Mayur Uniquoters Limited

Consumer Cyclical — Textile Manufacturing · NSE

₹796.00+₹5.35 (+0.68%)

DalalBaazaar Score

77 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Mayur Uniquoters Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Mayur Uniquoters Limited engages in the manufacture and sale of coated textile fabrics in India, the United States, South Africa, and internationally. Its products include artificial leather, PU/PVC synthetic leather, and other products.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees465

Annual revenue₹960 Cr

How does it make money?

Turns over ₹960 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation. Each of its 465 employees supports ₹2.07 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.07 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 22.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 16.9% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE25.9%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 19.4% and earnings to grow about 17.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+19.4%

Est. earnings growth+17.8%

Analysts2

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +25% while net margin moved +47% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+25%

Margin effect+47%

DalalBaazaar Score

77/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.40 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✓ Profits have been consistent from year to year

Quality vs. Valuation

Company Quality

81/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

16.7x

3Y Median

21.1x

40 monthly readings · mean 19.8x · range 14.5x–27.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 21% below its 3y median of 21.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 76% below the peer median of 69.2x.

vs. its own history

Cheap

21.1x median over 40 months · -21%

vs. sector peers

Cheap

69.2x median of 4 peers · -76%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.9x

PEG

0.74

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 19.9% to 29.5% over 3 years.
Debt is being paid down
Total debt is down 69% over 3 years.
Cash generation is improving
Free cash flow is up 21% over 3 years.
Return on equity is rising
ROE has improved from 13.8% to 16.9%.
Return on capital is rising
ROCE has improved from 17.3% to 22.6%.
High return on capital employed
ROCE of 22.6% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Receivables growing faster than salesFinancial
Receivables up 57% against revenue up 25% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 22.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 19.9% to 29.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 69% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 21% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 76% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 57% against revenue up 25%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 7.8% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 28%✓ 29.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 6% a year✓ 7.8% CAGR
Latest reported year was 24.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹109 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 20%✓ 22.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

12 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 5 neutral · 0 weak

Market Cap

₹3,459 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.7x

Fair

Fairly valued against the generic band

P/B Ratio

3.05x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹47.68

Profitable

Profitable on a per-share basis

ROE

16.9%

Strong

Strong capital efficiency

ROCE

22.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.69x

Moderate

Moderate leverage

Revenue Growth (YoY)

24.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

37.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.75%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹109 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

13.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

19.1%

Good

Healthy core-business profitability

Net Margin

20.3%

Good

Strong bottom-line conversion

Current Ratio

7.45

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.40

Defensive

Steadier than the market

52W Range Position

75%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

752.2 / 750.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

63.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹768 Cr	₹795 Cr	₹873 Cr	₹960 Cr	+7.8%
EBITDA	₹153 Cr	₹174 Cr	₹219 Cr	₹284 Cr	+22.9%
EBITDA Margin	19.9%	21.8%	25.1%	29.5%	—
PAT (Net Profit)	₹104 Cr	₹122 Cr	₹149 Cr	₹192 Cr	+22.5%
EPS	₹23.69	₹27.86	₹34.18	₹44.13	+23.0%
ROE	13.8%	14.1%	15.6%	16.9%	—
ROCE	17.3%	18.3%	20.9%	22.6%	—
Total Debt	₹25 Cr	₹15 Cr	₹9 Cr	₹8 Cr	-32.3%
Free Cash Flow	₹90 Cr	₹91 Cr	₹138 Cr	₹109 Cr	+6.6%

🟢 Revenue has grown at 7.8% a year over 3 years.

🟢 EBITDA has grown at 22.9% a year over 3 years.

🟢 EBITDA Margin has risen from 19.9% to 29.5% over 3 years (+9.7 pts).

🟢 PAT (Net Profit) has grown at 22.5% a year over 3 years.

🟢 EPS has grown at 23.0% a year over 3 years.

🟢 ROE has risen from 13.8% to 16.9% over 3 years (+3.1 pts).

🟢 ROCE has risen from 17.3% to 22.6% over 3 years (+5.3 pts).

🟢 Total Debt has shrunk at 32.3% a year over 3 years.

🟢 Free Cash Flow has grown at 6.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,262 Cr

Total Liabilities

₹129 Cr

Cash & Equivalents

₹79 Cr

Operating Cash Flow

₹133 Cr

Capex

-₹24 Cr

Shareholding (proxy)

Institutional Holding

3.6%

Insider Holding

61.0%

Corporate Actions

Dividend Rate

₹6

Ex-Dividend Date

21 Aug 2026

Analyst Consensus

Recommendations

2 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹900

+13.1% vs CMP

Target Range

₹821 – ₹1,019

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive2 mixed3 general

MAYURUNIQ Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Does Mayur Uniquoters (NSE:MAYURUNIQ) Deserve A Spot On Your Watchlist?

Simply Wall Street, 21 May

Mayur Uniquoters Promoter Kiran Poddar Acquires Additional 9,068 Shares

scanx.trade, 02 Oct

Mayur Uniquoters Share Price Target 2026: Bull Case Rs 975, Bear

Univest, 30 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Mayur Uniquoters Eases 0.62% to ₹735.95: Stock Consolidates Between Support and Resistance - Value Factor

siam.in, 09 Sept

Why You Might Be Interested In Mayur Uniquoters Limited (NSE:MAYURUNIQ) For Its Upcoming Dividend

Simply Wall Street, 17 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