Mayur Uniquoters: consol PAT ₹56 Cr, +38% YoY; OPM stays below 25-30% guide

Mayur Uniquoters' consolidated PAT rose 37.8% YoY to ₹56.12 Cr (₹40.73 Cr in Q1 FY26) on 24.7% YoY revenue growth to ₹269.23 Cr (₹215.88 Cr) — a strong headline on a year-on-year basis, and within Street's pre-quarter estimate of ₹51-65 Cr PAT (Univest preview). Sequentially, PAT eased 5.6% and revenue 1.5% from the seasonally strong Q4 FY26 (₹59.43 Cr PAT, ₹273.35 Cr revenue) — a routine post-Q4 moderation rather than a demand signal. Standalone PAT of ₹58.95 Cr (+43.0% YoY on ₹247.03 Cr revenue, +19.7% YoY) came in slightly ahead of the consolidated print.

The gap between standalone and consolidated profit is the quarter's key margin story: the overseas subsidiaries (Mayur Uniquoters Corp./Futura Textiles in the US, the South Africa unit, and Mayur Tecfab) contributed ₹92.58 Cr of revenue but only ₹0.57 Cr of PAT, per the auditor's review note — diluting group profitability even as the standalone export-facing business performed well. That shows up in blended margins: consolidated OPM (EBITDA excluding other income, over revenue) was 21.9%, up from 19.9% a year ago but down sharply from 31.4% in Q4 FY26, and still below the 25-30% band management guided to on the May 2026 call. NPM followed the same pattern — 19.2% of total income versus 17.3% YoY but 21.5% in Q4 FY26.

The stock went into the print at ₹774.8, down 9.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Management's prior guidance called for 8-10% domestic and 15-25% export value growth alongside 25-30% margins; this quarter's roughly 20-25% blended topline growth is broadly consistent with that trajectory, but the margin band was missed on the print — a growth-beat/margin-miss quarter versus the company's own May outlook. No standalone press release or MD commentary accompanied this filing beyond the regulatory disclosure, so management's own framing of the margin shortfall isn't available yet; that should surface on the August 6 earnings call. The board also used the meeting to approve the FY26 annual report and AGM notice (September 18, 2026), fix an August 21 dividend record date, reappoint Arun Bagaria (son-in-law of CMD Suresh Kumar Poddar) as Executive Director for five years from August 2027, and appoint Vinod Kumar Haritwal as independent director as Ratan Kumar Roongta's term lapses in September — none of these are numbers-linked but round out the same disclosure.