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Manorama Industries Results: Latest Quarterly Results & Analysis

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Manorama Industries Ltd. 17 Oct 2025 17:44 PM
Result PDF

Q2FY26 Quarterly Result Announced for Manorama Industries Ltd.

Food & Beverages company Manorama Industries announced Q2FY26 results

  • Revenues during Q2FY26 stood at Rs 3,233 million, up by 65.4% YoY & for H1FY26 stood at Rs 6,129 million, up by 86.4% YoY. This growth is supported by a stronger product mix of value-added offerings and increased utilization of the upgraded fractionation capacity.
  • EBITDA for Q2FY26 grew by 93.9% YoY, reaching Rs 877 million, while for H1FY26 grew by 131.5% YoY to Rs 1,666 million driven by effective cost control measures and enhanced operational leverage.
  • EBITDA margin for Q2FY26 was at 27.1% (expanded by 398 bps YoY) & for H1FY26 was at 27.2% (expanded by 530 bps YoY)
  • PAT for Q2FY26 increased by 105.5% YoY, reaching Rs 549 million, while for H1FY26 increased by 162.0% YoY to Rs 1,055 million.
  • PAT margin for Q2FY26 stood at 17.0% (expanded by 331 bps YoY) & for H1FY26 stood at 17.2% (expanded by 497 bps YoY).

Ashish Saraf, Chairman and Managing Director, Manorama Industries, said: "Manorama Industries Limited delivered another strong performance in H1FY26, reaffirming its position as a global leader in specialty fats and butters. The growth was fueled by a superior mix of value-added products, optimized use of the newly upgraded fractionation facilities, and consistent demand from prominent international clients in the chocolate, confectionery, and cosmetics sectors. Our focus on value-added products and operational excellence continued to strengthen margins and reinforce the growth trajectory, prompting an upward revision of our annual revenue outlook from Rs 1,050 crore to Rs 1,150 crore plus.

The period also marked significant strategic progress, with capacity upgrades, global partnerships, and expansion initiatives setting the stage for the next phase of growth. The Company's 'waste-to-wealth' sourcing model continues to empower rural and tribal communities, while its innovation-led manufacturing ensures consistency, quality, and traceability. A scheduled plant modification and maintenance shutdown in Q3FY26 will enhance plant efficiency as well as lead to expansion in the fractionation capacity from 40,000 to 52,000 MTPA approx without affecting overall growth plans. Additionally, the land acquisition near the existing facility and new ventures in Africa and Latin America will deepen the Company's global presence.

During H1FY26, the Company achieved a notable reduction in working capital days and debt levels, driven by efficient inventory management, disciplined financial controls, and strong operating cash flows. These initiatives not only strengthened the balance sheet but also enhanced overall capital efficiency, resulting in a healthy improvement in return ratios, with ROCE and ROE rising to 49.9% and 36.9%, respectively.

Backed by a robust balance sheet and disciplined financial management, we remain committed to operational excellence, community empowerment, and sustainable value creation for all stakeholders."

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Food & Beverages company Manorama Industries announced Q1FY26 results

  • Revenue: Revenues during Q1FY26 grew by 117% YoY to Rs 2,896 million led by improved product mix towards valued added products and higher utilisation of the new fractionation capacity.
  • EBITDA: EBITDA during Q1FY26 surged by 195% YoY at Rs 790 million; EBITDA margin for the quarter expanded by 721 bps YoY to 27.3% demonstrating the management's strong cost control measures along with operational leverage.
  • PAT: PAT during Q1FY26 increased by 273.5 % YoY to Rs 506 million; PAT margin expanded by 732 bps to 17.5 % in Q1FY26.

Chairman and Managing Director of Manorama Industries, Ashish Saraf said "We are pleased to report a strong start to the Financial Year 2026, marked by a robust revenue growth of 117% YoY, reaching Rs 289.6 crore in Q1FY26. This performance reflects the strong global demand for our diverse portfolio of specialty butters and fats, particularly among leading chocolate, confectionery, and cosmetic companies.

The enhancement of our fractionation capacity not only reinforces our market leadership but also expands our global presence, showcasing our capability to meet diverse market needs. This strategic investment is already yielding results through higher operational efficiencies and economies of scale, contributing meaningfully to our revenues and profitability.

