Manorama Industries Ltd. (IN:MANORAMA)
:MANORAMA
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Manorama Industries Ltd.
(MANORAMA)
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Rating:62Neutral
Price Target:
₹1,638.00
▲(22.41% Upside)
Action:Reiterated
Date:05/13/26
The score is primarily supported by strong FY2026 financial performance (rapid revenue growth and meaningful margin expansion) and improved leverage versus last year. This is offset by uneven cash-flow history, a relatively high P/E with minimal dividend support, and mixed technical momentum (RSI below 50 and price below the 20DMA).
Positive Factors
Revenue Growth
Sustained high revenue growth (accelerating to ~30% in FY2026) indicates expanding product adoption across personal care, food and pharma customers. Over 2–6 months this supports durable demand visibility, greater scale, and the potential for continued reinvestment in capacity and R&D to deepen customer relationships.
Negative Factors
Cash-flow Inconsistency
Intermittent negative operating and free cash flow in prior years shows cash conversion is cyclical and working-capital sensitive. Even with FY2026 rebound, inconsistent cash generation raises longer-term risks for funding capex, managing seasonality, and sustaining dividend or buyback policies without recurring reliance on debt or equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained high revenue growth (accelerating to ~30% in FY2026) indicates expanding product adoption across personal care, food and pharma customers. Over 2–6 months this supports durable demand visibility, greater scale, and the potential for continued reinvestment in capacity and R&D to deepen customer relationships.
Read all positive factors
Manorama Industries Ltd. (MANORAMA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹92.29B
Dividend Yield0.04%
Average Volume (3M)10.57K
Price to Earnings (P/E)43.0
Beta (1Y)1.26
Revenue Growth77.30%
EPS Growth95.51%
CountryIN
Employees411
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)28.62
Shares Outstanding59,708,530
10 Day Avg. Volume6,486
30 Day Avg. Volume10,570
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)10.04
Price to Sales (P/S)4.94
P/FCF Ratio40.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)44.4
Revenue Forecast (FY)₹16.72B
Manorama Industries Ltd. Business Overview & Revenue Model
Company Description
Established in 2005 and headquartered in Raipur, India, Manorama Industries Limited operates as a manufacturer, processor, and global supplier of specialized fats and butters. These premium ingredients are extracted from a variety of tree-borne an...
How the Company Makes Money
Manorama Industries makes money by procuring plant-based oils and converting them through processing, refining, and fractionation into higher-value specialty fats and oils, which it sells to business customers that use these ingredients in finishe...
Manorama Industries Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
72
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.55B | 13.67B | 7.71B | 4.56B | 3.51B | 2.78B |
| Gross Profit | 5.01B | 5.25B | 3.73B | 2.01B | 1.35B | 1.07B |
| EBITDA | 2.95B | 3.51B | 1.86B | 866.74M | 617.60M | 471.80M |
| Net Income | 1.71B | 2.15B | 1.10B | 401.09M | 297.75M | 241.45M |
Balance Sheet | ||||||
| Total Assets | 10.24B | 11.90B | 9.83B | 7.37B | 4.24B | 3.96B |
| Cash, Cash Equivalents and Short-Term Investments | 671.70M | 938.74M | 983.46M | 870.76M | 582.65M | 491.93M |
| Total Debt | 3.76B | 3.56B | 4.82B | 3.46B | 1.10B | 1.08B |
| Total Liabilities | 4.61B | 5.17B | 5.24B | 4.00B | 1.26B | 1.28B |
| Stockholders Equity | 5.63B | 6.72B | 4.60B | 3.37B | 2.98B | 2.68B |
Cash Flow | ||||||
| Free Cash Flow | 1.64B | 1.66B | -887.21M | -1.93B | 79.71M | -930.32M |
| Operating Cash Flow | 2.01B | 2.21B | -568.97M | -1.53B | 592.85M | -333.59M |
| Investing Cash Flow | -609.31M | -857.80M | -336.36M | -620.88M | -994.71M | -345.41M |
| Financing Cash Flow | -1.25B | -1.28B | 927.69M | 2.14B | -71.24M | 1.17B |
Manorama Industries Ltd. Technical Analysis
Positive
1338.15
Price Trends
1454.51
Positive
1392.73
Positive
1377.62
Positive
Market Momentum
30.98
Negative
58.34
Neutral
61.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANORAMA, the sentiment is Positive. The current price of 1338.15 is below the 20-day moving average (MA) of 1495.70, below the 50-day MA of 1454.51, and below the 200-day MA of 1377.62, indicating a bullish trend. The MACD of 30.98 indicates Negative momentum. The RSI at 58.34 is Neutral, neither overbought nor oversold. The STOCH value of 61.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANORAMA.
Manorama Industries Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹34.55B | 38.31 | ― | 0.57% | 15.88% | 28.66% | |
72 Outperform | ₹89.74B | 13.84 | ― | 0.87% | 9.01% | 36.14% | |
68 Neutral | ₹73.78B | 24.28 | ― | 0.20% | 24.20% | 22.03% | |
63 Neutral | ₹153.49B | 39.38 | ― | 0.52% | 43.52% | 25.18% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | ₹92.29B | 42.97 | ― | 0.04% | 77.30% | 95.51% | |
49 Neutral | ₹19.26B | 17.80 | ― | ― | 31.23% | 53.31% |
* Consumer Defensive Sector Average
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Manorama Industries Ltd. Corporate Events
Manorama Industries Revises FY26 Results and Backs Burkina Faso Expansion
May 11, 2026
Manorama Industries Ltd. has filed revised standalone and consolidated audited financial results for the quarter and year ended 31 March 2026, after an incorrect consolidated set was accidentally submitted to stock exchanges. The board also noted ...
Manorama Industries Posts Strong FY26 Results on Specialty Fats Growth
May 11, 2026
Manorama Industries reported a robust performance for the fourth quarter and full year ended 31 March 2026, driven by strong demand for its value-added product mix and improved operational efficiency. Standalone revenue for FY26 surged 76.1% year-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.