Financial Performance Highlights FY 2025-26
Manorama Industries Limited reported exceptional financial results with revenue from operations reaching ₹1,358 crore, representing 76.1% YoY growth. EBITDA surged 92.5% to ₹367.7 crore with margins expanding 230 bps to 27.1%. Profit After Tax grew 108.1% to ₹233.2 crore, achieving a PAT margin of 17.2%. The company demonstrated strong operational efficiency with Return on Equity at 40.3% and ROCE at 33.6%, while improving working capital cycle from 151 days to 125 days and reducing net debt to equity from 0.83x to 0.38x.
Operational Expansion and Global Presence
The company successfully debottlenecked Solvent Fractionation Plant 2 (SF2), increasing capacity by 30% from 25,000 MTPA to 32,500 MTPA, bringing total fractionation capacity to 47,500 MTPA. Manorama expanded its global footprint through 10 wholly-owned subsidiaries across West Africa, UAE, and Brazil, including Manorama Mena Trading LLC (UAE), Manorama Savanna Limited (Nigeria), Taang Kaam Industries SA (Burkina Faso), and Manorama Latin America LTDA (Brazil). The product mix improved significantly with CBE contribution increasing to ~30% of revenue from 10% two years ago, while value-added products represented 70-75% of total sales.
Capital Structure and Corporate Actions
The Board recommended a final dividend of ₹0.80 per equity share (40% of face value) for 2025-26, payable within 30 days from AGM approval. The company raised ₹500 crore through Qualified Institutional Placement in July 2026 to fund expansion plans. Paid-up capital stood at ₹11.94 crore (5,97,08,530 equity shares of ₹2 each as of March 31, 2026). The ESOP 2021 scheme saw 109,480 options exercised during the year, generating ₹272.57 lakh.
ESG Performance and Sustainability Initiatives
Manorama demonstrated strong environmental performance with total energy consumption of 514,660.08 GJ and renewable energy contributing 429,293.50 GJ primarily from biomass. Water withdrawal significantly reduced to 26,132 kl from 118,300 kl in previous year, with zero liquid discharge implemented. GHG emissions totaled 16,437.23 tCO2e with emissions intensity of 0.000001211 tCO2e/₹ of turnover. The company maintained 100% assessment coverage for human rights parameters with zero complaints across all categories. CSR expenditure reached ₹166.15 lakh (102% of obligation) focused on education, poverty eradication, healthcare, and environmental sustainability.
Corporate Governance and Compliance
The Board composition includes 10 Directors (5 Independent, 1 Chairman & MD, 4 Executive Directors) with key managerial personnel comprising Ashish Ramesh Saraf (CMD), Vinita Ashish Saraf (Vice Chairperson), Ashok Jain (CFO), and Deepak Sharma (CS & Compliance Officer). Director remuneration saw significant increases, with Mr. Ashish Ramesh Saraf receiving ₹985.00 lakh (208.78% increase). The company maintained CARE credit rating of 'CARE A+: Stable' and complied with all SEBI (LODR) Regulations and Companies Act requirements.
Future Expansion Plans and AGM Details
The company has outlined a ₹460 crore phased expansion program targeted for commissioning by 2027-28, including new Cocoa Butter Alternative facility (75,000 MTPA), new Solvent Fractionation facility (SF3: 75,000 MTPA), new Refinery (90,000 MTPA), and Burkina Faso processing facility (90,000 MTPA). The 21st AGM is scheduled for September 21, 2026, through Video Conferencing/OAVM to approve financial statements, dividend, director reappointments, and ratify material related party transactions with Manorama Africa Limited totaling ₹200 crores for raw material procurement.