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Manorama Industries

MANORAMA NSE
₹1,926.80 No trade today
P/E
43.54
View as Markdown
MCP
Close 4 Nov 2026 ₹1,926.80 +622.30 +47.7% 1Y
Start ₹1,304.50

Key Fundamentals

MicrocapFood ProductsFMCG

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
35.40%
Debt to Equity
0.51
EPS (TTM)
₹44.25
Book Value
₹187.28
Market Cap
—
P/E (TTM)
43.54
P/B
10.29
ROE
40.20%
Dividend Yield
0.04%
EBITDA
₹372 Cr
52W High
₹2,149.50
52W Low
₹1,060.60
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

63 Good

Data confidence 100/100

Category scores

Quality
78
Strong
Returns, margins, earnings quality 22% weight
Valuation
28
Poor
Cheap vs sector & own history 24% weight
Growth
98
Strong
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
88
Strong
Trend strength, vol-adjusted 12% weight
Ownership
59
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 17.0 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish1612
OscillatorsBullish162
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
56.44
Neutral
MACD (12,26,9)
−19.48
Bullish
SMA (50)
1,912.18
Bullish
SMA (200)
1,570.99
Bullish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+26.35%
5Y+46.24%
3Y+56.99%
1Y+76.13%
TTM+58.79%

Net profit

Net profit growth by window
10Y+72.48%
5Y+73.08%
3Y+98.04%
1Y+108.04%
TTM+76.67%

Operating cash flow

Operating cash flow growth by window
10Y+62.64%
5Y+50.99%
3Y+63.74%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+24.05 pp
5Y+9.86 pp
3Y+11.15 pp
1Y+2.33 pp
TTM+0.83 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹145 Cr
Mar 2018₹210 Cr
Mar 2019₹102 Cr
Mar 2020₹188 Cr
Mar 2021₹203 Cr
Mar 2022₹279 Cr
Mar 2023₹351 Cr
Mar 2024₹457 Cr
Mar 2025₹771 Cr
Mar 2026₹1,358 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1.00 Cr
Mar 2018₹10.00 Cr
Mar 2019₹19.00 Cr
Mar 2020₹23.00 Cr
Mar 2021₹15.00 Cr
Mar 2022₹24.00 Cr
Mar 2023₹30.00 Cr
Mar 2024₹40.00 Cr
Mar 2025₹112 Cr
Mar 2026₹233 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹434 Cr +16.8% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Manorama 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.

Bull Case 8
  • 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
Bear Case 7
  • 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

94d ago

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.

Positives 1
  • 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.

Neutral 2
  • 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.

Quarterly Results

₹ Cr
MANORAMA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
MANORAMA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
MANORAMA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
MANORAMA cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

MANORAMA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Manorama Industries insights

70 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.38%
  • Public 31.54%
  • Others 6.51%
  • DIIs 6.40%
  • FIIs 4.16%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Manorama Industries

What does Manorama Industries Ltd do?
Manorama Industries is engaged in manufacturing specialty fats and butter made from exotic seeds and nuts.
Where is Manorama Industries Ltd (MANORAMA) listed?
Manorama Industries Ltd trades as MANORAMA on the NSE and under code 541974 on the BSE.
Which sector does Manorama Industries Ltd belong to?
Manorama Industries Ltd is classified under the Food Products sector.
What is the PE ratio of Manorama Industries Ltd?
Manorama Industries Ltd trades at a PE ratio of 43.54 as of 4 Nov 2026, on earnings per share of ₹44.25, against a book value of ₹187.28 per share.
What is the 52-week high and low of Manorama Industries Ltd?
Over the last 52 weeks Manorama Industries Ltd has traded between ₹1,060.6 and ₹2,149.5 as of 4 Nov 2026.
Does Manorama Industries Ltd pay dividends?
Manorama Industries Ltd has a dividend yield of 0.04%.
What is the Return on Equity (ROE) of Manorama Industries Ltd?
Manorama Industries Ltd reported a return on equity of 40.20%. Its debt-to-equity ratio is 0.51.

Company Information

Manorama Industries is engaged in manufacturing specialty fats and butter made from exotic seeds and nuts.

Website manoramagroup.co.in
CEO Mr. Ashish Ramesh Saraf
Employees 498
Listed 1 Jul 2022
Face Value ₹2

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