Manorama Industries (541974) Q2 25/26 earnings summary

Executive summary

• Achieved strong growth in H1 and Q2 FY26, driven by value-added products, high plant utilization, upgraded fractionation facilities, and robust demand from global chocolate, confectionery, and cosmetic sectors.

• Upgraded annual revenue guidance for FY26 from INR 1,050 crore to INR 1,150 crore+ due to sustained business momentum and confidence in continued growth.

• Strategic initiatives include facility upgrades, land acquisition for expansion, new ventures and subsidiaries in West Africa and Latin America, and global partnerships.

• Waste-to-wealth sourcing model empowers rural and tribal women, supporting ESG commitments and supply chain reliability.

• Reduced working capital days and debt levels, improving capital efficiency and return ratios.

Financial highlights

• H1 FY26 consolidated revenue reached INR 612.9 crore, up 86.4% year-over-year; Q2 FY26 revenue was INR 323.3 crore.

• EBITDA for H1 FY26 was INR 156.6 crore (27.2% margin); PAT was INR 105.5 crore (17.2% margin); Q2 FY26 EBITDA INR 87.7 crore (27.1% margin); PAT INR 54.9 crore (17% margin).

• H1 FY26 diluted EPS at INR 17.66, up 162% YoY.

• Net operating cash flow for H1 FY26 was INR 189.07 crore (standalone: INR 18,907.74 lacs; consolidated: INR 20,125.30 lacs).

• Standalone and consolidated net profit for Q2 FY26 were INR 54.86 crore and INR 53.22 crore, respectively.

Outlook and guidance

• FY26 revenue guidance revised upward to INR 1,150 crore+.

• Confident in sustaining healthy margins and growth momentum, with further guidance for FY27 to be provided in March quarter.

• Capacity expansion and operational improvements expected to drive future growth, including scheduled plant modification in Q3 FY26 to expand fractionation capacity from 40,000 to 52,000 MTPA.

• Expansion initiatives in Africa and Latin America to deepen global presence.

• Continued focus on manufacturing of exotic seed-based fats and butters, including CBE.