Manorama Industries Ltd Q1 FY27 Results

Manorama Industries' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 39.5% YoY to ₹404.0 Cr, crossing the ₹400 Cr quarterly mark for the first time, while consolidated PAT grew 67.5% YoY to ₹78.7 Cr — profit outpacing revenue, with NPM expanding to 18.7% from 15.9% a year ago. No exceptional items were recorded in either statement this quarter, so the growth is organic. Standalone PAT of ₹81.6 Cr (+61.3% YoY) ran slightly ahead of the consolidated print; the nine overseas subsidiaries (Nigeria, Dubai, Togo, Brazil, Ghana, Burkina Faso, Ivory Coast, Benin) posted a combined net loss of ₹2.93 Cr this quarter, narrower than the ₹3.63 Cr loss a year ago — which is why consolidated PAT actually grew faster than standalone, a >3pp divergence in growth rate worth flagging even though both bases tell a strong-quarter story.

Operating (EBITDA) margin came in at roughly 26.3% of revenue, up from 25.8% a year ago and sitting inside management's guided 25-27% EBITDA band from the January 2026 concall, when the company also raised its FY26 revenue guidance to ₹1,300 Cr from ₹1,150 Cr — a target it went on to beat, closing FY26 at ₹1,366.7 Cr. Other income of ₹16.2 Cr (more than triple the ₹5.8 Cr a year ago, largely mark-to-market FX gains per the filing's own notes) added to the PBT print; stripping it out, operating PBT still grew a healthy ~51% YoY, so the beat is not primarily an other-income effect. Sequentially, revenue was up a modest ~3% versus the March-quarter print, consistent with this being a non-seasonal specialty-ingredients business rather than a QoQ-driven story.

The stock went into the print at ₹1,610, up 0.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

No fresh FY27 guidance was on record at filing time, and no street/consensus estimate specific to this quarter turned up in a search, so vsStreet is marked unknown; the closest available yardstick is the company's own EBITDA-margin guidance, which this quarter's ~26.3% operating margin is tracking within band. Management's own framing credits the print to "sustained demand across key end-user industries, deeper customer engagement, and the growing contribution of our value-added specialty fats and butters portfolio" — consistent with the margin expansion in the numbers. Two developments sit outside this quarter's P&L: the company paid ₹20.64 Cr in customs duty on August 10, 2026 following a customs inquiry (with a separate clarification filed on a disclosure-timing question), not booked as an exceptional item in this statement; and the board set September 14, 2026 as the record date for a final dividend and incorporated a new wholly-owned subsidiary in Chad on July 21, 2026, extending the African sourcing base underpinning the CBE/specialty-fats business.