it impacts a little bit in the short term but we do carry some inventory also. So it gets average out in the long term.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, that’s it from myself. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Pritesh Chera from Lucky Investment. Please go ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, hello sir. Sir, can you give some flavor on the domestic for the full year the domestic growth and the export growth and you<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Know, some flavor on within that the auto growth and the non auto growth.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So we have said in the last con call also our expectation from domestic growth is between 8 to 10% and our expectation from export growth is from 15 to 20%. Obviously we are focusing more on the automotive sector. So we see more growth coming from the automotive side whether it’s in the domestic market or in the international market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And this number now we are saying for the future this is the volume growth, right?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So when we are saying volume we are saying value growth also. So obviously the value growth will be much more than the volume growth because our export prices are much more higher<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Indian domestic industry also what type of business that we are targeting, we are not targeting a very low price items, we’re targeting a much more higher value addition items. So we see more value growth than we see in volume growth.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

This 8 to 10 and 15 to 20 which you mentioned for as your usual. We<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Were saying based on values.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, this is value for FY26. Can you give us some color on the domestic growth and the export growth? What it panned out to<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

I am celebrating. So.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Fy 26.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Sorry, sorry, sorry, sorry. Can you just give.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

We we had a. Actually we registered a total growth of 15% in value and out of that around 35.5% we achieved the growth in export and 4% plus we achieved in domestic. So average is 15%.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

35% growth in export, 4 to 5% growth in domestic. This was the value growth, right?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yes. Give<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

The total volume number what you sold<\/p>\n

Arun Bagheria<\/strong><\/p>\n

31 million meters.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

31 million. And what was the volume growth here?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Volume growth is total 4.5%, nearly 5%.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, so 5% volume growth and 15 value growth<\/p>\n

Arun Bagheria<\/strong><\/p>\n

In total. If we see. In<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Total. Yeah, yeah,<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yeah,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

If you see export growth then it is 15 and domestic is 2% plus the average is 5%. Nearly<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

15. Okay. Now in the last quarter specifically you have a very high margin as well. Obviously there is currency depreciation also. So how should we look at the. How should we analyze this margin number and how should we look at you know, your forward. Considering that my guess is export business for you is now 60, 70% of the business. Right?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Export is around total 42.5% now and we are since we are focusing on export business more and especially automotive and export, therefore it is expected to increase further.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, and how should we analyze the exit quarter margin? Because it’s a number which is like a 30% margin number, right?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yes, yes, trying to, trying to maintain it. But you know, it depends on the situations and so we have to consider the situations also. But if everything goes well and our just growth momentum is also continued with the exports business, then definitely we are expecting that should be maintained<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

The exit margin of 30%. Right?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

I’m not telling you exact margin, but. Okay, no problem,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

No problem. But. But in this exit margin is there any. Oneof any. Any inventory gain or, or it is just that you are. You are selling more of into export. Export growth rate is there where currency is depreciating. So as and when the mix keeps changing in favor of export, the margin keeps rising. That’s how I should put it.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yeah, because because exports is increasing and our export prices are also very good. Prices and margin is also good. And secondly, this foreign exchange gain is also giving impact because of increase in dollar prices. So export is giving much contribution to our margins.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, my last question is you gave out your growth for FY27, 8 to 10 domestic usually export already already.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

I think we already replied this question. No, no, my question, my<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Question is mix this mix of export to domestic 4555 which was this year. What should this mix look like next year<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Value wise? If you see then it should be 45 to 55 or 40. 40. Yeah, 45 to 50. It should be nearly that<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

X 45 to 50. Yes,<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yes. Yes. 45. Nearly 40 to 45% will be our export<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

We<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Are expecting. Yes, this is. This will be the range and and remaining balance is domestic revenue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, I will come back if you have more questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Avanish chandra from Smith Ltd. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Congratulation. Full management team of a spectacular performance. Have we added any new client on the export side? Because we continue to do well on the export. Our margin number and everything is showing that<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

