Manorama Industries is a leading manufacturer of specialty fats and butters derived from Sal and Mango seeds. The company operates on a "Waste to Wealth" business model, procuring exotic tree-borne seeds, processing them, and manufacturing cocoa butter equivalents (CBE) and specialty fats for various industries, including food, chocolate, confectionery, and cosmetics.
Manorama Industries Limited was originally incorporated as a Private Limited Company with the name "Manorama Industries Private Limited" at Raipur, Chhattisgarh on August 9, 2005. Subsequently the status of Company converted into Public Limited Company and the name of the Company was changed to "Manorama Industries Limited" on March 23, 2018. The company was listed on the stock exchanges on July 1, 2022.
Manorama Industries Limited is an India-based company that is engaged in manufacturing specialty fats and butters from tree-borne and plant-based seeds and nuts. The Company produces and supplies specialty fats and butters made from exotic seeds and nuts, such as mango kernels, sal seeds, and shea nuts, among others, to the food, chocolate and confectionery segment, as well as cosmetic conglomerates.
The Company is engaged in manufacturing, processing and supply of exotic and specialty fats like sal butter, sal fat, sal oil, sal stearine, mango butter, mango fat, mango oil, mango stearine, kokum butter, kokum oil, de-oiled cakes, mowrah fat and several value-added tailor made products that form the ingredients of Cocoa Butter Equivalents (CBE).
The company offers shea butter and fat, sal butter, sal fat, shea oil, sal oil, sal stearine, shea stearine, mango butter and fat, mango oil, mango stearine, kokum butter and oil, mowrah fat, and de-oiled cakes, as well as cocoa, mowrah, and phulwara butter. It also provides organic castor, neem, karanja, moringa, and rice bran oil; and glycerine.
The Company exports its products to various countries globally and sources nuts and seeds from West African countries. The company supplies to both domestic and international markets with domestic locations like Maharashtra and Gujarat, as well as major international locations such as Japan, Italy, Germany, and the United Kingdom. It has been recognized by the Government of India as a Star Export House.
Manorama Industries is certified ISO 9001:2008, ISO 22000:2005 and FSSC 22000 and its products have also been certified by agencies like Star Kosher Certification and Food Safety Standards Authority of India's Halal Certified Products List.
The company has a market capitalization of ₹8,787 Crore as of recent data, representing a 120% increase over the past year. The market capitalization of Manorama Industries Ltd (MANORAMA) is ₹8,231.82 Crore as of May 22, 2025.
Manorama Industries Ltd share price moved up by 154.67% on BSE over the last 12 months and 584.54% over the last 3 years. The 52-week high of Manorama Industries Ltd is ₹1,513.30 and the 52-week low is ₹550.
For the full year, net profit rose 179.36% to ₹112.05 Crore in the year ended March 2025, as against ₹40.11 Crore during the previous year ended March 2024. Sales rose 68.64% to ₹770.84 Crore in the year ended March 2025, as against ₹457.08 Crore during the previous year ended March 2024.
The company reported revenue of ₹771 Crore and profit of ₹112 Crore for FY 2025. The trajectory shows revenue has grown from ₹450 Crore in FY21 to ₹771 Crore in FY25, a 71% increase over four years.
Net profit of Manorama Industries rose 238.16% to ₹42.27 Crore in the quarter ended March 2025, as against ₹12.50 Crore during the previous quarter ended March 2024. Sales rose 80.01% to ₹232.81 Crore in the quarter ended March 2025, as against ₹129.33 Crore during the previous quarter ended March 2024.
EBITDA jumped 160% to ₹191 Crore, with margins expanding 870 basis points to 24.8%, while PAT nearly doubled to ₹112 Crore.
- P/E Ratio: The P/E (price-to-earnings) ratio of Manorama Industries Ltd is 74.97.
- Dividend: The Board of Directors recommended a final dividend of ₹0.6 per equity share (i.e., 30%) for FY 2025, subject to shareholder approval.
- Promoter Holding: Promoter holding in Manorama Industries Ltd has gone down to 54.42% as of March 2025 from 57.26% as of June 2024.
Manorama Industries has demonstrated remarkable growth, with a 69% year-on-year revenue increase driven by strong domestic and export demand, particularly in specialty butters and fats. The company is strategically expanding its operational capacity and enhancing its research and development efforts, focusing on sustainable practices and ethical sourcing to align with evolving market demands.
While maintaining a healthy EBITDA margin of 24.8%, management is optimistic about achieving a revenue target of ₹1,050 Crore for FY '26, supported by a robust export strategy and a commitment to operational efficiencies. Despite challenges in working capital management, the company is poised to capitalize on significant market opportunities, particularly in the MENA region and Brazil, ensuring a stable outlook for future growth.
The company faces the challenge of underutilization of its new ₹1,200 Crore fractionation plant, which operates at just 40–50% capacity despite a 40,000-ton annual capacity. This underperformance, coupled with inventory piling up to ₹549 Crore—nearly 70% of revenue—raises operational concerns.
Trade receivables have doubled year-on-year, suggesting stretched payment terms with global customers. While management aims to reduce inventory days from 150 to 120–140 and receivables to 30 days, the path to liquidity normalization requires careful execution.
Manorama Industries represents a compelling investment opportunity in the specialty fats and butters segment, with strong financial performance and growth prospects. However, investors should consider the operational challenges and working capital management issues as the company continues to scale its operations and expand its global footprint.