Innovation remains at the heart of our growth. Our dedicated R&D efforts continue to deliver differentiated solutions tailored to the evolving needs of our customers. We are actively deepening our presence in new geographies, capitalizing on the rising demand for Cocoa Butter Equivalents (CBEs) and exotic specialty fats and butters.

The Company is planning to undertake a regular plant maintenance and up gradation during the second half of FY26 (H2FY26). As part of this exercise, the existing Solvent Fractionation capacity is expected to be enhanced by approximately 30%, which will further strengthen our operational efficiency and output.

In line with our previously communicated Capex plan, the Company has successfully acquired 20 acres of land adjacent to our Birkoni facility. This acquisition forms a part of our broader capital expenditure (Capex) strategy and aligns with our long-term growth objectives. We are also evaluating the construction of a new Seed Storage Unit (Godown) on the acquired land to support our long-term business objectives. The ongoing investments will be funded entirely through internal accruals.

To support our proposed expansion initiatives as declared earlier, the Company remains committed to pursuing strategic and operational enhancements and will continue to provide timely updates on the mode of financing for our future projects as the developments occur.

We remain focused on aligning our operations with cutting-edge technology and the highest standards of Environmental, Social, and Governance (ESG) responsibility. This approach ensures that we continue to deliver long-term value to our stakeholders while responsibly addressing the needs of our diverse customer base.":

Result PDF

Food & Beverages company Manorama Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues during Q4FY25 grew by 80% YoY to Rs 2,328 million due to higher demand of the Company's product portfolio coupled with commercialization of the new fractionation capacity.
  • EBITDA during Q4FY25 surged by 208% YoY at Rs 639 million; EBITDA margin for the quarter expanded by 1,139 bps YoY to 27.5% reflecting the management's robust cost management strategies coupled with operating leverage.
  • PAT during Q4FY25 increased by 238% YoY to Rs 423 million; PAT margin expanded by 849 bps to 18.2% in Q4FY25.

FY25 Financial Highlights:

  • Revenues during FY25 grew by 69% YoY to Rs 7,708 million owing to sustained higher demand of the Company's overall product portfolio.
  • EBITDA during FY25 surged by 160% YoY at Rs 1,911 million; EBITDA margin for the year expanded by 870 bps YoY to 24.8%.
  • PAT during FY25 increased by 179% YoY to Rs 1,121 million; PAT margin expanded by 576 bps to 14.5% in FY25.

Ashish Saraf, Chairman and Managing Director of Manorama Industries, said: "We are pleased to announce that the Company has achieved its highest quarterly and full year operational performance during Q4 and FY25, driven by strong market demand for our wide variety of speciality butters and fats, along with increased volumes from the commissioning of the new fractionation capacity. We have surpassed our financial guidance for FY25, registering a topline of Rs 771 crore with a robust growth 69% YoY along with improved profitability. The domestic to export mix stood at 27:73 in FY25. Additionally, the Company has announced a final dividend of Rs 0.60 paise per share (30% of face value of Rs 2 per share) for its shareholders.

We specialize in developing several innovative food ingredients including cocoa butter equivalents (CBEs) for chocolate, coating, and molding applications. By leveraging our expertise, we address the increasing global demand and provide tailored solutions that foster success for our partners in the food and personal care industry. We have achieved significant advancements in extraction technology, expanded our product offerings, and created strategic global subsidiaries in Africa, UAE and Brazil to enhance our market position.

We expect to gain momentum in operational efficiencies and cost rationalisation with improvement in capacity utilisation of our new fractionation capacity in FY26. We anticipate to report a revenue of Rs 1,050 crore in the FY26..

During the financial year 2021-25 period our revenue, EBITDA and PAT has registered CAGR of 40%, 53% and 66%, respectively. We emphasize ethical practices and environmental responsibility, aligning with ESG objectives while upholding rigorous standards of traceability and sustainability. Our ongoing investment in R&D will drive innovation and meet our customers' evolving needs, positioning us for long-term success and thus, deliver value for our esteemed stakeholders."