We have said in the past also like we our business is growing with existing customers also. And our volume with Ford was very low. So we have added more platforms on for business. The business has started increasing but it will increase more in the coming months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And sir the exit rate of our quarter performance on the top line at least that will be continued. At least that much assumption we can make for the next year.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So in the long run. Yes, if you look at the entire year as a whole. Yes, we should be able to do that. I cannot comment on quarter to quarter basis right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay sir. And sir, could you throw some light on your PU business? Overall performance is good but have we done anything on the PU side?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

The PU abhibi the business is muted right now. We have not been able to succeed too much in terms of the volume in PO and increasing in sales. But definitely as we have highlighted in the previous calls also we are definitely talking to lot of brands but business has not matured till now. In fact there was an audit from a very big customer. They have passed us approved us as a vendor but no price commercial settlement has happened till now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, answer book 80 question. The overall PU business in last year FY26.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay. You can give you the number for the complete year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes sir,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

It was around 27 crores<\/p>\n

Arun Bagheria<\/strong><\/p>\n

27.08.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay sir. And one last question. Other participant was asking for margin. We have been used to seeing margin 24 25% all of a SUDD and we are seeing 33% plus margin. So we are really baffled that what margin we should expect next year or so. I understand sir was saying 30% can be achievable but if you can just throw some light that these are the reasons and we can expect 26 becoming 30% apart from export mix any other reason which can lead to these kind of margin expansion from 26 to 30 next year.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

It’s very difficult to analyze because there is a lot of uncertainty in the market. So we have given a very clear guidance of 25 to 26% in the past. We should be able to maintain that for sure 30% over long term. Because see obviously we have said yeah export margins are better than a domestic market margin. And there has been some improvement because of the currency depreciation also. So we should look at somewhere around 25 to 30% margin exact finger comment more difficult.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. Thank you very much for answering my question. All the best sir.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Thank you. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. We will take our next question from the line of Nishan Sharma from Nirvama Wealth Pct. Research. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Congratulations on great set of numbers sir. One question on round if you can share the segmental breakup of each of the segment for full year and for quarter. And secondly again on margins or how much of this margin incremental margin is due to currency benefit that we are witnessing.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yeah. Please note down the segment results. Export General 21 crores for the quarter and export OM 88 crores. Autoim Domestic 55 crore Replacement 41 crore. Footwear 48 crore Furnishing 5 crore and others are balancing figures.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Total<\/p>\n

Arun Bagheria<\/strong><\/p>\n

251. Total 261. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes sir.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yeah. And our other income includes this foreign exchange gain of around 30 crores.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. Thank you. Thank you. I’ll call back in queue. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Viraj from Simple. Please go ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah. Thanks for the opportunity. Just you said forex exchange income was 30 crore. That is for the year or for the quarter?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

For the. For the year<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

For the quarter what would be the FX gain we would have realized<\/p>\n

Arun Bagheria<\/strong><\/p>\n

FX GNA for the quarter is around 75% of which we have reported in quarter other incoming.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

That’s the other income is only 3 crore. So you know when I look at other income. So where is this reported?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Sorry?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Where is this reported? This forex game. Because other income is only 3 crores. So if I take 75% of 30 crores you know because.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Because this 3. Because the market was down during the quarter so fair valuation of the investment was also getting reduced. So that compensated with the total income of including foreign exchange. So remember balance net this is the. This is a quarter four other income is balancing figure for the total year. Okay. And what we have booked in up to December this was the balancing figures.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

No, I got that. What I was trying to understand is see, other forex income, whatever forex gain being accrued, we reported that in other income, right?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yep.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So when I look at our operating gross margin and operating EBITDA margin, they’re still around 50% and 31%. You know, this is excluding the foreign fee and as you know, based on your, you know, calculation. So I’m just trying to understand what explains the increase.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Still I’m not able to understand your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Increase,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Sorry.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

