MANORAMA - Manorama Indust.
📢 Recent Corporate Announcements
Shareholders of Manorama Industries have approved a special resolution to raise up to INR 500 crore through Qualified Institutions Placement (QIP) or other permissible modes. The proposal received overwhelming support with 99.82% of votes cast in favor. This capital infusion is expected to fuel the company's growth initiatives and expansion plans. The resolution was officially passed following the conclusion of the postal ballot e-voting on April 19, 2026.
- Approved fundraise of up to INR 500 crore in one or more tranches via QIP or other securities.
- Special resolution passed with a significant majority of 99.82% (4,11,77,725 votes) in favor.
- Only 0.17% of votes (72,928 shares) were cast against the proposal.
- Promoter and Promoter Group showed 100% support for the resolution with 3,24,33,406 votes.
The promoters of Manorama Industries Limited have submitted their annual disclosure under SEBI Takeover Regulations for the financial year ending March 31, 2026. The promoter group and persons acting in concert (PAC) reported a total holding of 3,24,35,406 equity shares. Significantly, the promoters confirmed that no shares were encumbered or pledged, directly or indirectly, during the entire financial year. This filing provides transparency regarding the stability of the promoter's stake in the company.
- Promoter and PAC group hold 3,24,35,406 equity shares as of March 31, 2026
- Confirmed zero encumbrance or pledges on shares during the financial year 2025-26
- Compliance filing submitted under Regulation 31(4) and 31(5) of SEBI SAST Regulations
- Declaration signed by Ashish Ramesh Saraf, Promoter, Chairman and Managing Director
Manorama Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that no dematerialization requests were received from shareholders during the quarter ended March 31, 2026. This is a standard regulatory filing required to ensure that the company's share records are accurately maintained with depositories. It indicates that the company is in compliance with administrative norms regarding the conversion of physical shares to electronic form.
- Quarterly compliance certificate submitted for the period ending March 31, 2026
- MUFG Intime India Private Limited (RTA) confirmed that zero demat requests were received or processed during the quarter
- The filing ensures the company remains in good standing with SEBI (Depositories and Participants) Regulations, 2018
- Confirms that the name of depositories is correctly maintained in the register of members
Care Edge Ratings has upgraded the credit rating for Manorama Industries Limited's long-term bank facilities to CARE A+; Stable from CARE A; Stable. The facility limit has been enhanced to Rs 577.90 Crore from Rs 492.90 Crore. Furthermore, the short-term rating for Rs 105 Crore of facilities was upgraded to CARE A1+ from CARE A1. This upgrade indicates a stronger financial profile and improved ability to service debt, which is a positive sign for long-term stakeholders.
- Long-term rating upgraded to CARE A+; Stable for facilities worth Rs 577.90 Crore.
- Short-term rating upgraded to CARE A1+ for facilities worth Rs 105.00 Crore.
- Total long-term facility limit increased by Rs 85 Crore to Rs 577.90 Crore.
- Short-term facility limit significantly expanded from Rs 10 Crore to Rs 105 Crore.
Manorama Industries Limited has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of the audited financial results for the quarter and financial year ending March 31, 2026. The window will remain closed until 48 hours after the results are made public. This is a standard regulatory procedure for listed companies to prevent insider trading before sensitive financial information is released.
- Trading window closure starts from Wednesday, April 1, 2026.
- Closure pertains to the Audited Financial Results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the official declaration of results to BSE and NSE.
- Restriction applies to all Directors, Designated Persons, and their immediate relatives.
- The specific date for the Board Meeting to approve results will be announced later.
Manorama Industries Limited has issued a postal ballot notice to seek shareholder approval for raising up to ₹500 crore. The funds are intended to be raised through a Qualified Institutions Placement (QIP) or other permissible modes in one or more tranches. The e-voting period for this special resolution is scheduled from March 21, 2026, to April 19, 2026. This capital infusion is likely aimed at strengthening the balance sheet or funding future growth expansions.
- Proposed fundraise of an aggregate amount up to ₹500 crore.
- Issuance planned via Qualified Institutions Placement (QIP) or other permissible modes.
- E-voting period for shareholders starts March 21 and ends April 19, 2026.
- Cut-off date for determining voting eligibility was March 13, 2026.
- Results of the postal ballot to be declared on or before April 21, 2026.
