Manorama Industries Ltd. · NSE:MANORAMA
Manorama Industries — Q3 FY26 Earnings Presentation
55 slides from Manorama Industries's earnings presentation, Jan 28, 2026
Slide 1: Manorama Industries Limited
® Manorama Industries Limited January 28, 2026 KHASRA No. 2449-2618 To, To, Nr. lIDC, Birkoni The Manager The Manager m:hisgg'::;d (ce) Listing Department Listing Department : BSE Limited (“BSE”) National Stock Exchange of India Limited (“NSE”) Phiroze Jeejeebhoy Towers, “Exchange Plaza”, C/1, Block
Slide 2: Investor Presentation Q3 & 9MFY26
Manorama Industries Limited Investor Presentation Q3 & 9MFY26 January - 2026 Empowering Sustainability
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Manorama Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any s
Slide 4: Table of Contents
01 02 03 04 Q3 & 9MFY26 Manorama’s Company Growth Financial Unique Overview Strategy Highlights Table of Proposition Contents 05 06 07 Sustainable Leadership & Appendix Business Management Practices Team
Slide 5: Q3 & 9MFY26 Financial Highlights
Q3 & 9MFY26 Financial Highlights
Slide 6: Management Commentary – Q3 & 9MFY26
Management Commentary – Q3 & 9MFY26 We are pleased to report that we have maintained our growth momentum in Q3 and 9MFY26, achieving revenues of INR 363 Crores, which represents a significant year-on-year increase of 73.3%. This impressive performance is driven by the optimized use of our newly upgr
Slide 7: Financial Snapshot
Manorama Industries Stellar Q3 & 9M FY26 Performance EBITDA (in INR Mn) PAT (in INR Mn) Revenue (in INR Mn) & EBITDA Margin (%) & PAT Margin (%) Financial Snapshot 3,625 26.4% 27.1% 14.1% 18.8% Q3 FY26 982 2,092 682 552 73.3% YoY 78.0% YoY 295 131.1% YoY Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 EBI
Slide 8: Q3 & 9MFY26 Results Highlights
Q3 & 9MFY26 Results Highlights Particulars (INR Millions) Q3FY26 Q3FY25 YoY Q2FY26 QoQ 9MFY26 9MFY25 YoY FY25 TotalIncome grew by 73.3% Revenue 3,625.4 2,092.0 73.3% 3,233.1 12.1% 9,754.0 5,380.4 81.3% 7,708.4 YoY to INR 3,625 million in Q3 Cost of Goods Sold 2,021.1 988.3 104.5% 1,739.2 16.2% 5,2
Slide 9: Impressive Growth Track Record
Impressive Growth Track Record Historical Quarterly Trend 4,000 26.4 27.4 27.3 27.1 27.1 30 23.1 3,500 25 3,000 20.1 20 2,500 16.1 2,000 3,625 15 Manorama’s Winning Edge 3,233 2,896 1,500 • CBE is supported by diversified, multi-sector demand spanning 10 2,092 2,328 1,000 1,954 500 1,293 1,334 5 cho
Slide 10: Historical Financial Snapshot (1/2)
Historical Financial Snapshot (1/2) Revenue (in INR Millions) EBITDA (in INR Millions) & EBITDA Margin (%) 9,754 24.8% 27.2% 14.0% 16.1% 16.1% 7,708 2,649 1,911 4,571 3,508 2,791 735 565 389 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25 9MFY26 PAT (in INR Millions) & PAT Margin (%) Earnings Per Sha
Slide 11: Historical Financial Snapshot (1/2)
Historical Financial Snapshot (1/2) Return on Equity Return on Capital Employed 36.9% 49.9% 24.3% 33.0% 11.9% 18.5% 9.0% 10.0% 13.0% 15.7% FY22 FY23 FY24 FY25* H1FY26 FY22 FY23 FY24 FY25* H1FY26 Working Capital Analysis (in days) Net Debt to Equity 242 0.83 0.77 181 170 0.57 151 97 0.21 0.17 FY22 FY
Slide 12: Balance Sheet
Balance Sheet Equity and Liabilities (INR 30th Sep. 31st March 30th Sep. 31st March Assets (INR Millions) Millions) 2025 2025 2025 2025 Share Capital 119 119 Non-Current Assets Other Equity 5,590 4,500 Plant, Property and Equipment 1,906 1,746 Total Equity 5,709 4,619 Capital Work in Progress 51 24
Slide 13: Manorama's Unique Proposition
Manorama’s Unique Proposition
Slide 14: Built on Strong Business Moats – Greener Future
Built on Strong Business Moats – Greener Future Waste to Wealth Competitive Marquee Manufacturing Industry Sustainable Growth Advantage Clientele Excellence Tailwinds Financial Performance Nearly 2 decades of rich Offers customer-centric Integrated capacity Huge industry demand of Empoweri
Slide 15: Cocoa Butter Equivalent (CBE): USP