For the quarter we have shown 3.31 crores other income. And for the year we have shown 55 crores other income. And this foreign actions can be report in other income and the total other income include foreign exchange gain.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, that’s what I’m saying, sir. So when I look at my gross margin for the quarter, this quarter, four, we have reported close to 50% gross margin and we have reported 31 EBITDA margin. Now this is excluding the other income which we report. Right. So I’m just trying to understand what explains the higher gross margin and the EBITDA margin for the quarter.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

The Q1. Q1 for FY27 or last quarter?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

No, no. So what I’m trying to ask is if I looked at our contribution margin for the quarter which is Q4, 26, we have reported 50% contribution margins and we have reported 31 EBITDA margin. Now this is excluding the other income, you know, where we report the forex gain. So the reason for<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Higher gross margin and EBITDA margin is what I’m trying to understand<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

What<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is driving that.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So the reason for improvement in<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Margin,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

As I told you, is because of increase in the export business. Definitely. Obviously we had better we had some stocks so we could pass on some prizes to the customers in the month of March that also contributed to the margins. And it was a product mix basically we could sell some products with the higher, better margins.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so going into 27 and you know, beyond, do you see the mix? And you know, given that now you have a increased pressure on the raw material side, you know, with the inflation, do you see, you know, any pressure in terms of margins at the contribution level?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So I told you like if you look at the year as a whole, there should not be any pressure because obviously the prices also changes to the customer on a quarter basis. Sometimes it can impact, but on the full year basis it will even out.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so second question was on the export business. Can you give some now color? How is the pipeline?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

You know, I think you Talked about us winning a platform from Ford, but how is the now the existing business and export into the distribution say in terms of customers<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Or models, you know, is it more diversified now and how is the pipeline now? So any color you can give?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So actually we don’t get fixed orders from customize all projections. Okay. And they say okay, this is the volume on each platform and obviously those projections get adjusted on a monthly basis based on their demand also. So we have given a very clear indication based on what we have today, we should see somewhere around 2015-2025% growth in the export business.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it? Got it. Because that will imply.<\/p>\n

Operator<\/strong><\/p>\n

Please use Randy for more questions.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Sure.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow up question, please rejoin the queue. We will take our next question from the line of Vedic Basna from Monarch Network Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, congratulations on this robust set of numbers. Sir, I have two questions. Firstly, we can see that our other expenses have declined. So can you quantify the forex. I mean the freight cost involved during the quarter?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yeah, it is other income, other expenses decreased in this quarter because of two reasons only our freight cost have gone down in this quarter because of this, you know, war situation and all. And second one, our maintenance cost, repair and maintenance cost and consumable consume consumables but also controlled and because of these two reasons our other income reduced.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Also like to add one more thing. So our productivity where we measure the OE has also improved in the last quarter compared to our previous year and that has also contributed to the improvement in margins.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, one more question on the low cost inventory. So we can see that there is a huge jump in our gross margin. So is there a possibility that because of we had some lower cost inventory with us since the previous quarters and there was significant rise in the RM cost so did we take any price and which we could make use of it which would benefit us.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So see prices started going up from the month of March, maybe after first week of March 7th, 8th March impact will not come in the month of March, so the previous quarter and we don’t want to take undue price advantage from our customers also. So Joe, practical rise because we are not in a monopoly business and in automotive it takes some time for the price increase to happen. But they give it from the previous month, Previous quarter what we see<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I’m telling that in Q4. Did we take any project because of this significant. Yes. So I told you. We.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

We have taken some. We have taken some price hike for activity. Domestic customers. Open market, automotive.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So sir, you mean to say that there will be further price right?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

From. From. For. From a UDS.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. So sir, in Q1FY27 and Q2FY27 we should see<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

A settlement generally. So we generally raise supplementary invoices to them.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

