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.
MANORAMA
Other
15 May 2026
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.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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%.
Management Guidance
FY27 revenue growth of 25-30%
Management expects 20-30% volume growth plus 5-10% price realization, supported by debottlenecking and product mix improvement.
Management guidance revenueEBITDA margin to sustain 25-27%
Management reiterated sustainable EBITDA margin range of 25-27% on a yearly basis, despite near-term headwinds.
Management guidance marginsCapex of INR 460 crore over 2-3 years
Includes new solvent fractionation plant (75,000 tons), CBA plant, refinery (90,000 tons), and Burkina Faso processing unit.
Management guidance capexLong-term revenue target of INR 3,500 crore by FY30
Management confirmed confidence in achieving INR 3,500 crore revenue by FY30, backed by capacity expansions and backward integration.
Management guidance growthKey Risks
Subsidiary startup losses impacting consolidated margins
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 than expected.
medium · analyst_questionGeopolitical and currency volatility
Ongoing tensions (Iran, Russia-Ukraine) could raise energy/freight costs and cause forex losses; company hedges ~60% of exposure but MTM loss of INR 23.3 crore booked in FY26.
medium · management_commentaryExecution risk in Burkina Faso project
Political instability in West Africa could delay the INR 120 crore backward integration plant; management claims government backing but risks remain.
high · analyst_questionDependence on related-party raw material sourcing
20-25% of raw material sourced from Manorama Africa (promoter entity); any disruption or pricing changes could impact margins.
low · data_observationNotable Quotes
Our target is to make every human on this earth somewhere our customer.
The company has done a very remarkable improvement on improving the product mix for our speciality fats and butters.
We are very confident on whatever plans we have going forward in terms of our capex outline.
Frequently Asked Questions
What was Manorama Industries's revenue in Q4 FY26?
Manorama Industries reported revenue of ₹391 Cr in Q4 FY26, representing a +76.1% change compared to the same quarter last year.
What guidance did Manorama Industries management give for FY27?
FY27 revenue growth of 25-30%: Management expects 20-30% volume growth plus 5-10% price realization, supported by debottlenecking and product mix improvement. EBITDA margin to sustain 25-27%: Management reiterated sustainable EBITDA margin range of 25-27% on a yearly basis, despite near-term headwinds. Capex of INR 460 crore over 2-3 years: Includes new solvent fractionation plant (75,000 tons), CBA plant, refinery (90,000 tons), and Burkina Faso processing unit. Long-term revenue target of INR 3,500 crore by FY30: Management confirmed confidence in achieving INR 3,500 crore revenue by FY30, backed by capacity expansions and backward integration.
What are the key risks for Manorama Industries in FY27?
Key risks include Subsidiary startup losses impacting consolidated margins — 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 than expected.; Geopolitical and currency volatility — Ongoing tensions (Iran, Russia-Ukraine) could raise energy/freight costs and cause forex losses; company hedges ~60% of exposure but MTM loss of INR 23.3 crore booked in FY26.; Execution risk in Burkina Faso project — Political instability in West Africa could delay the INR 120 crore backward integration plant; management claims government backing but risks remain.; Dependence on related-party raw material sourcing — 20-25% of raw material sourced from Manorama Africa (promoter entity); any disruption or pricing changes could impact margins..
Did Manorama Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Manorama Industries Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.