Cocoa Butter Equivalent (CBE): USP Cocoa Butter Equivalent: Winning Propositions ➢ CBE is a technology-driven specialty product, not a commodity ➢ CBE pricing and margins are insulated from commodity cycles, as raw materials are niche exotic seeds with stable cost dynamics ➢ Quality and performance
Slide 16: Growing Global CBE Demand across Industries
Growing Global CBE Demand across Industries Global CBE Demand Global Chocolate Demand Indian Chocolate Demand in USD billion in USD billion in USD billion 2.15 CBE Demand Dynamics 205.4 3.6 1.32 138.5 2.5 • Global CBE Demand is expected to grow by 6.3% CAGR to USD 2.15 billion in 2033 led by rising
Slide 17: Company Overview
Company \ Overview
Slide 18: Waste to Wealth Business Model
Waste to Wealth Business Model De-Oiled Cake Sells De-Oiled Revenues: Cake to Indian 9MFY26 – INR Cattle Feed 420 million Industry India: Sal, Mango, Kokum & Mowrah Manufactures Extracts and Cocoa Butter Procure Exotic Processes Seeds Equivalent (CBE) Tree Borne Seeds at State-of-the-Art and Exotic
Slide 19: Strong Supply Chain Network
Strong Supply Chain Network India – Sal Seed Collection Process *Sal Forest - India Covers ~14% of Forest region Orissa, Bihar, Jharkhand, West Bengal, Madhya Pradesh & Chhattisgarh accounts of 30% of Scattered Seed Collection Pre-Cleaning Deshelling Cleaning Seed Collection Total Sal Forest in
Slide 20: Glimpse of Seed Procurement Process/Team
Glimpse of Seed Procurement Process/Team Tribals Collecting Sal Seeds, India Management with Shea Seed Collection Team, Africa Low Risk of Non-availability of Raw Materials
Slide 21: CBE and Exotic Specialty Fats & Butter - Process
CBE and Exotic Specialty Fats & Butter - Process Raw Materials Sal/Mango/Shea illipe & other exotic seeds Raw Materials Shea / Illipe Raw Materials Sal/Mango Expeller Crude oil Cake Solvent Extraction Process Refinery process Crude oil De-oiled cake (cattle feed) Byproducts / gums Refined butter Pal
Slide 22: CBE and Exotic Specialty Fats & Butter – Winning Proposition
CBE and Exotic Specialty Fats & Butter – Winning Proposition CBEs and Exotic Specialty Fats & Butter - Winning Case Factors Contains Same Comparable Compatible in Fractionation Fractionated Fatty Acids & Physical & all Proportion of Exotic Ingredients Triglycerides Chemical with the Final Seeds Yiel
Slide 23: State-of-the-Art Capacity & Sustainable Manufacturing
State-of-the-Art Capacity & Sustainable Manufacturing for Catering the Global CBE and Exotic Specialty Fats & Butter Demand Refinery Interesterification 45,000 MTPA 30,000 MTPA Integrated *Fractionation Extraction Plant Capacity 90,000 MTPA 40,000 MTPA Seed Milling Blending Station & Packing 90,000
Slide 24: Building Capacities over a Period of Time
Building Capacities over a Period of Time The Journey Towards Building an Integrated Capacity Particulars (in Tons Per Annum) FY23 FY24 FY25 Capacity Addition Seed Milling (Expeller) 60,000 90,000 90,000 Added 30,000 TPA in FY24 Solvent Extraction Plant 90,000 90,000 90,000 Added 90,000 TPA in FY23
Slide 25: Building Capacities over a Period of Time
Building Capacities over a Period of Time The Journey Towards Building an Integrated Capacity Particulars FY21 FY22 FY23 FY24 FY25 CAGR Fractionation (TPA) 15,000 15,000 15,000 15,000 40,000 21.7% Revenues (in INR Crores) 203 279 351 457 771 39.7% Average Fixed Assets (in INR 54 56 76 113 152 29.5%
Slide 26: Capex Plan: Charting a Growth Roadmap
Capex Plan: Charting a Growth Roadmap Capex Plan Capacity Total Proposed Particulars Integration Type Location (in MTPA) Capex Outlay Setting up manufacturing facility for Cocoa Butter 75,000 Forward India Alternative (CBA) Setting up of new Solvent Fractionation manufacturing facility for Sal, Shea
Slide 27: R&D Capabilities for Catering the Global CBE and Exotic Specialty Fats & Butter Demand
R&D Capabilities for Catering the Global CBE and Exotic Specialty Fats & Butter Demand Milcoa® Innovation & Research Center – Edge Amongst the Indian Spearheaded by Dr. Companies Krishnadath Bhaggan, a accredited with the professional with 25+ esteemed DSIR years rich global industry DSIR Leadership
