MAYURUNIQNSENovember 15, 2025

Mayur Uniquoters Ltd

5,697words

173turns

16analyst exchanges

3executives

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Management on call

Suresh Kumar Poddar

CHAIRMAN AND

Vinod Kumar Sharma

CHIEF FINANCIAL

Rahul Dani

MONARCH NETWORTH CAPITAL LIMITED

Key numbers — 40 extracted

rs,

s been able to leverage the emerging opportunities and delivered exemplary performance in past years, both in national as well as international business markets. Now, I would like to start with fina

INR237.76 crore

lts for the quarter. The company has achieved the revenue from operation on a standalone basis is INR237.76 crores, PBT INR64.63 crores and PAT INR48.10 crores. In the quarter, standalone revenue increased by

INR64.63 crore

company has achieved the revenue from operation on a standalone basis is INR237.76 crores, PBT INR64.63 crores and PAT INR48.10 crores. In the quarter, standalone revenue increased by 15%, and PBT and PAT bo

INR48.10 crore

the revenue from operation on a standalone basis is INR237.76 crores, PBT INR64.63 crores and PAT INR48.10 crores. In the quarter, standalone revenue increased by 15%, and PBT and PAT both increased by 17% on

15%

s, PBT INR64.63 crores and PAT INR48.10 crores. In the quarter, standalone revenue increased by 15%, and PBT and PAT both increased by 17% on a quarter-on-quarter basis. The revenue from operations

17%

10 crores. In the quarter, standalone revenue increased by 15%, and PBT and PAT both increased by 17% on a quarter-on-quarter basis. The revenue from operations on a consolidated basis is INR240.31

INR240.31 crore

ased by 17% on a quarter-on-quarter basis. The revenue from operations on a consolidated basis is INR240.31 crores, PBT INR55.61 crores and PAT INR40.84 crores. In the quarter, the consolidated revenue increased

INR55.61 crore

er-on-quarter basis. The revenue from operations on a consolidated basis is INR240.31 crores, PBT INR55.61 crores and PAT INR40.84 crores. In the quarter, the consolidated revenue increased by 8% and PBT increa

INR40.84 crore

revenue from operations on a consolidated basis is INR240.31 crores, PBT INR55.61 crores and PAT INR40.84 crores. In the quarter, the consolidated revenue increased by 8% and PBT increased by 1%. Further, ou

BT INR55.61 crores and PAT INR40.84 crores. In the quarter, the consolidated revenue increased by 8% and PBT increased by 1%. Further, our endeavour is to make the company a preferred supplier for t

AT INR40.84 crores. In the quarter, the consolidated revenue increased by 8% and PBT increased by 1%. Further, our endeavour is to make the company a preferred supplier for the leading OEMs, espec

38%

arters? Vinod Kumar Sharma: Yes, yes, yes. As you've seen in last quarter, June quarter, it was 38% to 40%. Now it is 42%. So it will be keeping increased. Awanish Chandra: Okay. And sir, any u

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Guidance — 20 items

Vinod Kumar Sharma

opening

“Under the Corporate Social Responsibility programs, we have contributed towards the regular plantations and 45,000 plants we have already planted and completed and have a plan to do it at a larger scale in coming years.”

Vinod Kumar Sharma

“So till the material is in warehouse, the actual realization will not reflect in consolidated results, where that material will be ultimately sold from the warehouse, then it will reflect in our consolidated results.”

Vinod Kumar Sharma

“The result will be reflected in next quarter, but it is a continuous business process.”

Vinod Kumar Sharma

“It will be continued in next coming quarters.”

Vinod Kumar Sharma

“At that time, when it is higher in overseas companies, then our consolidated top line and bottom line will be more than the standalone.”

Vinod Kumar Sharma

“And if the requirement comes to us for more quantity, then definitely, if it is not available in warehouse, then we will plan to dispatch from India.”

Vinod Kumar Sharma

“So, that will be adjusted in coming quarters.”

Awanish Chandra

“And sir, order increase, the run rate what we have today in quarter 2, this will be maintained or this sales run rate or export side will increase in coming quarters?”

