Manorama Industries has published the notice for its 21st Annual General Meeting in Business Standard and Loksatta on August 28, 2026. The meeting is scheduled for Monday, September 21, 2026, following a record-breaking financial year where standalone revenue from operations grew 76.1% to ₹1,358 crore.

The filing was made pursuant to Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Deepak Sharma confirmed the submission. The annual report and AGM notice are available on the company's website and on the MUFG Intime India Private Limited platform.

Meeting Details

Key Agenda Items

The notice convening the meeting outlines several ordinary and special business items for shareholder approval.

Final Dividend Recommendation

The Board of Directors, at its meeting held on May 11, 2026, recommended a final dividend of ₹0.80 (Rupees Eighty paisa only) per equity share on a face value of ₹2 each for the financial year ended March 31, 2026. This represents a 40% payout ratio. If approved by members at the AGM, the dividend will be paid to shareholders on record as of Monday, September 14, 2026. The payment is scheduled to be made on or before Tuesday, October 20, 2026.

Director Re-appointment

Shareholders are asked to appoint Mr. Gautam Kumar Pal (DIN: 07645652), Whole-Time Director, in place of himself who retires by rotation. He is eligible and offers himself for re-appointment. Mr. Pal holds a Doctorate in Management and an MBA in Production and Marketing. He has been with the company since January 10, 2018.

Cost Auditor Ratification

The meeting will seek ratification of the remuneration payable to M/s. S N & Co, Cost Accountants, appointed as Cost Auditors for the financial year ending March 31, 2027. The approved remuneration is ₹1,00,000 plus applicable taxes and out-of-pocket expenses.

Material Related Party Transaction

The company seeks approval for material related party transactions with Manorama Africa Limited, where directors have significant influence. The proposed transaction involves the purchase of raw materials and services valued at ₹200 crore for the period from the 21st AGM until the conclusion of the 22nd AGM in FY27.

Manorama Africa Limited, based in Ghana, procures Shea Nuts and other raw materials. The annual consolidated turnover of Manorama Industries for FY26 was ₹1,366.74 crore, setting the materiality threshold at ₹136.67 crore. Transactions with Manorama Africa Limited during FY26 totalled ₹191.75 crore.

FY26 Financial Performance

The integrated annual report highlights FY26 as the company's strongest financial year on record, with standalone revenue from operations reaching ₹1,358 crore, a 76.1% increase year-on-year.

Net cash flow from operations reached ₹259.4 crore. Annual Cash Profit of ₹258.77 crore exceeded Gross Block of ₹250.85 crore for the first time in the company's history. CBE contribution to revenue increased to approximately 30%, while value-added products represented 70–75% of total sales.

Capacity and Strategic Expansion

During FY26, the company debottlenecked Solvent Fractionation Plant 2 (SF2), increasing its capacity 30% from 25,000 MTPA to 32,500 MTPA, raising total fractionation capacity to 47,500 MTPA. The company has initiated a ~₹460 crore phased capex programme targeting commissioning by FY28, encompassing a new 75,000 MTPA Cocoa Butter Alternative facility, a 75,000 MTPA Solvent Fractionation facility (SF3), a 90,000 MTPA refinery in India, and a 90,000 MTPA Shea and Mango processing facility in Burkina Faso.

As of May 2026, ₹52 crore had been deployed from internal accruals. The company raised ₹500 crore through a Qualified Institutional Placement, with allotment of 34,01,360 equity shares on July 2, 2026. The company's credit rating was upgraded to CARE A+: Stable.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE00VM01036/e08e4ff2-e993-43bd-b040-e9cda2200fd9.pdf

Manorama Industries reported a strong start to the fiscal year, with net profit rising 61% year-on-year to ₹816 million in the first quarter, compared to ₹506 million in the same period last year. The growth in the bottom line outpaced revenue expansion, indicating improved operational efficiency or cost management during the period.

Revenue for the quarter climbed 39% to ₹4 billion, up from ₹2.9 billion in the previous year’s first quarter. This robust top-line growth suggests healthy demand dynamics or pricing power within the company’s core segments.

Operating Performance

EBITDA expanded 36% to ₹1.1 billion from ₹790 million year-ago. The operating margin remained largely stable at 27.03%, compared to 27.3% in the prior year quarter. The slight compression of roughly 27 basis points in the margin, despite higher revenue volumes, warrants observation regarding input cost pressures or mix shifts.

What the Numbers Show

The divergence between revenue growth (39%) and net profit growth (61%) highlights a positive operating leverage effect. While EBITDA grew at a slightly lower rate than revenue (36% vs 39%), the net profit figure accelerated significantly further. This suggests that non-operating items, such as interest income, tax benefits, or other income, may have contributed disproportionately to the bottom-line growth relative to the top-line performance. Investors should scrutinize the other income segment to understand if this profit acceleration is sustainable or driven by one-off gains.