Manorama Industries Ltd. (MANORAMA) AI Stock Analysis

• Market Cap: ₹85.43B
• Dividend Yield: 0.04%
• Average Volume (3M): 9.68K
• Price to Earnings (P/E): 59.6
• Beta (1Y): 0.72
• Revenue Growth: 93.55%
• EPS Growth: 240.14%
• Country: IN
• Employees: 411
• Sector: Consumer Goods
• Sector Strength: N/A
• Industry: Packaged Foods
• EPS (TTM): 8.50
• Shares Outstanding: 59,708,530
• 10 Day Avg. Volume: 8,597
• 30 Day Avg. Volume: 9,678
• PEG Ratio: 0.33
• Price to Book (P/B): 13.66
• Price to Sales (P/S): 8.14
• P/FCF Ratio: -70.76
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,462.00
• Price Target Upside: 2.18% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 64 Neutral
• Price Target: ₹1,462.00 ▲(2.18% Upside)

Manorama Industries Ltd. shows strong financial performance with significant revenue and profit growth, but increased leverage and negative cash flows are concerns. Technical indicators suggest a lack of strong momentum, and the stock appears overvalued based on its P/E ratio. The dividend yield offers some compensation, but overall, the stock's valuation and technicals weigh down the score.

Manorama Industries Ltd. Business Overview & Revenue Model

Company Description

Manorama Industries Limited manufactures, processes, and supplies specialty fats and butters from tree-borne, and plant-based seeds and nuts in India and internationally. The company offers shea butter and fat, sal butter, sal fat, sal oil, sal stearine, sal olein, mango butter and fat, mango oil, mango stearine, kokum butter and oil, mowrah fat, and de-oiled cakes, as well as dhupa, mowrah, and phulwara butter. It also provides sal, kokum, rice bran, shea, and mango kernel meal; and organic castor, neem, karanja, safflower, moringa, and rice bran oil. In addition, the company trades in cassia tora seed, rice, wheat, sugar, maize, raw cotton, cotton linter, maize/corn, soy meal, cotton seed meal, rice bran meal, sesame, sorghum yellow and white, niger seed, medicinal herbs, and safflower products. Further, it offers value-added tailor made products to form the ingredients of cocoa butter equivalents. Its products are primarily used in chocolate and confectionery, bakery, dairy, special nutrition, food service, personal care, and other industries. Manorama Industries Limited was incorporated in 2005 and is based in Raipur, India.

How the Company Makes Money

Manorama Industries Ltd. generates revenue by producing and selling specialty fats and oils derived from natural raw materials. The company's key revenue streams include the supply of these products to industries such as food manufacturing, cosmetics, and personal care. Manorama leverages its expertise in sourcing and processing raw materials to create high-quality, sustainable products that meet the demands of various global markets. Additionally, the company benefits from strategic partnerships and a strong distribution network that help in expanding its market reach and enhancing its earnings potential.

Manorama Industries Ltd. Financial Statement Overview

Summary

Manorama Industries Ltd. exhibits strong revenue and profit growth with improved profitability margins. However, increased leverage and negative free cash flows pose potential risks. The balance sheet remains stable, but cash flow management needs attention.

Income Statement

Manorama Industries Ltd. has demonstrated strong revenue growth, with Total Revenue increasing from 2,049.99 million in 2021 to 7,708.42 million in 2025. The Gross Profit Margin has consistently improved, reflecting efficient cost management. The Net Profit Margin grew significantly from 7.1% in 2021 to 14.2% in 2025, indicating enhanced profitability. EBIT and EBITDA margins have shown improvement, highlighting better operational performance.

Balance Sheet

The company's Debt-to-Equity Ratio has increased, indicating higher leverage, which could pose a risk if not managed properly. However, the Return on Equity (ROE) has improved, showing effective use of equity to generate profits. The Equity Ratio shows a stable capital structure, with Stockholders' Equity forming a substantial part of Total Assets.

