Mayur Uniquoters Ltd. share price target

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.

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....

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.

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...

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...

Mayur witnessed recovery in its business catapulted by growth in domestic sales volume of 32.8% while export sales registered volume growth of 9.7% in Q3FY18. Revenues jumped to Rs 137.99 crs ($21.3m) in Q3FY18 from Rs 108.81 crs ($16.1m) in the previous year (severely marred by...

Recently, the stock price of Mayur Uniquoters Ltd. (Mayur Uniquoters) corrected by ~6% from 52-week high of Rs.479 despite reporting good set of numbers in the recent quarters. In the organized segment of the domestic synthetic leather industry, Mayur Uniquoters has the largest installed capacity with product finding application in footwear, automobile, furnishing and apparels among others. It has total installed capacity of 3.05mn meters per month spread across Jaitpura and Dhodsar near Jaipur, Rajasthan. The company has...