Manorama Industries
Manorama Industries
Food ProductsKey Fundamentals
MicrocapFood ProductsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
6- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 74.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.7%
- Debtor days have improved from 32.2 to 15.1 days.
- Company's median sales growth is 34.0% of last 10 years
Weaknesses
1- Stock is trading at 17.7 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoManorama Industries Ltd is a food products company with a market cap of ₹10,268 Cr, trading at a P/E of 45.9x. The company has delivered exceptional profit growth of 74% CAGR over 5 years and TTM sales growth of 76%, though it trades at a significant premium to book value at 8.73x P/B.
- Exceptional profit growth with 5-year compounded profit CAGR of 74% and TTM profit growth of 108%
- Strong revenue momentum with TTM sales growth of 76% and 3-year compounded sales CAGR of 57%
- Consistent return on equity with last year ROE at 40% and 3-year average ROE of 30%
- Significant improvement in working capital efficiency with debtor days declining from 32.2 to 15.1 days
- Long-term compounding track record with 10-year compounded sales growth of 26% and profit growth of 70%
- Company has been actively reducing debt, improving balance sheet quality
- Median sales growth of 34% over the last 10 years indicates consistent demand for its products
- 5-year ROE of 25% and 10-year ROE of 24% demonstrate sustained capital efficiency across market cycles
- Stock trades at 14.0x book value, a steep premium that leaves limited margin of safety
- P/E ratio of 45.9x is elevated for a food products company, pricing in significant future growth
- Dividend yield of only 0.04% offers negligible income return to shareholders
- 52-week high and low data unavailable (showing 0), making it difficult to assess recent price range and volatility
- Small-to-mid cap at ₹10,268 Cr market cap may carry higher liquidity risk and volatility compared to large-cap food peers
- Current growth rates of 76% sales and 108% profit growth may be difficult to sustain, creating deceleration risk
- P/B of 8.73x implies the market expects continued high ROE; any compression in ROE from 40% could trigger re-rating downward
- Stock CAGR of 7% over 1 year lags the profit growth of 108% TTM, suggesting market may already be pricing in execution risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Chad subsidiary incorporated Jul 21
Manorama Industries incorporated Manorama Savannah Agro Chad SARL on July 20, 2026, with paid-up capital of CFA 10,000,000, signaling international expansion into African markets.
- Board approves Chad expansion Jul 9
Board approved incorporating a wholly owned subsidiary in Chad on July 09, 2026, preceding the formal incorporation on July 20.
- Promoter holding steady at 51.38% Jul 8
Promoters hold 51.38% of total issued capital as of July 04, 2026, disclosed under SEBI Takeover Regulations, indicating stable ownership structure.
TL;DR: Manorama Industries is actively pursuing international expansion with a new subsidiary in Chad, suggesting management confidence in growing its food products business in African markets. Promoter holding remains stable above 51%, reflecting no dilution concerns. No headwinds are visible in recent news flow. The trend is mildly positive with geographic diversification as the key forward catalyst.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 112 | 118 | 98 | 129 | 133 | 195 | 209 | 233 | 290 | 323 | 363 | 382 | 404 |
| Expenses | 93 | 99 | 83 | 109 | 107 | 150 | 154 | 169 | 211 | 236 | 264 | 279 | 295 |
| Operating Profit | 19 | 18 | 16 | 21 | 27 | 45 | 55 | 64 | 79 | 88 | 98 | 103 | 109 |
| OPM % | 17% | 16% | 16% | 16% | 20% | 23% | 26% | 27% | 27% | 27% | 27% | 27% | 27% |
