Manorama Industries Ltd. · NSE:MANORAMA
Manorama Industries — Q2 FY27 Earnings Presentation
44 slides from Manorama Industries's earnings presentation, Nov 12, 2026
Slide 1: Exchange filing cover letter
Manorama Industries Limited KHASRA No. - 2449-2610, Parswani Road, Near Birkoni Industrial Area, November 12, 2026 Mahasamund (C.G.)- 493445 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: Investor Presentation – Q2 & H1FY27
Empowering Sustainability November - 2026 Manorama Industries Limited Investor Presentation – Q2 & H1FY27
Slide 3: Table of Contents
Table of Contents 01 03 05 Industry Strong Q2 & H1FY27 Tailwinds Leadership & Highlights Sustainability The Manorama Business Model & Competitive Appendix Story Moats 02 04 06 2
Slide 4: Q2 & H1FY27 Highlights
Q2 & H1FY27 Highlights
Slide 5: Management Commentary – Q2 & H1FY27
MANAGEMENT COMMENTARY – Q2 & H1FY27 “We are pleased to report another strong quarter, with Q2FY27 revenue growing 41.9% YoY to ₹4,589 million, EBITDA rising 34.4% to ₹1,182 million and PAT increasing 51.8% to ₹808 million. H1FY27 performance remained equally robust, with revenue growth of 40.8% and
Slide 6: Financial Snapshot
Consistent Sustainable Performance – Consolidated EBITDA (in INR Mn) PAT (in INR Mn) Revenue (in INR Mn) & EBITDA Margin (%) & PAT Margin (%) Financial Snapshot 4,589 27.2% 25.8% 16.5% 17.6% Q2 FY27 3,233 1,182 808 879 532 41.9% YoY 34.4% YoY 51.8% YoY Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 EBITD
Slide 7: Robust Q2 & H1FY27 Consolidated Performance
Robust Q2 & H1FY27 Consolidated Performance Particulars (INR Millions) Q2FY27 Q2FY26 YoY Q1FY27 QoQ H1FY27 H1FY26 YoY FY26 Revenue 4,588.6 3,233.1 41.9% 4,040.1 13.6% 8,628.7 6,128.6 40.8% 13,667.4 Cost of Goods Sold 2,637.3 1,671.6 57.8% 2,277.8 15.8% 4,915.0 3,195.3 53.8% 7,333.5 Total Income gr
Slide 8: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Equity and Liabilities (INR 30th Sep 31st March 30th Sep 31st March Assets (INR Millions) Millions) 2026 2026 2026 2026 Non-Current Assets Share Capital 126 119 Plant, Property and Equipment 2,003 1,932 Other Equity 13,154 6,702 Capital Work in Progress 266 182 Total Equ
Slide 9: Consolidated Key Performance Metrics
Consolidated Key Performance Metrics Return on Equity Return on Capital Employed 39.4% 46.2% 32.2% 30.9% 23.9% 24.0% FY25 FY26* H1FY27* FY25 FY26 H1FY27 Working Capital Analysis (in days) Net Debt to Equity 233 0.83 150 123 0.38 0.04 FY25 FY26 H1FY27 FY25 FY26 H1FY27 *ROE is calculated on Average Sh
Slide 10: Consistent Multi Year Growth Backed by Execution
Consistent Multi Year Growth Backed by Execution Historical Standalone Quarterly Trend 5,000 28.0% 27.4% 27.3% 27.1% 27.1% 26.9% 27.3% 26.4% 26.4% 4,500 4,561 27.0% 4,000 4,040 26.0% 3,500 3,823 3,625 25.0% 3,233 3,000 2,896 23.1% 2,500 24.0% 2,000 2,328 2,092 23.0% 1,954 1,202 1,500 982 1,029 1,105
Slide 11: 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 12: 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 13: Balance Sheet (Standalone)
Balance Sheet (Standalone) Equity and Liabilities (INR 30th Sep 31st March 30th Sep 31st March Assets (INR Millions) Millions) 2026 2026 2026 2026 Share Capital 126 119 Non-Current Assets Other Equity 13,364 6,829 Plant, Property and Equipment 1,996 1,924 Total Equity 13,491 6,949 Capital Work in Pr
Slide 14: The Manorama Story
The Manorama Story
Slide 15: 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 16: 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 17: Four Engines of Compounding Growth
Four Engines of Compounding Growth CBE & Specialty Fats Platform & Global Certifications & Trusted Customer 1 Unique Sourcing Ecosystem 3 Relationships • Built the business over nearly two decades with a focus on • International certifications including FSSC 22000, ISO, RSPO speciality fats and butt
Slide 18: Industry Tailwinds
Industry Tailwinds
Slide 19: Demand Tailwinds Powering CBE & Specialty Fats Adoption
Demand Tailwinds Powering CBE & Specialty Fats Adoption Need for Heat – Stable Chocolate 1 Growing Adoption of CBE 2 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 20: Business Model & Competitive Moats
Business Model & Competitive Moats
