Manorama Industries (541974) Q2 26/27 earnings summary

Executive summary

• Consolidated Q2FY27 revenue was ₹45,886.35 lakh and net profit ₹8,080.89 lakh; H1 revenue was ₹86,286.95 lakh and net profit ₹15,946.70 lakh, up 40.8% and 59.2% YoY.

• H1FY27 exports contributed 61% of revenue; demand, higher value-added mix and execution supported growth.

• Expansion plans target fractionation debottlenecking, refining capacity and a richer value-added mix, with major projects targeted for FY28.

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

Financial highlights

• Q2 standalone revenue was 45,604.75 lakh vs 32,330.93 lakh YoY; net profit was 8,781.90 lakh vs 5,488.25 lakh.

• H1 standalone revenue was 86,000.69 lakh vs 61,286.01 lakh YoY; net profit was 16,940.49 lakh vs 10,545.87 lakh.

• Q2 consolidated revenue was 45,886.35 lakh vs 32,330.93 lakh YoY; net profit was 8,080.89 lakh vs 5,324.25 lakh.

• H1 consolidated revenue was 86,286.95 lakh vs 61,286.01 lakh YoY; net profit was 15,946.70 lakh vs 10,018.74 lakh.

• Consolidated Q2 EBITDA margin was 25.8%, down 144 bps YoY; PAT margin was 17.6%, up 114 bps. Gross margin was 42.5%, down 577 bps.

Outlook and guidance

• Proposed capex over the next 2–3 years targets fractionation debottlenecking, added refining capacity, a richer value-added mix and broader global reach.

• Major projects are targeted for commissioning in FY28, subject to Board-recommended modifications.

• Priorities include growing CBE, stearin and specialty-fat formulations, developing partnerships in new markets, R&D-led innovation and improving value-chain efficiency.