Manorama Industries Ltd (MANORAMA)
🎯 Key Takeaways
- Manorama Industries is in a high-growth phase driven by strategic expansion in specialty fats and global markets, particularly Africa and Latin America. Management is executing a capital-intensive growth plan supported by strong profitability and improving leverage, with a focus on scaling capacity and vertical integration.
- Revenue grew 3.2% QoQ to ₹404 in Q1FY27.
- ⚠️ Over-reliance on specialty fats segment exposes the company to commodity price volatility in edible oils and fats.
- Market Cap
- ₹11,166
- P/E Ratio
- 43.3
- P/B Ratio
- 16.37
- ROE
- 37.9%
- ROCE
- 37.5%
- Debt/Equity
- 0.52
- Div Yield
- 0.04%
- Promoter
- 54.3%
📖 The Story
Manorama Industries is in a high-growth phase driven by strategic expansion in specialty fats and global markets, particularly Africa and Latin America. Management is executing a capital-intensive growth plan supported by strong profitability and improving leverage, with a focus on scaling capacity and vertical integration. The company has transitioned from a domestic FMCG player to an export-oriented specialty ingredients supplier with improving margins and ROE.
📰 What's Happening
In Q1FY27 (August 13, 2026 filing), Manorama reported 39.5% YoY revenue growth to ₹4,040 crores and 67.6% YoY PAT growth to ₹787 crores, with EBITDA margin expanding to 26.3%. Management highlighted growth in specialty fats, sustainable initiatives, and global expansion through new operations in Africa and Latin America. A ₹460 crore capex program is underway to scale capacity, including new facilities in India, Burkina Faso, and Brazil. The company also raised ₹500 crore via QIP in FY26 and proposed a ₹200 crore related party transaction with Manorama Africa Limited at the upcoming AGM. Shareholders must vote remotely by September 20, 2026, to approve key transactions and dividend payouts.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 290 | 323 | 363 | 391 | 404 |
| Operating Profit | 69 | 82 | 96 | 90 | 100 |
| OPM % | 23.9% | 25.3% | 26.4% | 23.0% | 24.8% |
| Net Profit | 45 | 55 | 72 | 52 | 79 |
| EPS | ₹7.60 | ₹9.18 | ₹12.10 | ₹8.79 | ₹13.17 |
Revenue has grown consistently over the past five quarters, rising from ₹290 crores in June 2025 to ₹404 crores in June 2026 (+39.5% YoY), with operating profit margin holding steady around 24-26%. Net profit margins have expanded significantly, from ₹45 crores to ₹79 crores over the same period, reflecting improved operational leverage and pricing power. EBITDA margin improved to 26.3% in Q1FY27 from 25.3% in September 2025, indicating margin accretion from scale and product mix. This growth is being driven by specialty fats demand and global sourcing expansion, as explicitly cited in management commentary.
🔮 Management Outlook & What's Next
Management is confident in sustained growth from product diversification and strategic investments, particularly in West African sourcing and specialty fats capacity expansion. In the Q1FY27 filing, management emphasized long-term growth through global expansion and sustainable initiatives, supported by a ₹460 crore capex program. The Board has proposed a final dividend of ₹0.80 per share and is seeking shareholder approval for a ₹200 crore related party transaction with Manorama Africa Limited. Forward-looking statements in filings highlight confidence in continued momentum from global sourcing and portfolio diversification.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 12 | 12 | 12 |
| Reserves | 448 | 670 | 551 |
| Borrowings | 481 | 356 | 376 |
| Total Liabilities | 983 | 1,200 | 1,024 |
| Fixed Assets | 178 | 194 | 193 |
| Investments | 0 | 0 | 0 |
| Total Assets | 983 | 1,200 | 1,024 |
The balance sheet shows a strong financial position with net debt-to-equity at 0.38x as of March 2026, down from 0.48x in March 2025, indicating deleveraging. Equity has remained stable at ₹12 crores, while reserves grew from ₹448 crores to ₹670 crores, reflecting retained earnings from robust profitability. Borrowings decreased slightly to ₹356 crores from ₹376 crores, and total assets increased to ₹1,200 crores, supporting growth without aggressive capital structure expansion. The ₹500 crore QIP in FY26 was used to fund growth initiatives, and the proposed ₹460 crore capex is being financed through a mix of internal cash flows and capital markets.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -57 |