Vinod Kumar Sharma

“It will reflect in standalone, but consol basis, then it will be actually realized on actual size to the customers from the warehouse.”

Vinod Kumar Sharma

“and the actual dispatch from warehouse to customer in the U.S., if it is lesser than 1 lakh meter, which has dispatched from India, then consol will be -- results will be down.”

Risks & concerns — 1 flagged

That's why the material -- the impact of this gap in consolidated and standalone bottom line is because of inventory increased in warehouse.

— Vinod Kumar Sharma

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Q&A — 16 exchanges

Congratulations on a strong set of standalone performance. Sir, my first question is related to standalone consol PAT. So, sir, the PAT at standalone looks pretty high as compared to consol PAT. And we understand the reason because it happened before as well because of the inventory creation and all. But can you sir explain why this is such a huge difference? Are we not able to give the delivery to the client or any other issue we are facing? Or is it just a normal business operation?

Vinod Kumar Sharma

In current scenario, where the demand is increasing for the automotive supplies in U.S., especially in U.S. where they provide us the three months or four months the requirement in advance, so we dispatch the material from India to U.S. And that's why in the quarter, we have dispatched the material, which resulted into increase in our bottom line and top line, both in standalone. But the material is -- some of the material is still in transit and some have already reached to the destination, which is still in warehouse. So till the material is in warehouse, the actual realization will not refl

Congratulations, sir, on good numbers. Sir, my first question is related to the gross margin. As we can see that the PVC prices have started to correct, but our gross margins are not getting improved on a Y-o-Y basis. So, any reason behind that? What has impacted our gross margins despite the PVC prices declining?

Vinod Kumar Sharma

Gross margin is also increasing. If you see in this quarter, our gross margin has increased 2%. And if we compare then in last quarter to this quarter, our gross margin has increased around 4%, 5%. I'm talking about on a consol basis, the gross margin have contracted by 238 bps in the first quarter on a Y-o-Y basis. Consolidated basis also increased 2% on Y-o-Y basis. 2% because we are keeping some provisions for old inventories also. Therefore, it is not getting full reflection. But yes, it is increasing, gross margin is also increasing on a consolidated basis. But because of that provisions

Sir, my question is how much of the tariff burden you had to share in this quarter?

Vinod Kumar Sharma

Tariff burden? So far, we have not impacted with tariff because we are supplying through Mexico, our warehouse. And the customers who are taking material from us all are located in Mexico-U.S. border. They are taking the material in Mexico and making the seat covers and supplying to their customers in U.S. So, this tariff is not impacting us so far. Okay. Okay. And sir, what is the reason for difference in EBITDA margin between standalone and consol? I already told you, because of this inventory, the material which we are dispatching from India to the U.S. companies, that material initially go

Thank you for taking my question. Sir, could you please give the breakup between export and domestic sales, both for OEM and others?

Vinod Kumar Sharma

I request you all to note down because this question will come in to us frequently. So, you all please note down the breakup. Export general, INR29 crores, export OEM, INR71 crores. Total exports is INR100 crores. Auto OEM domestic, INR49 crores, replacement, INR36 crores, footwear, INR43 crores; furnishing, INR8 crores and remaining is others, which comes to INR138 crores and total is INR238 crores. Thanks for that. And just wanted to ask one question about the guidance. So are we sticking to our earlier mentioned guidance of around 12% to 15% revenue growth and 15% to 20% profit growth for F

In the earlier call, you also mentioned ongoing discussion with Ford in South Africa. And also you were doing pilot trials with international brands like H&M and Adidas. So has there any further progress on a tie-up or a trial commitment with this client or any other global brands for the domestic or South Africa region?

Arun Bagaria

I think so maybe there is some mistake. Ford, we were talking about the American market, not just the South Africa market. So, maybe there was some misunderstanding in the past, I don't know. So obviously, there is a lot of improvement in that direction. Regarding the two brands for India like for sports shoes that you mentioned and H&M, still talks are going on. Samples are submitted, but no agreement has come to effect till now. Okay. And can you just give us the volume and volume number for the quarter? We can tell you the total numbers, not... Yes. Total number, sir. Yes. 8 million meters

I just want to know like I missed some of the numbers that you gave. Auto domestic was INR48 crores, right? And after that, you said something like INR75 crores.

