Manorama Industries (541974) investor relations material

Executive summary

• Q2FY27 consolidated revenue was ₹45,886.35 lakh (+41.9% YoY), EBITDA ₹1,181.8 million (+34.4%) and PAT ₹8,080.89 lakh (+51.8%).

• H1FY27 consolidated revenue reached ₹86,286.95 lakh (+40.8%) and PAT ₹15,946.70 lakh (+59.2%); exports contributed 61% of revenue.

• Growth reflected healthy demand, higher volumes, value-added mix and execution; volume contributed ~85% of revenue growth and price realization 10%-15%.

• Unaudited standalone and consolidated results received limited reviews; auditors reported no matter indicating material misstatement or disclosure non-compliance.

Financial highlights

• Standalone Q2 revenue was ₹45,604.75 lakh vs ₹32,330.93 lakh YoY and H1 revenue ₹86,000.69 lakh vs ₹61,286.01 lakh; standalone net profit was ₹8,781.90 lakh in Q2 and ₹16,940.49 lakh in H1.

• Q2 EBITDA margin was 25.8%, down 144 bps YoY; PAT margin was 17.6%, up 114 bps. H1 EBITDA margin was 26.0%, down 53 bps; PAT margin was 18.5%, up 213 bps.

• Q2 gross margin was 42.5%, down 577 bps YoY; H1 gross margin was 43.0%, down 482 bps.

• H1FY27 EBITDA was ₹2,243.9 million, up 38.0% YoY.

Outlook and guidance

• FY27 outlook is for healthy top-line growth; existing capacity utilization is expected at 85%-90%, with no numeric revenue or EBITDA guidance.

• EBITDA margin of 25%-27% is viewed as a comfortable band; macro factors and business risks may cause modest quarter-to-quarter movement.

• Major capacity projects are targeted for commissioning in FY28, with gradual contribution from FY29; initial utilization may be 40%-50%, then rise over 2-3 years.

• Proposed capex over 2-3 years targets fractionation debottlenecking, added refining capacity, a richer value-added mix and broader global reach, subject to Board-recommended modifications.

• Existing capacity, debottlenecking and mix improvement are expected to support growth before new projects ramp; no specific growth rate was quantified.