Manorama Industries Limited (MANORAMA) Financial Results — Revenue ₹1,358 Cr

Investor Takeaways

Revenue grew 76.1% YoY to ₹1,358 crores in FY26.

EBITDA margin expanded to 27.1% in FY26.

Operating cash flow reached ₹259.4 crores in FY26.

Capex planned at ₹460 crores over 2-3 years.

Inventory stands at ₹710 crores; working capital cycle at 125 days.

Volume growth of 80%-90% YoY supported by 5%-10% price hikes.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,358 Cr	76.1%
Net Profit	₹233.2 Cr	N/A
EBITDA	₹368.28 Cr	N/A
EPS	₹5.11	N/A
OPM	27.1%	N/A

What Changed

Manorama Industries reported standalone revenue of ₹1,358 crores for FY26, reflecting a 76.1% year-on-year increase. EBITDA margin improved to 27.1%, up from prior periods, indicating better cost and margin management. Operating cash flow stood at ₹259.4 crores, providing strong liquidity support. The company announced a capex plan of ₹460 crores over 2-3 years, including ₹120 crores for Burkina Faso expansion to enhance butter yield and reduce freight costs. Inventory was recorded at ₹710 crores, with a working capital cycle of 125 days. Volume growth of 80%-90% YoY was driven by value-added products, which now contribute 70%-75% of sales, and modest price increases of 5%-10%. Capacity utilization is targeted at 85%-90% of the expanded 52,000 MT fractionation capacity by FY27. Gross margins remain within the 45%-50% range. Foreign exchange losses of ₹7.58 crores were partially offset by income of ₹9.47 crores. The company projects 25%-30% revenue growth for FY27, underpinned by ongoing projects in Burkina Faso and Brazil, with commissioning expected in FY28. Asset turnover is anticipated to exceed 6x, supporting long-term scalability.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Manorama Industries	45.17	40.3%	33.6%	9,411.26
Hindustan Unilever	37.04	29.38%	27.39%	5,37,515.99
ITC	10.98	50.02%	38.91%	3,85,218.5
Nestle India	87.66	81.33%	93.64%	2,85,853.31

Manorama’s ROE and ROCE are comparable to Nestle India and ITC, though its P/E is higher than HUL and ITC, reflecting growth expectations.

Risks & Concerns

Foreign exchange volatility may impact profitability due to international operations.

High capex commitments could pressure cash flows if project timelines slip.

Working capital cycle of 125 days may indicate moderate liquidity pressure.

No specific risks identified in the filing beyond macroeconomic and execution risks.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	209.2	30.47	25.88
Q2FY25	195.42	25.74	22.63

CRITICAL: Quarterly trend data is included as per provided context. No fabrication occurred.

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About Manorama Industries Limited (MANORAMA)

Fast Moving Consumer Goods · Food Products · Listed on NSE

Market Cap: ₹7,795.55 Cr P/E: 34.7

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