MANORAMA

Manorama Industries share price & financials

Price
₹1,591.5
Market cap
₹11.9k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 14 Aug 2026

Manorama Industries Limited Q1 FY27

Revenue ₹404 cr +40%EBITDA ₹106 cr +42%EBITDA Margin 26.3% PAT ₹79 cr +68%

What went well

  • Revenue grew 39.5% YoY to INR 404 crores, crossing the INR 4,000 million quarterly revenue milestone for the first time.
  • EBITDA grew 42.2% YoY to INR 106 crores, with margin expanding 49 bps to 26.3%.
  • PAT grew 67.6% YoY to INR 79 crores, with margin expanding 326 bps to 19.5%.

What to watch

  • Gross margin broadly stable at 45-50%, but management noted it was around 75-80% in H1, indicating current pressure.
  • Subsidiaries still incurred PAT losses of INR 3 crores this quarter, though reduced from INR 8 crores in the previous quarter.
Read the full call →

What Manorama Industries Limited does

Manorama Industries runs an integrated 'waste to wealth' operation that procures tree-borne oilseeds (Sal, Mango, Kokum, Mowrah in India; Shea nuts from West Africa) via a tribal-collector network, then extracts, refines and fractionates them at its single manufacturing ecosystem in Birkoni (Mahasamund, Chhattisgarh) into Cocoa Butter Equivalents (CBEs) and exotic specialty fats and butters. These are sold under the Milcoa brand to global food, chocolate, confectionery and cosmetics companies, with de-oiled cake sold to India's cattle-feed industry as a byproduct. The company also procures Shea nuts through subsidiaries across West Africa, the UAE and Brazil to support its export-led supply chain.

Fractionation capacity (key value-add process)
47,500 tonnes per annum
Solvent extraction capacity
90,000 tonnes per annum
Seed milling (expeller) capacity
90,000 tonnes per annum
Refinery capacity
45,000 tonnes per annum
Packing capacity
30,000 tonnes per annum
International subsidiaries
9 (7 in Africa, plus one each in UAE and Brazil)
Founded 2005Headquarters Mahasamund, Chhattisgarh, India Company website

Guidance record · Q1 FY27

what the last two calls moved 24 tracked 5 delivered 4 missed 15 open
  • Working Capital Days went quiet said Q4 FY26 Promised: maintain working capital days at current levels (~125 days) Q1 FY27: The working capital days metric was not reported for the quarter.
  • FY27 Capacity Utilization revised down said Q4 FY26 Promised: utilize 85-90% of the 52,000 tons capacity in FY27 Q1 FY27: Reported 80% utilization for Q1 and revised full-year guidance down to 80-85%, which is below the original target of 85-90%.
  • FY26 Revenue delivered said Q4 FY25 Promised: achieve INR 1,050 crores top line in financial year '26 Q4 FY26: Achieved standalone revenue of INR 1,357 crores for FY26, exceeding the revised guidance.

All 24 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.3%, net profit up 68.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue195 209 233 290 323 +66%363 +74%391 +68%404 +39%
EBITDA44 54 61 75 88 +100%102 +89%97 +59%106 +41%
Net profit26 30 40 47 55 +112%72 +140%52 +30%79 +68%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +52.1% 1Y

₹1.0k₹1.2k₹1.4k₹1.6k₹1.8k₹2.0k₹2.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹1,351.4 on 10 Sept 2025 → ₹2,055.7. High ₹2,132.9 (8 Sept 2026), low ₹1,075.8 (22 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+7.6%
14 Aug
Q4 FY26
−12.0%
12 May
Q3 FY26
+8.7%
28 Jan
Q2 FY26
−0.7%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 73.0% a year over 2 years, FY24 to FY26. Operating margin widened to 26.5%.

