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Buy Mayur Uniquoters; target of Rs 345: East India Securities

East India Securities is bullish on Mayur Uniquoters has recommended buy rating on the stock with a target price of Rs 345 in its research report dated November 11, 2020.

November 15, 2020 / 01:21 PM IST
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East India Securitie's report on Mayur Uniquoters

Mayur’s 2QFY21 sales witnessed a decline of 11%, ahead of our estimates. Auto demand is coming back strongly as Auto OEMs are increasing production. VW business will start from Mar’21 and here they are going to replace German imports. They have also got approval from BMW for one model and this business will start in 2022. Mayur has already started commercial operation of PU plant and when situation normalizes this plant will also add to growth. FY21 is not looking that bad as it was at the end of Q1FY21. With volume recovery in footwear, ramp up of PU plant and businesses from new clients such as VW, Mercedes, BMW; we expect a strong performance from FY22 onwards.


We maintain BUY rating on Mayur Uniquoters (Mayur) with a TP of Rs 345, as businesses are recovering well and company’s strong fundamentals remain intact.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Nov 15, 2020 01:21 pm

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