Mayur Uniquoters Q2 FY27 Results (NSE: MAYURUNIQ)
Signal: Margin expansion
The read
The key inflection is a second consecutive quarter of consolidated margin expansion after Q1FY27: EBITDA margin rose to 27.6% from 21.0% a year ago as raw-material intensity fell 336bps, employee cost declined 3.3% and EBITDA growth of 37.2% outpaced revenue growth of 17.7%; revenue momentum also accelerated from Q1FY27's 1.4% YoY growth to 17.7%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹282.95 Cr | +17.7% | +5.1% |
| EBIT | ₹70.44 Cr | N/A | |
| Net profit | ₹57.99 Cr | +42.0% | |
| EPS | ₹13.35 | +42.0% | |
| EBIT margin | 27.6% |
P&L walk
Consolidated revenue increased to ₹28,294.76 lakh, +17.7% YoY and +5.1% QoQ; gross margin expanded to 49.6% as raw-material cost fell to 50.4% of revenue from 53.8%, EBITDA rose to ₹7,797.42 lakh and PAT reached ₹5,799.24 lakh, +42.0% YoY.
Segments
The company reports a single operating segment, PUDVC synthetic leather; the consolidated group generated ₹28,294.76 lakh revenue and ₹5,799.24 lakh PAT versus standalone revenue of ₹25,299.41 lakh and PAT of ₹5,127.39 lakh, indicating a material subsidiary contribution.
Key positives
- Consolidated revenue reached ₹28,294.76 lakh, +17.7% YoY and +5.1% QoQ, accelerating sharply from Q1FY27's +1.4% YoY growth.
- Gross margin expanded 336bps YoY to 49.6% as raw-material cost declined to 50.4% of revenue from 53.8%; the filing does not specify whether this was deflation, pricing or mix.
- EBITDA rose 37.2% YoY to ₹7,797.42 lakh versus revenue growth of 17.7%, a +19.5pp gap, while employee cost declined 3.3% and depreciation rose only 2.0%.
- H1 operating cash flow increased to ₹9,500.71 lakh from ₹8,849.73 lakh, while net cash stood at ₹9,482.95 lakh.
- Consolidated PAT increased 42.0% YoY to ₹5,799.24 lakh and EPS rose 42.0% to ₹13.35, with no apparent PAT-to-EPS dilution gap.
Key concerns
- The gross-margin tailwind is not explicitly attributed in the filing, so its persistence cannot yet be established.
- Standalone revenue grew only 6.4% YoY to ₹25,299.41 lakh, materially slower than consolidated revenue growth of 17.7%, leaving the group increasingly dependent on subsidiaries for incremental growth.
- PPE declined to ₹18,718.82 lakh from ₹19,629.81 lakh even as CWIP rose to ₹530.57 lakh; the current capex cycle appears modest, with H1 capex of ₹989.76 lakh.
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