Manorama Industries (541974) Q4 25/26 earnings summary

Executive summary

• Achieved FY 2026 standalone revenue of INR 1,358 crores, up 76.1% year-over-year, driven by strong demand in food and cosmetics sectors and expanded value-added product mix.

• EBITDA for FY 2026 was INR 367.7 crores (27.1% margin), up 92.5% YoY, with PAT at INR 233.2 crores (17.2% margin), reflecting strong operational leverage and cost control.

• Q4 FY 2026 standalone revenue was INR 382.3 crores, EBITDA INR 102.9 crores (26.9% margin), PAT INR 59.5 crores (15.6% margin).

• Final dividend of INR 0.80 per share (40% of face value) announced for FY 2026.

• Statutory auditors issued an unmodified opinion on both standalone and consolidated results.

Financial highlights

• Operating cash flow for FY 2026 was INR 259.4 crores; working capital cycle improved to 125 days.

• Net debt-to-equity ratio at 0.38:1 as of March 31, 2026.

• Volume growth for FY 2026 was 80%-90%, with 5%-10% price growth.

• Gross margin for FY 2026 was 45.28%, with EBITDA margin at 27.1%.

• Diluted EPS for FY 2026 was INR 39.05, up 108.5% YoY.

Outlook and guidance

• FY 2027 expected to be a strong growth year, driven by capacity expansion, improved product mix, and international expansion.

• Targeting 25%-30% annual revenue growth for the next 1-2 years.

• EBITDA margin guidance maintained at 25%-27% on a yearly basis.

• Capacity utilization targeted at 85%-90% of 52,000 tons in FY 2027.

• Long-term revenue target of over INR 3,500 crores by FY 2030 remains on track.