NSE: MANORAMA · BSE: 541974
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cocoa Butter Equivalents (CBE), Specialty / value-added fats. B2B specialty ingredient maker with agricultural commodity cost base and African raw-material sourcing footprint.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 771 | 1,367 |
| EBITDA (ex other income) | 186 | 361 |
| margin % | 24.2 | 26.4 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 18.42 | 37.67 |
| ROE % · ROCE % | 23.9 · 36.3 | 33.0 · 47.6 |
| Debt / equity (x) | 1.05 | 0.52 |
| Cash from operations | (57) | 250 |
| Capex | (32) | (55) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 195 | 209 | 233 | 290 | 323 | 363 | 391 | 404 |
| Profit before tax | 34 | 41 | 52 | 65 | 73 | 96 | 74 | 106 |
| Net profit | 26 | 30 | 40 | 47 | 53 | 72 | 52 | 79 |
| EPS (₹) | 4.32 | 5.11 | 6.72 | 7.87 | 8.91 | 12.10 | 8.79 | 13.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 11,113 | 23.9 | 0.74 | 3.8 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD ◆ | 10,767 | 42.0 | 15.78 | 29.9 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED | 6,958 | 23.6 | 2.53 | 15.6 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED | 823 | 34.7 | 4.11 | 21.3 | 11.1 | 13.1 | — | 13.0 |
| APIS INDIA LTD. | 727 | 2.9 | 3.66 | 18.9 | 12.7 | 15.5 | 7.4 | 11.9 |
| Pajson Agro India Limited | 686 | 52.6 | — | — | — | 24.0 | — | — |
| Chemkart India Limited | 315 | 15.0 | — | — | — | 20.7 | — | — |
| MEGASTAR FOODS LIMITED | 309 | 31.3 | 3.01 | 12.2 | 9.0 | 7.5 | 26.4 | 5.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.0 | 23.8 | 21 of 26 | 20% |
| P/B | 15.8 | 1.6 | 19 of 19 | 0% |
| ROCE | 42.4 | 12.6 | 2 of 30 | 97% |
| ROE | 33.0 | 6.8 | 1 of 21 | 100% |
| Debt / Equity | 0.5 | 0.4 | 14 of 21 | 35% |
| EBITDA margin | 30.3 | 8.7 | 2 of 21 | 95% |
| Revenue growth | 39.5 | 8.6 | 5 of 17 | 75% |
| Profit growth | 67.5 | 32.7 | 7 of 20 | 68% |
| Market cap | 10767 | 104 | 2 of 29 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Postal Ballot Approves Appointment of Independent Director Dr. Rohini Tiwari | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Dr Rohini Tiwari appointed as Independent Director via Postal Ballot | compliance | minimal | — | — |
| 8 Oct 2026 · Compliance Certificate for Q2 FY26 from RTA under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Investor meet intimation - plant visit on October 6, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure from October 1 for Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · AGM results: all 5 resolutions passed, Rs 0.80 per share dividend declared | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Board approves up to Rs 30 crore capital infusion in three African units | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 21st AGM held; final dividend of Rs 0.80 per share declared | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Postal ballot notice published for Independent Director appointment | compliance | minimal | — | — |
| 18 Sept 2026 · Postal ballot notice for new Independent Director appointment | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.