Mayur Uniquoters: Riding export momentum - Company Update
02 Feb 2026
Blog
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating performance during the quarter, driven by strong traction in the export-OEM segment. Domestic performance remained steady, supported by the Auto-OEM segment, while an improving export mix and a benign raw material environment aided margin expansion. Management also outlined potential capacity expansion plans, including a PVC facility in South India and an overseas manufacturing facility under evaluation, providing long-term growth optionality while maintaining capital allocation discipline. We remain positive on Mayur, supported by strong export order visibility, a structurally improving margin profile, a healthy balance sheet and attractive valuations.
Mayur Uniquoters Ltd. Stock Price Chart
Export drives growth higher:
Revenue grew 14% YoY to Rs2.4bn, driven by strong performance in the export segment. Within exports, the OEM segment (~79% of exports) grew 93% YoY. Domestically, the auto OEM (37% of domestic revenue) segment grew 20% YoY, though this was partially offset by 2% decline in auto replacement and 10% YoY in domestic footwear due to competitive pressure. Overall volumes increased by 5% YoY OPM improved 93bps YoY to 23.4%, benefiting from a favourable mix of higher-margin export business. EBITDA rose by 19% YoY to Rs555 mn. PAT grew 66% YoY to Rs507 mn, supported by significant other income from forex gains. Excluding other inc., PAT growth was at 13% YoY.
Export OEM performance to maintain momentum:
The export OEM segment continues to remain the key growth catalyst for the company, supported by a strong uptick in demand from customers such as BMW South Africa and the addition of new clients, including Ford in the US. Management remains confident on the growth outlook for this segment, given the high entry barriers, strong customer stickiness and superior margin profile of the export OEM business, which is expected to continue driving revenue and profitability growth.
Outlook – Strong export momentum; risk-reward remains favourable:
The company currently faces no immediate tariff headwinds and continues to remain selective in lower-margin domestic categories, supporting margin sustainability. Management also outlined potential capacity expansion options, including a PVC facility in South India and an overseas manufacturing facility under evaluation, which provide long-term growth optionality while maintaining capital allocation discipline. With strong export visibility and limited near-term tariff risk, Mayur remains well positioned to deliver steady earnings growth over the medium term.
Valuation:
We are factoring in Revenue/EBITDA/Adj. PAT CAGR of 12%/13%/12% respectively over FY25–28E, supported by strong export momentum and a healthy balance sheet. We value the stock at 18x Q3FY28E EPS of Rs. 46, arriving at a target price of Rs. 825 and maintain our BUY rating. Key risks - sharper-than-expected slowdown in global auto demand, adverse trade policy changes over the medium term, and sustained competitive pressure in domestic non-OEM segments, which could weigh on volumes and margins.
Company website: https://www.mayuruniquoters.com/
| Rating | BUY |
|---|---|
| CMP* | INR 535 |
| Target Price | INR 825 |
| Upside | 54% |
*CMP is as per report published date
Click to download the full Mayur Uniquoters Ltd Q3FY26 Company Update
Analyst:
- Rahul Dani - Research Analyst, Institutional Equities (NISM-201500034725)
- Vaidik Bafna - Research Associate, Institutional Equities (NISM-202100035711)
FAQs on Mayur Uniquoters Ltd Q3FY26 Company Update
These FAQs summarize key insights from MNCL’s institutional equity research on Mayur Uniquoters, highlighting growth drivers, outlook and key risks for investors.
1. What is MNCL’s rating and target price for Mayur Uniquoters?
MNCL maintains a BUY rating with a revised target price of ₹825, implying ~54% upside from current levels.
2. What is driving the company’s growth?
Growth is led by strong traction in the export OEM segment, which saw significant demand from global auto customers and contributed to higher revenue and improved margins.
3. How is the margin outlook?
Margins improved due to a favourable export mix and stable raw material costs. The company is also selectively focusing on higher-margin segments to sustain profitability.
4. What are the key future growth triggers?
Potential capacity expansion, including a PVC facility in South India and an overseas manufacturing unit, along with new global client additions, provide long-term growth optionality.
5. What risks should investors monitor?
Key risks include slowdown in global auto demand, adverse trade policy changes, and competitive pressure in domestic non-OEM segments.
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We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
