Manorama Industries Limited (MANORAMA)
₹1,911.20 -0.84% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Manorama Industries' revenue was ₹404 Cr (+39.5% year on year, +3.2% on the previous quarter), and net profit ₹78.7 Cr (+67.6% year on year); the operating margin was 26.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹404 | +39.5% | +3.2% |
| Operating profit | ₹106 | +42.2% | +25.5% |
| Net profit | ₹78.7 | +67.6% | +85.2% |
| EPS (₹) | 13.17 | +67.3% | +85.0% |
| Operating margin | 26.3% | — | — |
MANORAMA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.64% of the MANORAMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.1%. Delivery was unusually high while the price barely moved (-0.84%).
Delivery in the last 5 sessions: 37.3% · 45.8% · 50.2% · 52.2% · 54.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Manorama Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 06, 2026. It confirms that securities received for dematerialisation during the quarter were duly processed and confirmed to depositories. This filing is purely statutory and reflects no impact on business operations or financials.
- Regulation 74(5) compliance certificate filed for the quarter ended September 30, 2026
- Certificate received from RTA MUFG Intime India Private Limited dated October 06, 2026
- Securities received for dematerialisation confirmed to depositories as required by SEBI regulations
Manorama Industries' Board has approved an increase in share capital of up to Rs 10 crore each in three wholly-owned African subsidiaries: Manorama Africa Benin, Manorama Savanna Togo, and Manorama Africa Savanna (Ivory Coast). The cumulative cash infusion of up to Rs 30 crore will support working capital and general corporate needs to strengthen sourcing and trading operations. Relative to the company's size, the Rs 30 crore infusion represents ~2.0% of TTM revenue (Rs 1,481 crore) and ~4.3% of net worth (Rs 695 crore). This move is aligned with the company's strategy to bolster raw material procurement channels across West Africa.
- Approved up to Rs 10 crore equity infusion in wholly-owned subsidiary Manorama Africa Benin in one or more tranches
- Approved up to Rs 10 crore equity infusion in wholly-owned subsidiary Manorama Savanna Togo Sarl in one or more tranches
- Approved up to Rs 10 crore equity infusion in wholly-owned subsidiary Manorama Africa Savanna (Ivory Coast) in one or more tranches
- Cumulative capital infusion across the three West African trading subsidiaries stands at up to Rs 30 crore in cash
Manorama Industries conducted its 21st Annual General Meeting on September 21, 2026, with 54 members attending via video conference. Key ordinary business included the approval of audited financial statements for FY26 and the declaration of a final dividend of ₹0.80 per equity share (40% on face value of ₹2). Additionally, shareholders considered material related-party transactions and the reappointment of Whole-Time Director Gautam Kumar Pal.
- Declared a final dividend of 40% or ₹0.80 per equity share (face value ₹2) for FY26
- A total of 54 members attended the meeting through video conferencing
- AGM commenced at 03:00 PM IST and concluded at 03:48 PM IST on September 21, 2026
- Reported CSR expenditure of INR 16.61 Mn for FY26
Manorama Industries has issued a Postal Ballot notice seeking shareholder approval via special resolution for the appointment of Dr. Rohini Tiwari as a Non-Executive Independent Director. Her tenure is proposed for a term of 5 consecutive years, from September 04, 2026 to September 03, 2031. Dr. Tiwari holds a Ph.D. in Food Science and Nutrition and brings experience across food technology, quality assurance, and nutrition consulting. The remote e-voting window runs from September 19, 2026 to October 18, 2026, with results expected by October 20, 2026.
- Appointment of Dr. Rohini Tiwari as Non-Executive Independent Director for a 5-year term from September 04, 2026 to September 03, 2031
- Shareholder approval sought through special resolution via remote e-voting
- E-voting period opens at 09:00 AM on September 19, 2026 and concludes at 05:00 PM on October 18, 2026
- Cut-off date for eligibility to vote was Friday, September 11, 2026
- Scrutinizer report and voting results declaration scheduled on or before October 20, 2026
Manorama Industries' Board approved a cumulative capital infusion of up to ₹75 Crore across six wholly-owned global subsidiaries in Ghana, Brazil, Burkina Faso, Nigeria, Chad, and the UAE. This capital deployment represents approximately 10.8% of the company's net worth (₹695 Cr) and aims to strengthen raw material sourcing and global operations. Additionally, the Board appointed Dr. Rohini Tiwari as a Non-Executive Independent Director for a 5-year term subject to postal ballot approval, while noting the tenure completion of Mr. Mudit Kumar Singh.