Slide 21: 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 22: Integrated Manufacturing Dominance
Integrated Manufacturing Dominance NEWLY ACQUIRED LAND FOR CAPEX State-of-the-art Fractionation Facility enabling production of premium Cocoa Butter Equivalents Technological Edge (CBEs) and specialty fats. 21
Slide 23: Driving the Next Phase of Growth
Driving the Next Phase of Growth 01 Expand Capacity Debottleneck fractionation capacity GROWTH COMMITMENT 02 Scale Refining Add refining capability (forward-integration program) Proposed capex over the next 2–3 years ^ Increase contribution from CBE, stearin, specialty fats and application-specific,
Slide 24: 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 25: Milcoa Brand Range & Applications
Milcoa Brand Range & Applications Milcoa® Brand Range ➢ Milcoa ES – Cocoa butter equivalent ➢ Milcoa IS – Cocoa butter improver ➢ Milcoat – Cocoa butter replacer ➢ Milcospread – Chocolate and nut spread fat Milcoa Applications 24
Slide 26: 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+ Asia, Europe, Strong Global Countries Reach Japan Asia Americas, Bult on Trust & With MENA, Africa, Geogr
Slide 27: International Quality Benchmarks
International Quality Benchmarks 26
Slide 28: 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 29: Strong Leadership & Sustainability
Strong Leadership & Sustainability
Slide 30: Board of Directors
Board of Directors Mudit Kumar Singh – Chairman & Whole Time Director Deep Saraf CA Ashok Jain Gautam Pal Shrey Saraf Managing Director Whole Time Director & Whole Time Director Whole Time Director Chief Financial Officer Subhaprada Nishtala Jose V. Joseph Rohini Tiwari Nipun Sumanlal Mehta Veni Moc
Slide 31: Strong Leadership, Stronger Execution
Strong Leadership, Stronger Execution Dr. Krishnadath Bhaggan Ashish Saraf Sten Andreas Appel Deputy CEO – President – Strategic VP – New & Existing Projects Business Development & Planning & Business Vice President – R&D Development Vinita Saraf Marcelo Sasaki Mauro Sérgio Nobre Terreri President –
Slide 32: Executive Team Driving Transformation
Executive Team Driving Transformation Sandeep Agrawal Mansoor Ali Chandan Gupta Chief Operating Officer Associate VP – Vice President - Sales Corporate Affairs Rossana Bento Cabral Thales Baptistella Yogendra Puri Goswami Marketing and Sales Finance Manager – VP – Sales Executive – Manorama Latin Am
Slide 33: Management Team Delivering Results
Management Team Delivering Results Ekta Soni Nisha Sharma - AVP – Associate Vice President - IR International Sales & Business Development CS Deepak Sharma CS & Compliance Officer 32
Slide 34: 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 35: 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 36: 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 37: Appendix
Appendix
Slide 38: 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 39: Recent Awards & Accolades (1/2)
Recent Awards & Accolades (1/2) Manorama Industries Limited received “Architect of India’s Specialty Fats Industry – Manorama Industries awarded Establishing SAL, MANGO & with ‘SHEFEXIL Award for SHEA from Forest Floor to Export Excellence’ Globally Recognized recognizing Company’s Confectionary Fat
Slide 40: Recent Awards & Accolades (2/2)
Recent Awards & Accolades (2/2) Manorama Industries awarded as Manorama Industries ‘TWO EXPORT EXCELLENCE received ‘Excellency AWARDS’ under the category Award ’ in collaboration Highest Foreign Exchange Earner with the Government of – 2018-2019 and 2019-2020 Chhattisgarh & organized by Federation o
Slide 41: Glimpse of Seed Procurement Process / Team
Glimpse of Seed Procurement Process / Team Tribals Collecting Sal Seeds, India Management with Shea Seed Collection Team, Africa 40
Slide 42: 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 41
Slide 43: Shareholders Information
Shareholders Information Capital Market Data Shareholding Pattern September 2026 (%) MANORAMA / Promoter NSE Ticker /BSE Code 541974 38.06 FIIs Current Market Price 2,100.1 51.38 (as on 12 Nov 2026) MF Market Cap (INR Crores) 13,256.3 6.40 Other (as on 12 Nov 2026) 4.16 Some of the Top Institutional
Slide 44: 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