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Food & Beverages company Manorama Industries announced 9MFY25 & Q3FY25 results

Q3FY25 Financial Highlights:

  • Revenues during Q3FY25 grew by 112.5% YoY to Rs 2,092 million due to higher demand of the Company's product portfolio coupled with commercialization of the new fractionation capacity.
  • EBITDA during Q3FY25 surged by 253.4% YoY at Rs 552 million; EBITDA margin for the quarter expanded by 1,051 bps YoY to 26.4%.
  • PAT during Q3FY25 increased by 296.8% YoY to Rs 295 million; PAT margin expanded by 656 bps to 14.1% in Q3FY25.

9MFY25 Financial Highlights:

  • Revenues during 9MFY25 grew by 64.2% YoY to Rs 5,380 million owing to sustained higher demand of the Company's overall product portfolio.
  • EBITDA during 9MFY25 surged by 141.1% YoY at Rs 1,272 million; EBITDA margin for the nine months expanded by 754 bps YoY to 23.6%.
  • PAT during 9MFY25 increased by 152.8% YoY to Rs 698 million; PAT margin expanded by 455 bps to 13.0% in 9MFY25.

Ashish Saraf, Chairman and Managing Director, Manorama Industries, said: "The financial results for Q3FY25 reflects our robust business model and the growing demand for our products. We have achieved highest ever quarterly revenues of Rs 2,092 million recording a growth of 112.5% YoY. This growth is a testament to the strength of our product portfolio and our expanding presence in both domestic and international markets."

Result PDF

Food Products company Manorama Industries announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenues during Q2FY25 grew by 66.0% YoY to Rs 1,954 million due to higher demand of the company's product portfolio coupled with commercialization of the new fractionation capacity.
  • EBITDA during Q2FY25 surged by 144.5% YoY at Rs 452 million; EBITDA margin for the quarter expanded by 743 bps YoY to 23.1%.
  • PAT during 02 FY25 increased by 210.3% YoY to Rs 267 million; PAT margin expanded by 636 bps to 13.7% in Q2FY25.

H1FY25 Financial Highlights:

  • Revenues during H1FY25 grew by 43.4% YoY to Rs 3,288 million owing to sustained higher demand of the Company's overall product portfolio.
  • EBITDA during H1FY25 surged by 93.8% YoY at Rs 719.76 million; EBITDA margin for the half year expanded by 569 bps YoY to 21. 9%.
  • PAT during H1FY25 increased by 99.6% YoY to Rs 402.5 million; PAT margin expanded by 345 bps to 12.2% in H1FY25.

Ashish Saraf, Chairman and Managing Director of Manorama Industries, said: "The Company's revenues grew by 66.0% YoY growth to Rs 1,954 million in Q2FY25 better product mix & realization, seamless operations and commercialization of the new fractionation capacity. Our domestic to export market mix stands at 27:73 in 02FY25.

The Company's EBITDA has surged by 144.5% YoY reaching Rs 452 million in Q2FY25. Additionally, Manorama Industries EBITDA margin expanded by 743 bps YoY at 23.1% in Q2FY25 which was attributed to economies of scale and operational efficiencies.

Our H1FY25 annualized return ratio's i.e., ROE and ROCE stood at 21.3% and 28.9%, respectively as on 30th September 2024. The Company's strategic move to build on inventory for new fractionation plant reaped rich reward as the annualized working capital days have improved to 138 days in H1FY25 from 178 days in FY24.

During the ongoing financial year 2024-25, Manorama Industries has incorporated six new subsidiaries (5 in Africa and 1 in UAE) for establishing its roots beyond borders. The Company's new African subsidiaries will strengthen the souring of Shea Seeds. Manorama Mena Trading LLC (UAE Subsidiary) aims to tap new customers from the MENA region. Additionally, Manorama Industries is planning to enter the South American market in the coming quarters.

Manorama Industries through its robust and unique 'Waste-to-Wealth' business model has carved a niche by supplying sustainable Cocoa Butter Equivalent (CBE) and Exotic Specialty Fats and Butter to Fortune 500 and Domestic Confectionery, Chocolate and Cosmetic companies. The Company is on track to surpass its guidance of Rs 750 Crores for the fiscal year 2025 by strengthening its sourcing capabilities of raw materials, adding new customers across geographies, coupled with enhanced profitability due to operating leverage and economies of scale."

