Manorama Industries Ltd. · NSE:MANORAMA
Manorama Industries — Q1 FY27 Earnings Presentation
51 slides from Manorama Industries's earnings presentation, Aug 13, 2026
Slide 1: Exchange filing cover letter
3 Manorama Industries Limited KHASRA No. - 2449-2610, Parswani Road, Near Birkoni Industrial Area, Mahasamund (C.G.)- 493445 August 13, 2026 To, To The Manager The Manager, Listing Department Listing Department BSE Limited (“BSE”) National Stock Exchange of India Limited (“NSE”) Phiroze Jeejeebhoy T
Slide 2: Manorama Industries Limited Investor Presentation Q1FY27
Empowering Sustainability August - 2026 Manorama Industries Limited Investor Presentation Q1FY27
Slide 3: Table of Contents
Table of Contents 01 03 05 Business Model Strong The Manorama & Competitive Leadership & Story Moats Sustainability Industry Q1FY27 Appendix Tailwinds Highlights 02 04 06 2
Slide 4: The Manorama Story
The Manorama Story
Slide 5: A Niche, High-Return Specialty Fats Platform
A Niche, High – Return Specialty Fats Platform From Exotic Seeds to Global Specialty Ingredients Leadership Driving sustainable growth through end-to-end integration, global reach, and superior financial performance 39+ INR 13,667 Mn 26.4% 16.5% Countries with EBITDA Margin – FY26 PAT Margin – FY26
Slide 6: Forest to Formulation
Forest to Formulation Strong Sourcing Network Robust Product Portfolio • Sal, Mango and other exotic seeds sourced • Stearin & Olein Fractions across India • MILCOA® Cocoa Butter Equivalents (CBE) • Shea nuts/Shea butters sourced from West • Other Specialty Fats & Butters for chocolate, African coun
Slide 7: Five Engines of Compounding Growth
Five Engines of Compounding Growth CBE & Specialty Fats Platform & 1 Unique Sourcing Ecosystem 5 Next Phase of Expansion • Built the business over nearly two decades with a focus on • Proposed planned INR 460 Cr capex focused on expanding speciality fats and butters derived from exotic tree – borne
Slide 8: Industry Tailwinds
Industry Tailwinds
Slide 9: Demand Tailwinds Powering CBE & Specialty Fats Adoption
Demand Tailwinds Powering CBE & Specialty Fats Adoption Need for Heat – Stable Chocolate 1 Growing Adoption of CBE 4 Products in Tropical Regions • CBE is a trans-fat-free vegetable fat fully compatible • CBE improves heat and melt stability, helping with cocoa butter, offering similar physical and
Slide 10: Business Model & Competitive Moats
Business Model & Competitive Moats
Slide 11: Waste-to-Wealth Business Model
Waste-to-Wealth Business Model 1 2 3 4 PROCURE EXTRACT MANUFACTURE SUPPLY Exotic Tree-Borne Seeds Extracts & processes seeds CBE & exotic specialty fats Sells to Food, Chocolate, India · Africa at Birkoni plant & butter Confectionery & Cosmetic cos. INDIA — Sal Seed Collection AFRICA — Shea Seed Col
Slide 12: Integrated Manufacturing Dominance
Integrated Manufacturing Dominance Fractionation Capacity 47,500 MTPA (Includes 25,000 MTPA commercialized in July 2025, plus 7,500 MTPA via debottlenecking in Mar 2026) Packing Capacity NEWLY ACQUIRED LAND FOR CAPEX 30,000 MTPA finished goods packing capability Fractionation Capacity (in TPA) 52,00
Slide 13: Capacity Expansion Driving Operating Leverage
Capacity Expansion Driving Operating Leverage 47,500 TPA INR 1,358 Cr. 7.4x 48.5% 34.5% FY26 Fractionation FY26 Revenue* FY26 Asset Turnover* FY22 - 26 Revenue FY22 - 26 Fixed Asset Capacity CAGR* CAGR* Manufacturing Capacity Build-out (Capacity in TPA) Seed Milling Solvent Extraction Refinery Fract
Slide 14: Driving the Next Phase of Growth
Driving the Next Phase of Growth Debottleneck fractionation to 52,000* TPA; add 75,000 TPA Fractionation Plant- 01 Expand Capacity 3 and new CBA / ESOS capacity GROWTH Set up Burkina Faso processing factory to improve overall efficiency, reduce COMMITMENT 02 Deepen Integration seed freight and optim
Slide 15: R&D Powering Global CBE & Exotic Specialty Fats
R&D Powering Global CBE & Exotic Specialty Fats I NS I DE THE LAB Four capabilities, one customer-led development engine From bench-scale experimentation to customer-ready formulations Leadership DSIR certified Government of India- Spearheaded by Dr. accredited research Krishnadath Bhaggan center R&
Slide 16: New Product Launches & Developments
