Slides
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Empowering Sustainability Investor Presentation Q2 & H1FY26 Manorama Industries Limited October - 2025
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Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Manorama Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world- wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
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01 02 03 05 06 Manorama’s Unique Proposition Sustainable Business Practices Leadership & Management Team Q2 & H1FY26 Financial Highlights Company Overview Appendix 04 07 Growth Strategy Table of Contents
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Q2 & H1FY26 Financial Highlights
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Management Commentary – Q2 & H1FY26 “Manorama Industries Limited delivered another strong performance in H1FY26, reaffirming its position as a global leader in specialty fats and butters. The growth was fueled by a superior mix of value-added products, optimized use of the newly upgraded fractionation facilities, and consistent demand from prominent international clients in the chocolate, confectionery, and cosmetics sectors. Our focus on value-added products and operational excellence continued to strengthen margins and reinforce the growth trajectory, prompting an upward revision of our annual revenue outlook from INR 1,050 Crores to INR 1,150+ Crores. The period also marked significant strategic progress, with capacity upgrades, global partnerships, and expansion initiatives setting the stage for the next phase of growth. The Company’s ‘waste-to-wealth’ sourcing model continues to empower rural and tribal communities, while its innovation-led manufacturing ensures consistency, quality, and traceability. A scheduled plant modification and maintenance shutdown in Q3 FY26 will enhance plant efficiency as well as lead to expansion in the fractionation capacity from 40,000 to 52,000 MTPA approx. without affecting overall growth plans. Additionally, the land acquisition near the existing facility and new ventures in Africa and Latin America will deepen the Company’s global presence. During H1FY26, the Company achieved a notable reduction in working capital days and debt levels, driven by efficient inventory management, disciplined financial controls, and strong operating cash flows. These initiatives not only strengthened the balance sheet but also enhanced overall capital efficiency, resulting in a healthy improvement in return ratios, with ROCE and ROE rising to 49.9% and 36.9%, respectively. Backed by a robust balance sheet and disciplined financial management, we remain committed to operational excellence, community empowerment, and sustainable value creation for all stakeholders.” ASHISH SARAF, Chairman and Managing Director
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Manorama Industries Stellar Q2 & H1 FY26 Performance ❑ Geographical Mix: The Domestic to Export Revenue Mix for H1FY26 stood at 42:58. 720 1,666 21.9% 27.2% H1FY25 H1FY26 3,288 6,129 H1FY25 H1FY26 403 1,055 12.2% 17.2% H1FY25 H1FY26 Revenue (in INR Mn) EBITDA (in INR Mn) & EBITDA Margin (%) PAT (in INR Mn) & PAT Margin (%) Revenue Mix Revenue (in INR Mn) EBITDA (in INR Mn) & EBITDA Margin (%) PAT (in INR Mn) & PAT Margin (%) 452 877 23.1% 27.1% Q2FY25 Q2FY26 1,954 3,233 Q2FY25 Q2FY26 267 549 13.7% 17.0% Q2FY25 Q2FY26 Q2 FY26 Financial Snapshot H1 FY26 Financial Snapshot 65.4% YoY 93.9% YoY 105.5% YoY 65.4% YoY 131.5% YoY 162.0% YoY
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Q2 & H1FY26 Results Highlights Particulars (INR Millions) Q2FY26 Q2FY25 YoY Q1FY26 QoQ H1FY26 H1FY25 YoY FY25 Revenue 3,233.1 1,954.2 65.4% 2,895.5 11.7% 6,128.6 3,288.3 86.4% 7,708.4 Cost of Goods Sold 1,739.2 1,062.2 63.7% 1,525.7 14.0% 3,264.9 1,837.2 77.7% 3,976.8 Gross Profit 1,493.9 892.0 67.5% 1,369.8 9.1% 2,863.7 1,451.1 97.3% 3,731.7 Gross Profit margin 46.2% 45.6% 56 bps 47.3% (110 bps) 46.73% 44.13% 260 bps 48.41% Employee Expenses 134.3 114.2 17.6% 155.4 (13.6%) 289.8 174.1 66.4% 479.2 Other Expenses 482.8 325.7 48.2% 424.6 13.7% 907.4 557.3 62.8% 1,341.9 EBITDA 876.7 452.1 93.9% 789.7 11.0% 1,666.5 719.76 131.5% 1,910.53 EBITDA margin 27.1% 23.13% 398 bps 27.3% (16 bps) 27.2% 21.9% 530 bps 24.8% Depreciation 60.5 56.1 7.8% 57.2 5.7% 117.7 97.3 20.9% 221.2 EBIT 