### **Overview** Mayur Uniquoters Ltd is India’s leading manufacturer of synthetic (artificial) leather, specializing in polyvinyl chloride (PVC) and polyurethane (PU) coated fabrics. With over 25 years of experience and a strong B2B focus, the company has established itself as a key supplier to global automotive OEMs, footwear brands, and furnishing manufacturers. Backed by robust R&D, vertical integration, and a growing international footprint, Mayur is positioning itself as a global leader in sustainable, high-performance synthetic leather. --- ### **Production Capacity & Infrastructure** - **Annual Capacity (Aug 2025):** - 48.60 million linear meters of **PVC** coated fabric - 5.00 million linear meters of **PU** coated fabric - Among the largest organized players in India’s synthetic leather industry. - Operates manufacturing units in: - **Jaitpura & Dhodsar (Rajasthan)** – PVC and PU production; Dhodsar has captive knitted fabric production. - **Morena (Madhya Pradesh)** – Greenfield PU facility (commissioned Jan 2020), with infrastructure for future expansion (up to 4 coating lines). - **Capacity Utilization:** ~70–72% (as of Aug 2022); maintains spare capacity for on-time delivery and new order ramp-up. --- ### **Core Business Segments** 1. **Automotive OEMs** - Supplies directly to top global and domestic automakers: - **Global:** Mercedes-Benz, BMW, Chrysler, Ford (USA & Europe), Volkswagen, Stellantis, Hyundai, Toyota - **India:** Maruti Suzuki, Tata Motors, Mahindra, MG Hector, Kia (via Korean partner) - **Key Contracts:** - Sole supplier of a new quality of synthetic leather to **Stellantis (USA)** - Supplying **BMW** in Thailand; expanding to South Africa and U.S. - Approved for **Chrysler’s high-solid PU**, a premium product ($24/unit) offering high margins - Serves all interior trim applications (seats, dashboards, doors, headliners) with globally compliant materials. 2. **Footwear Industry** - Supplies to major Indian and global footwear brands: - **Domestic:** Bata, Relaxo, VKC Group - **International:** Aditya Birla, Adidas, and active engagement with global sports shoe and fashion brands - PU materials used for uppers, insoles, linings – largest revenue contributor in PU segment. 3. **Furnishing & Retail (B2C Expansion)** - Entered the retail furnishing space under the brand **"TEXTURE AND HUES"** via **Mayur Tecfab Private Limited** (wholly owned subsidiary). - Target: 1,000 dealers across India (350+ operational as of FY23); 20,000 meters/month retail sales achieved. - Products: Vegan-friendly, durable, and aesthetic artificial leather for sofas, chairs, cinema halls (e.g., PVR), and home décor. - Strong dealer response; 60% growth in furnishing sales in FY23 (from small base). 4. **Leather Goods & Garments** - Expanding into PU materials for bags, belts, purses, diaries, and apparel. - Engaging with global manufacturers seeking sustainable, non-leather alternatives. --- ### **Global Footprint & Exports** - **Export Markets:** United States, United Kingdom, South Africa, China, Germany, Mexico, Thailand, Myanmar, and other European countries. - **Export Revenue Contribution (Aug 2025):** 35% of total revenue (up from 27.76% in Aug 2023). - **Key Export Drivers:** - Growing demand from European and U.S. automotive OEMs - Rising interest from global fashion and sporting goods brands - China+1 sourcing strategy creating opportunities for Indian manufacturers - **Subsidiaries & International Structure:** - **Mayur Uniquoters SA (Pty) Ltd** (South Africa): Manages logistics and trading; supports exports to Mercedes and BMW in EU. - **Mayur Uniquoters Corp. (USA), Texas:** Just-in-time supply to U.S. OEMs; minimal job work processing. - **Futura Textiles Inc. (USA), Nevada:** Step-down subsidiary for global operations. - **Strategic Investment in UAB Futura Textiles (Lithuania):** Enhances access to European markets and sustainable manufacturing capabilities. --- ### **Sustainability & Innovation** - **R&D Focus:** Core pillar of business strategy; aims to differentiate through innovation in texture, color, performance, and sustainability. - **R&D Output:** 90–100 unique product samples developed **daily**. - **New R&D Center (Planned, 2025):** World-class facility dedicated to developing eco-friendly, customer-centric, and technologically advanced synthetic leather. - **Sustainable Products:** - **100% Vegan PU Leather:** Completely animal-free, non-toxic. - **Eco-Friendly PU:** Free from water solvents, DMF, lead, and toluene; compliant with **REACH** regulations. - Designed to resist tropical conditions, hydrolysis, and aging – ideal for global climates. - **Proprietary Technology:** One of only **three global manufacturers** (and the only Indian company) producing **DMF- and solvent-free high-solid PU** – a competitive moat. --- ### **Strategic Initiatives (2024–2025)** - **Shift to High-Margin Businesses:** - De-emphasizing low-margin domestic PU sales; targeting global fashion (Zara), footwear (Adidas), and automotive brands. - Once approved by a global brand, **worldwide approval** follows – scalable competitive advantage. - **Backward & Forward Integration:** - Exploring JV for **local PU chemical production** to reduce import dependency. - Planning **warp-knitting plant** in Gwalior to reduce fabric import reliance. - Aims to localize supply chain under **"Atmanirbhar Bharat"** vision. - **Global Expansion:** - Land acquisition underway in **Mexico**; potential new plant based on order volume. - Plans to **establish warehousing in the U.S.** (investment up to ₹30 crores); future local manufacturing under consideration. - **Retail Push:** - Building brand equity in India via dealer network; targeting consumer mindshare in furnishing segment. --- ### **Financial & Operational Highlights** - **Automotive Exports:** Expected to grow from ₹1.1 lakh to ₹3 lakh crore over next two years (Nov 2022 projection). - **PU Business:** Currently incurring losses (Aug 2024), but high-potential due to premium product mix. - **Q1 FY26 (Aug 2025):** - Improved auto OEM sales vs. Q1 FY25 - Dealer network: ~1,000 for automotive replacement market - U.S. exports: Maintains stock to service demand; unaffected by tariffs up to 25% - **Export Volumes:** - **South Africa:** 30,000–35,000 meters/quarter to BMW & Mercedes each - **Target:** At least **300,000 yards/month** by FY2024–25 (up from ~115,000) - **Sales Volume:** 71.31 lakh meters in Q1 FY25 (up from 70.41 lakh) --- ### **Market Position & Competitive Advantage** - **Market Leadership:** - Sole supplier of artificial leather in India for **automotive and marine sectors**. - Only Indian company **directly exporting PU** to global automotive OEMs in North America and Europe. - One of only **four PU manufacturers** in India; aims to increase domestic market share from 5% to 15–20%. - **Differentiators:** - Vertical integration - In-house R&D with proprietary eco-technology - Direct OEM relationships with top-tier global brands - Agile prototyping and customization abilities