- Approved ₹75 Crore total capital infusion across 6 wholly-owned overseas subsidiaries in phased tranches
- Capital allocations include ₹20 Cr for Ghana, ₹15 Cr each for Brazil and Burkina Faso, ₹10 Cr each for Nigeria and Chad, and ₹5 Cr for UAE
- Appointed Dr. Rohini Tiwari as Additional Independent Director for a 5-year term from September 4, 2026, to September 3, 2031
- Fixed September 11, 2026, as the cut-off date for eligible members to vote on the postal ballot
Manorama Industries' Board has approved capital infusions totaling up to ₹75 Cr into six wholly-owned overseas subsidiaries across Ghana (₹20 Cr), Nigeria (₹10 Cr), Burkina Faso (₹15 Cr), Chad (₹10 Cr), Brazil (₹15 Cr), and the UAE (₹5 Cr) in one or more tranches. This aggregate investment represents approximately 5.1% of TTM revenue (₹1,481 Cr) and 10.8% of net worth (₹695 Cr), aimed at strengthening global sourcing and operational footprint. Additionally, the Board approved the appointment of Dr. Rohini Tiwari as an Independent Director for a 5-year term, subject to shareholder approval via postal ballot.
- Approved share capital increase of up to ₹20 Cr in Manorama Savanna Ghana Limited
- Approved share capital increase of up to ₹15 Cr each in Brazil and Burkina Faso subsidiaries
- Approved share capital increase of up to ₹10 Cr each in Nigeria and Chad subsidiaries, and ₹5 Cr in UAE subsidiary
- Appointed Dr. Rohini Tiwari as Independent Director for a 5-year term ending September 03, 2031
- Fixed September 11, 2026 as the cut-off date for postal ballot e-voting
Manorama Industries Limited has dispatched communications regarding its 21st Annual General Meeting (AGM) scheduled for September 21, 2026, to be conducted via video conferencing. The company set September 14, 2026, as the record date for determining final dividend eligibility and e-voting entitlement. Remote e-voting will run from September 18 to September 20, 2026. This announcement is an administrative dispatch informing shareholders without registered email addresses on how to access the FY2025-26 Annual Report.
- 21st Annual General Meeting scheduled for Monday, September 21, 2026, at 3:00 PM IST via VC/OAVM
- Record date for final dividend and cut-off date for e-voting fixed as Monday, September 14, 2026
- Remote e-voting window open from 9:00 AM IST on September 18, 2026, to 5:00 PM IST on September 20, 2026
- Last date for submitting TDS exemption forms set for September 14, 2026
Manorama Industries Limited has scheduled its 21st Annual General Meeting (AGM) for Monday, September 21, 2026, via Video Conferencing. The company has fixed Monday, September 14, 2026, as the record date for determining shareholder eligibility for the final dividend, as well as the cut-off date for remote e-voting. Remote e-voting is set to open on September 18, 2026, and close on September 20, 2026.
- 21st Annual General Meeting scheduled for Monday, September 21, 2026 at 3:00 PM IST
- Record date for final dividend fixed as Monday, September 14, 2026
- Cut-off date for e-voting eligibility set for Monday, September 14, 2026
- Remote e-voting window runs from 9:00 AM on September 18, 2026 to 5:00 PM on September 20, 2026
Manorama Industries published its Q1 FY27 earnings conference call transcript, discussing strong operational momentum with quarterly revenue growing 39.5% YoY to ₹404 crore. EBITDA rose 42.2% YoY to ₹106 crore (margin at 26.3%), while PAT surged 67.6% YoY to ₹79 crore (margin at 19.5%). Management highlighted expansion initiatives, including acquiring ~10 hectares (24 acres) in Burkina Faso for shea/mango processing and establishing a subsidiary in Chad. Export to domestic revenue mix stood at 60:40, while other income included ₹13 crore of forex gains.
- Revenue crossed ₹404 crore in Q1 FY27, up 39.5% YoY, driven by higher fractionation plant utilization
- EBITDA increased 42.2% YoY to ₹106 crore with EBITDA margin expanding by 49 bps to 26.3%
- PAT surged 67.6% YoY to ₹79 crore, with net margin improving 326 bps to 19.5%
- Acquired ~10 hectares (24 acres) in Burkina Faso for a shea and mango nut processing facility
- Other income of ₹16 crore included ₹13 crore in forex gains
Manorama Industries has published the audio recording of its Q1 FY27 earnings conference call held on August 14, 2026. The company reported a strong quarterly revenue of Rs 404.01 Cr, a 39.5% increase compared to the same quarter last year (Rs 289.55 Cr). Net profit for the quarter stood at Rs 78.66 Cr, reflecting a significant sequential jump from Rs 42.48 Cr in Mar 2026. The management interaction likely focused on the utilization of the 52,000 MT capacity and the roadmap toward the Rs 1,800-2,000 Cr revenue potential.
