Any current/future new fundraising through debt or equity?

There was no explicit mention of any new fundraising through debt or equity in the transcript. The promoter group has been selling shares occasionally in the open market to raise funds. Proceeds from recent promoter share sales are being used for initiatives like setting up a large Gurukul in Vraj. There may be a possibility of further funds being raised through promoter share sales in the future for such projects. There was no indication of plans for formal equity or debt fund raising from the market during the call.

Any current/future capex/capital investment/strategic investment?

Mayur Uniquoters is seriously working on setting up a new plant in North America, specifically Mexico. Two senior company representatives (CFO and Vice President Commercial) will visit Mexico soon to finalize land and study government incentives, power, fuel costs, etc., as part of the expansion plan. Construction and machinery installation for the new plant will follow after finalizing these details. The company is also investing in R&D and upgrading plants to serve customers better. There is mention of setting up a "Gurukul" in Vraj (an educational or training initiative) which requires capi

Future growth expectations in sales/revenue/volumes?

FY '23-'24: Revenue growth expected between 12% to 15%, with some quarters showing seasonal variations. FY '24-'25 and FY '25-'26: Strong growth anticipated with a minimum Compound Annual Growth Rate (CAGR) of 18% to 20%. Export OEM Business: - Current year (FY '23-'24) export OEM sales expected around INR 220-225 crores (up from INR 150 crores in FY '22-'23). - Projected to increase to around INR 400 crores in FY '24-'25 and INR 575-600 crores by FY '25-'26. PU Business: Expected to grow by 50% in FY '24-'25. Domestic Auto OEM business: Anticipated growth of 12% to 15% year-on-year. Footw

Future growth expectations in earnings/operating earnings/profits/EPS?

Mayur Uniquoters expects a Compound Annual Growth Rate (CAGR) of 18% to 20% in revenue from FY '22-23 to FY '25-26, with some quarterly variations due to seasonality. Gross margin for FY '23 and '24 is projected between 12% to 15%, with improvement anticipated afterward. Export OEM business revenue is expected to grow from about INR 150 crores in FY '22-23 to INR 575-600 crores by FY '25-26. Domestic automotive OEM segment anticipated to increase by 12% to 15% annually. Overall earnings and margins are expected to improve, with current margins around 15%-16% rising in coming quarters. Strong o

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Mayur Uniquoters LtdQ2 FY24Consumer Durables

Mayur Uniquoters Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹785P/E: 15.4Market Cap: ₹2.7K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY '23-'24: Revenue growth expected between 12% to 15%, with some quarters showing seasonal variations.
→FY '24-'25 and FY '25-'26: Strong growth anticipated with a minimum Compound Annual Growth Rate (CAGR) of 18% to 20%.
→Export OEM Business:
→ - Current year (FY '23-'24) export OEM sales expected around INR 220-225 crores (up from INR 150 crores in FY '22-'23).
→ - Projected to increase to around INR 400 crores in FY '24-'25 and INR 575-600 crores by FY '25-'26.
→PU Business: Expected to grow by 50% in FY '24-'25.
→Domestic Auto OEM business: Anticipated growth of 12% to 15% year-on-year.
→Footwear segment expected to improve from next year with better margins through branded customers.
→Overall outlook positive, leveraging shifting global manufacturing trends favoring India.

Margin guidance

Category 2

→Mayur Uniquoters expects a Compound Annual Growth Rate (CAGR) of 18% to 20% in revenue from FY '22-23 to FY '25-26, with some quarterly variations due to seasonality.
→Gross margin for FY '23 and '24 is projected between 12% to 15%, with improvement anticipated afterward.
→Export OEM business revenue is expected to grow from about INR 150 crores in FY '22-23 to INR 575-600 crores by FY '25-26.
→Domestic automotive OEM segment anticipated to increase by 12% to 15% annually.
→Overall earnings and margins are expected to improve, with current margins around 15%-16% rising in coming quarters.
→Strong order book and new model launches provide visibility for healthy growth and profitability over the next 3 years.
→Management emphasizes continued R&D, plant capacity upgrades, and strategic customer partnerships to drive growth.

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Fundraise plans

Yes

→There was no explicit mention of any new fundraising through debt or equity in the transcript.
→The promoter group has been selling shares occasionally in the open market to raise funds.
→Proceeds from recent promoter share sales are being used for initiatives like setting up a large Gurukul in Vraj.
→There may be a possibility of further funds being raised through promoter share sales in the future for such projects.
→There was no indication of plans for formal equity or debt fund raising from the market during the call.

Order book

Yes

- Export OEM orders for FY '23 were about INR 150 crores; expected to reach INR 220-225 crores in FY '24 based on current orders in hand. - New models have been added with orders confirmed for upcoming quarters, supporting strong growth projections. - For FY '25 and '26, export OEM sales are expected to reach INR 575-600 crores, representing 2.5x growth from FY '23 levels. - Orders are staggered and roll out model-wise over the next 3 years, ensuring continuous volume ramp-up. - New approvals and orders include BMW starting Q4 FY '24 (March 2024) and continued supplies to Mercedes (~30,000 yards/month). - Additional new orders from Stellantis and other OEMs expected to start within the next year, further expanding the orderbook. - Domestic auto OEM orders are increasing quarter-on-quarter by about 12-15%. Overall, the company holds a strong, confirmed orderbook with a multi-year growth visibility in export OEM and domestic auto segments.

Capex plans

Yes

→Mayur Uniquoters is seriously working on setting up a new plant in North America, specifically Mexico.
→Two senior company representatives (CFO and Vice President Commercial) will visit Mexico soon to finalize land and study government incentives, power, fuel costs, etc., as part of the expansion plan.
→Construction and machinery installation for the new plant will follow after finalizing these details.
→The company is also investing in R&D and upgrading plants to serve customers better.
→There is mention of setting up a "Gurukul" in Vraj (an educational or training initiative) which requires capital; shares were sold recently to raise funds for this purpose.
→The company is investing in professionalizing its senior management with newly hired HR consultants to support future growth.
→Overall, management aims to leave no stone unturned to improve operations and capitalize on India's evolving market opportunities.

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