Manorama Industries (541974) Q4 24/25 earnings summary

Executive summary

• Achieved FY25 revenue of INR 7,708 million (₹77,084.19 lacs standalone; ₹79,184.62 lacs consolidated), up 69% YoY, driven by strong demand, new fractionation capacity, and global expansion with subsidiaries in Africa, UAE, and Brazil.

• Export business contributed 73% of total revenue, with the remainder from domestic sales.

• Focused on sustainable, eco-friendly, and ethically sourced products, with ongoing R&D and ESG initiatives.

• R&D led to new product launches and entry into new geographies.

• Eight new subsidiaries incorporated in FY25, expanding the global footprint.

Financial highlights

• EBITDA grew to INR 1,911 million (24.8% margin), with PAT at INR 1,121 million (14.5% margin); Q4 FY25 revenue up 80% YoY to INR 2,328 million, EBITDA up 208% YoY to INR 639 million.

• Diluted EPS for FY25 was INR 18.73 (standalone ₹18.80; consolidated ₹18.42).

• Dividend of INR 0.60 per share (30% of face value) declared.

• Net debt at INR 380 million as of March 2025, mainly working capital loans; borrowings reduced to INR 429 million in FY25.

• Working capital days reduced to 150-151; ROE at 24.3%, ROC at 33%.

Outlook and guidance

• FY26 revenue guidance of INR 10,500+ million, targeting 35-40% growth, with improved capacity utilization and operational efficiencies.

• EBITDA margin guidance remains at 23-25%, with potential for improvement as operating leverage increases.

• CapEx plan for integration projects in advanced planning; funding expected from internal accruals.

• Focus on reducing net debt and improving inventory management.

• Continued investment in R&D and innovation to meet evolving customer needs.