The Board of Directors of Manorama Industries has approved a proposal to raise funds up to ₹500 crores through various instruments, primarily Qualified Institutions Placement (QIP). The securities may include equity shares, non-convertible debt with warrants, or other convertible instruments. This capital raise is subject to shareholder approval via a postal ballot, for which the cut-off date is set for March 13, 2026. The move indicates potential expansion plans or a strengthening of the balance sheet for future growth.
- Approved raising an aggregate amount of up to ₹500.00 crores in one or more tranches.
- Fundraising to be executed via Qualified Institutions Placement (QIP) or other permissible modes.
- Securities may include equity shares, non-convertible debt with warrants, or other convertible instruments.
- Set March 13, 2026, as the cut-off date for the Postal Ballot to seek shareholder approval.
- Appointed Mehta & Mehta as scrutinizers and MUFG Intime India for the e-voting process.
Manorama Industries Limited has successfully passed two key resolutions via a postal ballot concluded on March 1, 2026. Shareholders approved the re-appointment of Mr. Nipun Sumanlal Mehta as an Independent Director for a second five-year term with 99.98% of votes in favor. Additionally, an increase in the remuneration for Mr. Deep Saraf, the Deputy CEO and Chief Coordinator, was approved with 96.85% support. These results indicate strong shareholder backing for the current management and governance structure.
- Re-appointment of Mr. Nipun Sumanlal Mehta as Independent Director for 5 years approved with 99.98% votes.
- Remuneration hike for Deputy CEO Mr. Deep Saraf passed with 96.85% shareholder approval.
- A total of 9,866,543 valid votes were cast for the remuneration resolution.
- The voting period ran from January 31, 2026, to March 1, 2026, with results declared on March 2, 2026.
Manorama Industries Limited has announced a scheduled interaction with various investors and analysts in Dubai. The meeting is set for February 18, 2026, and will be conducted in an in-person, one-on-one format. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions. This engagement reflects the company's ongoing efforts to maintain transparency and build relationships with the global investment community.
- One-on-one investor interaction scheduled for February 18, 2026.
- The meeting will take place in-person in Dubai, targeting international institutional investors.
- Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Company confirms that no Unpublished Price Sensitive Information (UPSI) will be discussed during the meet.
Manorama Industries has successfully incorporated a wholly-owned subsidiary, TAANG KAAM INDUSTRIES SA, in Burkina Faso to strengthen its global supply chain. The new entity will focus on the procurement and processing of shea nuts, mango kernels, and related butters, which are core raw materials for the company. While the initial paid-up capital is CFA 10 million, the board has approved a significant total capital infusion of up to CFA 160 crore to be deployed in tranches. This move represents a strategic backward integration to secure raw material sourcing in West Africa.
- Incorporated 100% wholly-owned subsidiary 'TAANG KAAM INDUSTRIES SA' in Burkina Faso.
- Board approved a total capital infusion of up to CFA 160,00,00,000 (160 crore CFA).
- Initial paid-up capital of CFA 10,000,000 subscribed in cash.
- Primary objective includes buying, processing, and selling shea nuts/butter and mango kernels/butter.
- The expansion aims to secure and streamline raw material procurement from key African markets.
Manorama Industries Limited has scheduled an in-person interaction with institutional investors and analysts on February 09, 2026. The meeting will take place during the 'MANTHAN - Systematix India Annual Conference' at Taj, Santacruz, Mumbai. The session is scheduled from 11:00 AM to 05:00 PM as a group meeting. The company has stated that no unpublished price sensitive information (UPSI) will be shared during the event.
- Event: MANTHAN - Systematix India Annual Conference scheduled for February 09, 2026
- Time: Interaction window set between 11:00 AM and 05:00 PM
- Format: In-person group meeting with various institutional investors and analysts
- Compliance: Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
Manorama Industries reported a stellar 73.3% YoY revenue growth in Q3 FY26, reaching INR 363 crores, driven by high demand in the chocolate and cosmetic sectors. The company has significantly raised its full-year FY26 revenue guidance from INR 1,150 crores to INR 1,300 crores. A massive INR 460 crore capex plan was unveiled for the next 2-3 years to expand fractionation and refining capacities in India and West Africa. Despite minor gross margin fluctuations due to freight, EBITDA margins remained strong at 27.1% for the quarter.