New Product Launches & Developments New Products New Developments Milcoa® Brand Range ➢ All-round filling fat (Milcoceam 1059) ➢ Milcocream FF81 – Caramel/nougat fat ➢ Milcoa ES – Cocoa butter equivalent ➢ Bake-stable filling fat (Milcocream 1068) ➢ Milcocream 1082 – Truffle filling fat ➢ Milcoa IS
Slide 17: Expanding Global Reach Across High-Growth Markets
Expanding Global Reach Across High – Growth Markets 39+ Countries KEY STRATEGIC MARKETS Italy Europe Brazil LatAm India Domestic Uruguay LatAm Malaysia Asia USA USA Lithuania Europe UAE MENA 39+ Strong Global Countries 10 Asia, Europe, Americas, Reach Japan Asia With International Bult on Trust & ME
Slide 18: International Sourcing & Distribution Ecosystem
International Sourcing & Distribution Ecosystem ORIGIN & SOURCING NETWORK M ARKET ACCESS Eight-company sourcing footprint 8 Local entities positioned across key West African SUBSIDIARIES origins IN AFRICA GHANA NIGERIA 1 Subsidiary 1 Subsidiary Manorama Savanna Manorama Savanna Ghana Limited Limited
Slide 19: International Quality Benchmarks
International Quality Benchmarks 18
Slide 20: Enduring Relationships with Blue Chip Customers
Enduring Relationships with Blue Chip Customers FOOD & CONFECTIONERY Ferrero Mondelez International Mars The Hershey Company PERSONAL CARE Cargill Walter Rau Nestlé Barry Callebaut Slavyanka LipSa Margaron Soyuzsnab The Body Shop Olam Jagston Trading Ülker Roshen Limited L’Oréal Paris Seeberger Berl
Slide 21: Q1FY27 Highlights
Q1FY27 Highlights
Slide 22: Recent Developments
Recent Developments Expansion of sourcing presence in INR 500 Crores QIP Raise West Africa Completed July 2026 at ₹1,470/share, strengthening the balance sheet ahead of the Incorporated wholly owned subsidiary Manorama FY28 capex cycle Savannah Agro Chad SARL, Republic of Chad Latin America Ramp - u
Slide 23: Sustaining Momentum Amid Global Volatility
Sustaining Momentum Amid Global Volatility “We have commenced FY27 with strong momentum, delivering a robust revenue growth of 39.5% YoY in Q1 FY27 and surpassing the INR 4,000 million quarterly revenue milestone for the first time. Profitability increased by 67.6% YoY, reflecting sustained demand a
Slide 24: Consistent Sustainable Performance – Consolidated
Consistent Sustainable Performance – Consolidated EBITDA (in INR Mn) PAT (in INR Mn) Revenue (in INR Mn) & EBITDA Margin (%) & PAT Margin (%) Financial Snapshot 25.8% 26.3% 4,040 16.2% 19.5% Q1 FY27 1,062 787 2,896 747 469 39.5% YoY 42.2% YoY 67.6% YoY Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 EBITD
Slide 25: Robust Q1FY27 Consolidated Performance
Robust Q1FY27 Consolidated Performance Particulars (INR Millions) Q1FY27 Q1FY26 YoY Q4FY26 QoQ FY26 Revenue 4,040.1 2,895.5 39.5% 3,913.4 3.2% 13,667.4 Cost of Goods Sold 2,277.8 1,523.7 49.5% 2,248.0 1.3% 7,333.5 Total Income grew by 39.5% YoY to INR 4,040 million in Gross Profit 1,762.3 1,371.9
Slide 26: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Equity and Liabilities (INR 31st March 31st March 31st March 31st March Assets (INR Millions) Millions) 2026 2025 2026 2025 Non-Current Assets Share Capital 119 119 Plant, Property and Equipment 1,932 1,748 Other Equity 6,702 4,478 Capital Work in Progress 182 24 Total E
Slide 27: Consolidated Key Performance Metrics
Consolidated Key Performance Metrics Return on Equity Return on Capital Employed 39.4% 46.2% 32.2% 23.9% FY25 FY26* FY25 FY26 Working Capital Analysis (in days) Net Debt to Equity 0.83 150 123 0.38 FY25 FY26 FY25 FY26 *FY26 - ROE is calculated on Average Shareholders’ Equity 26
Slide 28: Consistent Multi Year Growth Backed by Execution
Consistent Multi Year Growth Backed by Execution Historical Standalone Quarterly Trend 5,000 30.0% 26.4% 27.4% 27.3% 27.1% 27.1% 26.9% 4,500 23.1% 25.0% 4,000 20.1% 3,500 3,823 3,625 20.0% 16.1% 3,233 3,000 2,500 2,896 15.0% 2,000 2,328 1,954 2,092 10.0% 982 1,029 1,500 790 877 1,000 1,293 1,334 552
Slide 29: Standalone Key Performance Metrics (1/2)
Standalone Key Performance Metrics (1/2) Revenue (in INR Millions) EBITDA (in INR Millions) & EBITDA Margin (%) 24.8% 27.1% 13,577 14.0% 16.1% 16.1% 3,677 7,708 4,571 1,911 3,508 2,791 565 735 389 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 PAT (in INR Millions) & PAT Margin (%) Earnings Per S
Slide 30: Standalone Key Performance Metrics (2/2)
