Manorama Industries names Deep Saraf managing director

Manorama Industries Limited named Deep Saraf managing director in its November 12, 2026 announcement, assigning him operations and expansion execution after Q2FY27 consolidated revenue rose 41.9% year on year to Rs 458.86 crore. Ashish Saraf moved to a strategic planning and business-development role focused on global relationships.

Why did Manorama Industries change its leadership structure?

Manorama Industries said the November 12, 2026 restructuring was needed because operational execution and long-term strategy each require dedicated leadership as the business scales. The company said the model separates governance, execution and strategy, with defined roles intended to support faster decision-making and a professionally managed, systems-driven organisation.

The announced structure assigns Mudit Kumar Singh, as chairman, responsibility for board leadership, corporate governance and risk oversight. Deep Saraf becomes managing director, Ashish Saraf becomes President, Strategic Planning & Business Development, and Vinita Saraf remains President, Business Excellence & Development. Manorama Industries said the transition is supported by a professional board and management team to maintain continuity of strategy, values and customer service.

The transition accompanied financial results for the quarter and half year ended September 30, 2026. Q2FY27 consolidated revenue reached Rs 458.86 crore, compared with Rs 323.31 crore in Q2FY26, while H1FY27 revenue was Rs 862.87 crore against Rs 612.86 crore a year earlier. The company linked the sales growth to demand across its product portfolio and higher sales volumes.

What will Deep Saraf do as managing director?

Deep Saraf will lead manufacturing excellence, supply chain, capacity utilisation and delivery of expansion projects as managing director of Manorama Industries. The company said he has spent more than two decades with the business and has participated in building operations, expanding capacities and strengthening customer relationships.

The remit places execution of expanded capacity at the centre of Deep Saraf's role. In the November 12 announcement, he said Manorama Industries was focused on translating expanded capacities into sustainable growth, supported by a diversified global customer base. The company did not disclose the capacity scale, project timetable or capital expenditure associated with those expansion plans.

Q2FY27 earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 34.4% to Rs 118.18 crore from Rs 87.92 crore in Q2FY26. EBITDA margin, however, declined by 144 basis points to 25.8% from 27.2%, with Manorama Industries citing increased freight costs. One basis point equals one-hundredth of a percentage point.

Q2FY27 profit after tax, or PAT, increased 51.8% to Rs 80.81 crore from Rs 53.24 crore, while PAT margin rose by 114 basis points to 17.6%. Diluted earnings per share increased 39.6% to Rs 12.44 from Rs 8.91. The reported figures show PAT grew faster than revenue in the quarter, even as the EBITDA margin was below the prior-year level.

What is Ashish Saraf's new role at Manorama Industries?

Ashish Saraf will focus on long-term strategy, global partnerships and relationships with customers and suppliers as President, Strategic Planning & Business Development. Manorama Industries said the assignment allows him to devote his experience to shaping its long-term vision, identifying growth opportunities and deepening its global presence.

The arrangement separates external relationship-building and strategic planning from the manufacturing, supply-chain and expansion responsibilities assigned to Deep Saraf. Deep Saraf said Ashish Saraf's strategic role would allow Manorama Industries to benefit from his long-term vision and global relationships while the operating team focuses on disciplined execution of expansion plans.

Exports accounted for 61% of H1FY27 revenue and domestic business accounted for 39%, giving the company a 39:61 domestic-export mix. H1FY27 consolidated revenue increased 40.8% to Rs 862.87 crore from Rs 612.86 crore in H1FY26. This disclosed mix is the company’s specific measure of the global revenue base connected to Ashish Saraf's partnerships and relationship remit.

Manorama Industries identified its DSIR-certified Milcoa Innovation & Research Centre and customer-led product development as parts of its growth framework. Its products include cocoa butter equivalents, specialty fats, butters and exotic products, including sal, shea and mango cocoa butter equivalent and stearin offerings. The announcement did not provide a numerical sales target, financial forecast or timetable for the strategic role.

How did Manorama Industries perform in the first half?

Manorama Industries reported H1FY27 consolidated PAT of Rs 159.47 crore, up 59.2% from Rs 100.19 crore in H1FY26, on revenue of Rs 862.87 crore. Management attributed first-half performance to healthy demand, a stronger value-added mix and disciplined execution across the product portfolio.

H1FY27 EBITDA rose 38.0% to Rs 224.39 crore from Rs 162.62 crore in H1FY26. EBITDA margin declined 53 basis points to 26.0% from 26.5%, whereas PAT margin expanded 213 basis points to 18.5% from 16.4%. Thus, first-half PAT increased faster than both revenue and EBITDA, while the EBITDA margin narrowed.

Diluted earnings per share for H1FY27 was Rs 25.61, compared with Rs 16.77 in H1FY26, an increase of 52.7%. For the full FY26, revenue was Rs 1,366.74 crore, EBITDA was Rs 361.33 crore and PAT was Rs 224.92 crore. Manorama Industries did not provide FY27 revenue, profitability or earnings guidance in the announcement.

How does Vinita Saraf's role fit the new structure?

Vinita Saraf leads business excellence and development, with responsibility for strengthening processes, operational capabilities and strategic growth initiatives. Manorama Industries positioned this role alongside the chairman's board and risk remit, Deep Saraf's execution remit and Ashish Saraf's strategy, customer and supplier relationship remit.

The company said its business-excellence work concerns processes and operational capabilities rather than a separately reported financial segment. Its identified operating mechanisms include manufacturing, supply chain, capacity utilisation, sourcing capabilities, innovation and the value-added portfolio of specialty fats and butters supplied to chocolate, confectionery and cosmetics customers.

Manorama Industries said its professional board, capable leaders and robust processes would support uninterrupted service for customers and suppliers during the transition disclosed on November 12, 2026. The filing did not state whether any executive left the board, and it did not disclose revised reporting lines, remuneration terms or an effective date separate from the announcement date.

The company described the Milcoa Innovation & Research Centre as certified by the Department of Scientific and Industrial Research, or DSIR. It also described customised solutions across sal, shea and mango cocoa butter equivalent and stearin products. The release did not disclose research spending, the number of products under development or revenue by product category.

Conclusion

The November 12, 2026 restructuring gives Deep Saraf responsibility for operational execution and expansion delivery, while Ashish Saraf takes the longer-term strategy and global relationship remit. It was announced alongside Q2FY27 revenue growth of 41.9% to Rs 458.86 crore and H1FY27 PAT growth of 59.2% to Rs 159.47 crore, although EBITDA margins declined in both periods.

The next disclosed point to watch is management's plan to translate expanded capacity into sustainable growth, with exports representing 61% of H1FY27 revenue. Future disclosures may show delivery of expansion projects, capacity utilisation and freight-cost effects on EBITDA margin, while Manorama Industries has not set a numerical FY27 target or expansion timetable in this announcement.