Manorama Industries makes specialty fats and cocoa butter equivalents (CBE) from Sal seeds, Mango Kernel, Shea nuts and palm, supplying chocolate and confectionery majors like Mondelez, Nestle and Hershey's. This quarter's print will speak to whether the ~80% utilization frame replaces the walked-back FY27 revenue guidance, and whether the 26.3% EBITDA margin holds within the 25-27% band as gross-margin compression continues.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,040.1 Mn (+39.5% YoY, +3.2% QoQ) |
| Previous quarter PAT | Rs. 786.6 Mn (+67.6% YoY) |
| Previous quarter EBITDA margin | 26.3% (+49 bps YoY) |
| Market cap | Rs. 12,358.1 Cr |
| CMP | Rs. 1957.8 |
The Board of Directors will meet on Thursday, November 12, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026 (Q2/H1 FY27) with the Limited Review Report, under Regulations 29 and 33 of SEBI LODR. The trading window reopens on November 14, 2026.
The key question for Q2 FY27 is whether Manorama's volume-led growth engine keeps running against a price-constrained global chocolate market, with Hershey's reporting an 8% volume drop and Lindt's H1 volumes down 7.5% even as Mondelez raised its FY26 outlook to at least 2% organic growth and Barry Callebaut volumes rose 5.7%.
Management's standing bar is revenue growth "on and above 30%" for FY27 against a Q2 FY26 base of Rs. 3,233.1 Mn, with ~80% utilization of the ~52,000-ton capacity after the INR 1,600-1,800 Cr rupee guidance was declared "not on track" at the Q1 call.
On margins, the guided 25-27% yearly EBITDA band is the anchor, with Q1 printing 26.3% even as gross margin compressed 376 bps YoY to 43.6%; palm input costs firmed through the quarter (FAO vegetable oil index at multi-year highs, India retail palm oil up 16.3% YoY) though the September 24 duty cut on crude palm oil (BCD to 5% from 10%) arrived only in the quarter's final week.
Shea supply stays tight, with Nigeria's raw shea export ban extended to February 25, 2027 and Burkina Faso exports subject to a 25% domestic-allocation requirement and a CFAF 200/kg levy, while management has said the cost-plus model with 9-12 month contracts keeps CBE prices stable at $5,500-$6,000.
The call is also likely to cover capex run-rate against the ~Rs. 460 Cr program (Rs. 52 Cr spent by Q4 FY26), the +4,500-ton debottlenecking to ~52,000 tons slated for Q3 FY27, and deployment of the Rs. 50 Cr QIP proceeds allotted on July 2, 2026.
Performance vs Guidance Tracking: Management walked back its FY27 rupee guidance at the Q1 call — here is what to check against each standing target.
Strategic execution and capex updates
Risks and headwinds to monitor
Operating metric trajectory
At the Q1 FY27 call, management said the company is "not on track" for the previously provided INR 1,600-1,800 Cr FY27 revenue guidance and re-anchored to ~80% utilization of the 52,000-ton plant (about 41,600 tons). Investors will watch whether a numerical FY27 target is reinstated or the utilization-based frame is retained.
Gross margin fell 376 bps YoY to 43.6% in Q1 FY27, following declines of 662 bps YoY in Q4 FY26 and 851 bps YoY in Q3 FY26. Management's position is that gross margins fluctuate with raw material costs, but margins are maintained at the EBITDA level under a cost-plus model with 9-12 month contracts.
At the Q1 FY27 call, management said shea nut procurement "largely has been done in the last quarter," with domestic sal and mango bought across India and shea nuts and butters sourced from multiple African countries. Nigeria's raw shea export ban has been extended to February 25, 2027, making sourcing diversification a continuing theme.
Management has set an 80% utilization target for stakeholders with an 80-85% internal target on the ~52,000-ton capacity, with 80% equalling 41,600 tons. Q1 FY27 actual utilization was ~80%, up from ~63% in FY25, and quarterly progress updates have been promised.
Yes — Q1 FY27 consolidated revenue of Rs. 4,040.1 Mn was up 39.5% YoY and 3.2% QoQ, crossing Rs. 400 Cr in a quarter for the first time. Growth was largely volume-led, contributing approximately 85% to the growth, and FY26 standalone revenue of Rs. 1,358 Cr grew 76.1% YoY.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.