Standalone Key Performance Metrics (2/2) Return on Equity** Return on Capital Employed 40.3% 33.6% 28.1% 19.8% 12.6% 12.5% 10.5% 11.7% 10.4% 10.6% FY22 FY23 FY24 FY25* FY26 FY22 FY23 FY24 FY25* FY26 Working Capital Analysis (in days) Net Debt to Equity 242 0.83 0.77 181 170 151 125 0.38 0.21 0.17 FY
Slide 31: Balance Sheet (Standalone)
Balance Sheet (Standalone) Equity and Liabilities (INR 31st March 31st March 31st March 31st March Assets (INR Millions) Millions) 2026 2025 2026 2025 Non-Current Assets Share Capital 119 119 Plant, Property and Equipment 1,924 1,746 Other Equity 6,829 4,500 Capital Work in Progress 182 24 Total Equ
Slide 32: Strong Leadership & Sustainability
Strong Leadership & Sustainability
Slide 33: Board of Directors
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 Nishtala Jos
Slide 34: Strong Leadership, Stronger Execution
Strong Leadership, Stronger Execution Dr. Krishnadath Bhaggan Deputy CEO – Deep Saraf Sten Andreas Appel Business Development & Deputy Chief Executive Officer VP – New & Existing Projects Vice President – R&D – Chief Coordinator Marcelo Sasaki Mauro Sérgio Nobre Terreri Regional Sales Manager – Mana
Slide 35: Executive Team Driving Transformation
Executive Team Driving Transformation Sandeep Agrawal Vishal Hotchand Narang Mansoor Ali Chief Operating Officer Director – Manorama Associate VP – Africa Limited Corporate Affairs Chandan Gupta Gundam Sreenivasula Reddy Yogendra Puri Goswami Vice President - Sales General Manager - Africa VP – Sale
Slide 36: Management Team Delivering Results
Management Team Delivering Results Pankaj Rathi Nisha Sharma - AVP – DGM Accounts & Finance International Sales & Business Development Ekta Soni CS Deepak Sharma Associate Vice President - IR CS & Compliance Officer 35
Slide 37: Environmental Stewardship Through Circular Practices
Environmental Stewardship Through Circular Practices 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. ❑ Installation of Solar based 2
Slide 38: Social Impact Integrated with Supply Chain Development
Social Impact Integrated with Supply Chain Development SOCIAL ❑ Implemented M-TAP (Manorama Tribal Advancement Programme) for continuous capacity building on sustainability, human rights, and responsible sourcing which includes annual trainings and awareness sessions on weekly basis. ❑ Conducting Hu
Slide 39: Strong Governance Supporting Long Term Value Creation
Strong Governance Supporting Long Term Value Creation GOVERNANCE ❑ Aligned with the UN Sustainable Development Goals (SDGs), UN Global Compact, and NGRBC Principles. ❑ Strengthening governance through Human Rights Due Diligence (HRDD), responsible sourcing policies, and supplier engagement. ❑ Advanc
Slide 40: Appendix
Appendix
Slide 41: 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 42: Recent Awards & Accolades (1/4)
Recent Awards & Accolades (1/4) Felicitation by Governor of Chhattisgarh Shri Raman Deka to Mr. Deep Saraf and Manorama Industries Limited Mr. Shrey Saraf, Manorama industries received the IOPEPC Award Limited for supporting the ARMY FLAG for achieving Highest DAY 2025. Excellence in Exports of Shea
Slide 43: 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 – Vice Shri. Ashis
Slide 44: 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 45: 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 46: 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 45
Slide 47: Global Partnerships: Manorama & DEKEL
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 48: 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 49: Client Testimonials
Client Testimonials Meet the Women of Manorama – Article Published on The Body Shop Website Article Published on Lush Website Note: The Brand names mentioned are the property of their respective owners and are used here for identification purposes only 48
Slide 50: Shareholders Information
Shareholders Information Capital Market Data Shareholding Pattern June 2026 (%) MANORAMA / Promoter NSE Ticker /BSE Code 541974 39.83 FIIs Current Market Price 1,626.0 (as on 12 Aug 2026) 54.32 MF Market Cap (INR Crores) 2.63 10,270.0 Other (as on 12 Aug 2026) 3.22 Some of the Top Institutional Inve
Slide 51: Thank you!
Thank you! Manorama Industries Limited Investor Relations Advisors : CIN: L15142MH2005PLC243687 ekta@manoramagroup.co.in Vikash Verma/ Ekta Soni investors@manoramagroup.co.in Hiral Keniya/ Associate Vice President - IR M: +91 7879165440 www.manoramagroup.co.in Yashvi Jain Deepak Sharma E: vikash.ver