Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Sep
Source: Bse
Manorama Industries Limited (MANORAMA)
Micro CapFMCG stocks · Micro cap · NSE
Manorama Industries Limited manufactures and supplies specialty fats and butters derived from exotic tree-borne oilseeds like Sal, Mango, Shea, and Kokum. It serves the food, confectionery, chocolate, and cosmetic sectors globally, operating on a 'Waste to Wealth' model with integrated processing capabilities and a focus on sustainable practices.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 06:36 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
35BearishSMA20 -1.8% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 49
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MANORAMAD candles · FIT view+20.7%Latest close ₹1738.00 on 2026-10-21
Bar
-2.8%
RSI
33
MACD hist
-24.99
52W pos
62%
2026-10-21O ₹1787.90H ₹1787.90L ₹1707.90C ₹1738.00Vol 2.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MANORAMANifty FMCGNifty 500
- MANORAMA
- +8.0%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- +14.5 pp
Chart stats
21 Oct 2026- From 52W high
- -19.1%
- 52W range position
- 62%
- ATR (14)
- 4.2%
- Volume vs 20D
- 1.40x
- Avg traded value
- ₹33 Cr
- 20D price channel
- ₹1,707.9 - ₹2,050
₹2,149.5
₹1,060.6 - ₹2,149.5
₹72.2
Latest completed session
20-session average
35.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +39.3% · PAT +68.1% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+10.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +39% YoY · PAT +68% YoY · operating leverage · margin compression
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹404 Cr | +39.3% | +3.3% |
| EBITDA | ₹106 Cr | +41.3% | +9.3% |
| Operating margin | 26.0% | +0 bps | +100 bps |
| PAT | ₹79 Cr | +68.1% | +51.9% |
| PAT margin | 19.6% | +334 bps | +625 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 48.90
- P/B
- 17.56
- EV/EBITDA
- 31.00
- Market Cap
- 12632.00Cr
Profitability
- ROE
- 39.30%
- ROCE
- 34.90%
- ROA
- 21.50%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 65.00%
- EPS 3Y
- 65.00%
Balance Sheet
- Debt/Equity
- 0.52
- Interest Coverage
- 10.34×
- Altman Z
- 9.30
- Book Value
- 114.00
Cash Flow
- FCF Yield
- 1.36%
- FCF Positive Y
- 1/5
- OCF
- 250.00 Cr
- EPS TTM
- 43.25
Shareholding
- Promoter Hold
- 51.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 404+3.3% vs prev
Net Profit
₹ CrLatest: 79.0+51.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 33.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 64% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 2 UptrendEstablished S2
1M return
-9.6%
3M return
+8.0%
6M return
+21.5%
1Y return
+23.0%
RS 1D
-1
RS 20D
-3
Sector rank
#13
Industry rank
#46
Stage evidence
- Price is 7.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
11 Jun 2026
S2 age
92 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 127.3-2.37%
RS vs Nifty 500127
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation5/30
Growth22/25
Quality20/20
Balance Sheet8/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 10.7%.
- Quality contributes 20/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
48.9
PB
17.6
EV/EBITDA
31.0
ROE
39.3%
ROCE
34.9%
FCF Yield
1.4%
Debt/Equity
0.5
MoS
+10.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 58 (+3)
Legacy U-Score band
UNDERVALUED
Previous: FAIR VALUE
Margin of safety
+10.7%
Previous: +7.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
57
57
57
57
56
56
58
58
58
58
58
58
Factor attribution
Valuation
5+3
was 2
Modelled fair value
Graham Number
₹333.07
-421.8% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,946.25
+10.7% MoS
PEG
0.92
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TI
Micro
Tilaknagar Industries Limited
Retail
match 107
31
59.9
12.6%
-33%
OVERVALUED
PICCADIL
Micro
Piccadily Agro Industries Limited
Retail
match 104
54
41.4
17.4%
+10%
FAIR VALUE
LTFOODS
Large
LT Foods Limited
Retail
match 102
57
22.7
14.7%
+51%
FAIR VALUE
TRIVENI
Micro
Triveni Engineering & Industries Limited
Retail
match 102
31
21.5
8.7%
-188%
OVERVALUED
RENUKA
Micro
Shree Renuka Sugars Limited
Retail
match 100
14
—
—
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-10T07:25:01.967Z
Management commentary snapshot
FY26 Revenue grew 76.1% YoY to INR 13,577 Mn, with EBITDA up 92.5% YoY to INR 3,677 Mn, and PAT up 108.1% YoY to INR 2,332 Mn, driven by value-added offerings and capacity utilization. Q4FY26 saw revenue growth of 64.2% YoY, but PAT declined 12.8% QoQ due to MTM provisions.
Manorama delivered robust FY26 performance with significant revenue and profit growth, driven by increased capacity and value-added products. Strategic capex and backward integration in Africa aim to secure raw materials and expand specialty fat capacities. However, Q4FY26 saw a QoQ PAT decline due to MTM provisions on forward contracts, indicating FX volatility risk.
Current business mix
Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Domestic43.0%
Export57.0%
Growth engines
Strategic Capex for Capacity Expansion
Planned strategic capex of approx. INR 460 crores over the next 2–3 years for forward and backward integration, including new manufacturing facilities and refinery expansion.
Market Diversification & Penetration
Deepening penetration to new geographies (MENA, Latin America) and tapping increased focus of the Food, Confectionery, Chocolate, and Cosmetic industries for CBEs and Exotic Specialty Fats & Butter.
Innovative Product Development
R&D team's continuous quest to ideate, innovate, create, test, and launch alternative use cases of CBEs and Exotic Specialty Fats & Butter, aligning with market trends and customer requirements.
