MANORAMA INDUSTRIES LTD

Produces specialty fats and cocoa butter equivalents (CBE) for the global food and cosmetics industry, fractionating natural raw materials such as shea, sal, and mango kernels through solvent fractionation plants. Revenue comes from two product groups: cocoa butter equivalents, which have scaled from 10% to 30% of revenue in two years, and other specialty fats that together with CBE make up 70-75% of the sales mix. Capacity was lifted 30% via debottlenecking at the SF Plant 2 site to 32,500 MT, taking total fractionation capacity to 52,000 MT, with FY27 utilisation targeted at 85-90%. An INR 460 crore capex programme over 2-3 years will add a new solvent fractionation plant, a CBA facility, refinery expansion, and a shea processing unit in Burkina Faso (INR 120 crore) intended to cut raw-material logistics costs by 45-60%. The company operates nine early-stage subsidiaries across Africa and Latin America for raw-material sourcing, and has set up a new trading subsidiary in Chad. Raw materials account for 64.1% of revenue, making agricultural commodity prices the primary cost driver.