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Swing Capital

Manorama Industries Ltd

NSE: MANORAMA BSE: 541974

Manorama Industries is engaged in manufacturing specialty fats and butter made from exotic seeds and nuts. [1]

₹1,372
52W: ₹1061 — ₹1774
PE 35.2 · Book ₹116 · +1083% vs book
Market Cap₹8,190 Cr
Stock P/E35.2Price to Earnings
ROCE35.4%Return on Capital
ROE40.3%Return on Equity
Div. Yield0.05%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 74.1% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 29.7%
  • +Debtor days have improved from 32.2 to 15.1 days.
  • +Company's median sales growth is 34.0% of last 10 years

Weaknesses

  • −Stock is trading at 11.5 times its book value

Shareholding Pattern

Promoters54.32%
FIIs2.89%
DIIs3%
Public39.78%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters57.26%57.26%54.42%▼2.854.42%54.41%▼0.054.32%▼0.154.32%54.32%
FIIs2.16%2.37%▲0.22.53%▲0.22.81%▲0.33.4%▲0.62.52%▼0.92.71%▲0.22.89%▲0.2
DIIs1.74%1.79%▲0.14.7%▲2.95.14%▲0.44.61%▼0.54.45%▼0.23.61%▼0.83%▼0.6
Public38.83%38.58%▼0.338.35%▼0.237.64%▼0.737.56%▼0.138.71%▲1.139.36%▲0.639.78%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales98129133195209233290323363382
Expenses83109107150154169211236264279
Operating Profit162127455564798898103
OPM %16%16%20%23%26%27%27%27%27%27%
Net Profit7121427304251556860
EPS ₹1.252.12.274.484.957.098.489.1911.439.97

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,358Cr, up 76.1% YoY. OPM at 27%.

Debt Position

Borrowings at ₹355Cr. Debt-to-equity ratio: 0.52x. Moderate leverage.

Capex Cycle

CWIP at ₹18Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 3% (-0.40pp change). FIIs: 2.89% (+0.29pp change). Promoters hold 54.32%.

Margin & Efficiency

ROCE improving from 27% (Mar 2015) to 35% (Mar 2026). Working capital days: 100.

Valuation

PE 35.2x with 35.4% ROCE. Price is 1083% above book value of ₹116. Dividend yield: 0.05%.

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