Mangalam Organics Limited (MANORG)
₹438.95 +1.55% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mangalam Organics' revenue was ₹179 Cr (+22.2% year on year, +16.6% on the previous quarter), and net profit ₹7.3 Cr (-40.6% year on year); the operating margin was 12.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹179 | +22.2% | +16.6% |
| Operating profit | ₹22.2 | +2.7% | -52.4% |
| Net profit | ₹7.3 | -40.6% | +21.6% |
| EPS (₹) | 8.49 | -40.5% | +21.6% |
| Operating margin | 12.4% | — | — |
MANORG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.92% of the MANORG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.71%. That is close to its usual level. Turnover was only ₹16 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 77.3% · 58.6% · 83.0% · 83.0% · 80.9%
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
Mangalam Organics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by MUFG Intime India Private Limited confirms that share certificates received for dematerialisation were duly processed, mutilated, and cancelled. The depositories have been substituted as registered owners within the stipulated timelines. This is a mandatory and standard secretarial filing with no business or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations.
- Covers the quarter ended September 30, 2026.
- Certified by Registrar and Share Transfer Agent, MUFG Intime India Private Limited (certificate dated October 03, 2026).
- Confirmation that dematerialised shares are listed on the relevant stock exchanges.
Mangalam Organics Limited has confirmed that its shareholders approved the appointment of M/s JMT & Associates, Chartered Accountants, as the Statutory Auditors at the 44th AGM held on September 24, 2026. The appointment spans a period of 5 consecutive years, running until the conclusion of the 49th AGM. The firm is peer-reviewed with over 35 years of professional experience.
- Appointment of M/s JMT & Associates approved for a 5 consecutive year term
- Auditor tenure extends from conclusion of the 44th AGM to the 49th AGM
- Shareholder approval was secured at the AGM held on September 24, 2026
- Auditor firm holds over 35 years of professional experience (established 1989)
Mangalam Organics Limited has issued a statutory communication under Regulation 36(1)(b) to shareholders whose email addresses are not registered with the company or depositories. The communication provides access details to the FY26 Integrated Annual Report and the Notice convening the 44th Annual General Meeting (AGM). The AGM is scheduled to take place on Thursday, September 24, 2026, at 03:00 PM IST via video conferencing. The cut-off date used for determining recipients was August 21, 2026.
- 44th AGM is scheduled for Thursday, September 24, 2026, at 03:00 PM IST via VC/OAVM
- Cut-off date for dispatch of AGM and Annual Report communications was August 21, 2026
- Sent KYC updation reminders to physical security holders under SEBI Master Circular dated May 07, 2024
- Shareholders can access the Integrated Annual Report for FY26 on the company's official website
Mangalam Organics Limited has scheduled its 44th Annual General Meeting (AGM) for Thursday, September 24, 2026, via video conferencing. The company also published its Integrated Annual Report for FY 2025-26. Standalone balance sheet figures show total assets increasing to ₹640.45 crore (₹64,044.68 lakhs) as of March 31, 2026, from ₹592.58 crore in FY25. Standalone operations remain heavily focused on B2B Terpene chemistry, which contributed 96% of revenue, with Synthetic Resins making up the remaining 4%.
- 44th Annual General Meeting scheduled for September 24, 2026, at 3:00 PM IST via VC/OAVM.
- Total standalone assets stood at ₹64,044.68 lakhs (~₹640.45 cr) as of March 31, 2026, vs ₹59,258.19 lakhs in FY25.
- Total standalone equity and other equity rose to ₹30,310.04 lakhs (~₹303.10 cr) as of March 31, 2026.
- Standalone business revenue mix comprised 96% B2B Terpene operations and 4% Synthetic Resin operations.
Mangalam Organics has issued reminder letters to shareholders regarding unclaimed dividends from the Financial Year 2018-19. Under Section 124(6) of the Companies Act, dividends and corresponding shares that remain unclaimed for seven consecutive years must be transferred to the Investor Education and Protection Fund (IEPF). The transfer for this period is scheduled for October 5, 2026. Shareholders must submit their claims and required KYC documents to the Registrar (MUFG Intime India) by September 18, 2026, to avoid the transfer.
