Manorama Industries (541974) Q3 24/25 earnings summary

Executive summary

• Achieved record operational and financial performance in Q3 FY25, with revenue of INR 2,092 million (₹20,920.47 lakhs), up 112.5% YoY, driven by robust demand and commercialization of new fractionation facility.

• EBITDA rose 253.4% YoY to INR 552 million, with margin expanding to 26.4% due to scale and operational efficiency.

• PAT surged 296.8% YoY to INR 295 million (₹3,046.56 lakhs), with PAT margin at 14.1%.

• Overseas expansion with seven new subsidiaries in West Africa and UAE to secure sourcing and expand client base.

• Five new projects prioritized for the next 3–5 years, focusing on forward and backward integration.

Financial highlights

• Q3 FY25 revenue grew 112.5% YoY to INR 2,092 million (₹20,920.47 lakhs), with exports contributing 73%.

• EBITDA for Q3 FY25 was INR 552 million, margin at 26.4%, and PAT at INR 295 million (₹3,046.56 lakhs), PAT margin 14.1%.

• Basic EPS for Q3 FY25 was INR 5.11; diluted EPS INR 5.09.

• Employee benefit expenses in Q3 FY25 at INR 17.4 crore, including ESOP provision of INR 7.68 crore.

• Revenue, EBITDA, and PAT CAGR from FY20–24 were 25%, 14%, and 15%, respectively.

Outlook and guidance

• Confident of surpassing FY25 revenue guidance of INR 7,500 million (₹750 crore).

• Capacity utilization for new plant expected to reach 60–65% by FY25 end and 75–80% in FY26.

• EBITDA margin guidance raised to 23–25% for the full year, with further improvement expected.

• CBE share in product mix targeted to reach 30% by March FY25.

• Ongoing capex for forward and backward integration projects.