Slide 28: New Product Launches and Developments
New Product Launches and Developments New Products New Developments Milcoa® Brand Range All-round filling fat (Milcoceam 1059) All-round filling fat (palm based) All-round filling fats (MilcocreamTM1056 and (Milcocream FF77) MilcocreamTM1010) Bake-stable filling fat (Milcocream 1068) Premi
Slide 29: R&D Enabled State-of-the-Art DSIR Certified Lab
R&D Enabled State-of-the-Art DSIR Certified Lab Glimpse of Latest R&D Enabled Processes in DSIR Certified Lab
Slide 30: Our Global Membership & Certification
Our Global Membership & Certification Quest to be the Best: Wide Spectrum of Prestigious Certifications
Slide 31: Esteemed Clientele
Esteemed Clientele The Body Shop L’Oreal Paris Lush Ferrero Mondelez International Mars The Hershey Company Nestle Barry Callebaut Slavyanka Bunge Cargill EFKO Group Soyuzsnab ADEKA Loders Croklaan Fuji Oil LipSa Beyond Meat Jagston Trading Limited Uniconf Ülker Olam Menguy’s Pladis Walter Rau Seebe
Slide 32: Growth Strategy
Growth Strategy
Slide 33: Gearing up for the next wave of growth
Gearing up for the next wave of growth Capacity to Cater Growing Market Vigoured Operational CBE and Exotic Specialty Fats Launch Innovative Products Diversification Efficiencies & Butter Demand Commercialized new Deepening penetration to new R&D team continuous quest to Economies of scale, operatin
Slide 34: Our Global Reach
Our Global Reach We serve the world’s top food and beauty brands. Our logistics, documentation, and customer service are designed for seamless global collaboration. UKRAINE AUSTRIA OMAN Government of India Recognized THREE STAR EXPORT HOUSE
Slide 35: Expanding our Geographical Footprints
Expanding our Geographical Footprints Manorama Savanna Limited, Nigeria Manorama Savanna Manorama Ghana Limited, Savanna Togo Sarl, Ghana One Subsidiary in One Subsidiary in Togo UAE Brazil Six Subsidiaries in Manorama Mena Manorama Africa Trading LLC Latin America LTDA Manorama Manorama Africa Burk
Slide 36: Global Partnerships
Global Partnerships Manorama & DEKEL Our Latin America Team Partnership For CBE & Specialty Fats Production In Brazil DEKEL ➢ Manorama Industries has expanded its international footprint in Latin America through its wholly owned subsidiary, Manorama Latin America LTDA. The company has entered into a
Slide 37: MoUs Signed
MoUs Signed MoU Signed with the Burkina Faso’s Government for MoU signed with setting up a new factory The Government of Chhattisgarh ➢ The Company has signed an MoU with the Government of Burkina Faso to establish a new factory for processing Shea ➢ Mr. Shri Deep Saraf, Vice President – Business Nu
Slide 38: Sustainable Business Practices
Sustainable Business Practices
Slide 39: Environmental Initiatives
Environmental Initiatives Environment ❑ Organized a program titled 'VANSAKHI' aimed at identifying and preparing selected delegates from among our seed collectors, to train villagers and fellow collectors on forest and wildlife conservation. ❑ No Deforestation, No Peat, No Exploitation policy public
Slide 40: Social Initiatives
Social Initiatives Social ❑ Honoured with the winner of the India CSR Award 2025 for the Excellence in Healthcare Initiative in Chhattisgarh– Eye Care for Tribal Communities” for the CSR project “Mobile Eye Camps & Vision Aid Program for Tribal Well-being in Chhattisgarh.” (Healthcare | Large Organi
Slide 41: Governance Initiatives
Governance Initiatives Governance ❑ Committed to UN Sustainable Development Goals & 10 Principles of UN Global Compact ❑ Adheres principle and core element of the National Guidelines on Responsible Business Conduct (NGRBCs) ❑ Structured approach to corporate governance by delegating specific respons
Slide 42: Leadership Team & Management
Leadership Team & Management
Slide 43: Seasoned Board of Directors
