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Subsidiary startup losses impacting consolidated margins
View Risks →Manorama Industries Ltd — Q4 FY26
Manorama Industries delivered an exceptional FY26 with standalone revenue surging 76.1% YoY to INR 1,357 crore, driven by volume growth and improved product mix.
bullish
high
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Manorama Industries delivered an exceptional FY26 with standalone revenue surging 76.1% YoY to INR 1,357 crore, driven by volume growth and improved product mix. EBITDA margin expanded to 27.1% (PAT margin 17.2%), reflecting operational leverage and higher value-added sales (CBE now 30% of revenue vs 10% two years ago). Operating cash flow was robust at INR 259 crore, and working capital improved to 125 days. Management guided for continued strong growth in FY27, targeting 20-30% volume growth plus 5-10% price realization, with EBITDA margins sustaining in the 25-27% range. A INR 460 crore capex over 2-3 years (including a Burkina Faso backward integration plant and new fractionation/refinery capacity) supports the long-term INR 3,500 crore revenue vision by FY30. Key risk: consolidated margins were impacted by startup losses at new international subsidiaries, which management expects to normalize.
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Solvent fractionation capacity
47,500 tons
+30% YoY
Debottlenecking of Plant 2 increased capacity from 25,000 to 32,500 tons; total now 47,500 tons.
CBE contribution to revenue
30%
+20pp YoY
Cocoa butter equivalents now 30% of revenue vs 10% two years ago, driving margin expansion.
Working capital days
125 days
-26 days YoY
Improved from 151 days in FY25, reflecting better inventory and receivables management.
Volume growth (FY26)
80-90%
+80-90% YoY
Volume growth of 80-90% driven by capacity utilization and demand; price growth 5-10%.
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Guidance and risk preview
Management expects 20-30% volume growth plus 5-10% price realization, supported by debottlenecking and product mix improvement.
Consolidated EBITDA margin was 26% vs standalone 27.1% due to initial setup costs at nine new subsidiaries; losses may persist if ramp-up is slower...
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