Earnings Call transcript for the Q4 & F.Y. 2025-2026 held on Tuesday, 12th May, 2026.
MANORAMA · price
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Manorama Industries delivered exceptional FY26 performance with standalone revenue of INR 1,357 crores, up 76.1% YoY, driven by volume growth and improved product mix. EBITDA stood at INR 367.7 crores (27.1% margin) and PAT at INR 233.2 crores (17.2% margin). The company announced a INR 460 crore capex program over 2-3 years including a backward integration project in Burkina Faso (~INR 120 crores) to reduce logistics costs and improve yields. Management guided for 25%-30% revenue growth in FY27, targeting 85%-90% utilization on expanded 52,000 tons capacity. The company maintains EBITDA margin guidance of 25%-27% with working capital cycle improved to 125 days from 151 days. Subsidiaries reported INR 13.5 crores loss in their first year of operation due to initial setup costs. A technical error led to revised financial filing.
Strong operational performance with margin guidance maintained signals confidence in sustaining profitability. The large capex program funded through internal accruals may pressure free cash flow near-term but aims to boost capacity and margins by FY28. Shareholders can expect continued volume-led growth driven by debottlenecking and new facilities.