816.3 395.9 106.2% 732.5 11.4% 1,548.8 622.4 148.8% 1,689.3 Finance Cost 77.8 77.8 0.0% 92.0 (15.4%) 169.7 162.8 4.3% 391.6 EBIT and Other Income 738.5 318.2 132.1% 640.6 15.3% 1,379.1 459.6 200.1% 1,297.7 Other Income 6.4 34.8 -81.7% 50.9 (87.5%) 57.2 75.7 -24.4% 185.6 EBT after Other Income 744.9 353.0 111.0% 691.4 7.7% 1,436.3 535.3 168.3% 1,483.3 Tax 196.0 85.9 128.3% 185.7 5.6% 381.7 132.8 187.5% 362.8 PAT 548.8 267.1 105.5% 505.8 8.5% 1,054.6 402.5 162.0% 1,120.5 PAT margin 17.0% 13.7% 331 bps 17.5% (49 bps) 17.21% 12.24% 497 bps 14.54% Diluted EPS (in INR) 9.18 4.46 105.83% 8.46 8.51% 17.66 6.73 162.41% 18.74 Total Income grew by 65.4% YoY to INR 3,233 million in Q2 FY26. This growth is supported by a stronger product mix of value-added offerings and increased utilization of the upgraded fractionation capacity. EBITDA grew by 93.9% YoY to INR 877 million in Q2 FY26, the EBITDA margin expanded by 398 bps YoY to 27.1% in Q2 FY26 driven by effective cost control measures and enhanced operational leverage. PAT surged by 105.5% YoY to INR 549 million during the quarter, PAT margin expanded by 331 bps YoY at 17.0% in Q2 FY26
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Balance Sheet Equity and Liabilities (INR Millions) 30th Sep. 2025 31st March 2025 Share Capital 119 119 Other Equity 5,590 4,500 Total Equity 5,709 4,619 Borrowings 406 429 Deferred Tax Liabilities 42 35 Other Non-Current Liabilities 47 36 Non-Current Liabilities 495 500 Current Liabilities Borrowings 3,343 4,380 Trade Payables 353 143 Other Current Liabilities 402 208 Total Current Liabilities 4,099 4,731 Total Equities and Liabilities 10,303 9,850 Assets (INR Millions) 30th Sep. 2025 31st March 2025 Non-Current Assets Plant, Property and Equipment 1,906 1,746 Capital Work in Progress 51 24 Other Non-Current Assets 994 165 Total Non-Current Assets 2,951 1,935 Current Assets Inventories 4,886 5,490 Trade Receivables 640 1,017 Cash & Cash Equivalents & Other Bank Balances 520 962 Other Financial Assets 5 7 Other Current Assets 1,300 438 Total Current Assets 7,352 7,915 Total Assets 10,303 9,850
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Historical Financial Snapshot (1/2) Revenue (in INR Millions) EBITDA (in INR Millions) & EBITDA Margin (%) PAT (in INR Millions) & PAT Margin (%) Earnings Per Share (in INR) 389 565 735 1,911 1,666 14.0% 16.1% 16.1% 24.8% 27.2% FY22 FY23 FY24 FY25 H1FY26 2,791 3,508 4,571 7,708 6,129 FY22 FY23 FY24 FY25 H1FY26 242 298 401 1,121 1,055 8.7% 8.5% 8.8% 14.5% 17.2% FY22 FY23 FY24 FY25 H1FY26 4 5 7 19 18 FY22 FY23 FY24 FY25 H1FY26 *Adjusted to face value of INR 2 per share for FY21-24
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Historical Financial Snapshot (1/2) Return on Equity Return on Capital Employed Working Capital Analysis (in days) Net Debt to Equity *Adjusted to face value of INR 2 per share for FY21-24 9.0% 10.0% 11.9% 24.3% 36.9% FY22 FY23 FY24 FY25* H1FY26 13.0% 15.7% 18.5% 33.0% 49.9% FY22 FY23 FY24 FY25* H1FY26 242 181 170 151 97 FY22 FY23 FY24 FY25* H1FY26 0.21 0.17 0.77 0.83 0.57 FY22 FY23 FY24 FY25 H1FY26
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Manorama’s Unique Proposition
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Built on Strong Business Moats – Greener Future Waste to Wealth # 1 in Sal & Mango based speciality Fats & Butters Efficiently sources Shea nuts from Manorama Africa Limited Strong seed procurement supply chain in India and West Africa Navigates inflationary pressure as product co- developed jointly with the client where product quality weighs over price Offers customer-centric solutions to diverse clients, thereby being a key partner to success High client stickiness as new supplier approval becomes a challenging task for client’s existing products Works with Fortune 500 companies in premium confectionery, chocolate and cosmetic sector Integrated capacity powered with several domestic & international certifications resulting in high product quality Integration of Africa’s procurement arm with Birkoni’s unit enhances the company’s proposition in Shea speciality fats & butter products Fractionation plant’s capacity expansion (25,000 tonnes) commissioned strengthens Manorama’s stance in the industry Huge industry demand of Cocoa Butter Equivalent (CBE) & Exotic Speciality Fats and Butter as it enhances product shelf-life in the