Manorama Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Fractionation capacity reached 47,500 MTPA in Q1FY27 (includes 25,000 MTPA commercialized in July 2025 plus 7,500 MTPA via debottlenecking in March 2026)
  • Packing capacity of 30,000 MTPA finished goods
  • Sourcing network includes sal, mango and exotic seeds across India and shea nuts/butters from West African countries
  • Tribal-community collection network with strong village-level aggregation
  • 71.4% FY26 revenue contribution from stearin & CBE products
  • Serving Fortune 500 companies with two-decade track record in specialty fats

Key drivers of operational performance: Enhanced utilization of upgraded fractionation capacity, stronger product mix of value-added offerings, and expanded global customer base.

Segment-wise Performance

Not Specified

Financial Highlights

Revenue: ₹4,040.1 million (Q1FY27)

EBITDA: ₹1,062.1 million

PAT: ₹786.6 million

EPS: ₹13.17

Margins: Gross Profit margin 43.6%, EBITDA margin 26.3%, PAT margin 19.5%

YoY comparison: Revenue up 39.5%, EBITDA up 42.2%, PAT up 67.6%

QoQ comparison: Revenue up 3.2%, EBITDA up 9.0%, PAT up 49.9%

Drivers of financial performance: Sustained demand across key end-user industries, deeper customer engagement, growing contribution of value-added specialty fats and butters portfolio, effective cost control measures, and enhanced operational leverage.

Key Risks: Not explicitly disclosed in presentation.

Geographical Revenue Split

Domestic vs Export Revenue: Domestic 40%, Export 60% (Q1FY27)

Regional Breakdown: Presence in 39+ countries including Italy, Brazil, India, Uruguay, Malaysia, USA, Lithuania, UAE, Japan, and Russia

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: ₹6,702 million (Consolidated, March 2026)

Current Assets: ₹9,336 million (Consolidated, March 2026)

Current Liabilities: ₹4,732 million (Consolidated, March 2026)

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Strong balance sheet with successful completion of ₹500 crore QIP in July 2026, CARE Ratings upgrade from 'A' to 'A+' for bank facilities.

Capex & Cash Flow Health

Capital Expenditure: Proposed ₹460 crore capex over next 2-3 years

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Expanding CBA manufacturing, solvent fractionation and refinery capacities in India; strategic investments in Burkina Faso processing facilities to strengthen backward integration and improve supply security.

Strategic & R&D Initiatives

Investments in Innovation: New product launches including Milcoceam 1059 (all-round filling fat), Milcocream 1068 (bake-stable filling fat), Milcocream FF69 (wafer cream filling fat), Milcolin R11 (specialty fat for frozen desert), Milcodip MP 65 (ice cream coating fat), MilFry 50 (non-hydrogenated frying fat)

Expected impact on growth: Not quantified in presentation

Strategic Rationale: Expanding into high-growth markets, reducing operational costs through backward integration, strengthening global presence through subsidiaries and partnerships.

Industry Trends & Business Environment

Macro/Industry Trends: Growing adoption of CBE as trans-fat-free vegetable fat; need for heat-stable chocolate products in tropical regions; increasing demand for natural & sustainable cosmetic ingredients; regulatory support for CBE adoption in EU, India (FSSAI) and other markets

Impact on Company: Positioned to benefit from these trends through integrated specialty fats proposition and certified product portfolio.

Management Commentary & Growth Outlook

Strategic Outlook: "We remain confident in the long-term growth prospects of our business. Our expanding product portfolio, strengthening customer partnerships, growing presence in cocoa butter alternatives, and continued investments across the value chain position us well to deliver sustainable growth"

FY Guidance: Not explicitly provided

Market Share Targets: Not Specified

Risks and Opportunities: Not explicitly highlighted beyond general confidence in long-term growth prospects

ESG Updates

Environmental: Installation of solar-based 2000L water tanks in 3 villages; 20 solar lights across 5 villages; developing "Manorama's Mini Forest" using Miyawaki method; planning 15 MW captive solar power plant; sustainable harvesting and biodiversity conservation initiatives

Social: M-TAP (Manorama Tribal Advancement Programme) for capacity building; Human Rights Impact Assessment (HRIA) and traceability initiatives; Fair for Life and Fairtrade certifications; "Jabari Bestaan" initiative impacting approximately 30,000 beneficiaries with goal to reach 100,000

Governance: Aligned with UN Sustainable Development Goals, UN Global Compact, and NGRBC Principles; strengthening governance through Human Rights Due Diligence and responsible sourcing policies