- Unclaimed dividends for FY 2018-19 are scheduled for transfer to IEPF on October 5, 2026
- Shareholders must submit claim documents to the RTA on or before September 18, 2026
- Shares with 7 consecutive years of unclaimed dividends are liable for transfer to the IEPF Authority
- The company has sent reminder letters through its RTA, MUFG Intime India Private Limited
Mangalam Organics reported a strong 22.2% YoY revenue growth to ₹179.09 Cr for Q1 FY27, driven by its expanding retail presence. However, Net Profit (PAT) fell significantly by 40.5% YoY to ₹7.27 Cr as EBITDA margins contracted from 14.74% to 12.40%. The decline is primarily attributed to a 50.5% surge in raw material costs, which reached ₹122.89 Cr during the quarter. While the company is successfully pivoting to a B2C model (now 38% of revenue), high debt levels of ₹356 Cr remain a concern relative to its ₹449 Cr market cap.
- Q1 FY27 Revenue increased 22.2% YoY to ₹179.09 Cr, representing ~29% of TTM revenue.
- Net Profit for Q1 FY27 dropped to ₹7.27 Cr from ₹12.23 Cr in the same quarter last year.
- Cost of materials consumed rose sharply to ₹122.89 Cr in Q1 FY27 compared to ₹81.65 Cr in Q1 FY26.
- Retail FMCG portfolio (CamPure and Mangalam brands) now contributes 38% of total revenue.
- Total borrowings as of March 2026 stood at ₹356 Cr, resulting in a Debt-to-Equity ratio of approximately 1.11x.
Mangalam Organics reported a 22.2% YoY increase in consolidated revenue to ₹179.09 Cr for Q1 FY27. However, net profit fell 40.6% to ₹7.27 Cr compared to ₹12.23 Cr in Q1 FY26, primarily due to a sharp rise in raw material costs which reached ₹122.89 Cr. The company also proposed the appointment of JMT & Associates as new statutory auditors for a five-year term. The 44th Annual General Meeting is scheduled for September 24, 2026.
- Revenue from operations grew 22.2% YoY to ₹179.09 Cr from ₹146.55 Cr.
- Net profit for the quarter declined 40.6% YoY to ₹7.27 Cr from ₹12.23 Cr.
- Cost of materials consumed surged to ₹122.89 Cr, representing 68.6% of revenue compared to 55.7% in the previous year's quarter.
- Finance costs increased by 29.3% YoY to ₹7.42 Cr from ₹5.74 Cr.
- Proposed appointment of JMT & Associates as Statutory Auditors for a 5-year term starting from the 44th AGM.
Mangalam Organics reported a 22.2% YoY growth in consolidated revenue to ₹179.09 Cr for Q1 FY27. However, Net Profit fell 40.6% YoY to ₹7.27 Cr, primarily due to a 50.5% surge in raw material costs which reached ₹122.89 Cr. The Board also approved the appointment of M/s JMT & Associates as Statutory Auditors for a 5-year term, replacing M/s NGST & Associates upon completion of their tenure. The company's finance costs rose 29.3% YoY to ₹7.42 Cr, reflecting the impact of its ₹285 Cr debt load.
- Consolidated Revenue from operations increased to ₹179.09 Cr in Q1 FY27 from ₹146.55 Cr in Q1 FY26.
- Net Profit (Total Comprehensive Income) dropped to ₹7.27 Cr compared to ₹12.23 Cr in the same quarter last year.
- Cost of materials consumed surged to ₹122.89 Cr, representing 68.6% of revenue versus 55.7% in the previous year.
- Finance costs increased to ₹7.42 Cr from ₹5.74 Cr YoY, a 29.3% rise.