| Investing | -34 |
| Financing | +93 |
| Net Cash Flow | +2 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 54.3% | 54.3% | 54.3% | 54.3% |
| FII | 2.5% | 2.7% | 2.9% | 3.2% |
| DII | 4.4% | 3.6% | 3.0% | 2.6% |
| Public | 32.7% | 33.2% | 33.5% | 33.5% |
| # Shareholders | 32,671 | 34,703 | 36,335 | 33,841 |
Promoter holding remains stable at 54.32% across all quarters, indicating confidence in long-term prospects. FII holding has increased from 2.52% in Q2FY26 to 3.22% in Q1FY27, suggesting institutional accumulation. DII holding rose from 3% to 3.61%, while public shareholding grew from 32.67% to 33.46%, reflecting broader retail interest. The rising number of shareholders (33,841 in Q1FY27 vs. 32,671 in Q2FY26) indicates expanding retail participation and potential inclusion in broader indices.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.39 L Cr | 29.3 | 29.8% | — | 0.00 |
| ITC | 3.32 L Cr | 16.7 | 36.0% | — | 0.03 |
| NESTLEIND | 2.58 L Cr | 67.6 | 99.2% | — | 0.00 |
| VBL | 1.45 L Cr | 43.0 | 21.5% | — | 0.10 |
| LENSKART | 1.17 L Cr | 176.0 | 11.9% | — | 0.03 |
| BRITANNIA | 1.16 L Cr | 44.7 | 54.1% | — | 0.27 |
| MARICO | 1.03 L Cr | 54.4 | 54.2% | — | 0.08 |
| TATACONSUM | 95,699 | 58.5 | 10.2% | — | 0.10 |
| GODREJCP | 87,631 | 45.8 | 17.8% | — | 0.33 |
| DABUR | 67,419 | 34.2 | 21.3% | — | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Over-reliance on specialty fats segment exposes the company to commodity price volatility in edible oils and fats. 2. Geographic expansion into Africa and Latin America introduces execution and regulatory risks in new markets. 3. The ₹200 crore related party transaction with Manorama Africa Limited requires shareholder approval and carries potential governance scrutiny. 4. High ROE (56.2%) may be difficult to sustain if margin expansion slows amid increasing competition or input cost pressures.
📋 Recent Filings
- Announcement2026-09-26Manorama Industries Ltd announced that its trading window will close on October 1, 2026, ahead of the unaudited financial results for the quarter and …
- 🟡 Board Meeting2026-09-22Manorama Industries approved up to ₹10 crore share capital increases in three African subsidiaries—Manorama Africa Benin, Manorama Savanna Togo, and M…
- 🟡 voting results2026-09-22Manorama Industries held its 21st AGM on September 21, 2026 via video conference, approving all resolutions with overwhelming shareholder support. The…
- 🟡 Board Meeting2026-09-21Manorama Industries held its 21st AGM on September 21, 2026 via video conference, approving the audited standalone and consolidated financial statemen…
- 🟡 voting results2026-09-18Manorama Industries proposed appointing Dr. Rohini Tiwari as a Non-Executive Independent Director via special resolution through remote e-voting. Voti…
- 🟡 Board Meeting2026-09-04Manorama Industries approved Dr. Rohini Tiwari's appointment as a Non-Executive Independent Director for five years effective September 4, 2026, and a…
- 🟡 Board Meeting2026-09-04Manorama Industries announced the outcome of its September 4, 2026 board meeting, appointing Dr. Rohini Tiwari as an additional independent director f…
- 🔴 annual report2026-08-27Manorama Industries Limited notified shareholders with unregistered email addresses about access to its 2025-26 Annual Report via web links and QR cod…
- 🔴 annual report2026-08-27Manorama Industries Ltd reported a 76.1% YoY revenue surge to ₹1,357.7 crore and 92.5% YoY EBITDA growth to [amount context mismatch] crore for FY2025…
- 🟡 Board Meeting2026-08-27Manorama Industries announced its 21st AGM on September 21, 2026 at 3:00 PM IST via video conference, seeking shareholder approval for a ₹200 crore re…
🧠 Analyst's Read
Manorama Industries is executing a clear growth strategy with strong financial momentum, but investors should monitor the progress of its global expansion initiatives and the outcome of the upcoming AGM vote on key transactions. The company's ability to sustain margin expansion and manage working capital in new markets will be critical to maintaining its outperformance.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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