| Other Income | 3 | 2 | 4 | 4 | 4 | 3 | 2 | 9 | 5 | 1 | 11 | -5 | 16 |
| Interest | 2 | 5 | 6 | 7 | 8 | 8 | 11 | 12 | 9 | 8 | 11 | 9 | 10 |
| Depreciation | 3 | 3 | 4 | 4 | 4 | 6 | 6 | 6 | 6 | 6 | 6 | 7 | 6 |
| PBT | 16 | 12 | 11 | 14 | 18 | 35 | 40 | 55 | 69 | 74 | 92 | 81 | 109 |
| Tax % | 30% | 30% | 30% | 10% | 26% | 24% | 27% | 23% | 27% | 26% | 25% | 26% | 25% |
| Net Profit | 12 | 9 | 7 | 12 | 14 | 27 | 30 | 42 | 51 | 55 | 68 | 60 | 82 |
| EPS in Rs | 1.94 | 1.44 | 1.25 | 2.1 | 2.27 | 4.48 | 4.95 | 7.09 | 8.48 | 9.19 | 11.43 | 9.97 | 13.66 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 133 | 131 | 145 | 210 | 102 | 188 | 203 | 279 | 351 | 457 | 771 | 1,358 | 1,472 |
| Expenses | 129 | 127 | 143 | 193 | 73 | 144 | 168 | 240 | 294 | 384 | 580 | 990 | 1,074 |
| Operating Profit | 4 | 4 | 3 | 17 | 29 | 44 | 35 | 39 | 56 | 74 | 191 | 368 | 398 |
| OPM % | 3.2% | 3% | 1.9% | 8% | 28% | 23% | 17% | 14% | 16% | 16% | 25% | 27% | 27% |
| Other Income | 1 | 1 | 1 | 2 | 3 | 6 | 6 | 8 | 6 | 13 | 19 | 11 | 22 |
| Interest | 3 | 2 | 1 | 2 | 5 | 10 | 10 | 6 | 9 | 20 | 39 | 38 | 38 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 8 | 8 | 8 | 11 | 14 | 22 | 26 | 26 |
| PBT | 2 | 2 | 2 | 16 | 27 | 32 | 22 | 34 | 43 | 53 | 148 | 316 | 356 |
| Tax % | 34% | 36% | 33% | 38% | 28% | 28% | 35% | 28% | 31% | 25% | 24% | 26% | — |
| Net Profit | 1 | 1 | 1 | 10 | 19 | 23 | 15 | 24 | 30 | 40 | 112 | 233 | 264 |
| EPS in Rs | 1.23 | 1.08 | 1.28 | 2.63 | 3.43 | 4.2 | 2.62 | 4.05 | 5 | 6.73 | 18.8 | 39.06 | 44.25 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8% | 6% | 3% | 2% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 8 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 8 | 11 | 12 | 17 | 93 | 116 | 134 | 256 | 286 | 325 | 450 | 683 |
| Borrowings | 4 | 5 | 0 | 18 | 24 | 119 | 85 | 108 | 110 | 346 | 482 | 355 |
| Other Liabilities | 3 | 3 | 8 | 3 | 5 | 42 | 24 | 19 | 16 | 53 | 41 | 150 |
| Total Liabilities | 17 | 21 | 23 | 45 | 133 | 289 | 254 | 396 | 424 | 737 | 985 | 1,200 |
| Fixed Assets | 3 | 3 | 3 | 3 | 6 | 51 | 57 | 55 | 97 | 129 | 176 | 195 |
| CWIP | 0 | 0 | 0 | 1 | 16 | 0 | 0 | 42 | 50 | 42 | 5 | 18 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Other Assets | 14 | 18 | 20 | 41 | 112 | 237 | 197 | 299 | 278 | 565 | 804 | 977 |
| Total Assets | 17 | 21 | 23 | 45 | 133 | 289 | 254 | 396 | 424 | 737 | 985 | 1,200 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 2 | — | -11 | -11 | -60 | 33 | -33 | 59 | -154 | -59 | 259 |
| Investing | — | 2 | — | -1 | -50 | -10 | 11 | -35 | -99 | -62 | -34 | -87 |
| Financing | — | -1 | — | 16 | 62 | 85 | -45 | 117 | -7 | 214 | 93 | -165 |
| Net Cash Flow | — | 3 | — | 3 | 2 | 15 | 0 | 49 | -47 | -1 | 0 | 7 |
| Free Cash Flow | — | 1 | — | -14 | -32 | -91 | 29 | -93 | 8 | -193 | -90 | 206 |
| CFO/OP | — | 72 | — | -47 | -16 | -126 | 121 | -56 | 126 | -188 | -15 | 93 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 3 | 1 | 3 | 3 | 50 | 32 | 40 | 33 | 29 | 33 | 48 | 15 |
| Inventory Days | 10 | 18 | 6 | 37 | 273 | 669 | 391 | 535 | 272 | 586 | 516 | 356 |
| Days Payable | 5 | 5 | 21 | 0 | 11 | 147 | 24 | 24 | 7 | 60 | 13 | 40 |
| Cash Conversion Cycle | 8 | 14 | -13 | 40 | 312 | 553 | 408 | 544 | 294 | 559 | 551 | 331 |
| Working Capital Days | 0 | 0 | -11 | 2 | 94 | 56 | 128 | 172 | 119 | 100 | 105 | 100 |
| ROCE % | 27% | 24% | 17% | 62% | 37% | 22% | 14% | 13% | 13% | 13% | 23% | 35% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY15–FY26.
Documents
Frequently Asked Questions about Manorama Industries
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Company Information
Manorama Industries is engaged in manufacturing specialty fats and butter made from exotic seeds and nuts. [1]
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