Manorama Industries Ltd. (MANORAMA) AI Stock Analysis

• Market Cap: ₹79.57B
• Dividend Yield: 0.04%
• Average Volume (3M): 10.57K
• Price to Earnings (P/E): 27.6
• Beta (1Y): 1.04
• Revenue Growth: 89.51%
• EPS Growth: 188.01%
• Country: IN
• Employees: 411
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 12.00
• Shares Outstanding: 59,708,530
• 10 Day Avg. Volume: 6,486
• 30 Day Avg. Volume: 10,570
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 32.95
• Revenue Forecast (FY): ₹11.77B

• Rating: 64 Neutral
• Price Target: ₹1,258.00 ▼(-5.99% Downside)
• Action: Reiterated Date: 10/28/25
• Date: Action: Reiterated 10/28/25

Manorama Industries Ltd. demonstrates strong financial performance with significant revenue and profit growth. However, the high leverage and negative cash flows are concerning. The technical indicators suggest weak momentum, and the high P/E ratio indicates overvaluation, partially offset by a decent dividend yield.

Positive Factors

Revenue & margin expansion

Sustained multi-year revenue growth and a doubling of net margin imply durable demand for the company’s offerings and improved operational efficiency. This trend supports long-term profit generation and reinvestment capacity, indicating structural business scaling rather than a one-off spike.

Specialty product & market diversification

Focus on value-added specialty fats and oils across food, personal care and pharma reduces commodity exposure and creates stickier customer relationships. Diverse end-markets smooth demand cycles and support pricing premiums tied to functional performance and regulatory/quality approvals.

Improved ROE and stable equity base

Rising ROE indicates management is increasingly effective at generating profits from shareholder capital. A substantial equity base provides a buffer for growth investments and working capital, supporting resilience and the ability to fund expansion without immediate dilution.

Negative Factors

Rising leverage

Higher leverage raises interest and refinancing risk, reducing financial flexibility during volatility. If earnings slow or margins compress, elevated debt levels could strain cash flow and constrain the company’s ability to invest or return capital, making capital structure a medium-term risk.

Negative free cash flow trends

Persistent negative free cash flow implies the business has relied on financing to fund growth and capex. Until operating cash generation consistently exceeds investments, the company may face pressure on liquidity, limiting strategic options and increasing dependency on external funding.

Raw material supply & cost exposure

Dependence on tree-borne and vegetable feedstocks leaves margins vulnerable to commodity price swings, crop variability and supply disruptions. Such input concentration can materially affect profitability and requires robust procurement and hedging to maintain margin stability over time.

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 through multiple streams, primarily from the sale of its diverse product portfolio, which includes industrial chemicals and packaging materials. The company focuses on building long-term relationships with its clients across various sectors, enabling steady demand for its products. Additionally, MANORAMA engages in strategic partnerships and alliances with other businesses to expand its market reach and enhance its product offerings. The company may also benefit from economies of scale due to its manufacturing capabilities, which helps optimize production costs and improve profit margins.

Manorama Industries Ltd. Financial Statement Overview

Summary

Manorama Industries Ltd. shows strong revenue and profit growth with improved profitability margins. However, increased leverage and negative free cash flows pose potential risks. The company needs to address cash flow challenges to ensure sustainable growth.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.55B	7.71B	4.56B	3.51B	2.78B	1.99B
Gross Profit	5.01B	3.73B	2.01B	1.35B	1.07B	780.84M
EBITDA	2.95B	1.86B	866.74M	617.60M	471.80M	408.08M
Net Income	1.71B	1.10B	401.09M	297.75M	241.45M	145.83M
Balance Sheet
Total Assets	10.24B	9.83B	7.37B	4.24B	3.96B	2.54B
Cash, Cash Equivalents and Short-Term Investments	671.70M	983.46M	870.76M	582.65M	491.93M	4.00M
Total Debt	3.76B	4.82B	3.46B	1.10B	1.08B	853.55M
Total Liabilities	4.61B	5.24B	4.00B	1.26B	1.28B	1.09B
Stockholders Equity	5.63B	4.60B	3.37B	2.98B	2.68B	1.46B
Cash Flow
Free Cash Flow	1.64B	-887.21M	-1.93B	79.71M	-930.32M	290.53M
Operating Cash Flow	2.01B	-568.97M	-1.53B	592.85M	-333.59M	334.95M
Investing Cash Flow	-609.31M	-336.36M	-620.88M	-994.71M	-345.41M	108.78M
Financing Cash Flow	-1.25B	927.69M	2.14B	-71.24M	1.17B	-445.72M

Manorama Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1338.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 1338.15 is below the 20-day moving average (MA) of 1375.66, below the 50-day MA of 1341.40, and below the 200-day MA of 1389.57, indicating a bearish trend. The MACD of -17.40 indicates Positive momentum. The RSI at 42.69 is Neutral, neither overbought nor oversold. The STOCH value of 30.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹55.21B	17.02	―	―	34.34%	45.32%
GAEL	71 Outperform	₹62.86B	23.97	―	0.20%	6.42%	-39.00%
GOODLUCK	69 Neutral	₹35.11B	20.71	―	0.38%	9.57%	3.24%
MANORAMA	64 Neutral	₹79.57B	27.59	―	0.04%	89.51%	188.01%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BECTORFOOD	61 Neutral	₹58.36B	46.45	―	0.45%	10.82%	-8.21%
GLOSTERLTD	48 Neutral	₹5.79B	-241.19	―	6.20%	86.75%	―

Manorama Industries Ltd. Corporate Events

Manorama Industries Releases Q3 & 9M FY26 Earnings Call Transcript

Manorama Industries Limited announced that it held its earnings conference call to discuss financial and operational performance for the third quarter and nine months of FY26 on January 28, 2026. The company has released and uploaded the full transcript of this call to its website for investors and other stakeholders, providing detailed disclosures in line with SEBI’s Listing Obligations and Disclosure Requirements and reinforcing its investor communication and transparency practices.