Manorama Industries Ltd

Financial Performance

• Q1 FY27 revenue up 39.5% YoY to INR 404 crores.
• EBITDA up 42.2% YoY to INR 106 crores; margin 26.3%.
• PAT up 67.6% YoY to INR 79 crores; margin 19.5%.
• Export revenue share 60% of total revenue.
• Debottlenecking adds 4,500 tons; capacity to 52,000 tpa.
• Current capacity 47,500 tpa; 7,500 expansion already operational.
• FY27 capex guidance: INR 225-250 crores.
• Burkina Faso capex: INR 120-130 crores.
• Total capex plan: INR 460 crores.

Capacity, Projects & Africa Footprint

• Chad subsidiary established; Burkina Faso land ~10 hectares acquired.
• DSIR-recognized MILCOA R&D center supports product innovation.
• Brazilian LatAm unit: trial production started; ramp-up over quarters.
• Downstream: CBA cocoa butter alternative and ECBE being explored.
• Payback for Burkina Faso project ~3 years; payback on ~INR 120 crores capex.

Q&A Highlights

• Debottlenecking adds 4,500 tons; online by FY27 Q3.
• Solvent fractionation 3 and refinery commissioning around FY28 Q3.
• Brazil LatAm ramp-up: gradual, 2-4 quarters; full contribution not quantified.
• Contracts renew on a 9-12 month cycle; timing varies; ongoing process.
• Utilization: current quarter ~80%; full-year target 80-85%.
• Raw-material costs: H1 FY27 75-80% of sales; full-year around 50%.
• Nigeria export ban risk mitigated via diversified Africa sourcing.

Guidance & Outlook

• Capex guidance FY27 remains INR 225-250 crores; Burkina Faso ~INR 120-130 crores.
• Total capex plan ~INR 460 crores; split India vs Burkina Faso.
• New facilities expected to commission around FY28 Q3; full impact FY29.
• Utilization target around 80-85% for FY27; margins expected to stay broadly stable.

Meeting Details

• Date: August 14, 2026; time not disclosed; earnings call post results.

Participants

• Key participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: Earnings results discussion with analysts/investors for Q1 and FY27.

Additional Notes

• Recording available on the company website under Investors; Analyst Meet; Recording of Earnings Call Q1 FY27.

Business Overview

• Niche specialty fats platform focused on exotic seeds and cocoa butter equivalents.
• Two-decade track record with global clients including Fortune 500.
• Fully integrated India-Africa sourcing network supporting backward integration.
• INR 460 crore capex to expand CBA, solvent fractionation, and refinery.

Key Operational Highlights

• Q1FY27 consolidated revenue rose 39.5% YoY to INR 4,040.1 million.
• EBITDA up 42.2% to INR 1,062.1 million; margin 26.3%.
• PAT up 67.6% to INR 786.6 million; margin 19.5%.
• Fractionation capacity 47,500 MTPA; packing capacity 30,000 MTPA.
• QIP of INR 500 crore completed in July 2026.
• Chad subsidiary formed; Burkina Faso land for Shea processing acquired.
• First commercial CBE production in Brazil via DEKEL; samples shipped.
• Latin America expansion; eight subsidiaries and global market reach.

Financial Performance

• FY26 revenue INR 13,667.4 million; gross margin 46.3%.
• PAT FY26 INR 2,249.2 million; PAT margin 16.5%.
• Equity INR 6,821 million; borrowings INR 328 million; cash INR 939 million.
• Current borrowings INR 3,218 million; total assets INR 11,995 million.
• Q1FY27 diluted EPS 13.17 INR.

Capital Structure & Liquidity

• QIP raised INR 500 crore in July 2026 at ₹1,470 per share.
• Consolidated borrowings declined to INR 328 million; current borrowings to INR 3,218 million.
• Total equity rose to INR 6,821 million; cash and equivalents at INR 939 million.

Strategic Priorities & Outlook

• Expand capacity to 52,000 MTPA; add 75,000 MTPA Plant-3.
• Deepen backward integration via Burkina Faso Shea facility.
• Add 300 TPD refining; plan 90,000 TPA refinery.
• Increase CBE and specialty fats mix; premiumise product portfolio.
• Global expansion through subsidiaries and partnerships across Asia, Europe, LatAm, MENA.
• Aim for 85-90% utilization of expanded 52,000 MTPA capacity.

Risks & Mitigation

• Global volatility persists; benefits from integrated supply chain and diversified footprint.
• Regulatory approvals pending for Burkina Faso land; mitigated by sourcing diversification.
• Regulatory support for CBE adoption sustains demand across markets.

Governance & Leadership

• Chairman & MD: Ashish Saraf; Vice Chairperson: Vinita Saraf; CFO: Ashok Jain.
• Eight independent directors; eight subsidiaries; RSPO certifications underpin governance.

Consolidated highlights

• Revenue (Q1 FY27): INR 4,040.1 Mn, up 39.5% YoY.
• EBITDA (Q1 FY27): INR 1,062.1 Mn, up 42.2% YoY.
• PAT (Q1 FY27): INR 786.6 Mn, up 67.6% YoY.
• Diluted EPS (Q1 FY27): INR 13.17.
• Domestic to Export revenue mix: 40:60.

Strategic developments

• West Africa sourcing expanded via Manorama Savannah Agro Chad SARL.
• Burkina Faso land ~10 hectares (24 acres) for Shea seed facility; approvals pending.
• QIP completed, strengthening balance sheet and growth flexibility.

Outlook and management view

• Looking ahead, management remains confident in long-term growth prospects.
• Expanded product portfolio and sourcing expected to support sustainable growth.

Record date for final dividend

• Record date fixed for Monday, September 14, 2026, for final dividend.
• Final dividend subject to member approval at the 21st AGM.

Standalone results

• Standalone revenue from operations: 40,395.93 lacs in Q1 FY2026-27.
• Standalone total income from operations: 41,998.57 lacs.
• Standalone net profit after tax: 8,158.59 lacs.
• Standalone EPS (Basic/Diluted): Rs 13.66.

Consolidated results

• Consolidated revenue from operations: 40,400.60 lacs.
• Consolidated total income from operations: 42,018.66 lacs.
• Consolidated net profit after tax: 7,865.82 lacs.
• Consolidated EPS (Basic): Rs 13.17.

Corporate actions

• AGM notice approved for Sep 21, 2026 via VC/OAVM.
• Cut-off date for e-voting and final dividend: Sep 14, 2026.