1. Opening Hook
While FMCG giants fight over chocolate shelf space, Manorama Industries quietly makes the fat that makes everyone’s profits look thinner. The Raipur-based specialty fats player delivered a quarter that would make even Cadbury blush — margins smoother than their cocoa butter equivalents.
Revenue shot up like Diwali rockets, and margins stayed solid at 27%. CEO Ashish Saraf didn’t brag — he just slid in a guidance upgrade like a well-tempered truffle.
They call it waste-to-wealth; we call it tribal-sourced capitalism with Swiss precision. Stick around — things get interesting when Africa, Brazil, and cocoa prices join the same party.
2. At a Glance
- Revenue up 86% YoY – Chocolate dreams are paying in cash, not calories.
- EBITDA ₹156.6 Cr (27.2% margin) – Fat by name, fat by profit.
- PAT ₹105.5 Cr (17.2% margin) – Sweet margins, zero sugar rush.
- ROCE 49.9%, ROE 36.9% – Even debt felt left out.
- Net Debt-to-Equity 0.57x – Borrowed a bit, earned a lot.
- Working Capital Days down to 97 (from 151) – CFO’s new cardio routine.
- FY26 Guidance raised to ₹1,150+ Cr – “Guidance upgrade” is the new chocolate flavor.
3. Management’s Key Commentary
“H1FY26 reaffirmed our position as a global leader in specialty fats and butters.”
(Translation: We make the butter that makes Nestlé’s balance sheet look glossy.)
“Revenue grew 86% YoY with EBITDA margins of 27%.”
(Translation: We churn profits faster than Amul churns butter.)
“We revised annual guidance upwards from ₹1,050 Cr to ₹1,150 Cr.”
(Translation: When in doubt, increase the target — investors love that stuff.)
“Our sourcing model empowers rural and tribal women.”
(Translation: ESG with a side of EBITDA — sustainability now comes in profit-friendly packaging.)
“We’re expanding capacity from 40,000 MT to 52,000 MT.”
(Translation: The plant’s getting a protein shake.)
“We’re setting up a processing facility in Burkina Faso and a tie-up in Brazil.”
(Translation: Cocoa diplomacy is the new foreign policy.)
“ROCE of 49.9%
