Manorama Industries Q2 revenue rises 41.9%, PAT up 51.8%

Manorama Industries Limited reported consolidated Q2FY27 revenue of Rs 458.86 crore, up 41.9% year on year, while profit after tax rose 51.8% to Rs 80.81 crore. Higher freight costs reduced EBITDA margin by 144 basis points to 25.8%, although demand and sales volumes increased across the portfolio.

How did Manorama Industries perform in Q2FY27?

Manorama Industries recorded consolidated revenue of Rs 458.86 crore in Q2FY27, compared with Rs 323.31 crore in Q2FY26, an increase of 41.9%. The company attributed the increase to strong demand across its product portfolio and higher sales volumes, while FY26 revenue had totalled Rs 1,366.74 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 34.4% to Rs 118.18 crore in Q2FY27 from Rs 87.92 crore a year earlier. Profit after tax, or PAT, rose faster than EBITDA, increasing 51.8% to Rs 80.81 crore from Rs 53.24 crore, while diluted earnings per share increased 39.6% to Rs 12.44 from Rs 8.91.

Why did Manorama Industries’ margin change in Q2FY27?

Manorama Industries’ EBITDA margin declined to 25.8% in Q2FY27 from 27.2% in Q2FY26, a contraction of 144 basis points. The company said increased freight costs affected the margin, even as EBITDA increased by Rs 30.26 crore and revenue grew by Rs 135.55 crore over the prior-year quarter.

PAT margin expanded by 114 basis points to 17.6% in Q2FY27 from 16.5% in Q2FY26. This differed from the operating-margin movement: EBITDA grew 34.4%, below the 41.9% revenue increase, while PAT grew 51.8%, above both the reported revenue and EBITDA growth rates.

The reported figures show that Manorama Industries added sales and operating profit despite the freight-cost pressure. Q2FY27 revenue was Rs 458.86 crore and EBITDA was Rs 118.18 crore, compared with Rs 323.31 crore in revenue and Rs 87.92 crore in EBITDA in Q2FY26, resulting in the lower EBITDA margin.

What did Manorama Industries report for H1FY27?

Manorama Industries reported H1FY27 consolidated revenue of Rs 862.87 crore, up 40.8% from Rs 612.86 crore in H1FY26. The domestic-to-export revenue mix was 39:61 in the six-month period, meaning exports accounted for 61% of H1FY27 revenue.

H1FY27 EBITDA increased 38.0% to Rs 224.39 crore from Rs 162.62 crore, while EBITDA margin declined 53 basis points to 26.0% from 26.5%. The first-half contraction was smaller than the 144-basis-point decline in Q2FY27, although margins were below the respective prior-year periods in both comparisons.

PAT for H1FY27 rose 59.2% to Rs 159.47 crore from Rs 100.19 crore, lifting PAT margin by 213 basis points to 18.5% from 16.4%. Diluted earnings per share for the six months increased 52.7% to Rs 25.61 from Rs 16.77 in H1FY26.

What leadership transition did Manorama Industries announce?

Manorama Industries announced the leadership transition alongside its September 30, 2026 results. Mudit Kumar Singh became chairman, leading the board with responsibility for corporate governance and risk oversight, while Deep Saraf became managing director, responsible for operations and execution.

Deep Saraf will oversee manufacturing excellence, supply chain, capacity utilisation and delivery of expansion projects. Manorama Industries said he has more than two decades of experience with the company, and management described the structure as separating operating execution from long-term strategy as the business scales.

Ashish Saraf moved to president, strategic planning and business development, focusing on long-term strategy, global partnerships and customer and supplier relationships. Vinita Saraf became president, business excellence and development, leading work on processes, operational capabilities and strategic growth initiatives.

What is Manorama Industries planning after Q2FY27?

Manorama Industries said its immediate operational focus is to convert expanded capacities into sustainable growth, without providing a numerical revenue or margin target. Management said its H1FY27 export share of 61%, integrated business model, sourcing capabilities and expanding value-added portfolio support that plan.

The company identified innovation as a growth lever through its Department of Scientific and Industrial Research-certified Milcoa Innovation & Research Centre and customer-led product development. Its portfolio includes cocoa butter equivalent, speciality fats and butters, and exotic products such as Sal, Shea and Mango cocoa butter equivalent and stearin products.

Manorama Industries supplies customised products to chocolate, confectionery and cosmetics companies. In management’s Q2FY27 comments, Deep Saraf said the company was pursuing capacity-led growth while seeking to deepen relationships with its global customer base and suppliers.

Conclusion

Manorama Industries combined 41.9% Q2FY27 revenue growth to Rs 458.86 crore with a 51.8% increase in PAT to Rs 80.81 crore. Freight costs reduced EBITDA margin to 25.8% from 27.2%, but PAT margin rose to 17.6% and H1FY27 exports represented 61% of revenue.

The next disclosed execution point is management’s plan to translate expanded capacities into sustainable growth. Results in later periods will show how capacity utilisation, freight costs, the value-added product mix and the H1FY27 EBITDA margin of 26.0% develop under the new leadership structure.