Mayur Uniquoters Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mayur Uniquoters Ltd-$ filed with BSE on 23 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Mayur Uniquoters reported standalone Q4 FY26 revenue of Rs 260.55 crore, up 22% year-on-year, with PBT and PAT rising 70% and 73% respectively. Consolidated revenue for the quarter was Rs 273.35 crore, with management attributing margin improvement to a higher export mix, foreign exchange gains, and cost control in freight and maintenance expenses. Management said full-year FY26 export value grew 35% and auto OEM exports rose from Rs 194 crore to Rs 290 crore, while domestic growth for the year was around 4%.
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Numbers mentioned
Standalone revenue from operations: INR 260.55 crores (Q4 FY26)
p. 3
“The company has achieved the revenue from operations on a standalone basis is INR 260.55 crores, PBT INR 82.59 crores, and PAT INR 60.71 crores.”
Vinod Kumar Sharma, page 3 of the filed PDF · View the filing
Standalone PBT: INR 82.59 crores (Q4 FY26)
p. 3
“The company has achieved the revenue from operations on a standalone basis is INR 260.55 crores, PBT INR 82.59 crores, and PAT INR 60.71 crores.”
Vinod Kumar Sharma, page 3 of the filed PDF · View the filing
Consolidated revenue from operations: INR 273.35 crores (Q4 FY26)
p. 3
“The revenue from operations on a consolidated basis is INR 273.35 crores, PBT is INR 81.23 crores, and”
Vinod Kumar Sharma, page 3 of the filed PDF · View the filing
Total volume sold: 31 million meters (FY26)
p. 6
“31 million meters.”
Arun Bagaria, page 6 of the filed PDF · View the filing
Volume growth: 4.5% (FY26)
p. 6
“Volume growth is a total 4.5%. Nearly 5%.”
Arun Bagaria, page 6 of the filed PDF · View the filing
Export share of revenue: 42.5% (FY26)
p. 6
“Export is around total 42.5% now and since we are focusing on export business more and especially automotive and export, therefore, it is expected to increase further.”
Arun Bagaria, page 6 of the filed PDF · View the filing
PU business revenue: INR 27.08 crores (FY26)
p. 8
“It was around INR 27.08 crores.”
Vinod Kumar Sharma, page 8 of the filed PDF · View the filing
Export general segment revenue: INR 21 crores (Q4 FY26)
p. 9
“Export general INR 21 crores for the quarter.”
Arun Bagaria, page 9 of the filed PDF · View the filing
Export OEM segment revenue: INR 88 crores (Q4 FY26)
p. 9
“And export OEM INR 88 crores.”
Arun Bagaria, page 9 of the filed PDF · View the filing
Auto OEM domestic segment revenue: INR 55 crores (Q4 FY26)
p. 9
“Auto OEM domestic INR 55 crores.”
Arun Bagaria, page 9 of the filed PDF · View the filing
Replacement segment revenue: INR 41 crores (Q4 FY26)
p. 9
“Replacement INR 41 crores.”
Arun Bagaria, page 9 of the filed PDF · View the filing
Foreign exchange gain: around INR 30 crores (FY26)
p. 9
“And our other income includes this foreign exchange gain of around INR 30 crores.”
Arun Bagaria, page 9 of the filed PDF · View the filing
Auto OEM exports: INR 290 Cr. (FY26)
p. 16
“Auto exports for the current year INR 290 Cr., and last year it was INR 194”
Vinod Kumar Sharma, page 16 of the filed PDF · View the filing
Auto OEM exports: INR 194 Cr. (FY25)
p. 16
“Auto exports for the current year INR 290 Cr., and last year it was INR 194”
Vinod Kumar Sharma, page 16 of the filed PDF · View the filing
Employee expense: INR 17 crore (Q4 FY26)
p. 12
“employee expense suddenly from quarter-to-quarter we have increased from INR 14 crore to INR 17 crore.”
Kiran D, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Domestic value growth — 8%-10% · next 2-3 years
stated as an aspiration by Arun Bagaria
p. 5
“So, we have said in the last phone call also, our expectation from domestic growth is between 8%-10%.”
Arun Bagaria, page 5 of the filed PDF · View the filing
Export value growth — 15%-20% · next 2-3 years
stated as an aspiration by Arun Bagaria
p. 5
“And our expectation from export growth is from 15%-20%.”
Arun Bagaria, page 5 of the filed PDF · View the filing
EBITDA margin — 25%-26%
stated firmly by Arun Bagaria
p. 8
“So, we have given a very clear guidance of 25%-26% in the past. We should be able to maintain that for sure.”
Arun Bagaria, page 8 of the filed PDF · View the filing
EBITDA margin — 25%-30%
stated conditionally by Arun Bagaria
p. 15
“And if we can say, it should be 25%-30%. Or if everything goes well, then definitely we are expecting to maintain this margin.”
Arun Bagaria, page 15 of the filed PDF · View the filing
Global capex — around INR 300 Cr
stated conditionally by Arun Bagaria
p. 15
“But the CAPEX would be around INR 300 Cr for a global location.”
Arun Bagaria, page 15 of the filed PDF · View the filing
Revenue increase from new coating line — INR 120 Cr. – INR 150 Cr.
stated as an aspiration by Arun Bagaria
p. 16
“So, revenue will increase by INR 120 Cr. – INR 150 Cr.”
