MANORAMA
Micro CapManorama Industries Limited
Consumer
Manorama Industries Limited manufactures and supplies specialty fats, cocoa butter equivalents (CBEs), and exotic butters. Its products are used in food and cosmetic sectors globally. The company focuses on an integrated value chain from procurement to high-tech innovation and global customer partnerships.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +68% YoY · PAT +30% YoY · +8% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹391 Cr | +67.8% | +7.7% |
| EBITDA | ₹97 Cr | +59.0% | -4.9% |
| Operating margin | 25.0% | -100 bps | -300 bps |
| PAT | ₹52 Cr | +30.0% | -27.8% |
| PAT margin | 13.3% | -387 bps | -653 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue surged 76.1% YoY to INR 1,358 crores, driven by volume growth and improved product mix. EBITDA margin was 27.1%, PAT margin 17.2%. Q4 revenue stood at INR 382.3 crores with an EBITDA margin of 26.9%.
The company delivered strong FY26 results with significant revenue growth, healthy margins, and improved working capital efficiency. Management's strategic capex plans, including backward integration in Africa and capacity expansions, appear on track and are largely funded by internal accruals, supporting long-term growth targets.
Revenue by Product Mix
Latest issuer-disclosed distribution across 2 reported categories.
Capacity Expansion
Undertook capacity upgrades; solvent fractionation plant 2 increased installed capacity by 30% from 25,000 TPA to 32,500 TPA.
Value-Added Product Mix
Continuously increasing the value-added portion on our product mix; CBE contribution to topline increased to 30% from 10% two years ago.
Global Diversification
Diversifying globally, getting into the global market, international market also with our increasing value-added product mix.
Backward Integration
Commissioning of raw material processing units in Burkina Faso, West Africa, to eliminate logistic costs and improve yield.
Solvent Fractionation Plant 2 Debottlenecking
Increased installed capacity by 30% from 25,000 tons per annum to 32,500 tons per annum in FY26.
Solvent Fractionation Plant 1 Debottlenecking
Similar debottlenecking initiative for 15,000 metric tons plant will be taken in this fiscal year (FY27).
New Manufacturing Facilities
Strategic capex of INR 460 crores over 2-3 years for new solvent fractionation facility (75,000 tons), cocoa butter alternatives, and additional 200 TPD refinery.
Burkina Faso Processing Unit
INR 120 crores capex towards Burkina Faso project for raw material processing, targeting commissioning by FY28.
Sustained Demand
Sustained and growing demand witnessed across the food and cosmetic sectors worldwide for specialty fats and CBEs.
Operational Efficiency
Improved operational efficiency and enhanced manufacturing capacity aim to maintain momentum.
Structural Growth Levers
Outlook for FY27 remains strongly positive on the top-line, driven by structural growth levers like capacity expansion and value-added products.
Currency Fluctuations
Adverse currency fluctuation resulted in a mark-to-market provision of INR 17.05 crores in Q4, cumulative INR 23.3 crores for FY26.
Geopolitical Tensions
Ongoing geopolitical tensions (Iran, U.S., Russia, Ukraine) expected to have near-term indirect impact through higher energy prices, elevated freight costs, and currency volatility.
New Subsidiary Setup Costs
Initial setup related costs, including employee and establishment expenses, for nine newly incorporated subsidiaries temporarily impacted consolidated margins.
Currency Volatility
Net foreign exchange loss for Q4 amounted to INR 7.58 crores on a stand-alone basis due to adverse currency fluctuations.
Ramp-up of New Subsidiaries
First year of operation for most new entities led to higher initial setup and operating overheads, impacting consolidated profitability.
Geopolitical Risks in Africa
Management states the Burkina Faso project is government-backed, aiming to mitigate political uncertainty and insecurity.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
FY26 results provide a comprehensive view of annual performance with strong YoY growth across key metrics. Q4 results offer insights into sequential momentum and margin trends, particularly with the initial impact of new subsidiary operations.
Revenue Growth (FY26)
Stand-alone revenue INR 1,357 crores, up 76.1% year-on-year driven by volume growth and improved product mix.
EBITDA Margin (FY26)
EBITDA INR 367.7 crores with an EBITDA margin of 27.1%. Q4 EBITDA margin was 26.9%.
PAT Margin (FY26)
Profit after tax INR 233.2 crores, translating to a PAT margin of 17.2%. Q4 PAT margin was 15.6%.
Working Capital Days (FY26)
Working capital cycle improved to approximately 125 days in FY26 compared to 151 days in FY25.
Maintain Financial Parameters
Company aims to maintain all financial parameters, including 25%-27% EBITDA margin and current working capital days, going forward.
Strong FY27 Outlook
FY27 is expected to be a very good growth year for revenues, primarily volume-led with some 5%-10% price realization benefit.
Long-Term Revenue Targets
Very confident on achieving long-term goals, such as more than INR 3,500 crores of revenue by FY30, with upcoming capacity.
Capex Funding
Funding planned expansion program through internal accruals; QIP is an approved enabling resolution, evaluating various options.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fractionation Plant Utilization | 85% of 40,000 tons (FY26) | 85%-90% utilization of 52,000 tons total capacity in FY27. |
| Consolidated Subsidiary Performance | Q4 FY26 loss of INR 5 crores on INR 9 crores revenue | Stabilization and improved profitability as operations scale up and one-time costs normalize. |
| Working Capital Days | 125 days (FY26) | Sustained efficiency and maintenance of working capital days despite ongoing capex. |
| Capex Commissioning & Ramp-up | INR 52 crores spent out of INR 460 crores total capex | Phased commissioning of new facilities by FY28 and realization of targeted asset turnover. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +8.1% / mo
Technical chart
MANORAMAdaily · 3Y+17.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 57. Wait for confirmation.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 57 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 9% off 52W high · 41% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.3%.
- Quality contributes 19/20 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 73rd percentile within Consumer. Main check: cash conversion is weak at 53/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 73rd pctile, median 67 · Micro: 60th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸ROCE is 35%.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.10
- P/B
- 13.26
- EV/EBITDA
- 24.24
- Market Cap
- 9025.00Cr
Profitability
- ROE
- 39.40%
- ROCE
- 35.00%
- ROA
- 18.75%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 48.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 71.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 0.52
- Interest Coverage
- 9.50×
- Altman Z
- 9.12
- Book Value
- 114.00
Cash Flow
- FCF Yield
- 1.91%
- FCF Positive Y
- 1/5
- OCF
- 250.00 Cr
- EPS TTM
- 37.67
Shareholding
- Promoter Hold
- 54.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.