Arun Bagaria

No, auto replacement, INR36 crores. Okay. Replacement is INR36 crores and then? Footwear. Footwear is how much? INR43 crores. INR43 crores. That's all. Yes. No then, furnishing... Then furnishing is also there. If you have noted down, if not, then you can note down again. Furnishing is INR8 crores. INR8 crores. Okay. So how is the export auto market in terms of how is the sentiment? And do you think you can exceed the earlier guidance that you gave? So the export automotive market is growing because of additional business. And we expect that the business will grow this year also and in the com

Congrats on good set of numbers. My question was on the new capacity, which we were talking of putting in South India and earlier call, it was in Mexico. So, can you give some more clarity on what is the need for the capacity in India? Between India and Mexico, where would you prefer capacities?

Arun Bagaria

So, okay, like we are already running with 75% capacity, and we are expecting a top line growth also. So definitely, capacity will be required. Now, South India strategically because we have a lot of footwear customers over there, there are lot of automotive customers over there. So it will be an added advantage if we have a capacity over there. Mexico because, as I told earlier, a lot of our customers want us to be there, but the business case scenario is on hold for the time being because of strategic reasons. Okay. And the South India capacity, like any plan we have further in terms of land

Can you tell me -- just give me a little color on every division, how -- what is the outlook and present situation of the divisions we are like export, domestic, leather, footwear and furnishing, just small outlook?

Arun Bagaria

So, as we have said before, like our export business will grow much faster than the domestic business. So overall business plan, the domestic business should grow between 8% to 10%. The export business will grow 15% or somewhere more than that. Footwear. And domestic including domestic auto, footwear all into it? Domestic is like -- it's a number of the total volume of domestic business basically, yes. Okay. I couldn't get the PU sale number and what loss we made this quarter And earlier, we were mentioning about some -- we are trying to increase the production by talking with Zara, et cetera.

Can I repeat my question again?

Arun Bagaria

Yes. Yes. So, my question was regarding how much is the sale of PU and what loss we incurred? And what is the strategy going forward for the PU? Earlier we were talking about talking to a big customer like Zara? Our volume from PU plant is, for the quarter, 314,000 and value is INR7.8 crores, which has increased by 21% in quantity and 32% in value over the last quarter. Okay. And what is the loss incurred for that? Last quarter, it was INR5.8 crores loss -- actual, there is no cash loss, but the loss is because of depreciation. Okay. And any strategy going forward? Earlier, we were talking to

Congratulations for a very good set of numbers. Sir, my question was regarding all the FTAs, which our country is signing with -- or on the verge of signing. So, what would be the benefit for us if some -- like on the AFTA front, on the EU front and also on the U.S. front, if they are signed and if we get 25% of tariff? So what do you think in the future in the next 3, 4 years, what can be the benefit of all the FTAs?

Arun Bagaria

So if we can say specifically to U.S.A. right now, so obviously, the tariff is 50%, but most of our material is being shipped to Mexico. So, there is no impact as such, but definitely a reduction of 25%. The general export market was looking muted, that will show a better result in the coming 4 years because we have made very strong headwinds with a lot of other customers, especially in the marine sector. 25% we'll benefit? We'll get the benefit? Meaning from 50 to 25 then definitely because you are at par with other countries in the world. So that's what I'm asking, sir. 25% will be benefited

Sir, I'm not able to understand, what is the reason we are unable to ramp up our PU division. Sir, the gas industry despite being a small company, they are making PU, they are making profit also in the same division of single-digit margin. Sir, I'm not able to understand why we are unable to ramp up the production? And sir, if we are not able to do it in a short time, can we repurpose that plant to make PVC, synthetic leather? And sir, when we already have roughly one-third capacity, then why do we need to put a new plant in South India And it will also be the same as what is happening with th

Suresh Kumar Poddar

You are asking about PU. As you know, most of the PU material is coming from China and there is huge under advising. They have put anti-dumping duty. Now, what happens in anti-dumping is that you cannot under advise. But you can reduce or increase the quantity. They have started to do that. The point here is that whatever material comes from China, as of today there is a difference of 20% to 40%. There is no problem in 10% to 12%. Second thing, we started this about three to four years back and slowly this is setting up in the market. And people have started understanding that it will take som

Yes. I will ask the same question of the previous participant. If we are expecting our profit for full year to increase by 20% Y-o-Y, but our first half is equal, so are we expected to cover up the entire profit in the second half itself? Or if you can give some proper clarity rather than a very loose 15%, 20% number. Could you provide some rationale on this?