Result PDF

Food Products company Manorama Industries announced Q1FY25 results:

  • Revenues during Q1FY25 grew by 19.6% YoY to Rs 1,334.1 million owing to higher demand of the Company's product portfolio.
  • EBITDA during Q1FY25 surged by 43.6% YoY at Rs 267.7 million; EBITDA margin for the quarter expanded by 335 bps YoY to 20.1%.
  • PAT during Q1FY25 increased by 17.2% YoY to Rs 135.4 million; PAT margin stood at 10.2% in Q1FY25.

Commenting on the results and performance, President of Manorama Industries, Ashish Saraf said: "Manorama Industries continues to gain from the momentum shift in demand for sustainable CBE and Exotic Specialty Fats and Butter from the Global and Domestic Confectionery, Chocolate and Cosmetic clients. As a result, the Company's revenues have registered 19.6% YoY growth to Rs 1,334 million in Q1FY25. Our domestic to export market mix stands at 27:73 in Q1FY25.

The Company's EBITDA has witnessed a substantial rise of 43.6% YoY reaching Rs 268 million in Q1 FY25. Additionally, Manorama Industries has seen an expansion in its EBITDA margin by 335 bps YoY at 20.1% in Q1FY25 which is attributed to efficient cost management and operating leveraging.

We are also excited to announce the commencement of our new fractionation facility's commercial operations in July 2024 which boasts an annual production capacity of 25,000 tonnes. This development has substantially increased our total fractionation capacity to 40,000 tonnes per annum. With this expansion, we anticipate a significant surge in our revenue, thereby upgrading our guidance to Rs 750 Crores for the fiscal year 2025, along with an increase in profitability due to the economies of scale.

It is with great pride that we share that Manorama Industries being honored with the prestigious 'Great Place to Work®, India' certification for mid-sized organizations during Q1FY25. This accolade underscores our commitment to being an employer of choice and enhances our ability to attract, develop, and retain top talent, further reinforcing our stance in the global market for CBE and specialty butters and fats.

Result PDF

Food Products company Manorama Industries announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenues during Q4FY24 surged by 27.1% YoY to Rs 1,293.3 million.
  • EBITDA during Q4FY24 grew by 26.0% YoY at Rs 207.7 million; EBITDA margin for the quarter stood at 16.1%.
  • PAT during Q4FY24 grew by a 25.1% YoY to Rs 125.0 million; PAT margin stood at 9.7% in Q4FY24.

FY24 Financial Highlights:

  • Revenues during FY24 increased by 30.3% YoY to Rs 4,570.8 million owing to achieving operational leverage and the robust demand for our exotic products across the globe.
  • EBITDA during FY24 grew by 30.2% YoY at Rs 735.2 million; EBITDA margin stood at 16.1% in FY24.
  • PAT during FY24 grew by a 34.7% YoY to Rs 401.1 million; PAT margin expanded by 29 bps YoY to 8.8%.

Commenting on the results and performance, President of Manorama Industries, Ashish Saraf said, "I am happy to share that Manorama Industries has seen a significant revenue growth of 30.3% YoY, amounting to Rs 4,571 million in FY24. This has been largely due to achieving operational leverage and organic growth resulting in higher volume. Our strong performance in both domestic and export markets has resulted in a healthy mix of 57:43 in FY24.

Our EBITDA has also shown a remarkable growth of 30.2% YoY, reaching Rs 735 million in FY24, with an EBITDA margin of 16.1%. Our profitability during the year grew by 34.7% YoY owing to the robust global demand for our specialty exotic fats & butter & CBE. The Company has announced a final dividend of Rs 0.40 per share (20% of face value of Rs 2 per share) for its shareholders.

Our commitment to attracting and retaining talent that aligns with our growth values remains unwavering. We have also maintained a judicious approach towards investing in R&D, as we prepare for our next growth phase.

April 2024 marked a significant milestone for us with the commissioning of our new fractionation capacity of 25,000 TPA. This will result in increased total fractionation capacity to 40,000 TPA, allowing us to meet the rising demand for CBE and Exotic Specialty Fats & Butter from our global clientele in the Confectionery, Chocolates and Cosmetics sectors. Our strategic inventory of Shea Nuts, Sal Seeds, Mango kernels, etc. will be instrumental in ramping up our production in the upcoming quarters, leading to increased sales and improved profitability due to economies of scale. We aspire to continue the strong momentum in the coming years.

