Any current/future new fundraising through debt or equity?

The transcript does not specifically mention any current or planned fundraising through debt or equity. There is a discussion about capex plans, including potential investment of around INR250 crores for setting up a plant in Mexico/USA and regular capex in India for capacity enhancement and machinery upgradation. Management indicates that it is "not the right time" to disclose exact capex amounts, suggesting that fundraising decisions or details have not been finalized or disclosed yet. No direct commentary on raising funds via debt or equity was provided during the call.

Future growth expectations in sales/revenue/volumes?

Export revenue is expected to grow significantly; export in Q2 was INR85 crores with a target to reach INR100 crores by FY25-FY26. Management aims to achieve INR1,000 crores in overall revenue by FY26. Export OEM segment is seeing strong growth (35-36% in export growth; 20% in automotive OEM export). Domestic OEM volumes declined due to pricing competition but expected to stabilize, with modest increases possible. New models, especially for BMW and Ford, are ramping up volumes, with full volume ramp-up expected by early FY25 (February-March). PU segment currently underutilized; growt

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

Mayur Uniquoters expects steady revenue growth, targeting INR1,000 crores by FY26 as stated by management. Export revenue is anticipated to grow from INR85 crores this quarter to INR100 crores next year, driven by increasing OEM export orders. Management is optimistic about improving profitability, with consistent efforts to maintain strong bottom-line performance unique in the artificial leather industry globally. The company sees potential margin improvements through product mix changes and cost management despite unpredictable OEM demand fluctuations. Growth in exports, especially to the U.

Current/ Expected Orderbook/ Pending Orders?

The company has received several good orders for OEM supplies to new models in export markets, particularly in the U.S. and European regions. Supply to some new models has already started, with additional models expected to start in coming quarters. OEM export sales are expected to increase further this year and over the next two years. Specifically, the BMW order has started with small quantities; full-fledged supply is expected from around February or March 2025, with volumes increasing monthly. Vinod Sharma and Suresh Poddar indicated optimism about reaching INR100 crores in exports by FY25

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Mayur Uniquoters LtdQ3 FY24Consumer Durables

Mayur Uniquoters Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹792P/E: 15.4Market Cap: ₹2.7K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Export revenue is expected to grow significantly; export in Q2 was INR85 crores with a target to reach INR100 crores by FY25-FY26.
→Management aims to achieve INR1,000 crores in overall revenue by FY26.
→Export OEM segment is seeing strong growth (35-36% in export growth; 20% in automotive OEM export).
→Domestic OEM volumes declined due to pricing competition but expected to stabilize, with modest increases possible.
→New models, especially for BMW and Ford, are ramping up volumes, with full volume ramp-up expected by early FY25 (February-March).
→PU segment currently underutilized; growth potential through new foreign brand approvals over next 6 months.
→Capex planned for capacity expansion, including a potential plant in Mexico (~INR250 crores), indicating growth in capacity.
→Footwear segment recovering slowly, focusing on branded exports.
→Overall, volume growth anticipated but precise quantum is challenging to forecast due to OEM demand variability.

Margin guidance

Category 3

→Mayur Uniquoters expects steady revenue growth, targeting INR1,000 crores by FY26 as stated by management.
→Export revenue is anticipated to grow from INR85 crores this quarter to INR100 crores next year, driven by increasing OEM export orders.
→Management is optimistic about improving profitability, with consistent efforts to maintain strong bottom-line performance unique in the artificial leather industry globally.
→The company sees potential margin improvements through product mix changes and cost management despite unpredictable OEM demand fluctuations.
→Growth in exports, especially to the U.S. and Europe, and expansion into new models underpin future earnings.
→Domestic automotive OEM segment growth is expected to be stable but modest; export OEM growth is expected to be stronger.
→Capex plans include capacity expansion and a potential plant in Mexico to support future growth.
→Overall, the company projects regular growth in profitability with an emphasis on maintaining bottom-line strength.

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Fundraise plans

→The transcript does not specifically mention any current or planned fundraising through debt or equity.
→There is a discussion about capex plans, including potential investment of around INR250 crores for setting up a plant in Mexico/USA and regular capex in India for capacity enhancement and machinery upgradation.
→Management indicates that it is "not the right time" to disclose exact capex amounts, suggesting that fundraising decisions or details have not been finalized or disclosed yet.
→No direct commentary on raising funds via debt or equity was provided during the call.

Order book

Yes

→The company has received several good orders for OEM supplies to new models in export markets, particularly in the U.S. and European regions.
→Supply to some new models has already started, with additional models expected to start in coming quarters.
→OEM export sales are expected to increase further this year and over the next two years.
→Specifically, the BMW order has started with small quantities; full-fledged supply is expected from around February or March 2025, with volumes increasing monthly.
→Vinod Sharma and Suresh Poddar indicated optimism about reaching INR100 crores in exports by FY25-FY26.
→There is an expectation to achieve INR1,000 crores in revenue by FY26.
→The management did not disclose exact orderbook or pending order numbers but emphasized ongoing positive momentum and growth in new export orders.

Capex plans

Yes

- Mayur Uniquoters plans a capex of around INR 250 crores over the next 2 years primarily for setting up a new plant in Mexico to cater to the U.S. and European markets. - The company is also doing regular capex in India for machinery upgradation and capacity enhancement. - The Mexico plant decision is pending based on geopolitical considerations between the U.S. and Mexico, expected to be finalized within 3-4 months. - Production at the Mexico plant, once started, will be fully done there from scratch. - There is also potential to add a new production line in India within the next 6-9 months depending on market conditions. Overall, the focus is on expanding capacity internationally (Mexico) and modernizing/upgrading existing Indian plants to support volume growth and export demands.

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