Seasoned Board of Directors Ashish Saraf - Chairman & Managing Director Vinita Saraf CA Ashok Jain Gautam Pal Mudit Kumar Singh Shrey Saraf Vice Chairperson Whole Time Director & Whole Time Director Independent Director Whole Time Director & Whole Time Director Chief Financial Officer Subhaprada Nis
Slide 44: Experienced Management Team (1/4)
Experienced Management Team (1/4) Dr. Krishnadath Bhaggan – Appel Sten – VP - R&D Product Development VP – New & Existing Projects Mauro Sérgio Nobre Terreri – Deep Saraf – VP – Fats & Oils business VP – Business Development in Latin America (Global Sales) Dmitry Zimmermann – Luciano Luz Pupp – Mana
Slide 45: Experienced Management Team (2/4)
Experienced Management Team (2/4) Thales Baptistella Marcelo Sasaki Finance Manager Regional Sales Manager at Brazil Latam at Brazil Latam Rossana Bento Cabral Sandeep Agrawal Marketing and Sales Executive Chief Operating Officer at Brazil Latam Raj Shekhar Vijay Kumar R VP – Technical Chief Human R
Slide 46: Experienced Management Team (3/4)
Experienced Management Team (3/4) Mansoor Ali Vishal Hotchand Narang Associate VP - HR Director – Manorama Africa Limited Nisha Sharma - Manager – Yogendra Puri Goswami International Sales VP – Sales & Business Development Chandan Gupta Gundam Sreenivasula Reddy Vice President - Sales General Manage
Slide 47: Experienced Management Team (4/4)
Experienced Management Team (4/4) Jonas Bobou Bayoulou Steffen Storgaard Associate Vice President Vice President – Europe Sales & General Coordinator Ekta Soni Pankaj Rathi Associate Vice President - IR DGM Accounts & Finance CS Deepak Sharma CS & Compliance Officer
Slide 48: Appendix
Appendix
Slide 49: Recent Awards & Accolades (1/4)
Recent Awards & Accolades (1/4) Mr. Deep Saraf – Felicitation by Governor of Vice President, Chhattisgarh Shri Raman Manorama Industries deka to Mr. Deep Saraf receiving ‘GLOBOIL and Mr. Shrey Saraf, INDIA 2025 Award’ Manorama industries for highest exports of Limited for supporting the Made in Indi
Slide 50: Recent Awards & Accolades (2/4)
Recent Awards & Accolades (2/4) Shri. Ashish Saraf – Chairman and Managing Director, Manorama Industries awarded as ‘The Highest Processor of Sal Seed & Mango Kernel, and Highest Processor of Sal Oil (Fats). Shri. Ashish Saraf – Chairman and Managing Director and Smt. Vinita Saraf – Voce Shri. Ashis
Slide 51: Recent Awards & Accolades (3/4)
Recent Awards & Accolades (3/4) Shri. Ashish Saraf – Chairman and Managing Director and Shri Supported Global Food regulatory Participated in RSPO RT 2025 conference Shrey Saraf – Whole Time Director, Manorama Industries awarded Summit organized & the General Assembly organized in Kuala with ‘Highes
Slide 52: Recent Awards & Accolades (4/4)
Recent Awards & Accolades (4/4) Shri. Ashish Saraf – Chairman and Shri Shrey Saraf – Managing Director, Manorama Whole Time Director, Industries awarded as ‘TWO Manorama Industries EXPORT EXCELLENCE receiving ‘Excellency AWARDS’ under the category Award ’ in collaboration Highest Foreign Exchange Ea
Slide 53: Client Testimonials
Client Testimonials Meet the Women of Manorama – Article Published on The Body Shop Website Article Published on Lush Website 52 Note: The Brand names mentioned are the property of their respective owners and are used here for identification purposes only
Slide 54: Shareholder Information
Shareholder Information Capital Market Data Shareholding Pattern December 2025 (%) Promoter MANORAMA / NSE Ticker /BSE Code 541974 39.36 FIIs Current Market Price 54.32 1,174.90 MF (as on 27 Jan 2026) 3.61 Other Market Cap (INR Crores) 2.71 7,046.80 (as on 27 Jan 2026) Share Price Movement (1 Year)
Slide 55: Thank You!
Contact Information Company : Manorama Industries Limited CIN: L15142MH2005PLC243687 THANK Ms. Ekta Soni Mr. Deepak Sharma Associate Vice President - IR Company Secretary & C Compliance officer E: ekta@manoramagroup.co.in E: investors@manoramagroup.co.in E: cs_sharma@manoramagroup.co.in M: +91 78791