Mayur Uniquoters' (MUNI) Q3FY21 standalone revenue swelled 31% YoY to a record Rs 1.6bn.

Mayur Uniquoters' (MUNI) Q2FY21 standalone revenue declined 11% YoY and volumes dropped 5% amid a continued slowdown in user industries (footwear, auto), albeit less pronounced than expected.

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 plant and when situation normalizes this plant will also add to growth. FY21 is not looking is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers that bad as it was at the end of Q1FY21. With volume recovery in footwear, ramp up of PU for margin improvement. However, we believe current valuations already discount most of the plant and businesses from new clients such as VW, Mercedes, BMW; we expect a strong...

Auto segment forms ~55% of revenues while footwear forms ~30%, with others contributing rest. MUL counts several major automotive OEMs both in India (MSIL, M&M;, TML, MG Motor, Honda), globally (VW, Ford, Chrysler) as its clients while also serving retail brands like Bata, Relaxo, Paragon, among others. Share of footwear in overall revenues is on the decline amid higher growth in auto, other segments. This bodes well for MUL as footwear ASPs are lower than those in automotive with blended ASPs at ~| 200-220/metre. Recently, receipts of approval from Mercedes...

plant and exports are behind (reasons for a de-rating over the last two years), at ~10x FY22e P/E, we believe in good scope for a re-rating given improving prospects. Its net-cash status and FCF generation ability even in the downturn are other positives. While the near-term outlook is challenging, we are positive...

MUNI: Tepid quarter, upside limited; downgrade to ADD. Wholesale Inflation: WPI contracts, food inflation soars. Trade: Imports catching up, non-oil exports improve. BPCL: GRMs outperform but marketing to aid earnings growth. HMCL: Optimism priced in maintain REDUCE

Auto industry is looking forward for a better Diwali. On the back of improvement in rural Mayur had started reporting strong margins in normal business situation and strong demand, the outlook for Q4FY20 and Q1FY21 is good. margins will come back with sales going back to normal levels....

Mayur Uniquoters' (MUNI) Q4FY20 standalone revenue increased 13% YoY, aided by 58% growth in exports.

Mayur Uniquoters The Peacock will now Dance! Mayur Uniquoters (MUNI) is a leading manufacturer of PVC in India has recently commissioned its PU (Polyurethane) capacity which is otherwise being imported from China. With just one other player manufacturing PU in India, we feel that the company will be able to ramp up its capacity utilisation given a) its rich experience in the industry, b) well entrenched relationships with established brands in both footwear and auto, c) strong financial discipline and d) the Indian buyers were as it is looking for an alternative to China. We believe this capacity will add to...

Mayur Uniquoters The Peacock will now Dance! Mayur Uniquoters (MUNI) is a leading manufacturer of PVC in India has recently commissioned its PU (Polyurethane) capacity which is otherwise being imported from China. With just one other player manufacturing PU in India, we feel that the company will be able to ramp up its capacity utilisation given a) its rich experience in the industry, b) well entrenched relationships with established brands in both footwear and auto, c) strong financial discipline and d) the Indian buyers were as it is looking for an alternative to China. We believe this capacity will add to...

Mayur Uniquoters' (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).

Mayur Uniquoters' (MUNI) Q1FY20 standalone revenue decreased 9% YoY as a sharp slowdown in footwear and auto sector demand saw volumes drop 9%.

Mayur Uniquoters' (MUNI) Q4FY19 revenue declined 8.7% YoY, with volumes down 6.6%. Operating margins fell 357bps YoY to 21.6% due to higher RM cost and other expenses, inducing an EBITDA/PAT decline of 21.6%/18.1% YoY. We cut FY20/FY21 PAT estimates by 6%/4% to build in lower growth and pare our target P/E from 22x to 20x. The stock is likely to remain subdued till PU plant ramp-up (guided to start production from Sep'19)....

Mayur Uniquoters (MUL) reported a dissapointing set of results dispite the healthy sales growth, with the contraction in margins.

Mayur Uniquoters (MUL) delivered results below expectations beaten by higher raw material prices and lower export sales.

Mayur Uniquoters (MUL) is one of the largest manufacturers of artificial leather/PVC vinyl in India with ~37million meters (mm) annual capacity and ~8% domestic market share.

EM equity markets fell by 4% on the back of currency crisis in Turkey. EM currencies also fell by 1% in the week. Given the correlation between INR and Asian currencies, INR breached 70 to a USD. The slide in EM currencies poses a risk to global growth. For now, global growth indicators were mixed with some moderation in China and Japan. US continued to post stronger growth....

In Q4FY18, MUL delivered 12% topline growth primarily led by higher realisations and consistent volumes. Overall, performance remained in-line with our expectations.

MUNI has a 6% share of India's 480mn meter PVC Leather market. Entry into PU Leather will help MUNI to move into a premium product segment, which has better margins. MUNI is the first company to build such a large capacity in PU Leather. The management expects revenue acceleration going ahead, backed by new...