Manorama Industries Limited: A Stellar Half-Year Fueled by Strategic Growth and Sustainable Practices

Manorama Industries Limited has once again demonstrated robust performance, reporting a strong first half for Financial Year 2026. The company, a global leader in specialty fats and butters, announced consolidated revenue of INR 612.9 crores, marking an impressive 86.4% year-on-year growth. This significant surge was underpinned by a superior product mix, optimized utilization of expanded fractionation facilities, and consistent demand from key international clients across the chocolate, confectionery, and cosmetic industries. The company's EBITDA for the period stood at INR 156.6 crores, with a healthy margin of 27.2%, while profit after tax (PAT) reached INR 105.5 crores, translating to a PAT margin of 17.2%. These figures highlight Manorama's effective operational leverage and disciplined cost control measures.

The company's growth trajectory is deeply rooted in its innovative and sustainable business model. Manorama's unique 'Waste to Wealth' approach involves sourcing raw materials like Sal, Mango, and Shea nuts from rural and tribal communities. This model not only ensures a reliable and traceable supply chain but also empowers millions of women, reinforcing the company's commitment to inclusive growth and strong environmental, social, and governance (ESG) principles. This integrated strategy has allowed Manorama to maintain healthy margins and strengthen its market position, even as it navigates dynamic global markets.

Strategic Expansions and Global Reach

Manorama Industries is actively pursuing several strategic initiatives to further solidify its global presence and enhance operational capabilities. A key development includes a plant maintenance and upgradation shutdown scheduled for Q3 FY26. This will expand the fractionation capacity from 40,000 metric tons per annum (MTPA) to approximately 52,000 MTPA, a move expected to boost efficiency and throughput without affecting the annual revenue guidance. The company has also acquired land adjacent to its existing Birkoni facility to support future capacity expansions, signaling long-term growth ambitions.

Global expansion is another cornerstone of Manorama's strategy. The company has established subsidiaries in West Africa to streamline the procurement of critical raw materials like Shea Nuts. Furthermore, an MoU has been signed with the government of Burkina Faso to set up a processing facility, aiming to enhance local value addition and improve supply chain efficiency. In Latin America, Manorama has entered into a strategic agreement with DEKEL Agroindustria in Brazil to utilize their processing facilities for manufacturing specialty fats. This partnership will enable rapid market penetration in the region without immediate capital expenditure, addressing local demand more efficiently.

Innovation and Market Diversification

Innovation remains at the forefront of Manorama's operations, driven by its Milcoa® Innovation & Research Center. Spearheaded by Dr. Krishnadath Bhaggan, a professional with extensive global industry experience, the R&D team continuously develops new customized products with varied applications in chocolate, food, confectionery, cosmetics, and personal care. The company's DSIR certification from the Government of India underscores its commitment to research and development, which acts as a strong entry barrier and fosters deeper client engagement.

Manorama's product portfolio includes a range of all-round filling fats, bake-stable fats, wafer cream filling fats, frozen desert applications, ice cream coatings, and no-palm spread fats. The Milcoa® brand offers cocoa butter equivalents/improvers and replacers, as well as hard fats for culinary use and spreading. This continuous innovation and product diversification strategy allows Manorama to cater to evolving market trends and customer requirements, jointly developing products to ensure market relevance and stickiness.

Outlook and Commitment

Looking ahead, Manorama Industries has revised its annual revenue guidance for FY26 upwards from INR 1,050 crores to INR 1,150 crores plus, reflecting strong confidence in demand and operational scalability. The company remains deeply focused on strengthening its leadership position through continuous innovation, capacity expansion, and deeper customer engagement. With a fundamentally strong balance sheet, disciplined execution, and a sustainability-driven growth model, Manorama Industries is well-positioned to deliver long-term value to all its stakeholders. The management's commitment to operational excellence, community empowerment, and sustainable value creation continues to be the driving force behind its success.