- 9M FY26 Revenue grew 81.3% YoY to INR 975 crores with a PAT of INR 174 crores
- Upwardly revised FY26 revenue guidance to INR 1,300 crores citing strong growth momentum
- Announced INR 460 crore capex for new facilities including a 90,000 MTPA refinery and West Africa processing plant
- Current fractionation capacity to reach 52,000 MTPA by FY26 through debottlenecking
- Introducing ESOS technology to convert soft oils into high-value hard fractions for CBE production
Manorama Industries Limited has released the audio recording of its earnings conference call held on January 28, 2026. The call followed the announcement of the company's unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI (LODR) Regulations. Investors can access the recording on the company's website to gain deeper insights into management's commentary on the latest financial performance.
- Earnings conference call held on January 28, 2026, following Q3 FY26 results.
- Recording covers financial performance for the nine-month period ending December 31, 2025.
- Audio link provided: https://manoramagroup.co.in/Earnings-call-Q3-9M-FY26.mp3.
- Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
Manorama Industries delivered a robust performance for Q3 FY26, with consolidated revenue growing 73% YoY to Rs 362.5 crore and PAT jumping 137% to Rs 72.3 crore. The company has approved a massive Rs 460 crore capital expenditure plan for the next 2-3 years to enhance manufacturing capacity and support long-term growth. This expansion includes forward integration into Cocoa Butter Alternatives (CBA) and a new processing facility in Burkina Faso. Management also underwent strategic re-designations, including appointing Deputy CEOs to lead business development and coordination.
- Consolidated Net Profit for Q3 FY26 rose 137% YoY to Rs 72.27 crore from Rs 30.47 crore.
- Revenue from operations increased 73% YoY to Rs 362.54 crore compared to the same quarter last year.
- Approved a Rs 460 crore Capex plan for projects including a 75,000 MTPA CBA facility and a 90,000 MTPA refinery.
- 9M FY26 PAT reached Rs 172.46 crore, significantly exceeding the full-year FY25 PAT of Rs 109.79 crore.
- Deep Saraf and Dr. Krishnadath Bhaggan re-designated as Deputy CEOs to strengthen the leadership structure.
Manorama Industries delivered a stellar Q3FY26 performance with revenue growing 73.3% YoY to ₹362.5 Cr and PAT jumping 131.1% YoY to ₹68.2 Cr. Strong demand in the chocolate and cosmetics sectors has led the management to raise its FY26 revenue guidance from ₹1,150 Cr to over ₹1,300 Cr. The company also announced a massive ₹460 Cr capex plan for the next 2-3 years to expand its CBA, fractionation, and refinery capacities. EBITDA margins remained robust at 27.1%, supported by optimized utilization of newly upgraded facilities.
- Q3FY26 Revenue increased 73.3% YoY to ₹3,625 Mn, while PAT grew 131.1% YoY to ₹682 Mn.
- Management raised FY26 revenue guidance to ₹13,000 Mn+ from the previous ₹11,500 Mn.
- Approved ₹460 Cr capex for phased expansion, including a 75,000 MTPA Cocoa Butter Alternative (CBA) facility.
- EBITDA margins expanded to 27.1% in Q3FY26, with 9MFY26 PAT margins reaching 17.8%.
- Increasing existing fractionation capacity by 30% to reach 52,000 MTPA by the end of FY26 through debottlenecking.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 grew by 86.4% YoY to INR 612.9 Cr, driven by a superior mix of value-added products and optimized utilization of expanded fractionation facilities. For FY25, the company achieved a revenue of INR 771 Cr, representing a 69% YoY growth.
Geographic Revenue Split
In H1 FY26, the revenue mix was 58% Export and 42% Domestic. This shows a shift from FY25 where exports contributed 73% of total revenue, indicating a strengthening domestic presence while maintaining a strong global orientation.
Profitability Margins
Profitability has seen significant expansion; H1 FY26 PAT margin stood at 17.2% (INR 105.5 Cr) compared to 12.2% in H1 FY25. FY25 full-year PAT margin was 14.5% (INR 112 Cr). The improvement is attributed to product mix optimization and disciplined cost control.
EBITDA Margin
EBITDA margin for H1 FY26 was 27.2% (INR 156.6 Cr), up from 21.9% in H1 FY25. Q2 FY26 EBITDA margin was 27.1% (INR 87.7 Cr). The 530 bps YoY improvement in H1 reflects better operating leverage and higher capacity utilization.
Capital Expenditure
The company recently expanded its fractionation capacity by 25,000 MT (commenced July 2024), bringing total capacity to 52,000 MT. Additional land has been purchased for projects beyond the 52,000 MT capacity to support future backward and forward integration.