Arun Bagaria, page 16 of the filed PDF · View the filing
Coating line completion — by end of this calendar year
stated firmly by Vinod Kumar Sharma
p. 15
“We have already ordered for an existing location. So, by the end of this calendar year, it should be done.”
Vinod Kumar Sharma, page 15 of the filed PDF · View the filing
Export growth momentum — 15%-20%-25%
stated conditionally by Arun Bagaria
p. 10
“So, we have given a very clear indication based on what we have today we should see somewhere around 15%-20%-25% growth in the export business.”
Arun Bagaria, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Prices have risen but softened slightly, and availability is no longer a concern.
Answered by Arun Bagaria
Asked by Anurag Patil: Is paste PVC availability an issue and how are raw material prices trending?
p. 4
“But I think those issues are resolved now. And prices have also softened a little bit from the highs of March.”
Arun Bagaria, page 4 of the filed PDF · View the filing
Total value growth was 15%, driven by export growth and a smaller domestic contribution.
Answered by Arun Bagaria
Asked by Pritesh Chheda: What were the actual domestic and export value growth figures for FY26?
p. 6
“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.”
Arun Bagaria, page 6 of the filed PDF · View the filing
Volume with Ford has increased due to new platforms being added, though the growth impact will build over coming months.
Answered by Arun Bagaria
Asked by Awanish Chandra: Has the company added new export clients, particularly with Ford?
p. 7
“And our volume with Ford was very low. So, we have added more platforms on Ford business.”
Arun Bagaria, page 7 of the filed PDF · View the filing
PU business remains muted, though a large customer has approved the company as a vendor pending price settlement.
Answered by Arun Bagaria
Asked by Awanish Chandra: What is the status of the PU business?
p. 8
“So, PU, still the business is muted right now. We have not been able to succeed too much in terms of the volume in PU and increasing in sales.”
Arun Bagaria, page 8 of the filed PDF · View the filing
Improvement was driven by increased export business, better product mix, and some price pass-through from inventory held before cost increases.
Answered by Arun Bagaria
Asked by Viraj: What explains the higher gross and EBITDA margins in the quarter excluding other income/FX gain?
p. 10
“So, the reason for improvement in opposite margin as I told you is because of increase in the export business definitely.”
Arun Bagaria, page 10 of the filed PDF · View the filing
A price hike was taken for domestic footwear/open market customers; the automotive price increase impact will follow with a lag.
Answered by Arun Bagaria
Asked by Vaidik Bafna: Did the company take a price hike in Q4 given rising raw material costs?
p. 11
“Yes. So, I told you we have taken some price hike for domestic customers in footwear open market.”
Arun Bagaria, page 11 of the filed PDF · View the filing
The increase was mainly due to a provisional impact from new labor codes plus some new hiring.
Answered by Vinod Kumar Sharma
Asked by Kiran D: Why did employee expenses jump quarter-on-quarter?
p. 13
“No, actually it has impact of new labor codes provisional impact, that is the impact employee benefit expenses and new hiring is also.”
Vinod Kumar Sharma, page 13 of the filed PDF · View the filing
War-related disruption held up shipments to the Middle East, and expected general export growth was offset by US tariff impacts.
Answered by Arun Bagaria
Asked by Shashank Kanodia: What caused blended consolidated revenue growth to lag the stated domestic/export guidance ranges?
p. 16
“So, that will not happen in the future.”
Arun Bagaria, page 16 of the filed PDF · View the filing
Automotive export prices are fixed in dollar terms so currency moves are absorbed by the company, while general export pricing is negotiated case by case.
Answered by Arun Bagaria
Asked by Ashutosh Tiwari: How does export pricing work with respect to currency movements?
p. 17
“So, in automotive, if the price increases or decreases, it is like we have to take the impact.”
Arun Bagaria, page 17 of the filed PDF · View the filing
Risks flagged
Uncertainty and volatility in petroleum-linked raw material (paste PVC) prices
p. 4
“So, obviously, it's a petroleum by-product. So, the prices have gone up and the prices have gone up significantly.”
Arun Bagaria, page 4 of the filed PDF · View the filing
Difficulty predicting future raw material price movements due to external/geopolitical factors
p. 5
“It's very difficult to predict what Trump does tomorrow. So, I cannot say those things.”
Arun Bagaria, page 5 of the filed PDF · View the filing
War situation disrupting shipments and general export business
p. 16
“Because there was some material that was supposed to go to the Middle East, but we could not dispatch that material, it was on hold.”
Arun Bagaria, page 16 of the filed PDF · View the filing
US tariff impact nullifying expected general export growth
p. 16
“But because we had started our business in Europe also, we had said that our business has not gone down, but the increase that we were expecting in general export, that had to get nullified.”
Arun Bagaria, page 16 of the filed PDF · View the filing
Increased shipment/transit time due to war situation raising inventory levels
p. 14
“There are lot of good which are in transit also, there is 8 week shipment time and 6 week shipment time which has gone up right now because of the war situation.”
Arun Bagaria, page 14 of the filed PDF · View the filing
Uncertainty in the market makes forward margin estimates difficult
p. 8
“See, it is very difficult to analyze because there is a lot of uncertainty in the market.”
Arun Bagaria, page 8 of the filed PDF · View the filing
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