How has been the historical performance of Mayur Uniquoters?

Revenue and Profit Growth Trajectory

Mayur Uniquoters’ net sales have shown a steady upward trajectory, rising from ₹591.26 crores in March 2019 to ₹880.14 crores in March 2025. This represents a compound growth trend, with notable acceleration post-2021. The total operating income mirrors this pattern, indicating the company’s ability to expand its core business activities effectively.

Operating profit before depreciation and interest (PBDIT) excluding other income increased from ₹129.33 crores in 2019 to ₹191.08 crores in 2025, reflecting improved operational efficiency. Including other income, operating profit rose to ₹231.81 crores in the latest fiscal year, underscoring diversified income streams.

Profit before tax climbed from ₹132.10 crores in 2019 to ₹201.28 crores in 2025, while profit after tax (PAT) grew from ₹89.59 crores to ₹149.29 crores over the same period. Earnings per share (EPS) followed suit, increasing from ₹19.77 to ₹34.35, signalling enhanced shareholder value.

Cost Structure and Margins

The company’s raw material costs have increased in line with sales, rising from ₹359.67 crores in 2019 to ₹501.26 crores in 2025. Despite this, Mayur Uniquoters has maintained healthy operating profit margins, with the operating profit margin excluding other income fluctuating between 17.88% and 23.72% over the years, settling at 21.71% in 2025. Gross profit margins have also remained robust, reaching 26.13% in the latest fiscal year.

Employee costs have risen moderately, reflecting workforce expansion and inflationary pressures, while other expenses have increased steadily but remain controlled relative to revenue growth. Interest expenses have been kept low, contributing to strong net profitability.

Balance Sheet Strength and Asset Quality

Mayur Uniquoters’ shareholder funds have expanded significantly, from ₹623.21 crores in 2021 to ₹955.57 crores in 2025, supported by rising reserves which reached ₹933.85 crores. The company’s total liabilities have grown proportionately but remain manageable at ₹1,052.09 crores in 2025.

Long-term borrowings have been substantially reduced from ₹19.94 crores in 2022 to ₹2.54 crores in 2025, signalling a focus on deleveraging. Current liabilities have also decreased, enhancing the company’s liquidity position.

On the asset side, net block value has increased steadily, indicating ongoing capital investment, while current assets have grown to ₹674.13 crores, supported by higher inventories, sundry debtors, and cash balances. The company’s book value per share has appreciated from ₹139.80 in 2021 to ₹219.91 in 2025, reflecting solid net asset growth.

Cash Flow and Financial Flexibility

Cash flow from operating activities has shown marked improvement, rising from ₹63 crores in 2020 to ₹156 crores in 2025. This reflects stronger earnings quality and efficient working capital management. The company has maintained positive net cash inflows in recent years, with ₹18 crores recorded in 2025.

Investing activities have involved consistent capital expenditure, with outflows of ₹68 crores in 2025, supporting capacity expansion and asset enhancement. Financing activities have seen net outflows, indicating repayment of debt and prudent capital management.

Overall, Mayur Uniquoters’ historical performance reveals a company that has steadily grown its revenue base, improved profitability, strengthened its balance sheet, and enhanced cash flow generation. These factors collectively position it well for sustained future growth in a competitive market environment.

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