Our MILCOA Research & Development Centre continues to innovate, develop, test and launch diverse applications of CBE and Exotic Specialty Fats & Butter for both Indian and global markets, in line with current trends.

At Manorama Industries, we continue to implement key initiatives for the wellbeing for our employees and the community that we operate in. Our commitment to creating value for our esteemed stakeholders remains steadfast. Our robust ESG practices are aligned with the UN Sustainable Development Goals & UN Global Compact, reinforcing our dedication to sustainable growth."

Result PDF

Other food products company Manorama Industries announced Q1FY24 results:

  • Revenues for Q1FY24 stood at Rs 1,115.6 million, a growth of 53% YoY as compared to Rs 729.7 million Q1FY23
  • Reported an absolute EBITDA growth of 48% YoY and 13% QoQ which stood at Rs 186.4 million
  • PAT for Q1FY24 grew by 71% YoY and 16% QoQ to Rs 115.5 million
  • PAT margins improved by —53 bps which stood at 10.4% as compared to 9.8% in Q4FY23
  • Cash PAT for Q1FY24 grew by 69% YoY and 10% QoQ which stood at Rs 145.4 million.

Commenting on the results and performance, Gautam Kumar Pal, Managing Director, said: "We are delighted to report a strong performance for the first quarter of FY24. Our Revenue for the quarter demonstrated an impressive growth of 53% YoY and 10% QoQ, which stood at Rs 1,115.6 million. This performance can be attributed to the continuous enhancement in demand and consumption within the Chocolate, Confectionery, and Cosmetic industry.

The EBITDA for the quarter exhibited remarkable growth, growing by 48% YoY and 13% QoQ which stood at Rs 186.4 million. Furthermore, our dedication to operational efficiency and cost management is evident in the - 50 basis points improvement in EBITDA Margins, improvement in EBITDA Margins, which now stand at 16.7% as compared to 16.2% in Q4FY23.

In May 2023, we reached a significant milestone with the successful completion of capex for our Refinery plant and other associated facilities. Our current focus is on completing the Fractionation plant, a project anticipated to commence operations in the coming months. As of June 30, 2023, the company's investment toward this Capital Expansion has amounted to Rs 1,099 million.

Upon the commencement of this expansion, our combined capacity is poised to deliver substantial growth in both top-line and bottom-line, accompanied by enhanced throughput.

Moreover, in continuation with the outcome of the board meeting in August 2022, during this quarter, the company now has successfully finalized the acquisition of 100% shares of its associate company, Manorama Africa Limited, at a valuation of Rs 100 million by way of cash consideration. This strategic transaction marks a significant juncture, leading to Manorama Africa Limited (MAL) becoming a wholly-owned subsidiary of Manorama Industries Limited. MAL which has expertise in sourcing Shea nuts from key West African markets of Benin, Burkina Faso, Ivory Coast, Togo, and Nigeria, will be a unique dimension to our portfolio."

 

 

Result PDF

Food products company Manorama Industries announced Q4FY23 & FY23 results:

  • Revenue for Q4FY23 stood at Rs 1,017.4 million registering a growth of 31% YoY vs Rs 776.4 million in Q4FY22
  • EBITDA growth of 43% YoY which stood at Rs 164.9 million as compared to Rs 115.4 million in Q4FY22
  • EBITDA margins too improved by —135 bps YoY and —26 bps sequentially which stood at 16.2%
  • PAT for Q4FY23 grew by 46% YoY to Rs 100.0 million as compared to Rs 68.2 million in Q4FY22
  • PAT margins improved by —103 bps which stood at 9.8%
  • Cash PAT for Q4FY23 grew by 49% YoY which stood at Rs 132.3 million
  • For FY23, the company reported a positive cash flow from operations which stood at Rs 712.8 million
  • The board has recommended a maiden final dividend of Rs 2 (20%) per equity share on the paid-up equity capital for FY23 subject to the approval of shareholders

Commenting on the results and performance, Gautam Kumar Pal, Managing Director, said: “We are delighted to report another milestone of commissioning the new Refinery plant of 30,000 tonnes and 15,000 tonnes of Interesterification plant in May 2023. The said expansion marks a significant investment in the future of our company and the Industry. Post this expansion the total refinery capacity of the company will be 45,000 Tonnes per annum. The said expansion will not only improve our efficiency but also allow us to better serve our customers by increasing our output and shorter lead times.