tropical climate FSSAI allows 5% usage of CBE in chocolates from 1st January 2018. India is yet to achieve the 5% usage owing to the huge potential despite of the Government’s relaxion for CBE Uplift the quality of life of millions of women tribals through its unique Waste to Wealth business model & best ESG Practice Strong existing industry competencies powers confidence to diversify into Chocolate & Confectionery business Financial track record (FY21-25: CAGR) Revenue: 40% EBITDA: 53% PAT: 66% Nearly 2 decades of rich management expertise in speciality fats & butter and exotic products CARE Ratings upgrades the Company’s bank facilities to ‘A’ from ‘A -’ Industry Tailwinds Manufacturing Excellence Marquee Clientele Sustainable Growth Financial Performance Competitive Advantage
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Company Overview
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Waste to Wealth Business Model Procure Exotic Tree Borne Seeds India: Sal, Mango, Kokum & Mowrah Extracts and Processes Seeds at State-of-the-Art Raipur Plant Manufactures Cocoa Butter Equivalent (CBE) and Exotic Specialty Fats and Butter Sells De-Oiled Cake to Indian Cattle Feed Industry Sells CBE & Exotic Specialty Fats and Butter to Fortune 500 Food, Chocolate, Confectionery, Cosmetic Companies De-Oiled Cake Revenues: H1FY26 – INR 282 million Africa: Shea Proximity of Raipur plant to Visakhapatnam port as there is a new 8 lane highway coming which will facilitate smooth procurement of Shea seeds sourced from Africa
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Strong Supply Chain Network Scattered Seeds in Forest Bed Nuts Picked by Tribals Seed Collection by Tribal Women Boiling & Cleaning of Nuts Pre-Cleaning Deshelling Deshelling Manorama Africa – Procurement of seeds Cleaning Manorama Africa Shipping to India Seed Collection at Purchase Centre Shea Seeds at Raipur Warehouse India – Sal Seed Collection Process *Sal Forest - India Covers ~14% of Forest region Orissa, Bihar, Jharkhand, West Bengal, Madhya Pradesh & Chhattisgarh accounts of 30% of Total Sal Forest in India Africa – Shea Seed Collection Process ^Shea Forest - Africa West African region has ~1 billion Shea Trees The shea tree is indigenous to Africa’s savannah and stretches across a 22-country belt from Senegal to South Sudan. The vast shea belt covers more than a 2 billion trees naturally regenerating across 3.4 million sq kms of dryland forest and parkland. Enjoys a Strong Network of Tribal Communities & Collection Centres Source: *www.sciencedirect.com; ^ How shea trees can help the fight against climate change | World Economic Forum (weforum.org) and climatepromise.undp.org
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Glimpse of Seed Procurement Process/Team Tribals Collecting Sal Seeds, India Management with Shea Seed Collection Team,Africa Low Risk of Non-availability of Raw Materials
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CBE and Exotic Specialty Fats & Butter - Process Fractionation process Raw Materials Sal/Mango/Shea illipe & other exotic seeds Raw Materials Shea / Illipe Raw Materials Sal/Mango Expeller Crude oil Cake Solvent Extraction Process Crude oil De-oiled cake (cattle feed) Refinery process Byproducts / gums Refined butter Stearin Olein Cocoa butter equivalent Blending process Palm mid fraction
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CBE and Exotic Specialty Fats & Butter – Winning Proposition CBEs and Exotic Specialty Fats & Butter - Winning Case Factors August – Nov/ DecWest AfricaShea Nov - DecKokum July – AugustDhupa June – JulyPhulwara May – JulyMango May – JuneSal Stearin ApplicationsButter ApplicationsCollection PeriodProcurementSeeds Solid Fractionation when Combined with Palm Mid-Fraction Yields CBE CBE and Exotic Specialty Fats & Butter: Applications in Foods, Confectionery, Chocolate & Cosmetics India Food & Personal Care Industry Contains Same Fatty Acids & Triglycerides as Cocoa Butter Comparable Physical & Chemical Qualities of Cocoa Butter Compatible in all Proportion with the Final Product Fractionation of Exotic Seeds Yields Triacylglycerol cuts rich in POS and SOS Fractionated Ingredients Blended without Hydrogenation Generates Customized Trans- Free-Fat Similar to Cocoa Butter
