Investor Presentation on Annual Audited Financial Results (both Standalone and Consolidated)
MANORAMA · price
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Manorama Industries delivered strong FY26 results with revenue of INR 1,358 crore (76.1% YoY growth) and PAT of INR 233 crore (108.1% YoY growth). EBITDA margin expanded 230 basis points to 27.1%, driven by improved product mix and operational leverage. The company achieved a milestone where annual cash profit (₹258.77 crore) exceeded its gross block (₹250.85 crore), reflecting exceptional capital efficiency. Working capital cycle improved to 125 days from 151 days. The company announced a ₹460 crore phased capex plan over 2-3 years covering cocoa butter alternatives facility, solvent fractionation expansion, refinery capacity, and a new processing plant in Burkina Faso. Q4 saw some gross margin compression (43.9% vs 50.5% YoY) due to higher input costs, though full-year margins improved. Foreign exchange losses of ₹7.58 crore in Q4 (from MTM provision on hedging) impacted profitability.
Strong multi-year growth trajectory with improving margins and cash generation positions the stock favorably. The planned capex for capacity expansion should support future revenue growth, though investors should monitor gross margin trends and currency hedging effectiveness.