Cash Flow

Manorama Industries Ltd. has faced challenges with negative free cash flows in recent years, indicating high capital expenditure relative to cash inflows. The Operating Cash Flow to Net Income Ratio has been inconsistent, suggesting potential cash flow management issues. However, financing activities have been robust, providing liquidity to support operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.71B	7.71B	4.56B	3.51B	2.78B	1.99B
Gross Profit	3.46B	3.73B	2.01B	1.35B	1.07B	445.35M
EBITDA	1.97B	1.86B	866.74M	625.73M	471.80M	408.08M
Net Income	1.10B	1.10B	401.09M	297.75M	241.45M	145.83M
Balance Sheet
Total Assets	9.83B	9.83B	7.37B	4.24B	3.96B	2.50B
Cash, Cash Equivalents and Short-Term Investments	983.46M	983.46M	870.76M	582.65M	491.93M	4.00M
Total Debt	4.82B	4.82B	3.46B	1.10B	1.08B	853.55M
Total Liabilities	5.24B	5.24B	4.00B	1.26B	1.28B	1.04B
Stockholders Equity	4.60B	4.60B	3.37B	2.98B	2.68B	1.46B
Cash Flow
Free Cash Flow	0.00	-887.21M	-1.93B	79.71M	-930.32M	290.53M
Operating Cash Flow	0.00	-568.97M	-1.53B	592.85M	-333.59M	379.88M
Investing Cash Flow	0.00	-336.36M	-620.88M	-994.71M	-345.41M	108.78M
Financing Cash Flow	0.00	927.69M	2.14B	-71.24M	1.17B	-445.72M

Manorama Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1430.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 1430.8 is above the 20-day moving average (MA) of 1377.94, above the 50-day MA of 1428.72, and above the 200-day MA of 1246.65, indicating a neutral trend. The MACD of 11.02 indicates Negative momentum. The RSI at 50.89 is Neutral, neither overbought nor oversold. The STOCH value of 64.12 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GOKULAGRO	78 Outperform	₹57.87B	21.90	23.71%	―	28.64%	60.54%
GOODLUCK	76 Outperform	₹38.77B	22.68	12.57%	0.34%	11.91%	9.18%
GAEL	68 Neutral	₹48.39B	20.36	8.30%	0.24%	-0.84%	-32.43%
MANORAMA	64 Neutral	₹85.43B	59.56	―	0.04%	93.55%	240.14%
BECTORFOOD	60 Neutral	₹78.60B	56.11	12.29%	0.47%	12.92%	-4.82%
GLOSTERLTD	48 Neutral	₹6.98B	-368.73	-1.23%	6.28%	45.83%	-123.39%
Sector *	57 Neutral	$3.13B	9.23	-34.32%	3.14%	-25.56%	-353.61%

Manorama Industries Ltd. Corporate Events

Manorama Industries Allots 94,480 Shares Under ESOP 2021

Manorama Industries Limited has announced the allotment of 94,480 equity shares to its employees under the MIL ESOP 2021 plan. This move, approved by the company’s Nomination and Remuneration Committee, increases the company’s issued and paid-up equity share capital to Rs. 11,94,17,060. The allotment reflects the company’s commitment to employee incentives and may enhance its market positioning by aligning employee interests with corporate growth.

Manorama Industries Concludes 20th AGM with Key Compliance

Manorama Industries Limited held its 20th Annual General Meeting on August 28, 2025, via video conferencing, adhering to regulations set by the Ministry of Corporate Affairs and SEBI. The meeting included the presence of key directors and was conducted in compliance with applicable laws, reflecting the company’s commitment to transparency and governance.

Manorama Industries Expands Operations with New Burkina Faso Factory

Manorama Industries Ltd. has announced the execution of a Memorandum of Understanding with the National Office for Major Projects of Burkina Faso to establish a new factory for processing Shea Nuts and Mango Kernels. This venture, conducted through a wholly-owned subsidiary, aligns with Burkina Faso’s industrialization policy and aims to promote sustainable economic development, leveraging Manorama’s two-decade expertise in the industry.