Manorama Industries Limited has released the transcript of its Q3 and 9M FY26 earnings conference call, which was held on January 28, 2026. The company reported revenues of ₹363 crore for Q3 FY26, marking a 73.3% year-on-year growth. For the 9 months of FY26, revenues stood at ₹975 crore, an 81.3% increase year-on-year. EBITDA for 9M FY26 was ₹265 crore with a 27.2% margin, and profit after tax was ₹174 crore (17.8% margin). In Q3 FY26, EBITDA was ₹98 crore (27.1% margin) and profit after tax was ₹68 crore (18.8% margin). The company has upwardly revised its FY26 revenue guidance from ₹1,150 crore to ₹1,300 crore. Manorama Industries plans to boost its existing capacity by 30% to 52,000 metric tons per annum through debottlenecking by FY26. Furthermore, the company has acquired 19.40 acres of land and commissioned a new packing plant and laboratory, funded through internal accruals. A significant capital expenditure of ₹460 crore is planned over the next 2-3 years for several projects: * Forward integration for manufacturing cocoa butter alternatives (CBA) with a 75,000 metric tons per annum capacity. * A new fractionation manufacturing facility for shea, palm, mango, and other exotic seeds with a 75,000 metric tons per annum capacity, including ESOS. * A new refinery manufacturing facility with a 90,000 metric tons per annum capacity. * Backward integration to a processing factory in Burkina Faso, West Africa, with a 90,000 metric tons per annum capacity. Management highlighted that their business model is technology and formulation-driven, not commodity-linked, which helps maintain stable margins despite commodity price volatility. The value-added products, including stearin and cocoa butter equivalent (CBE), contribute approximately 75% to sales.