In. In Q1 both impact will come price increase in our invoices. Self revenues and price increase in raw material impact.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir. Thank you sir. That’s it. From my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Kiran D from table three. Please go ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Thank you so much for the opportunity. And congratulations on a very good set of results. Two questions sir. One more strategic. Sir, we keep saying 15 to 20% in export and 8 to 10% in domestic. That is well understood. So what should happen from here on for mayur. Given that we now have scale, reputation, capacity and everything else to push the export growth. Especially the export OEM growth to 20 to 25%. From 15 to 20 to 20 to 25%. Is it approval for more models or more clients?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So that’s like a. More of a strategic question. To push the growth to 20. 25% from 15 to 20.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

See obviously we are targeting multiple customers and some customers, automotive customers specifically. It takes time for the business to crack. So it’s difficult to define. But yes, we are talking with existing customers and new customers also on more platforms. This can happen. What we have in our hand. We can comment on those things right now. What is in the pipeline and we are not sure. We don’t want to comment on those things right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Got it. I mean because a year, year and a half back. Sir, we are always saying export growth especially the OEM growth will be more than 20%. Now we are scaling it back to 15 to 20. So just wanted to understand if anything that was in plan.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Maybe we’re just giving a very conservative figure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

If<\/p>\n

Arun Bagheria<\/strong><\/p>\n

You see if you see on. On earth or in year. On year basis our export growth is 35% and automotive is 50%.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Got it. Because FY25 we ended export with 343 crore. This year we ended with 387 crore. So that’s like a 13 growth. If I’ve got my numbers wrong.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

You are. You are considering entire year’s number.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Three years number sir. FY25 to FY26. FY25 was 343. In my. As per your previous con call results though I combined and this year it is 387. Just now you said 289.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

This year. This year export is 386. Okay. And last year it was 285. Last year it was 285. And I’m telling you the numbers on the standalone basis. I am not including it. The consolidated numbers<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

That will be. That<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Will be added. That will be added further on to this number.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay. So we should look at standalone numbers. Got it? Yes. Yes.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yes, yes.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Got it. The second question is employee expense suddenly from quarter to quarter we’ve increased from 14 crore to 17 crore. Is it a hike or have we hired a bunch of people in the US? What exactly has happened for a 3 crore jump? And should we consider this as a new normal going ahead for FY27?<\/p>\n

Arun Bagheria<\/strong><\/p>\n

No, actually it has impact of new labor course provisional impact. So that. That. That is the major impact in this employee benefit expenses. And the new hiding is also.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Are you talking about the Indian operation? Are you talking about the US operation specifically?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I’m just seeing the console number and saying 17. Okay. So like obviously<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

There’s an impact. What Mr. Vidod has said it’s an impact of new labor code also. And we have hired a few new people also. There’s a combined impact. But more impact is because of the new labor code.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So labor code<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Input we have not taken in Q3. We have taken in Q4.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Obviously. Because the impact started from 21st November 2025. Therefore the all future liability will come in March only. And now. Now we will consider it on quarterly basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Got it. Got it. Thank you sir. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Rajat Setia from. I thought pms. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thanks for the opportunity. Inventory gains.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Forex and inventory again. Only forex gain and other income. Treasury income and all. All other income other than business operations.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Price increases. What later half of March.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

The price increase impact on automotive will come in this quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Price increase, revenue may reflect. But I was wondering. Inventory as on 31st March. As per accounting policies.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Cost or elizable value. Inventory is always valued on cost or elizable value, whichever is less.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So adjusting for some of the other items.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

We don’t produce against a stock. We produce against orders only. Moving average prices.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, Got it. And it’s a 25 inventory. Like 25 of sales is our inventory which is I mean small decent number here.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

There are a lot of good which is in transit Also there’s an eight week shipment time or six week shipment time which has gone up right now because of the world situation.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

It is it is invoiced on the agreed price only<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Because of increase in exports and especially export at higher value products secondly it it is impact of other income price again. Gross total margin then it will include it will be included<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