- New Statutory Auditors M/s JMT & Associates appointed for a 5-year term starting from the 44th AGM on September 24, 2026.
Mangalam Organics reported a 22.2% YoY increase in revenue to ₹179.09 Cr for Q1 FY27. However, net profit declined significantly by 40.5% YoY to ₹7.27 Cr, down from ₹12.23 Cr in the same quarter last year. This profitability squeeze was primarily driven by a 50.5% surge in raw material costs, which rose to ₹122.89 Cr. The company also announced the appointment of M/s JMT & Associates as new statutory auditors for a five-year term, replacing the outgoing auditors.
- Revenue from operations increased 22.2% YoY to ₹179.09 Cr from ₹146.55 Cr.
- Net profit fell 40.5% YoY to ₹7.27 Cr, resulting in an EPS of ₹8.49 compared to ₹14.28 YoY.
- Cost of materials consumed spiked 50.5% YoY to ₹122.89 Cr, significantly outpacing revenue growth.
- Finance costs rose 29.3% YoY to ₹7.42 Cr from ₹5.74 Cr.
- M/s JMT & Associates appointed as Statutory Auditors for a 5-year term starting from the 44th AGM.
Mangalam Organics reported a 22.2% YoY increase in consolidated revenue to ₹179.09 Cr for the quarter ended June 30, 2026. However, net profit (Total Comprehensive Income) fell 40.6% YoY to ₹7.27 Cr, primarily due to a sharp rise in raw material costs, which surged to 68.6% of revenue compared to 55.7% in the year-ago period. Sequentially, the company showed recovery with revenue up 16.6% and PAT up 21.6% over Q4 FY26. The board also recommended the appointment of JMT & Associates as new statutory auditors for a five-year term.
- Revenue from operations increased 22.2% YoY to ₹179.09 Cr from ₹146.55 Cr.
- Net profit declined 40.6% YoY to ₹7.27 Cr, down from ₹12.23 Cr in Q1 FY26.
- Cost of materials consumed rose significantly to ₹122.89 Cr, accounting for 68.6% of total revenue.
- Earnings Per Share (EPS) for the quarter stood at ₹8.49, compared to ₹14.28 in the previous year's corresponding quarter.
- Finance costs increased to ₹7.42 Cr from ₹5.74 Cr YoY, reflecting the impact of the company's ₹285 Cr debt load.
Mangalam Organics reported a 22.2% YoY increase in revenue from operations to ₹179.09 Cr for the quarter ended June 30, 2026. However, net profit fell 40.5% YoY to ₹7.27 Cr, primarily driven by a 50.5% surge in raw material costs which now consume 68.6% of revenue. Sequentially, the company showed recovery with revenue up 16.6% and net profit up 29.4% compared to the March 2026 quarter. The board also initiated a statutory auditor rotation, appointing JMT & Associates for a five-year term.
- Revenue from operations grew 22.2% YoY to ₹179.09 Cr from ₹146.55 Cr.
- Net profit (Total Comprehensive Income) dropped 40.5% YoY to ₹7.27 Cr from ₹12.23 Cr.
- Cost of materials consumed increased significantly to ₹122.89 Cr compared to ₹81.65 Cr in the same quarter last year.
- Finance costs rose 29.3% YoY to ₹7.42 Cr, reflecting the company's ₹285 Cr debt burden.
- Statutory auditor rotation initiated with JMT & Associates replacing NGST & Associates for a 5-year term.
Mangalam Organics has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed correctly. This includes the mutilation and cancellation of certificates and updating depository records within the stipulated timeframe. This is a standard administrative filing required for all listed entities in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar MUFG Intime India Private Limited on July 01, 2026
- Company filing submitted to exchanges on July 04, 2026
- Confirms securities received for dematerialization were mutilated and cancelled as per SEBI norms
Mangalam Organics has provided an update on the fire incident that occurred on July 16, 2025, at its Khopoli Camphor Plant I. The appointed insurance surveyor from New India Assurance has finalized the loss assessment at ₹12.58 Crore. This claim amount is significant, representing approximately 48% of the company's TTM PAT of ₹26 Crore. As of July 3, 2026, the claim has been submitted but no funds have been realized yet.
