Where the revenue comes from

The business splits almost evenly between a domestic book led by automotive OEMs and a fast-growing export book, where overseas OEM supply is now the single largest revenue stream. The chart below sizes each column by its share of first-quarter revenue and stacks it by end-segment.

Domestic's two small unlabelled bands are furnishing (~4%) and other (~2%). A TopNews rendering of the brokerage's Q1FY27 revenue split; no figures altered.

A widening global footprint

Mayur sells across 36 Indian states and 21 countries, supported by wholly owned subsidiaries in the United States and South Africa and, since September 2024, a Lithuanian base that opens a direct door to European OEM tenders. In FY26, the United States alone contributed about 21 percent of standalone revenue and South Africa a further 8 percent, with new US platforms at Ford and Chrysler now feeding exports. The India-EU free-trade agreement and live European requests for quotes extend the runway, and the company is weighing an overseas plant in Mexico or North America to sit closer to key customers.

More capacity, more end-markets

With PVC lines running at roughly 75-78 percent utilisation, headroom is the first constraint — and the answer is a new brownfield coating line adding about 5 lakh linear metres a month from February-March 2027, lifting capacity by a quarter to a third. The underused polyurethane plant at Morena, with 50 lakh linear metres of annual capacity expandable to 2 crore, offers operating leverage as premium footwear, fashion and leather-goods orders convert. Beyond automotive, Mayur is pushing into footwear, furnishing and garments, and is courting fresh mandates from Mahindra, Tata and European OEMs — a diversification that steadily reduces reliance on any single end-market.

The estimates underneath

The target for investors

The appeal is a debt-light, cash-generative market leader compounding sales in the low-teens while margins grind higher on a richer export-OEM mix. Revenue is modelled to grow about 12 percent a year and net profit about 19 percent over FY25-29, with EBIT margins widening toward 24 percent. Joindre applies 9.5 times FY29 operating profit to an enterprise value of Rs 3,615 crore, arriving at a Rs 899 target and about 23 percent of upside. For investors, this is a structural play on the shift from natural to synthetic leather and on India's rise as an automotive-materials exporter; accumulation suits those with a two-to-three-year horizon.