Mauria Udyog - Mauria Udyog

📊 BSE: 539219 🏢 Other Industrial Products 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 42.7% from INR 235.91 Cr in FY23 to INR 336.67 Cr in FY24. Export sales (FOB) for the LPG and Terry Towel segments grew 19.07% YoY, reaching INR 296.76 Cr in FY25 compared to INR 249.23 Cr in FY24.

Geographic Revenue Split

The company is a recognized 'Trading House' exporting to over 75 countries across practically every continent. Exports represent a dominant portion of revenue, with FOB export value of INR 296.76 Cr against a 9MFY25 total operating income of INR 323.54 Cr (approximately 91.7% export contribution).

Profitability Margins

Net profit ratio for FY25 stood at 4%, a slight decline from 5% in FY24. Return on Equity (ROE) was 35% in FY25, down from 38% in FY24. However, Return on Capital Employed (ROCE) improved by 23.10% YoY to reach 15% in FY25.

EBITDA Margin

PBILDT (EBITDA) showed significant growth, rising from INR 22.11 Cr in FY24 to INR 31.12 Cr for the 9-month period ending December 31, 2024 (9MFY25). Interest coverage ratio improved drastically from 1.09x in FY24 to 13.02x in 9MFY25.

Capital Expenditure

The company is continuously automating and upgrading manufacturing facilities, including the installation of dish-end welding automation and pneumatic loading equipment. CIF value of capital goods/repairs imports was INR 0.0135 Cr in FY25, down from INR 0.0341 Cr in FY24.

Credit Rating & Borrowing

The company is rated 'CARE D; ISSUER NOT COOPERATING' as of March 12, 2025, for bank facilities totaling INR 295.00 Cr (INR 55 Cr Long Term, INR 240 Cr Short Term). This rating indicates default or high risk of default due to non-cooperation with the rating agency.

⚙️ Operational Drivers

Raw Materials

Key raw materials include HR Coils, CR Coils, MS Bunk, Brass, Aluminum alloy, Zinc-ingots, chemicals, Fabrics, grey yarn, and Dye powder. These materials are cost-intensive, making the company sensitive to global commodity price fluctuations.

Import Sources

The company imports raw materials and stock-in-trade, with the CIF value of imports increasing 107.5% from INR 20.23 Cr in FY24 to INR 41.98 Cr in FY25. Specific sourcing countries are not disclosed, but the company maintains relationships with global suppliers.

Key Suppliers

Not disclosed in available documents, though the company notes 'strong relationships' with its raw material suppliers to ensure optimum inventory levels.

Capacity Expansion

Current capacity includes manufacturing LPG cylinders ranging from 4.0 liters (1.7kg) to 120.0 liters (50kg). Automation efforts are focused on productivity improvements, such as welding both dish ends simultaneously and combining trimming/joggling operations.

Raw Material Costs

Raw material costs are a major component of the business model. The company maintains adequate inventory to mitigate price volatility and ensure quick turnaround for orders. Import costs for raw materials rose to INR 41.98 Cr in FY25.

Manufacturing Efficiency

Efficiency is being driven by replacing manual loading/unloading with pneumatic and electrical power equipment and upgrading to ISO 9001:2008 and OHSAS 18001:2007 standards.

Logistics & Distribution

The company utilizes its geographic location for transportation advantages. Commission on exports increased to INR 26.47 Cr in FY25 from INR 21.42 Cr in FY24.

📈 Strategic Growth

Expected Growth Rate

8.2%

Growth Strategy

Growth is targeted through automation of manufacturing lines, expansion into new export markets beyond the US for garments, and leveraging its 30-year experience in LPG cylinder manufacturing. The company is also focusing on the 'Eurospa' brand in the Terry Towel division to capture rising domestic and export demand.

Products & Services

LPG Cylinders (4L to 120L), Valves, Regulators, Disposable Cylinders, Methyl Bromide Cylinders, Refillable Cylinders, and Terry Towels.

Brand Portfolio

Eurospa (Terry Towels).

New Products/Services

The company is exploring newer markets for garment exports and has expanded its cylinder range to include ammonia and refrigerant gas cylinders.

Market Expansion

Targeting newer markets for garment exports and expanding the LPG cylinder footprint in over 75 countries, particularly in Africa and Europe.

Market Share & Ranking

The company claims to be the largest manufacturer and exporter of LPG cylinders in India.

Strategic Alliances

The company serves major global clients including BP, Shell, Total, BOC/Linde, Vitogaz, and Addax.

🌍 External Factors

Industry Trends

The Indian textile industry is buoyed by domestic consumption and export demand, contributing 4% to GDP. The LPG sector is growing due to global energy demand and investment in oil and gas infrastructure.

Competitive Landscape

Faces intense competition from Asian manufacturers (China, Taiwan) and regional players in the LPG and textile sectors.

Competitive Moat

Moat is built on 30+ years of manufacturing experience, ISO/OHSAS certifications, and a 'Trading House' status. This is sustainable due to high entry barriers in regulated cylinder manufacturing and established relationships with global oil majors.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth (8.2% in FY24) and global trade policies. The textile sector's 13% contribution to national exports makes the company's Terry Towel division sensitive to trade negotiations.

Consumer Behavior

Shift toward quality apparel and increasing disposable income is driving demand for the Terry Towel division.

Geopolitical Risks

Exposed to international competition from China, Taiwan, and Sri Lanka. Changes in national/local government policies in export destinations significantly impact sales volumes.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with international standards for cylinders including IS 3196, DOT 4BA, EN 1442, AS 2469, ISO 4706, and EN 13322-1. Cost records are audited by M/s Jaiprakash & Co. for LPG products.

Environmental Compliance

The company is ISO 14001:2004 certified for Environmental Management Systems and OHSAS 18001:2007 certified for Health and Safety.

Taxation Policy Impact

Not specifically disclosed, but the company notes that national/local government policies have a significant impact on international business volumes.

Legal Contingencies

The Board reported that no fraud of any kind was noticed or reported during the year. The company maintains an internal financial control system commensurate with its size.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Issuer Not Cooperating' status with CARE Ratings, which may impact future credit access. Commodity price volatility on steel coils is a key risk to the 4% net margin.