- Insurance surveyor assessed the total loss at ₹12.58 Crore for the July 2025 fire incident.
- The claim amount represents approximately 48.4% of the company's TTM Net Profit of ₹26 Crore.
- The final survey report has been submitted to the insurer, The New India Assurance Company Limited.
- Zero realization of the claim amount has occurred as of the disclosure date (July 3, 2026).
- Company states that necessary steps to restore normal operations have already been taken.
CRISIL Ratings has removed Mangalam Organics from 'Rating Watch with Developing Implications' and assigned a 'Stable' outlook, reaffirming its Long-Term rating at BBB+ and Short-Term at A2. The review covered bank facilities totaling Rs 397 Crore, which is significant given the company's current debt of Rs 285 Crore and Net Worth of Rs 304 Crore (D/E of 0.94). Additionally, its material subsidiary, Mangalam Brands Private Limited, received a first-time rating of BBB+/Stable for Rs 80 Crore in facilities, signaling credit support for its retail expansion strategy.
- CRISIL reaffirmed Long-term rating at BBB+ and Short-term at A2 for Rs 397 Crore in bank facilities.
- Removed the 'Rating Watch with Developing Implications' status, assigning a 'Stable' outlook.
- Subsidiary Mangalam Brands Private Limited received an initial rating of BBB+/Stable for Rs 80 Crore facilities.
- The rated facilities of Rs 397 Crore represent approximately 130% of the company's reported Net Worth of Rs 304 Crore.
- Largest single facility rated is a Rs 225 Crore Cash Credit from YES Bank Limited.
Mangalam Organics has announced a transition in its financial leadership with the appointment of Mr. Manoj Mhapadi as Chief Financial Officer, effective July 01, 2026. He succeeds Mr. Shrirang Rajule, who retired from the position on the same date. This change also updates the list of Key Managerial Personnel (KMP) authorized to determine the materiality of events for stock exchange disclosures. The company currently operates with a TTM revenue of ₹623 Cr and manages a debt of ₹285 Cr, resulting in a debt-to-equity ratio of 0.94.
- Appointment of Mr. Manoj Mhapadi as CFO effective July 01, 2026.
- Retirement of Mr. Shrirang Rajule as CFO on July 01, 2026.
- Updated list of 4 authorized KMPs for materiality disclosures under Regulation 30(5).
- Company maintains a TTM revenue of ₹623 Cr and a net worth of ₹304 Cr.
- Capital work-in-progress increased from ₹4 Cr in FY24 to ₹30 Cr in FY25, indicating ongoing expansion.
Financial Performance
Revenue Growth by Segment
The retail segment, including FMCG products under 'CamPure' and 'Mangalam' brands, grew from 16% of revenue in fiscal 2023 to 38% in fiscal 2025. Total revenue grew 7.39% YoY to INR 530.01 Cr in FY25 and 14.30% YoY to INR 158.10 Cr in Q2 FY26.
Geographic Revenue Split
Not explicitly disclosed in available documents, though 60-70% of raw materials are imported from Indonesia, Brazil, Russia, and Europe, indicating significant international supply chain exposure.
Profitability Margins
Gross Profit margin improved to 48.40% in FY25 from 38.67% in FY24. PAT margin increased to 2.36% in FY25 from 0.85% in FY24. However, Q2 FY26 PAT margin was 2.02%, up 49 bps YoY from 1.53%.
EBITDA Margin
EBITDA margin was 11.05% in FY25, up 321 bps from 7.84% in FY24. In Q2 FY26, EBITDA margin plummeted to 0.18% from 8.92% in Q2 FY25, a decrease of 874 bps due to input cost volatility.