Vinod Kumar Sharma

I'll tell you. If you see, our standalone EBITDA has definitely shown the increase. But there is a flat EBITDA is in consol results. And I already told you that this is because of inventory lying in warehouse. And second, the provisions which we have considered for the old inventory in U.S. warehouse. So, that will not come in second part of this year. So definitely, we are expecting a good increase in EBITDA for the year. Okay, sir. And sir, second question is in terms of revenue -- like revenue target for overall exports market, if I can break it, can we say that the exports, which were last

What is your export volume growth in the quarter in H1? What is the export volume growth in the quarter in H1?

Vinod Kumar Sharma

H1, it was... Quarter and H1, both. I tell you. Quarter-to-quarter, it is 25% in value and 15% quantity in quarter 2 over quarter 1. Quarter 2 over quarter 2 of last year, volume growth? In Q2 year-on-year, what is the volume growth? Volume was 14%. For the year-on-year, right, in Q2? No, no. It's Y-on-Y -- Q-on-Q. On Y-on-Y, it is 12.5%. Okay. Second question is the provision, which we have taken in inventory, how much is the amount of that in Q2? It is around INR10 crores. Sorry? Around INR11 crores. INR11 crores provision we have taken in the inventory. Yes. Okay. And sir, last question, th

What I wanted to know like do you guys have any idea...

Vinod Kumar Sharma

Sorry. We are not able to hear your voice clearly. Can you please repeat your question? Do you guys have any idea of supplier to Mercedes and BMW. Who is your biggest competitor? So, European suppliers. So one company is Benecke-Kaliko Can you just spell it out? B-E-N-E-C-K-E It's a German Supplier. It's a German company. But name of the company is? It's a part of Continental Group. You can go to Internet, type Benecke-Kaliko. Okay. They are your biggest competitor? Yes. One of the big competitors. Okay. So what would be the PU utilization right now. Between 23% to 25%. Okay. How are you plann

Is there any last question or closing comments?

Management

Thank you all investors for your time given for us for the investor conference call for Q2. And we will say, at last, be rest assured, we are trying our best to get the better and better results in coming quarters. Thank you.

Management

Speaking time

Arun Bagaria

Vinod Kumar Sharma

Moderator

Siddharth Kumar

Manoj Dua

Viraj Kacharia

Awanish Chandra

Dhaval Shah

Nikhil

Anil Jain

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Opening remarks

Rahul Dani

Thank you, Muskan. Good afternoon, everyone. On behalf of Monarch Networth Capital, it's our pleasure to host the senior management of Mayur Uniquoters. We have with us Mr. Suresh Kumar Poddar, Chairman and Managing Director of the company; and we have Mr. Vinod Kumar Sharma, CFO of the company. We will start the call with opening remarks from the CFO and then move to Q&A. Thank you. And over to you, sir.

Vinod Kumar Sharma

Thank you, Rahul. Good afternoon, dear investors and analysts. It is a great pleasure to address you as we reflect on the past year and look forward to the future of the company. Your support and trust in Mayur Uniquoters 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 Uniquoters Limited Quarter 2 FY '26 conference call. Mayur Uniquoters Limited, being a market leader in the synthetic leather industry and an organized player, has been able to leverage the emerging opportunities and delivered exemplary performance in past years, both in national as well as international business markets. Now, I would like to start with financial highlights for quarter 2 FY '26 under review, and we will also reply to your queries after our review of the financial results for the quarter. The company has achieved the revenue from operation on a standalone basis is INR237.76 crores, PBT INR64.63 crores

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