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State-of-the-Art Capacity & Sustainable Manufacturing for Catering the Global CBE and Exotic Specialty Fats & Butter Demand * Fractionation capacity of 25,000 MTPA commercialized from July 2024 onwards; ^ Under Process Seed Milling 90,000 MTPA Extraction Plant 90,000 MTPA *Fractionation 40,000 MTPA Blending Station & Packing^ 30,000 MTPA Refinery 45,000 MTPA Interesterification 30,000 MTPA Integrated Capacity
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Building Capacities over a Period of Time Fractionation Interesterification Refinery Solvent Extraction Plant Seed Milling (Expeller) 40,00015,00015,000 30,00030,00015,000 45,00045,00015,000 90,00090,00090,000 90,00090,00060,000 FY25FY24FY23Particulars (in Tons Per Annum) The Journey Towards Building an Integrated Capacity Added 30,000 TPA in FY24 Added 90,000 TPA in FY23 Added 30,000 TPA in FY24 Added 15,000 TPA in FY24 Added 25,000 TPA in FY25 Capacity Addition
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Building Capacities over a Period of Time 4.0x4.6x5.0x3.8xAverage Asset Turnover (in Times) 29.5%113765654Average Fixed Assets (in INR Crore) 39.7%457351279203Revenues (in INR Crores) 21.7%40,00015,00015,00015,00015,000Fractionation (TPA) CAGRFY25FY24FY23FY22FY21Particulars The Journey Towards Building an Integrated Capacity Fractionation is the key process to obtain CBE & Exotic Specialty Fats and Butter 771 152 5.1x
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R&D Capabilities for Catering the Global CBE and Exotic Specialty Fats & Butter Demand Milcoa® Innovation & Research Center – Edge R&D Acts as a Strong Entry Barrier with Deeper Client Engagement Enabling Customer Stickiness Leadership DSIR Certification Customization Collaborative Approach Spearheaded by Dr. Krishnadath Bhaggan, a professional with 25+ years rich global industry experience laced with multiple patents Deep mutual collaboration with clients R&D Team Develop & Churn new customized products with varied applications in Chocolate, Food, Confectionery, Cosmetics and Personal Care Industry Amongst the Elite Indian Companies accredited with the esteemed DSIR Certification from the Government of India
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New Product Launches and Developments All-round filling fats (MilcocreamTM1056 and MilcocreamTM1010) Cocoa butter equivalents/improvers (Milcoa ES1057 and Milcoa IS1043) Cocoa butter replacers (MilcoatTMR1058) MIL DP1055, a hard fat for culinary use and marinades (MIL DP1052). MIL DP1054 is a general-purpose hard stock that may be used for spreading Bake stable filling fats MilcocreamTM1059, MilcocreamTM1052 for use as filling in croissants and pastries in the bakery market Chocolate Hazelnut Spread fat MilcospreadTM1003, MilcospreadTM1053, MilcospreadTM1060 Milcoa® Brand Range All-round filling fat (Milcoceam 1059) Bake-stable filling fat (Milcocream 1068) Wafer cream filling fat (Milcocream FF69) Frozen desert application (Milcolin R11) Icecream Coating (Milcodip MP 65) Wafer Cream ( Milcocream FF69 ) New Products All-round filling fat (palm based) (Milcocream FF77) Premium filling fat (palm based) (Milcocream TF76) No-palm spread fat for export market (Milcospread TU 5) New Developments
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R&D Enabled State-of-the-Art DSIR Certified Lab Glimpse of Latest R&D Enabled Processes in DSIR Certified Lab
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Our Global Membership & Certification Quest to be the Best: Wide Spectrum of Prestigious Certifications
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Esteemed Clientele
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Growth Strategy
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Gearing up for the next wave of growth Commercialized new Fractionation capacity of 25,000 MTPA in July 2024 (Total Capacity: 40,000 MTPA) to address the growing demand of CBE Exotic Specialty Fats & Butter applications in Confectionery, Chocolates and Cosmetics Industry Deepening penetration to new geographies and tapping increased focus of the Food, Confectionery & Chocolate and Cosmetic industry’s applications of CBEs and Exotic Specialty Fats & Butter R&D team continuous quest to ideate, innovate, create, test and launch alternative use case of CBEs and Exotic Specialty Fats & Butter aligning with market trends. These products are jointly developed according to the customers requirement Economies of scale, operating leverage, backward integration, seamless operations translating operational efficiencies to kick in the coming years coupled with better customer & product mix Vigoured Operational EfficienciesLaunch Innovative ProductsMarket Diversification Capacity to Cater Growing CBE and Exotic Specialty Fats & Butter Demand