- Q1 FY27 Revenue reached Rs 404.01 Cr, contributing approximately 27% to the TTM revenue of Rs 1,481 Cr
- Net Profit for the quarter ended June 2026 was Rs 78.66 Cr, yielding an EPS of Rs 13.17
- Operating Profit for the quarter stood at Rs 106.21 Cr with a margin of 26.3%
- Company maintains an installed capacity of 52,000 MT with a stated revenue potential of Rs 1,800-2,000 Cr at full utilization
- TTM PAT stands at Rs 243 Cr, supporting a current P/E ratio of 42.8
Manorama Industries has outlined a significant growth roadmap in its Q1FY27 presentation, following a strong FY26 where revenue reached ₹1,367 Cr with a 46.2% ROCE. The company has expanded its fractionation capacity to 47,500 MTPA as of Q1FY27 and is targeting 52,000 MTPA within the current fiscal year. A major ₹460 Cr capex plan (approx. 34% of TTM revenue) is proposed over the next 2-3 years to add a 75,000 TPA fractionation plant and a processing facility in Burkina Faso. The company maintains a high-efficiency model with a 7.4x asset turnover and a 60:40 export-domestic revenue mix.
- Proposed ₹460 Cr capex over 2-3 years for expanding CBA manufacturing and solvent fractionation.
- Fractionation capacity increased to 47,500 MTPA in Q1FY27, with a target of 52,000 MTPA in FY27.
- Achieved a standalone asset turnover of 7.4x in FY26, up from 5.0x in FY22.
- Delivered a 48.5% Revenue CAGR and 76.2% PAT CAGR between FY22 and FY26.
- Strategic expansion into Brazil with partner DEKEL saw first commercial production in Q3FY26.
Manorama Industries delivered a robust Q1 FY27, with revenue increasing 39.5% YoY to Rs 404.01 Cr, surpassing the Rs 400 Cr quarterly milestone for the first time. Net profit surged 67.6% YoY to Rs 78.66 Cr, supported by a 326 bps expansion in PAT margins to 19.5%. The company is strengthening its global supply chain by acquiring 24 acres in Burkina Faso and establishing a new subsidiary in Chad for Shea sourcing. Export revenue remains the primary driver, contributing 60% of the total revenue mix.
- Revenue reached a record Rs 404.01 Cr, up 39.5% YoY from Rs 289.55 Cr in Q1 FY26.
- PAT surged 67.6% YoY to Rs 78.66 Cr, significantly outperforming revenue growth due to operating leverage.
- EBITDA margins expanded to 26.3%, a 49 bps increase YoY and 138 bps increase QoQ.
- Acquired ~10 hectares (24 acres) of land in Burkina Faso for a new Shea seed processing facility.
- Export-to-Domestic revenue mix stood at 60:40, reflecting strong international demand for specialty fats.
Manorama Industries Limited has fixed September 14, 2026, as the record date for determining shareholder eligibility for its final dividend. The dividend payout is subject to approval by shareholders at the upcoming 21st Annual General Meeting (AGM). While the specific dividend amount per share was not disclosed in this filing, the company reported a strong TTM PAT of ₹211 Cr and a TTM revenue of ₹1,367 Cr. This is a routine administrative announcement following the conclusion of the fiscal year.
- Record date for the final dividend is Monday, September 14, 2026
- Dividend declaration is subject to approval at the 21st Annual General Meeting
- Announcement follows a fiscal year where the company achieved a TTM PAT of ₹211 Cr
- The company maintains a healthy OPM of 25.3% as per latest financial context
Manorama Industries reported a strong start to FY27, with consolidated revenue growing 39.5% YoY to Rs 404.01 Cr. Net profit surged 67.6% YoY to Rs 78.66 Cr, significantly outperforming the previous year's Q1 profit of Rs 46.94 Cr. The growth is likely driven by the ramp-up of the 25,000 MT fractionation plant commissioned in mid-2024. While standalone operations are highly profitable, the company's nine global subsidiaries reported a combined net loss of Rs 2.93 Cr for the quarter.
- Consolidated revenue from operations increased 39.5% YoY to Rs 404.01 Cr from Rs 289.55 Cr.
- Consolidated Net Profit grew 67.6% YoY to Rs 78.66 Cr compared to Rs 46.94 Cr in Q1 FY26.
- Earnings Per Share (EPS) for the quarter rose to Rs 13.17 from Rs 7.87 YoY.
- Profit Before Tax (PBT) margin stood at 26.3% of total income, reflecting strong operational efficiency.
- The board fixed September 14, 2026, as the cut-off date for the final dividend and AGM voting.
Manorama Industries has scheduled its Q1FY27 earnings release for August 13, 2026, followed by a management conference call on August 14, 2026. The company currently operates with a TTM revenue of Rs 1,367 Cr and a high ROCE of 35.0%. Investors will be looking for updates on the utilization of its 52,000 MT capacity, which management previously indicated has a revenue potential of Rs 1,800-2,000 Cr. The stock is currently trading at a P/E of 47.4, reflecting high growth expectations.
- Q1FY27 financial results to be announced on Thursday, August 13, 2026
- Earnings conference call scheduled for Friday, August 14, 2026, at 1:30 PM IST
- Conference call duration is set for 60 minutes to discuss quarterly performance
- Company has received over 50 International and National awards for its specialty fats and butters
- Current installed capacity stands at 52,000 MT following the July 2024 fractionation plant expansion
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.
