PESB research view: HoldStock
Loading the page…
PESB recommendation · Stock
₹1,841.20▲ 23.60 (+1.30%) todayNSE · as of 3 Nov 2026, 5:30 am
Recommended on 26 Sep 2025 by Aman Bansal
Our recommendation read against today's market data.
Manorama Industries Ltd is a specialty fats and butter manufacturer focused on high margin cocoa butter equivalents (CBEs) and value added products for global confectionary and cosmetic industries. The company operates an integrated manufacturing facility with 40,000 MTPA fractionation capacity (extended from 15,000 in FY24) and maintains 73% export revenue mix.
We remain constructive on Manorama Industries, with strong volume-led growth, additional capacity coming online in Q3 FY27 and a significant ₹460 Cr expansion cycle providing visibility for the next several years. Near term, the key positives are ~80% utilization, 4,500 MTPA debottlenecking and a sustainable ~26% EBITDA margin, while the larger CapEx and Burkina Faso backward integration should create a further growth leg from FY29. Increasing value addition, CBA/ECB development, sourcing integration and international expansion should support sustained profitable growth and gradual operating leverage over the next 3-5 years.
Research by Pune E-Stock Broking Ltd., SEBI Research Analyst Reg. No. INH000018197. Investments in the securities market are subject to market risks; read all related documents carefully before investing. Past performance is not indicative of future returns.
Market data from Accord; delayed, for information only.
NSE · Automobiles
79% of the way to target₹1,121 → ₹1,975
Transforming Indian Two-Wheeler Mobility Through Innovation and Electric Integration
NSE · Banks
−28.85% since recommended₹74 → ₹100
From Microfinance Roots to Diversified Retail Banking
NSE · Banks
10% of the way to target₹943 → ₹1,211
India's Largest Public Sector Bank Driving National Financial Growth
NSE · Banks
48% of the way to target₹68.80 → ₹93.50
Scaling Modern Banking Infrastructure Across Retail, MSME, and Rural Markets