I’ll just end it January, February, March our order were good our so what happens if your orders are good Also your productivity also increases and you can plan your orders in a much more better way also so our OE I told in the previous question also our operating efficiency also improved that is 1 reason 2nd reason our export mix also increased 3rd is obviously some currency gains and inventory advantage but very small small volume not a very big portion of is that and<\/p>\n

Arun Bagheria<\/strong><\/p>\n

And. And. And other major impact is because of cost control which we you. You can see in other. The quarter for the quarter<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah so sir basically forex. 30% business.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Actually actually you know we have already informed you that our self growth momentum will be continued for next two three years and export we are also focusing on exports and automotive which is which is in good margins so definitely we are trying to maintain it and if we can say it should be 25 to 30% or if everything goes well then definitely we are expecting to be maintained this margin<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you one one small thing about the revenue Q4 may generally revenues<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Always Q4 is the best generally when if you see the trend now okay for generally better at Mr.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Thank you<\/p>\n

Operator<\/strong><\/p>\n

Next question is from the line of Shashank Kanodia from ICIC Securities Please go ahead<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Can you help us guide what was the capex plan for next two years? I think you have a new plan in South India and maybe a plant in Mexico so if you have any<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Sort of last conference maybe you were not there so we said we are looking at a global location but definitely Mexico analysis Whenever we are clear about that location we will update you but the Capex would be around 300cr for a global location India coating line or order but instead of putting it in south India we have found space in an existing facility only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

What should be a Capex spend for next two years.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Depending on the land prices also.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Existing location<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

And we have already ordered for the machine for the existing location so maybe by end of this calendar year maybe one month blood miners<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Effectively cash out flow should be 50 crores for this year right? Because location.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Approximately now<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right so this will increase our capacity from how much to what, what million M so generally.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Then it depends on the product mix.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So 120<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

To 150cr revenue. Approximately.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, you have always been guiding domestically we should be growing 8 to 10% and exports will be 15 to 20% but blended basis your console revenues have grown at 10% for last two years so is there anything that we are missing in this entire piece? Because then if you are again guiding for the same number then we should be working with 10 top line growth in the console basis for next two years for you<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

See actually last quarter because of what situation our general export market temporary impacted because there was some material that was supposed to go to Middle east but we could not dispatch those material secondly tariff our general export business did not go down but because we had started our business in Europe also to add we had said our business has not gone down but the increase that we were expecting in general export that had to got nullified. External reasons.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so if things stand today then 8 to 10% domestic, 15 to 20% export is is doable for us.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Obviously external factors are not in our hand but what we see right now. And please, and please don’t hold us for quarter to quarter games I’m saying this on a yearly basis<\/p>\n

Unidentified Participant<\/strong><\/p>\n

What was the whole year number for auto OEM exports for F26 and F25. You can can help me with that for the whole year? Yeah. Auto OEM exports for FY26 and 25.<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Yeah. Please note down<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes<\/p>\n

Arun Bagheria<\/strong><\/p>\n

Auto exports for the current year 290. And last year it was 194. Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. 194 say 290.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

It is increased about 50%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood, understood. Thank you so much. Right. Thank you so much. Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Ashutosh Devari from Equidistant Securities. Please go ahead. Ashutosh. Please proceed. Your line is unmuted.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, I’m audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes you are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah Sir Congress on the good numbers. Just one question from the export side how does the pricing work? Like say is currency a pass through or are we bill in dollar terms and currency retained by us?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah. Anyways, what I would like to say like our prices are fixed on a dollar basis. Okay<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So automotive<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It is<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Like we have to take the impact<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

General export fixed formula but it is case to case basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

I’m sorry please, please ask your question<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Please, please you finish.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So Mr. Buddhar has said in the past also see our overall business for that mayur does in comparison to the entire PVC business in the world is maybe 0.005% or something like that or 0.05%. There is scope for growth. Definitely we are trying to enter into new segments also. So when we say export growth definitely automotive is a very big chunk of our growth. But we are expecting growth in our general export market also segment may grow toga and there are other markets also in Europe and in USA where there we where we see more potential to grow.<\/p>\n

