Anand Rathi's research report on Mayur Uniquoters
Mayur’s Q3 revenue surged 17% y/y to Rs2.1bn. The greater share of value-added products and a ramp-up in the B2C business helped the gross margin expand 305bps y/y to 46.9%. However, operating deleverage (due to higher employee expense/other operating expense) curtailed the EBITDA margin expansion, which rose 260bps y/y to 22.4%. PAT growth was restricted to 12% y/y owing to lower other income (down 64.7% y/y; the share buyback led to lower surplus cash).
Outlook
Management expects ~Rs8bn-8.5bn revenue in FY25 and aims to double automotive OEM exports in the next 2-3 years. We expect 14%/20%/18% revenue/EBITDA/PAT CAGRs over FY24-27. We retain our Buy rating on the stock with an unchanged TP of Rs803, 17.5x FY27e earnings.
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