Capital Expenditure
Net cash flow from investing activities was INR 67.05 Cr in FY25, compared to INR 39.51 Cr in FY24, primarily driven by property, plant, and equipment additions of INR 265 Cr and capital work-in-progress of INR 30 Cr.
Credit Rating & Borrowing
CRISIL reaffirmed 'CRISIL BBB+/Stable' for long-term and 'CRISIL A2' for short-term facilities. Finance costs rose 37.6% to INR 21.48 Cr in FY25 from INR 15.61 Cr in FY24 due to increased debt for working capital.
Operational Drivers
Raw Materials
Alpha pine and gum turpentine account for 60-70% of total raw material costs. Camphor prices also significantly impact realizations.
Import Sources
Raw materials are largely imported from Indonesia, Brazil, Russia, and Europe.
Capacity Expansion
The company is the largest domestic camphor manufacturer; future performance is supported by enhanced capacities, with capital work-in-progress increasing from INR 4 Cr in FY24 to INR 30 Cr in FY25.
Raw Material Costs
Cost of materials consumed was INR 312.47 Cr in FY25 (58.9% of revenue), up 20.7% from INR 258.93 Cr in FY24. Procurement strategies involve building inventory for the peak season (July to December).
Manufacturing Efficiency
EBITDA margin of 14.75% was achieved in Q1 FY26 through better absorption of fixed assets and stabilization of raw material prices.
Logistics & Distribution
Not explicitly disclosed; however, the company operates 8+ branches to manage its 100+ product portfolio.
Strategic Growth
Expected Growth Rate
14.30%
Growth Strategy
Growth is driven by expanding the margin-remunerative retail segment (Mangalam and CamPure brands), ramping up enhanced manufacturing capacities, and diversifying into terpene and rosin derivatives.
Products & Services
Camphor, terpene derivatives, rosin derivatives, and FMCG products including camphor cones, sticks, and religious puja products.
Brand Portfolio
Mangalam, CamPure.
New Products/Services
The company offers 100+ products; recent focus is on expanding the retail FMCG portfolio which now contributes 38% of revenue.
Market Expansion
Expanding retail presence through 8+ branches and digital platforms like Amazon, Flipkart, and BigBasket.
Market Share & Ranking
One of the largest players in the domestic camphor manufacturing business with the highest capacity among peers.
External Factors
Industry Trends
The industry is shifting toward branded retail camphor products; Mangalam is positioning itself by increasing its retail revenue share from 16% to 38% in two years.
Competitive Landscape
Intense competition in the camphor segment constrains scalability and exerts pressure on profitability margins.
Competitive Moat
Moat is based on being the largest domestic producer with 40+ years of experience and strong brand equity in 'Mangalam' and 'CamPure', though it is challenged by raw material price volatility.
Macro Economic Sensitivity
Highly sensitive to global commodity prices for pine chemicals and domestic consumer demand for religious and home care FMCG products.
Consumer Behavior
Increasing consumer preference for branded, high-quality camphor and home care products is driving retail segment growth.
Geopolitical Risks
Trade barriers or supply disruptions from Indonesia, Brazil, or Russia could impact raw material availability and costs.
Regulatory & Governance
Industry Regulations
Subject to chemical manufacturing standards and pollution control norms; raw material imports are subject to international trade regulations.
Taxation Policy Impact
Effective tax rate was approximately 24.7% in FY25, with a total tax expense of INR 4.11 Cr on PBT of INR 16.61 Cr.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Alpha pine/Gum turpentine) and the successful ramp-up of enhanced capacities are the primary business risks.
Geographic Concentration Risk
Significant supply chain concentration in Indonesia, Brazil, Russia, and Europe for critical raw materials.
Third Party Dependencies
High dependency on international suppliers for 60-70% of input requirements.
Technology Obsolescence Risk
Low risk in core terpene chemistry, but requires continuous efficiency improvements to remain competitive against peers.
Credit & Counterparty Risk
Trade receivables stood at INR 69 Cr (47 days) in FY25, indicating moderate credit risk from retail and industrial clients.
