Mayur Uniquoters ~ Market Leader in Indian Synthetic Leather Market

Mayur reported another flattish quarter (flat sales and profits). They keep moving the goal post as it comes closer, now they are guiding for a step growth in FY26, while FY25 will also be a growth year. Concall notes below.


  • PU sales : 2.07 lakh sq.m

  • PVC sales : 68.48 lakh sq.m (vs 70 lakh sq.m in Q2FY24)

  • Exports (53 cr.): export general (18 cr.), export auto OEM (35 cr.). Auto exports were impacted for 2 months due to strikes in Ford plant

  • Auto OEM: 42 cr., auto replacement: 38 cr., footwear: 34 cr., furnishing 5.60 cr.

  • BMW is still 4,000 m, expect ramp up from April 2024

  • Mercedes : 30’000 m/month

  • Used to supply 2.5 lakh m to Maruti which has reduced to 30,000 m as they only supply to their premium models which can give them higher margins

  • Will see growth in FY25 but big jump will happen in FY26

  • Have introduced a new product for marine market (exports) which they were working for 3 years

  • Zara had four visits to their Gwalior factory and Mayur is expecting orders in next 3-4 months

  • Retail furnishing : Sold 20,000 m last month. 500 dealers now and hope to add 500 more in next year

  • Have seen large number of PVC plants coming up (10-12 factories in Gujarat now vs 2 factories 5-years back). They install plants for 150 cr. Vs competitor plants of 20-25 cr.

Sorry I dont know. Manav had joined the co a few quarters back.

Disclosure: Invested (position size here, no transactions in last-30 days)