The Board has recommended its maiden final dividend of Rs 2 (20%) per equity share on the paid-up equity capital for the year 2022-23 subject to the approval of shareholders. The dividend recommended amounts to ~10% of the net profit of the Company in FY23.

The Company’s revenue for the year grew by 26% year on year which stood at Rs 3,508.0 million while EBITDA grew by a substantial 45% which stood at Rs 564.5 million as compared to Rs 389.4 million in the same period last year. EBITDA Margins which stood at 16.1%, improved by ~214 bps year on year, reflecting our focus on operational efficiency and cost controls.

With the commissioning of capex for the refinery plant, we are now focusing on the completion of the Fractionation plant which is expected to be completed by early Q2FY24 with a gradual ramp-up thereafter. The cost of this capex was originally envisaged to be Rs. 650 million. However, as of 31st March 2023, the company has incurred Rs 1,013 million towards this Capital Expansion. This cost increase was largely due to the addition of certain enhanced equipment and technologies along with the setting up of additional 5,000 tonnes of Refinery capacity, powerhouse, Boiler, and Factory Infrastructure in the plant. The macroeconomic challenges in the European region resulted in an increase in machine cost which was further accentuated by a rise in steel prices. Further, automation, designing, and integration of new capex with existing facilities also resulted in time overruns.

Post-commissioning of expansion, our combined capacity is expected to deliver strong topline & bottom-line growth with improved throughput. Along with improved capabilities of manufacturing specialty and tailor-made products as per customer requirements. We are optimistic about the future of our company and our industry. We believe that our focus on innovation, customer service, and operational excellence will continue to drive growth and profitability in the years to come. We will continue to invest in our people, products, and technologies to ensure that we remain at the forefront of our industry.”

 

 

Result PDF

Other food products firm Manorama Industries announced Q3FY23 results:

  • Q3FY23:
    • The Company has registered highest ever quarterly sales in Q3FY23, revenues grew by 39% YoY which stood at Rs 953.8 million as compared to Rs 687.3 million same period last year
    • This performance was despite rise in one of the raw material shea nuts prices globally along with lower realizations on by products
    • Reported a very strong absolute EBITDA growth of 72% year on year which stood at Rs 152.1 million as compared to Rs 88.6 million in the same period last year
    • EBITDA Margins too improved by 307 bps year on year and 95 bps sequentially which stood at 15.9%.
    • Improving realizations and cooling ocean freight prices has aided to EBITDA and margins recovery.
    • Reported a PAT of Rs 71.6 million, which was marginally impacted due to higher depreciation and finance cost. PAT margin for the quarter stood at 7.5%
    • Cash PAT for the quarter grew by 33% year on year which stood at Rs 102.9 million

Commenting on the results and performance, Mr. Gautam Kumar Pal, Managing Director said: "Concerns about slowdown in global economies led to a volatile operating environment. Despite these challenges, Manorama registered best ever quarterly sales enabled by a strong product demand coupled with extensive distribution network which services end to end requirements of its clients.

The Company's revenue for the third quarter grew by 39% year on year which stood at Rs 953.8 million while EBITDA grew by a very strong 72% which stood at Rs 152.1 million as compared to Rs 88.6 million in the same period last year. EBITDA Margins too improved by 307 bps year on year and 95 bps sequentially which stood at 15.9%. Improving realizations and cooling ocean freight prices has aided to EBITDA and margins recovery.

Our new Refinery & Fractionation plant along with its supporting infrastructure is expected to commission in Q1FY24 and ramping up of this new facility will gradually begin thereafter. Post this expansion our combined capacity is expected to deliver strong topline growth and will also benefit in reducing costs. Despite multiple challenges, we were successful in commissioning our new Solvent Extraction plant and Boiler plant along with construction of Warehouses/Go-downs well within the stipulated timelines. As on December 31, 2022 the Company has spent Rs 906.1 million on Capital Expansion.

Demand for our products continues to remain strong, however going forward the Company will remain more focused on cost rationalization, operational improvements and working capital management to maximize cashflows."

Result PDF

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