Manorama Industries (541974) Q1 26/27 earnings summary

Executive summary

• Achieved 39.5% year-over-year revenue growth in Q1 FY2027, surpassing INR 4,000 million in quarterly revenue and EBITDA for the first time, with PAT up 67.6% year-over-year, reflecting strong demand, operational leverage, and a higher value-added product mix.

• Expanded global sourcing and manufacturing footprint, including new subsidiaries in Chad and land acquisition in Burkina Faso for Shea processing.

• Completed a qualified institutional placement (QIP), raising INR 500 crore in July 2026 to strengthen the balance sheet ahead of major capex cycle.

• Maintained a 60:40 export to domestic revenue mix in Q1 FY2027, highlighting robust international demand.

• Board approved unaudited standalone and consolidated financial results for Q1 FY27 and scheduled the 21st AGM for September 21, 2026.

Financial highlights

• Q1 FY27 revenue: INR 4,040 million (up 39.5% year-over-year); EBITDA: INR 1,062 million (up 42.2% year-over-year, margin 26.3%); PAT: INR 787 million (up 67.6% year-over-year, margin 19.5%).

• Standalone revenue from operations for Q1 FY27 was ₹40,395.93 lakhs, with standalone net profit after tax at ₹8,158.59 lakhs.

• Consolidated revenue from operations for Q1 FY27 was ₹40,400.60 lakhs, with consolidated net profit after tax at ₹7,865.82 lakhs.

• Other income for the quarter was INR 16 crore, mainly from forex gains (INR 13 crore) and FDR interest.

• Gross margin typically ranges 45%-50%, with raw material costs around 50% of sales.

Outlook and guidance

• Confident in delivering healthy top-line growth for FY2027, supported by capacity ramp-up and debottlenecking.

• Utilization guidance for fractionation capacity is 80%-85% for the full year.

• New CapEx projects in India and Burkina Faso expected to be operational by Q3 FY2028, with full impact visible in FY2029.

• INR 460 crore capex planned over next 2-3 years to expand fractionation, refining, and global integration, with major projects targeting FY28 commissioning.

• Annual report and AGM notice, including voting procedures and final dividend eligibility, will be shared in due course.