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Indian manufacturer of specialty fats (cocoa butter alternatives) and butters used in chocolate, cosmetics and food industries.
Indian manufacturer of specialty fats (cocoa butter alternatives) and butters used in chocolate, cosmetics and food industries.
Moat: narrow (process know-how). Specialized fat-fractionation process expertise serving niche confectionery/cosmetics ingredient demand.
Headquarters: Raipur, India · Founded: 2004 · Employees: 523
Size Manorama Industries (MANORAMA.NS) is an India Consumer Staples company (Food: Specialty/Candy) with a market value of $1.31B, the 517th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,958 on 6 Nov 2026.
Performance Over six months the shares gained 21.8%, against -19.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 59.8% over the last twelve months (peer median +5.3%); the operating margin is 24.1% (peer median 5.7%).
Valuation It trades at 39.3× forward earnings against a peer median of 21.1× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +47%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.4 points above its cost of capital (14.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹14.8B | ₹13.6B | ₹7.68B | ₹4.56B | ₹3.50B |
| Revenue growth | — | +77% | +68% | +30% | — |
| Gross profit | ₹5.64B | ₹4.39B | ₹2.43B | ₹1.20B | ₹811M |
| EBITDA | ₹3.83B | ₹3.59B | ₹1.85B | ₹735M | ₹566M |
| Net income | ₹2.47B | ₹2.25B | ₹1.10B | ₹401M | ₹298M |
| Free cash flow | n/a | ₹1.66B | -₹1.20B | -₹2.06B | ₹28.1M |
| Capital expenditure | n/a | ₹548M | ₹318M | ₹390M | ₹513M |
| Total debt | n/a | ₹3.56B | ₹4.82B | ₹3.46B | ₹1.10B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Manorama Industries MANORAMA.NS | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% |
| Aak AAK.ST | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% |
| Fuji Oil 2607.T | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MANORAMA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | -0.2% | 9th lowest of 21 |
| 6-month return | +21.8% | -19.9% | 2nd highest of 20 |
| Distance from 52-week high | -8.9% | -32.6% | 4th highest of 21 |
| Revenue growth (TTM) | +59.8% | +5.3% | highest of 21 |
| Operating margin | 24.1% | 5.7% | 2nd highest of 21 |
| Forward P/E | 39.3× | 21.1× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 33.4% | 3.1% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +46.9% | +9.4% | highest of 11 |
| Hurdle (Req g minus delivered) | -13.5 pp | -7.6 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +24.4 pp | -0.4 pp | highest of 21 |
| EV / EBITDA | 32.2× | 9.7× | most expensive of 12 |
| Net debt / EBITDA | 0.7× | 0.7× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Lotte 004990.KS | South Korea | $1.18B | -27% | +1% | 2% | 69.5× | n/a | n/a |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| Jiangxi Qiyunshan Food 2797.HK | Hong Kong | $1.10B | n/a | -7% | 17% | n/a | n/a | n/a |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| JinJian Cereals Industry 600127.SS | China | $1.08B | +64% | +1% | -1% | n/a | n/a | n/a |
| Star Lake Bioscience 600866.SS | China | $1.07B | -26% | -3% | 0% | 37.2× | n/a | n/a |