So we are working on all angles. Definitely automotive point of view say it’s price affixed on dollar basis. So we do get an advantage. General export means a case to case situation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. And in general export because now that your currency depreciated you get some cost advantages versus other countries which are competing or local players.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

But see obviously when you are selling to in general export now you are dealing with two type of customers. One is traders.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Second<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Is end users. So traders. And when you dealing with customers where prices and where you are doing stock and sales. Obviously advantage.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I was asking that see general export, general customers maybe if you look at. Because now obviously India currency depreciated. So you have lower cost compared to say a supplier. Definitely,<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Definitely you get volume. My<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Point is you get volume.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Definitely. It is an advantage situation for us. Competitive. Definitely. That is an advantage for my youth. Yeah. Any. Anyone who’s producing in India.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, got it. Thank you and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. We will take that as a last question for today. I would now like to hand the conference back to the management for closing comments.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So thank you everyone for joining for the conference call. So as we had said that we are expanding our capacity in South India. So we have been able to identify some space in existing location. We have ordered one line which will increase the capacity and we are in sync what we had said in the past until there’s a very big challenge from an external factor. We see our growth trajectory in the similar level as given in the past. Thank you very much for joining. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Monarch Network Capital Ltd. That concludes this conference. Thank you all for joining us today and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Mayur Uniquoters Ltd (NSE: MAYURUNIQ) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Arun Bagheria \u2014 Executive Director Analysts: Rahul Dani \u2014 Analyst Unidentified Participant Viraj Kacharia \u2014 Analyst Presentation: Operator Ladies and […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170942,"url":"https:\/\/alphastreet.com\/india\/mayur-uniquoters-q1-fy26-earnings-results\/","url_meta":{"origin":183574,"position":0},"title":"Mayur Uniquoters Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"September 4, 2025","format":false,"excerpt":"Mayur Uniquoters is primarily engaged in the business of manufacturing of Coated Textile Fabrics, artificial leather and PVC Vinyl which are widely used in different segments such as Footwear, Furnishings, Automotive OEM, Automotive replacement market, and Automotive Exports. 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The company\u2019s consolidated financial results reflected resilience in the domestic automotive and footwear segments, which\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":162144,"url":"https:\/\/alphastreet.com\/india\/mayur-uniquoters-ltd-q4fy24-19-rise-in-profits\/","url_meta":{"origin":183574,"position":3},"title":"Mayur Uniquoters Ltd Q4FY24; 19% rise in Profits","author":"Chirag Gupta","date":"June 14, 2024","format":false,"excerpt":"Mayur Uniquoters is primarily engaged in the business of manufacturing of Coated Textile Fabrics, artificial leather and PVC Vinyl which are widely used in different segments such as Footwear, Furnishings, Automotive OEM, Automotive replacement market, and Automotive Exports. Financial Results: Mayur Uniquoters Ltd reported Revenues for Q4FY24 of \u20b9216.00 Crores\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-117.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-117.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-117.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-117.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-117.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-117.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":159152,"url":"https:\/\/alphastreet.com\/india\/mayur-uniquoters-ltd-q3fy24-12-rise-in-profits\/","url_meta":{"origin":183574,"position":4},"title":"Mayur Uniquoters Ltd Q3FY24; 12% rise in Profits","author":"Chirag Gupta","date":"February 23, 2024","format":false,"excerpt":"Mayur Uniquoters is primarily engaged in the business of manufacturing of Coated Textile Fabrics, artificial leather and PVC Vinyl which are widely used in different segments such as Footwear, Furnishings, Automotive OEM, Automotive replacement market, and Automotive Exports. 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Q3 FY26 Earnings Results Revenue from Operations: \u20b9237.48 cr, +13.96% YoY, -1.18%\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183574"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183574\/revisions"}],"predecessor-version":[{"id":183575,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183574\/revisions\/183575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}