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MANORG - Mangalam Organic

📊 NSE: MANORG 🏢 Chemicals 📅 Last Updated: 12/14/2025 9:34

📢 Recent Corporate Announcements

Mangalam Organics Q3 FY26 Revenue Jumps 32.6% YoY to ₹164.3 Cr; PAT Up 19.6%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Feb 2026, 12:54 PM

Mangalam Organics reported a strong 32.58% YoY revenue growth in Q3 FY26, reaching ₹164.29 crore, driven by volume growth and lower input costs. Net profit for the quarter rose 19.56% to ₹4.34 crore, although margins saw a slight contraction with EBITDA margin at 11.75%. The company successfully completed its Bhimseni/Isoborneol Flakes expansion to 2,500 MTPA in 2025. The retail segment, Mangalam Brands, showed significant EBITDA growth of 252% YoY, contributing ₹55.9 crore to the top line.

Revenue from operations grew 32.58% YoY to ₹164.29 crore in Q3 FY26.
PAT increased by 19.56% YoY to ₹4.34 crore, while full-year FY25 PAT surged 197% to ₹12.50 crore.
Successfully completed expansion of Bhimseni/Isoborneol Flakes capacity to 2,500 MT per annum in 2025.
Retail subsidiary Mangalam Brands reported a 252% YoY increase in EBITDA to ₹6.9 crore for the quarter.
B2B Terpene operations remain the dominant segment, contributing 96% of the company's revenue.

💡 Investors should monitor the scaling of the newly expanded Bhimseni capacity and the improving profitability of the B2C retail segment. The stock remains a play on pine chemistry and domestic camphor demand, though margin volatility due to raw material costs remains a key risk.

Mangalam Organics Q3 Consolidated Net Profit Rises 19% YoY to ₹4.34 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 05:22 PM

Mangalam Organics reported a strong consolidated performance for Q3 FY26, with revenue from operations growing 32.6% YoY to ₹164.30 crore. Consolidated net profit increased to ₹4.34 crore from ₹3.64 crore in the same quarter last year, driven by robust subsidiary performance. However, standalone results showed a significant decline in net profit to ₹1.11 crore compared to ₹2.83 crore YoY, indicating margin pressure on the core manufacturing business. The company's consolidated EPS improved to ₹5.07 from ₹4.25 in the year-ago period.

Consolidated Revenue from Operations grew 32.6% YoY to ₹164.30 crore from ₹123.92 crore.
Consolidated Net Profit increased by 19.3% YoY to ₹4.34 crore.
Standalone Net Profit declined by 60.8% YoY to ₹1.11 crore, reflecting higher operational costs.
Consolidated EPS for the quarter rose to ₹5.07 compared to ₹4.25 in Q3 FY25.
Nine-month consolidated profit reached ₹19.76 crore, a significant jump from ₹7.43 crore in the previous year.

💡 Investors should focus on the consolidated growth which suggests that the company's brand and retail-focused subsidiaries are scaling effectively. Monitor the standalone segment for potential recovery in margins as the core chemical business currently appears to be a drag on overall profitability.

Mangalam Organics Q3 Consolidated Net Profit Rises 19% YoY to ₹4.34 Cr; Revenue Up 33%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 04:39 PM

Mangalam Organics reported a strong consolidated performance for Q3 FY26, with revenue from operations growing 32.6% YoY to ₹164.30 crore. Consolidated net profit increased by 19.3% YoY to ₹4.34 crore, showing resilience despite a sharp drop in 'Other Income' compared to the previous quarter. For the nine-month period ended December 2025, the company's consolidated net profit surged to ₹19.76 crore from ₹7.43 crore in the previous year, indicating a significant operational turnaround. However, standalone margins faced pressure, with standalone net profit declining YoY to ₹1.11 crore.

Consolidated Revenue from operations grew 32.6% YoY to ₹164.30 crore in Q3 FY26.
Consolidated Net Profit (Total Comprehensive Income) rose 19.3% YoY to ₹4.34 crore.
9M FY26 Consolidated Net Profit surged to ₹19.76 crore compared to ₹7.43 crore in 9M FY25.
Consolidated EPS improved to ₹5.07 for the quarter from ₹4.25 in the same quarter last year.
Standalone revenue grew 21.8% YoY to ₹122.45 crore, though standalone net profit dipped to ₹1.11 crore.

💡 Investors should focus on the robust consolidated growth which suggests strong performance in subsidiaries and the core chemical segment. Monitor raw material cost trends as they remain the largest expense component impacting standalone margins.

Mangalam Organics Q3 FY26 Consolidated Net Profit Rises 19% YoY to ₹4.34 Crore

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 04:36 PM

Mangalam Organics reported a strong 32.6% YoY growth in consolidated revenue from operations, reaching ₹164.30 crore for the quarter ended December 31, 2025. Consolidated net profit increased by 19.3% YoY to ₹4.34 crore, despite a significant drop in other income compared to the previous quarter. The nine-month performance shows a robust recovery, with consolidated net profit surging 166% to ₹19.76 crore. However, standalone margins appear under pressure, with standalone net profit declining YoY, suggesting that growth is being driven by its subsidiaries and retail brands.

Consolidated Revenue from Operations grew 32.6% YoY to ₹164.30 crore in Q3 FY26.
Consolidated Net Profit for the quarter stood at ₹4.34 crore versus ₹3.64 crore in Q3 FY25.
Nine-month consolidated net profit surged to ₹19.76 crore from ₹7.43 crore in the previous year period.
Consolidated EPS improved to ₹5.07 for the quarter, up from ₹4.25 YoY.
Standalone net profit declined to ₹1.11 crore from ₹2.83 crore YoY, indicating margin pressure at the parent level.

💡 Investors should take note of the strong consolidated growth driven by subsidiaries, which offsets the weakness in standalone operations. Monitor the sustainability of the 9-month growth trajectory and the company's ability to manage raw material costs in the chemical segment.

Mangalam Organics Submits SEBI Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jan 2026, 03:32 PM

Mangalam Organics has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The document confirms that the company's Registrar, MUFG Intime India Private Limited, processed all dematerialization requests within the mandated timelines. It ensures that physical share certificates were properly cancelled and the depositories were updated as registered owners. This is a standard administrative procedure required for all listed entities in India.

Quarterly compliance certificate submitted for the period ending December 31, 2025.
Registrar MUFG Intime India confirmed timely processing of dematerialization requests.
Physical certificates were mutilated and cancelled after verification.
Securities are confirmed to be listed on the BSE and NSE.

💡 This is a routine regulatory disclosure with no impact on business fundamentals; no immediate action is necessary.

Mangalam Organics to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 03:04 PM

Mangalam Organics Limited has announced the closure of its trading window starting January 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the standalone and consolidated unaudited financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the results are officially submitted to the stock exchanges. Additionally, the company confirmed that PANs of designated persons will be frozen by CDSL during this period as per regulatory requirements.

Trading window closure effective from January 01, 2026.
Closure pertains to the financial results for the quarter ending December 31, 2025.
Trading restriction applies to directors, promoters, designated persons, and their immediate relatives.
Window to reopen 48 hours after the financial results are communicated to BSE and NSE.
Compliance with SEBI circulars regarding PAN freezing by CDSL for designated persons.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date announcement to assess the Q3 financial performance.

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💰 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.