Manorama Industries LtdAgriculture & AlliedMANORAMA
Q1 FY27 concall · earnings callManorama Industries Ltd
Manorama delivered robust growth by crossing Rs 400 crore quarterly revenue and EBITDA for the first time, driven by higher value-added product mix and expanded capacity.
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹404 Cr | 39.5% | |
| EBITDA | ₹106 Cr | 42.2% | |
| EBITDA Margin | 26.3% | 49 basis points | |
| Profit After Tax | ₹79 Cr | 67.6% | |
| PAT Margin | 19.5% | 326 basis points |
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹209.20 Cr— YoY+7.1% QoQ | ₹30.47 Cr— YoY+18.4% QoQ | ₹5.11— YoY+18.3% QoQ |
| Q2 FY25 | ₹195.42 Cr— YoY— QoQ | ₹25.74 Cr— YoY— QoQ | ₹4.32— YoY— QoQ |
| Q1 FY25 | ₹133.41 Cr+19.6% YoY+3.2% QoQ | ₹13.54 Cr+17.2% YoY+8.3% QoQ | ₹2.27-76.6% YoY+8.1% QoQ |
| Q4 FY24 | ₹129.33 Cr+27.1% YoY+31.4% QoQ | ₹12.50 Cr+25% YoY+68% QoQ | ₹2.10-75% YoY-66.3% QoQ |
| Q3 FY24 | ₹98.45 Cr+3.2% YoY-16.4% QoQ | ₹7.44 Cr+3.9% YoY-13.6% QoQ | ₹6.24+3.8% YoY-13.6% QoQ |
- Revenue grew 39.5% YoY to Rs 404 Cr.
- EBITDA grew 42.2% YoY to Rs 106 Cr with margin expanding to 26.3%.
- PAT grew 67.6% YoY to Rs 79 Cr.
- Export to domestic revenue mix was 60:40.
- Capacity utilization was around 80% for the quarter.
- Debottlenecking to add ~4,500 tons, expected Q3 FY27.
“We have entered financial year '27 with strong conviction and momentum delivering a 39.5% year-on-year revenue growth in quarter 1 financial year 27 and crossing the INR4,000 million quarterly revenue and EBITDA milestone for the first time.”
| Topic | What management said |
|---|---|
| Capacity and Capex Timelines | Debottlenecking of 4,500 tons expected around Q3 FY27; new greenfield solvent fractionation and refinery targeted for commissioning around Q3 FY28; Burkina Faso plant payback period is ~3 years. |
| Product Mix and New Products | CBE contribution was 30% of the 71.4% from CBE and stearin; exploring downstream value-added products like enzymatic cocoa butter equivalent (ECBE) through forward integration. |
| Export Share and Growth Drivers | Export share was 60% this quarter, similar to the 55-60% range last year; Q1 growth was 85% volume-led year-on-year. |
| Geographic Expansion (LatAm/Brazil) | Trial production started in Brazil last quarter; ramp-up expected gradually over the next 2-4 quarters. |
| Raw Material Sourcing and Risks | Shea nut procurement largely done last quarter; Nigeria export ban has no material impact due to diversified sourcing across 10 African regions and 22 countries. |
| Financials and Guidance | Capex guidance is Rs 225-250 Cr for FY27; employee cost run rate is Rs 14-15 Cr per quarter; other income of Rs 16 Cr included Rs 13 Cr from forex gain; full-year capacity utilization guidance is 80-85% on expanded 52,000-ton capacity. |
| Supplier Dispute | A debit note raised against a supplier for substandard material; company is claiming full amount and is confident of recovery; sourcing is diversified and not reliant on that single supplier. |
- Capacity utilization expected to be around 80-85% for FY27 on expanded capacity of ~52,000 tons.
- Full-year capex planned at approximately Rs 225-250 Cr for FY27.
- New major capex (Rs 460 Cr plan) targeted for commissioning around Q3 FY28, with full impact more visible in FY29.
- Underlying margin range expected to hold broadly stable, with modest quarter-to-quarter movements.
Summary written from the transcript filed by Manorama Industries Ltd for the call held on 14 Aug 2026; published 18 Aug 2026, 20:39 IST.
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