Operational Efficiencies
Economies of scale, operating leverage, backward integration, and seamless operations are expected to translate into operational efficiencies in the coming years.
Capacity and execution
Solvent Fractionation Plant 2 (SF2) Debottlenecking
Boosted installed capacity of SF2 by 30%, increasing it from 25,000 to 32,500 tonnes per annum through debottlenecking by end of FY26.
Solvent Fractionation Plant 1 (SF1) Enhancement
Plan to implement similar capacity enhancements for Solvent Fractionation Plant 1 (SF1), currently at 15,000 TPA.
New Manufacturing Facilities (Proposed Capex)
Proposed capex includes a new manufacturing facility for Cocoa Butter Alternative (75,000 MTPA), a new Solvent Fractionation facility (75,000 MTPA), and a new refinery facility (90,000 MTPA) in India.
Burkina Faso Processing Plant (Proposed Capex)
Proposed capex includes the establishment of a new processing plant in Burkina Faso (90,000 MTPA) for Shea Nuts and Mango Kernels.
Tailwinds
Strong Industry Demand
Strong underlying industry demand for CBEs and exotic specialty fats, as they enhance product stability, improve melting characteristics, and extend shelf life in India’s tropical climatic conditions.
FSSAI Regulation for CBE Usage
FSSAI allows 5% usage of CBE in chocolates from 1st January 2018, supporting product adoption.
Sustainable Business Model
Sustainable Waste-to-Wealth model and strong ESG practices contribute to a greener future and competitive advantage.
Headwinds
Adverse Currency Fluctuations
Adverse currency fluctuations resulted in a mark-to-market (MTM) provision of INR 17.05 crore in Q4FY26 and a cumulative INR 23.30 crore for FY26 on forward contracts.
Risk radar
Foreign Exchange Volatility
The recognition of MTM provisions on forward contracts highlights the company's exposure to currency fluctuations and their potential impact on profitability.
Raw Material Sourcing Dependency
Business relies on procuring exotic tree-borne seeds from scattered forest beds in India and West Africa, requiring a robust and efficient supply chain network.
Capex Execution Risk
The planned INR 460 crore capex over 2-3 years is subject to requisite statutory/regulatory approvals and successful implementation based on business requirements and market conditions.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights strong annual growth and market demand for specialty fats, while QoQ reveals sequential momentum and the impact of one-off items like MTM provisions on quarterly profitability.
Sector KPIs management disclosed
Revenue Growth
Total Income grew by 76.1% YoY to INR 13,577 million in FY26, supported by a stronger product mix of value-added offerings and increased utilization of upgraded fractionation capacity.
Gross Profit Margin
Gross Profit margin for FY26 was 45.28% (FY25: 48.41%), a decline of 313 bps YoY. Q4FY26 Gross Profit margin was 43.9% (Q4FY25: 50.5%), a decline of 662 bps YoY.
EBITDA Margin
EBITDA margin expanded by 230 bps YoY to 27.1% in FY26, driven by effective cost control measures and enhanced operational leverage. Q4FY26 EBITDA margin was 26.9% (Q4FY25: 27.4%), a decline of 54 bps YoY.
Working Capital Cycle
Working capital cycle improved to approximately 125 days in FY26 (FY25: 151 days).
Management forward view
Sustainable Performance
Chairman and MD stated, 'Manorama Industries has once again delivered a sustainable performance during FY26.'
Strategic Capex for Leadership
Management aims to 'further strengthening our leadership position through planned strategic capex of approx. INR 460 crores over the next 2–3 years.'
Diversification and Global Competitiveness
Management aims to 'diversify raw material sources, enhance global competitiveness and support long-term sustainable growth.'
Strengthening Integrated Value Chain
Management remains 'dedicated and aim to strengthening every growth lever within our integrated value chain.'
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26: 76.1% YoY | Sustained growth momentum, especially from new capacities and product mix. |
| Gross Profit Margin | Q4FY26: 43.9% (down 662 bps YoY) | Stabilization or improvement in gross margins, indicating effective pricing and cost management. |
| Capex Execution | SF2 debottlenecking completed; INR 460 Cr capex planned over 2-3 years. | Progress on new manufacturing facilities in India and the processing plant in Burkina Faso. |
| Foreign Exchange Impact | Q4FY26 net foreign exchange loss of INR 7.58 crore due to MTM provisions. | Future impact of currency fluctuations and effectiveness of hedging policies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 48th percentile within FMCG. Main check: cash conversion is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
59 docs text-extracted · 11 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · FMCG: 48th pctile, median 79 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
59 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸ROCE is 34.9%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Manorama Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Sep - Newspaper publication with respect to completion of dispatch of Postal Ballot Notice.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 4 Sep - Board approved Dr. Rohini Tiwari’s appointment and up to ₹75 crore infusion in six foreign subsidiaries.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Jul - Intimation of Allotment of 12,500 equity shares under the Company''s ESOP scheme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Jun - Intimation regarding cancellation of Company''s participation in meetings with Analysts/ Institutional Investors under Regulation 30 of SEBI (LODR) ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised) 11 May - Manorama Industries released revised FY26 audited results, reporting 76.1% revenue growth and 40 paise final dividend.
Source: Bse
Announcement
Board Meeting Outcome for Revised Outcome Of Board Meeting 11 May - Board approved FY26 audited results, 40% final dividend, and up to Rs 150 crore support for Burkina Faso factory.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Newspaper Publication for dispatch of Notice of 21st Annual General Meeting along with Annual report for the Financial Year 2025-26.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.