Manorama Industries (541974) Q2 25/26 earnings summary

Executive summary

• Achieved strong growth in H1 FY26, driven by value-added products, high plant utilization, and robust demand from global chocolate, confectionery, and cosmetic sectors.

• Upgraded annual revenue guidance for FY26 from INR 1,050 crore to INR 1,150 crore+ due to sustained business momentum and operational scalability.

• Strategic initiatives include facility upgrades, land acquisition for expansion, and new ventures in West Africa and Latin America to deepen global presence.

• Waste-to-wealth sourcing model empowers rural and tribal women, supporting ESG commitments and supply chain reliability.

• Reduced working capital days and debt levels, improving capital efficiency and return ratios.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

Financial highlights

• H1 FY26 consolidated revenue reached INR 612.9 crore, up 86.4% year-over-year; Q2 FY26 revenue was INR 323.3 crore.

• EBITDA for H1 FY26 was INR 156.6 crore (27.2% margin); PAT was INR 105.5 crore (17.2% margin); Q2 FY26 EBITDA INR 87.7 crore (27.1% margin); PAT INR 54.9 crore (17% margin).

• H1 FY26 diluted EPS at INR 17.66, up 162% YoY.

• Export contribution was 58% of total sales; domestic 42%.

• Standalone net profit for Q2 FY26 was ₹5,485.78 lacs; consolidated net profit at ₹5,321.78 lacs.

Outlook and guidance

• FY26 revenue guidance revised upward to INR 1,150 crore+.

• Confident in sustaining healthy margins and operational efficiency in coming quarters.

• Capacity expansion to 52,000 MT per annum expected to drive future growth; full ramp-up could yield INR 1,800-2,000 crore revenue at 100% utilization.

• Scheduled plant modification in Q3 FY26 to expand fractionation capacity from 40,000 to 52,000 MTPA.

• Further guidance for FY27 and FY28 to be provided in March quarter.