Mayur Uniquoters Q1 FY27 Results (NSE: MAYURUNIQ)
Signal: Margin expansion
The read
Q1FY27: Revenue growth accelerated to 24.7% YoY (vs 13.9% in Q4FY26) and EBITDA margin inflected 1050bps YoY on raw material tailwind and operating leverage, but PAT quality tempered by other income at 31% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹269.23 Cr | 24.7% | -1.5% |
| EBIT | ₹74.38 Cr | 34.5% | |
| Net profit | ₹56.12 Cr | 37.8% | |
| EPS | ₹12.92 | 37.9% | |
| EBIT margin | 30.4% |
P&L walk
Revenue ₹269 Cr (+24.7% YoY, -1.5% QoQ) driven by volume, with gross margin expanding 330bps YoY as RM% dropped 360bps. EBITDA margin surged 1050bps to 30.4% due to operating leverage (employee costs +19%, D&A +3.9% vs revenue +24.7%) and lower finance costs. PAT +37.8% but other income contributed 31% of PBT, tempering earnings quality.
Key positives
- Revenue grew 24.7% YoY to ₹269 Cr, accelerating from 13.9% in Q4FY26.
- EBITDA margin expanded 1050bps YoY to 30.4%, driven by raw material cost tailwind (RM% down 360bps) and operating leverage (employee costs +19%, D&A +3.9% vs rev +24.7%).
- PAT up 37.8% YoY to ₹56 Cr, EPS ₹12.92.
- Gross margin expanded 330bps YoY to 45.4%.
- Standalone PAT grew 43% YoY, indicating core business strength.
Key concerns
- Other income at 31% of PBT (₹22.96 Cr) inflated profits; excluding other income, operating PAT would be lower.
- QoQ revenue declined 1.5% sequentially, though typical seasonality.
- Consolidated PAT (₹56 Cr) lower than standalone (₹59 Cr), implying subsidiaries operated at a loss or lower margin.
Earnings quality: includes non-operating other income
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