Year endingFY24FY25FY26
Revenue₹457 Cr₹770 Cr₹1.4k Cr
Operating profit₹74 Cr₹186 Cr₹362 Cr
Operating margin16.2%24.2%26.5%
Interest₹20 Cr₹39 Cr₹37 Cr
Depreciation₹14 Cr₹22 Cr₹25 Cr
Net profit₹40 Cr₹110 Cr₹226 Cr
Net margin8.8%14.3%16.5%
Cash from operations₹-154 Cr₹-57 Cr₹250 Cr
Free cash flow₹-193 Cr₹-89 Cr₹196 Cr
ROCE——35.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹134 Cr₹256 Cr₹286 Cr₹325 Cr₹559 Cr₹670 Cr
Borrowings₹85 Cr₹108 Cr₹110 Cr₹346 Cr₹376 Cr₹356 Cr
Other liabilities₹24 Cr₹19 Cr₹16 Cr₹53 Cr₹83 Cr₹162 Cr
Total liabilities₹254 Cr₹396 Cr₹424 Cr₹737 Cr₹1.0k Cr₹1.2k Cr
Fixed assets₹57 Cr₹55 Cr₹97 Cr₹129 Cr₹195 Cr₹196 Cr
Capital work in progress₹0 Cr₹42 Cr₹50 Cr₹42 Cr₹5 Cr₹18 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹3 Cr₹0 Cr
Other assets₹197 Cr₹299 Cr₹278 Cr₹565 Cr₹828 Cr₹985 Cr
Total assets₹254 Cr₹396 Cr₹424 Cr₹737 Cr₹1.0k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +2.27 pp while DIIs trimmed −1.98 pp. The shareholder count grew 37% to 33,841.

Promoters
54.3%
FIIs
3.2%
DIIs
2.6%
Public
39.8%

Since Jun 2025

  • Public +2.27 pp
  • DIIs −1.98 pp
  • FIIs −0.18 pp

How it drifted, 12 quarters

Over this window the public went from 36.7% to 39.8% — +3.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 57.3%, FIIs 2.8%, DIIs 3.3%, Public 36.7%.Dec '23: Promoters 57.3%, FIIs 2.8%, DIIs 2.5%, Public 37.4%.Mar '24: Promoters 57.3%, FIIs 2.5%, DIIs 2.5%, Public 37.7%.Jun '24: Promoters 57.3%, FIIs 2.2%, DIIs 1.7%, Public 38.8%.Sep '24: Promoters 57.3%, FIIs 2.4%, DIIs 1.8%, Public 38.6%.Dec '24: Promoters 54.4%, FIIs 2.5%, DIIs 4.7%, Public 38.4%.Mar '25: Promoters 54.4%, FIIs 2.8%, DIIs 5.1%, Public 37.6%.Jun '25: Promoters 54.4%, FIIs 3.4%, DIIs 4.6%, Public 37.6%.Sep '25: Promoters 54.3%, FIIs 2.5%, DIIs 4.5%, Public 38.7%.Dec '25: Promoters 54.3%, FIIs 2.7%, DIIs 3.6%, Public 39.4%.Mar '26: Promoters 54.3%, FIIs 2.9%, DIIs 3.0%, Public 39.8%.Jun '26: Promoters 54.3%, FIIs 3.2%, DIIs 2.6%, Public 39.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Manorama Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ashish Ramesh Saraf 46.17%unchanged
Vinita Ashish Saraf 7.65%unchanged
Ritu Saraf 7.10%unchanged
Prasoon Bhatt 2.51%unchanged
Vaidyanath Balasubramanian 2.27%unchanged
Mahesh Shivanand Desai 2.11%unchanged
Sanjay Katkar 1.93%−0.11 pp
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund1.34%unchanged
Vijay Balkrishna Pusalkar 1.02%unchanged
Agastya Saraf 0.25%unchanged
Shrey Ashish Saraf 0.25%unchanged
Bidyadevi Agarwal 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹2056, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~133%. At that growth it is worth ₹98999 — upside of 4716%.

Growth the price implies
30.8% a year
for 7 years, fading to 4%
It has actually compounded at
133.2% a year
net profit, FY24–FY26 · EPS 133.0%
The gap
-1.0 pp
4716% downside if it only repeats history
Price today ₹2,055.7 Value at the reference growth ₹98,999.36

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Manorama Industries Limited

Guides on how to read this kind of business and the numbers that matter.