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Mayur Uniquoters
Our verdict on Mayur Uniquoters isn’t the consensus take — see where we landed, and the one risk the bull case glosses over.
See the verdict — free →Does management do what it says?
The company has successfully established a subsidiary in Estonia and has begun exploring and exporting to the European market. (1 met across 1 tracked commitment)
“So the impact of zero duty, it will take almost like 10 to 12 months for the papers to be signed by EU and all the European nations, okay? So it will definitely help us improve our non-automotive business very strongly for sure.”
The PU business has not shown significant improvement in Q1 FY26 compared to the previous quarter, maintaining a run rate of Rs. 6-7 crores. (1 in progress, 1 exceeded across 2 tracked commitments)
“Minimum 15%-20 % will increase.”
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How durable is the business?
Export revenue share increased to 42% of total revenue, up from 38-40% in the previous quarter. Management expects export growth of 15%+ compared to 8-10% for domestic. (1 expanding)
“As you've seen in last quarter, June quarter, it was 38% to 40%. Now it is 42%. So it will be keeping increased.”
The company's moat is strengthening as it secures approvals from global brands like Ford and expands its dealer network to 1,000, creating high barriers through brand certification. (1 expanding)
“Maybe around 750-800. I don't have the exact number on my hand. Mr. Poddar is saying it is around 1000 right now.”
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Where does growth come from?
Traction with premium European OEMs is expanding; while BMW supply currently centers on Thailand, it is set to expand to South Africa this year, and Mercedes/Volkswagen are indicating potential for US-based supply. (5 accelerating across 5 signals)
“our endeavour is to make the company a preferred supplier for the leading OEMs, especially in overseas markets, US and European regions... this increased momentum is expected to continue in the next 2, 3 years.”
The company is transitioning from land acquisition to planning a 6 million-meter capacity plant in Mexico with a capex of INR 200 crores. However, the timeline is currently dependent on US/Mexico political outcomes, suggesting a cautious approach. (1 steady, 1 reversing, 1 accelerating, 1 new trend across 4 signals, 1 leading indicator)
“if we do in South, it's approximately INR200 crores... we will start with 500,000 millimetres per month initially. But obviously, the capacity will be to make 1 million millimetres per month.”
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What could break the thesis?
The risk is intensifying as management has officially postponed the Mexico plant CAPEX due to 'confusion' and 'big confusion in the mind' regarding the tariff situation. While they claim no direct impact on current OEM exports to Mexico, they admit a 50% tariff would be a 'worry' and could slow growth. (3 intensifying, 1 easing, 1 stable, 1 high-severity)
“One is if you see bulk of our exports to U.S. are through Mexico, and recently, the Mexico government, they have imposed a tariff of…”
The risk is intensifying specifically in the PU (Polyurethane) segment where Chinese dumping is causing losses, although the PVC segment remains competitive and unaffected. (1 intensifying, 3 stable)
“Our Footwear business is not growing because of local competition, because of price -- low price margin. So that's why that the only area which is a matter of concern at the moment”
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