Manorama Industries Limited

Meeting Details

The 21st Annual General Meeting of Manorama Industries Limited was held on Monday, September 21, 2026 through Video Conferencing/Other Audio-Visual Means. The meeting commenced at 3:00 PM IST and concluded at 3:48 PM IST (excluding the time allowed for e-voting at AGM).

Attendance

Directors Present:

  • Mr. Ashish Ramesh Saraf (DIN: 00183357) - Chairman & Managing Director
  • Mrs. Vinita Ashish Saraf (DIN: 00208621) - Vice Chairperson & Whole-Time Director
  • Mr. Shrey Ashish Saraf (DIN: 07907037) - Whole Time Director
  • Mr. Gautam Kumar Pal (DIN: 07645652) - Whole Time Director
  • Mr. Ashok Jain (DIN: 09791163) - Whole Time Director & Chief Financial Officer
  • Mr. Jose Vailappallil Joseph (DIN: 08540226) - Independent Director and Chairman of Audit Committee and Stakeholders Relationship Committee
  • Mr. Nipun Sumanlal Mehta (DIN: 00255831) - Independent Director and Chairman of Nomination and Remuneration Committee and Risk Management Committee
  • Ms. Veni Mocherla (DIN: 08082163) - Independent Director
  • Ms. Subhaprada Nishtala (DIN: 08124635) - Independent Director
  • Dr. Rohini Tiwari (DIN: 11924749) - Independent Director

Other Attendees:

  • Mr. Deep Saraf - Deputy Chief Executive Officer Chief Coordinator
  • Mr. Deepak Sharma - Company Secretary and Compliance Officer
  • Ms. Ekta Soni - AVP-IR
  • Representative of M/s. Singhi & Co. - Statutory Auditors
  • Representative of M/s. B.R. Agarwal & Associates - Secretarial Auditors
  • Representative of M/s. S.N & Co. - Cost Auditors
  • Representative of M/s. CLA Indus Value Consulting Private Limited - Internal Auditor

Total of 54 members attended the AGM through VC facility.

Business Transacted

Ordinary Business:

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026, together with Reports of Board of Directors and Auditors - Approved by Ordinary Resolution

2. Reappointment of Mr. Gautam Kumar Pal (DIN: 07645652) as Whole-Time Director - Approved by Ordinary Resolution

3. Declaration of Final Dividend @ 40% [₹0.80 (Rupees Eighty paisa only)] per equity share on face value of ₹2/- each for FY ended March 31, 2026 - Approved by Ordinary Resolution

Special Business:

4. Ratification of remuneration payable to M/s. S N & Co, Cost Accountants, as Cost Auditors - Approved by Ordinary Resolution

5. Approval of Material Related Party Transaction - Approved by Ordinary Resolution

Voting Process

Remote e-voting facility was provided through MUFG Intime India Private Limited (formerly Link Intime India Pvt. Ltd), opening on Friday, September 18, 2026 at 09:00 AM IST and closing on Sunday, September 20, 2026 at 05:00 PM IST. Additional e-voting facility was provided during the AGM for members who had not cast votes earlier.

M/s. Mehta & Mehta, Company Secretaries were appointed as Scrutinizer to scrutinize the voting process. Voting results will be disseminated to stock exchanges and placed on company website.

Management Commentary Highlights

Financial Performance FY26:

  • Revenue growth of 76.1% YoY to ₹1,358 crore
  • Driven by robust demand across food and cosmetics sectors
  • Supported by integrated value chain strength

Capacity Expansion:

  • Enhanced capacity of Solvent Fractionation Plant-II by 30% (from 25,000 TPA to 32,500 TPA) through debottlenecking
  • Similar capacity expansion plans underway for Solvent Fractionation Plant-I

Q1FY27 Performance:

  • Revenue growth of 39.5% YoY
  • Crossed ₹400 crore quarterly revenue milestone for first time
  • Profitability grew 67.6% YoY
  • Healthy demand across key end-user industries
  • Increased customer engagement
  • Rising contribution from value-added specialty fats and butters

Strategic Initiatives:

  • Successful QIP completion strengthening balance sheet
  • Financial flexibility to pursue growth opportunities across manufacturing, sourcing, and value-added product segments
  • Expanding global presence while creating resilient and scalable supply chain

Business Overview:

  • Fractionation capacity: 47,500 MTPA (Q1FY27)
  • FY26 Stearin & CBE Revenue Contribution: 71.4%
  • 2 decades track record in specialty fats
  • Long-standing relationships with Fortune 500 companies
  • Asset turnover: 7.4x in FY26

Expansion Plans:

  • Proposed ₹460 crore capex focused on expanding CBA manufacturing, solvent fractionation and refinery capacities in India
  • Strategic investments in Burkina Faso processing facilities to strengthen backward integration

Certifications & Awards:

  • Received IOPEPC Award for Highest Excellence in Exports of Shea Oil (2024-25)
  • CARE Ratings upgrade from 'A' to 'A+' for bank facilities
  • Multiple international certifications including FSSC 22000, ISO, RSPO, Fairtrade

ESG Initiatives:

  • CSR spending for FY26: ₹16.61 million
  • Programs include VANSAKHI, solar installations, Manorama's Mini Forest using Miyawaki method
  • M-TAP (Manorama Tribal Advancement Programme) for capacity building
  • Jabari Bestaan initiative impacting ~30,000 beneficiaries

MoUs Signed:

  • With Burkina Faso Government to establish new factory for processing Shea Nuts and Mango Kernels through proposed wholly owned subsidiary Manorama Burkina Industries SA
  • With Government of Chhattisgarh for new projects driving growth and innovation

The AGM concluded with thanks to Board of Directors and shareholders for their trust and support.