Credit Rating & Borrowing
CARE Ratings upgraded the long-term bank facilities to 'CARE A; Stable' from 'CARE A-; Stable' in January 2025. Total rated bank facilities were enhanced to INR 502.90 Cr (INR 492.90 Cr long-term and INR 10.00 Cr short-term).
Operational Drivers
Raw Materials
Key raw materials include Sal seeds, Shea nuts, Mango kernels, Mowrah, and Kokum, which are forest-based products used to produce specialty fats and butters.
Import Sources
Raw materials are sourced globally from West Africa, Latin America, and Brazil, as well as domestically from states like Chhattisgarh, India.
Key Suppliers
Sourcing is conducted through a robust network of forest-dwelling communities and local collection centers; specific corporate supplier names are not disclosed.
Capacity Expansion
Current installed capacity is 52,000 MT. This includes a 25,000 MT fractionation plant that commenced operations in July 2024. Management indicates a revenue potential of INR 1,800-2,000 Cr at 100% utilization of this 52,000 MT capacity.
Raw Material Costs
Raw material costs are managed through a robust sourcing network and strategic MOUs with governments like Burkina Faso and Chhattisgarh to ensure priority access and supply stability.
Manufacturing Efficiency
Manufacturing efficiency is high, with ROCE at 49.9% and ROE at 36.9% as of September 30, 2025, reflecting optimized utilization of fractionation facilities.
Logistics & Distribution
Distribution is handled through a global footprint with 8 subsidiaries to serve international clients in the chocolate and cosmetic sectors.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Growth will be achieved by scaling revenue to INR 1,150 Cr+ in FY26 through 100% utilization of the 52,000 MT capacity, expanding the product portfolio into ethical beauty and luxury segments, and leveraging 8 global subsidiaries for deeper market penetration in Latin America and Africa.
Products & Services
Specialty fats, butters, Cocoa Butter Equivalents (CBE), Sal butter, Shea butter, Mango butter, and customized solutions for the confectionery and cosmetic industries.
Brand Portfolio
Manorama Industries (Corporate Brand).
New Products/Services
Expansion into value-added products for the 'Ethical Beauty' and luxury product segments is expected to contribute to higher margin profiles.
Market Expansion
Targeting new geographies through 8 global subsidiaries in regions like West Africa, Latin America, and Brazil.
Market Share & Ranking
Positioned as a global leader in specialty fats and butters; specific market share percentage is not disclosed.
Strategic Alliances
Strategic MOUs with the Government of Burkina Faso and the Government of Chhattisgarh for project prioritization and sourcing.
External Factors
Industry Trends
The industry is shifting toward 'Ethical Beauty' (cruelty-free, sustainable) and premium luxury products. Manorama is positioning itself as a sustainability-driven leader to capture this evolving demand.
Competitive Landscape
Competes in the global specialty fats market against players providing Cocoa Butter Substitutes, but maintains an advantage through forest-sourced natural ingredients.
Competitive Moat
The moat is built on a unique forest-based sourcing network and specialized fractionation technology. This is sustainable because the collection of forest seeds (Sal, Shea) requires deep local networks that are difficult for competitors to replicate.
Macro Economic Sensitivity
Sensitive to global demand for luxury chocolates and cosmetics; growth is supported by rising consumer preference for premium and ethical products.
Consumer Behavior
Rising preference for environmentally sustainable and ethically produced beauty and food products is driving demand for Manorama's natural butters.
Geopolitical Risks
Operations in West Africa and Latin America expose the company to regional political stability risks and trade barriers.
Regulatory & Governance
Industry Regulations
Subject to food safety standards for confectionery products and manufacturing standards for cosmetic ingredients.
Environmental Compliance
The business model is sustainability-driven, focusing on community empowerment and forest-based sourcing, which aligns with global ESG standards.
Taxation Policy Impact
Not specifically disclosed, but PAT margins of 17.2% suggest standard corporate tax applications.
Legal Contingencies
No specific pending court cases or case values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Raw material availability due to climate/seasonality and potential management failure are cited as primary risks that could impact margins.
Geographic Concentration Risk
58% of revenue is derived from export markets, making the company dependent on international trade dynamics.
Third Party Dependencies
High dependency on forest-dwelling communities for raw material collection and government MOUs for sourcing stability.
Technology Obsolescence Risk
The company mitigates this through continuous investment in R&D and expanded fractionation facilities.
Credit & Counterparty Risk
Financial position is robust with a net debt-to-equity of 0.57:1 and efficient working capital management at 97 days.