Mayur Uniquoters Ltd

- Export business expected to grow faster than domestic, with export growth around 15% or more and domestic growth between 8% to 10%. (Page 8) - Export volume growth in H1 was about 12.5% year-on-year and 14% quarter-to-quarter; value growth for exports was 25% quarter-to-quarter. (Page 13) - New models and additional business with customers like Ford and Stellantis indicate rising export volumes. (Page 8) - Export run rate expected to increase steadily, with exports constituting an increasing share of total sales. (Page 5) - Capacity expansion planned in South India to support expected demand growth. (Pages 8 and 14) - PU volume increased by 21% quarter-over-quarter; value by 32%, though utilization is currently low at 23%-25%. (Pages 14-15) - Overall guidance for FY '26 revenue growth remains at 12%-15%, with profit growth of 15%-20%. (Page 7)

- Management expects profitability to grow by approximately 20% year-on-year in the second half of FY '26. - EBITDA is currently flat for the first half but anticipated to improve significantly in the second half, driven by reduced inventory provisions and better realization. - Revenue growth guidance remains at 12% to 15%, with profit growth target of 15% to 20% for FY '26. - Export business is expected to grow faster than domestic, with export revenue growth around 15% or more, and domestic growth around 8%-10%. - The PU division is gradually increasing volumes and value; volume up by 12.5% and value by 48% recently. - Capacity expansion plans in South India are anticipated to support growth, although Mexico capacity plans are on hold. - Management remains cautious but optimistic, focusing on ramping up utilization and new orders to boost earnings.

- The current utilization of the PU (Polyurethane) line is between 23% to 25%. - The management is actively engaging with customers who are waiting for orders, showing optimism for order inflows. - There is no specific quantified order book mentioned, but the company is hopeful and "waiting for good news" regarding new orders. - Export orders from the U.S.A. and OEM supplies have improved significantly, contributing positively to the top and bottom lines. - Increased momentum in exports is expected to continue over the next 2-3 years. - Discussions and plans for capacity expansion in South India are underway, indicating expected growth in orders. - However, large capex plans like Mexico plant expansion are currently on hold due to strategic and market uncertainties. - Overall, the company anticipates order book growth with increasing export demand and ongoing customer discussions.

- There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript. - The company discussed plans for capital expenditure (capex), particularly regarding a large Mexico plant capex which has been put on hold until March 2026 due to strategic reasons. - Arun Bagaria mentioned that decisions related to this Mexico capex and how to utilize surplus cash (around INR450 crores) will be taken after reassessment, but no new fundraising plans were indicated. - Emphasis was placed on utilizing existing surplus cash for capex or new projects, with no indication of external fundraising needs. - The company is currently focused on ramping capacities in India and evaluating future investments rather than pursuing debt or equity fundraising.

- The company has a significant capex plan for Mexico, but the decision is currently on hold due to strategic reasons and market uncertainties; a final decision is expected by next March. - Despite holding off on the Mexico plant, Mayur Uniquoters plans to add at least one new production line in India, likely in South India, to increase capacity. - The South India plant is in the planning stage with no definitive timeline yet; capacity is expected to add around INR 4-5 lakhs per month. - The rationale for the South India facility includes proximity to key footwear and automotive customers. - PVC line installation at the PU plant is being considered as future capacity needs arise, but presently no final decision. - The company plans to use surplus cash primarily for these capex projects.