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Government of India Recognized THREE STAR EXPORT HOUSE We serve the world’s top food and beauty brands. Our logistics, documentation, and customer service are designed for seamless global collaboration. Our Global Reach
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Expanding our Geographical Footprints Manorama Savanna Limited, Nigeria Manorama Savanna Togo Sarl, Togo Manorama Africa Savanna, Ivory Coast Manorama Africa Benin, Benin Manorama Burkina Sarl, Burkina Faso Manorama Savanna Ghana Limited, Ghana Six Subsidiaries in Africa One Subsidiary in UAE Manorama Mena Trading LLC One Subsidiary in Brazil Manorama Latin America LTDA Strengthening procurement & onboarding new customers from MENA region and Latin America To strengthen the sourcing of Shea Seeds from Africa
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Partnership For CBE & Specialty Fats Production In Brazil ➢ Manorama Industries has expanded its international footprint in Latin America through its wholly owned subsidiary, Manorama Latin America LTDA. The company has entered into a strategic partnership with DEKEL Agroindustria (Dekel) to produce Cocoa Butter Equivalent (CBE) and specialty fats in Brazil. ➢ This marks Manorama as the first global CBE producer to manufacture in Brazil, with production expected to commence in November 2025. Manorama will supply specialty raw materials while leveraging Dekel's state-of-the-art facility in Itapolis, São Paulo. Global Partnerships Manorama & DEKEL Our Latin America Team
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MoUs Signed MoU Signed with the Burkina Faso’s Government for setting up a new factory MoU signed with The Government of Chhattisgarh ➢ Mr. Shri Deep Saraf, Vice President – Business Development at Manorama Industries, received Memorandum of Understanding (MoU) with the Government of Chhattisgarh, alongside Shri Vishnu Deo Sai, Hon'ble Chief Minister of Chhattisgarh at Mayfair Lake Resort, Naya Raipur, on March 1, 2025. ➢ This milestone paves the way for new projects, driving growth, innovation and our commitment to excellence ➢ The Company has signed an MoU with the Government of Burkina Faso to establish a new factory for processing Shea Nuts and Mango Kernels through its proposed wholly owned subsidiary, Manorama Burkina Industries SA, aligning with Burkina Faso’s industrialization policy and sustainable development goals.
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Sustainable Business Practices
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Environmental Initiatives Environment ❑ Organized a program titled 'VANSAKHI' aimed at identifying and preparing selected delegates from among our seed collectors, to train villagers and fellow collectors on forest and wildlife conservation. ❑ No Deforestation, No Peat, No Exploitation policy publicly available ❑ Collaborated with E & Y for Product Carbon Footprint calculation for Sal CBE and Shea CBE & for ESG reporting and disclosure for 2024-25. ❑ Installation of Solar based 2000 L water tank in 3 villages (Pandoki, Badagaon and Baderajpur). This project is focused on promoting renewable sources of energy and the rural development. ❑ Installation of 20 solar lights across 5 villages focusing to promote renewable sources of energy and also enhancing the community safety and quality of life under the Social Pillar.
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Social Initiatives Social ❑ Honoured with the CSR Winner Award in the category of Rural Development and Promoting Renewable Sources of Energy by Greentech Foundation at the 11th Greentech CSR Awards held on 14th June 2025, for our CSR initiative focused on the installation of solar street lights in tribal areas ❑ M-TAP (Manorama Tribal Empowerment Program) includes an annual training and awareness calendar designed to conduct weekly sessions on environmental and social impacts, including human rights due diligence. ❑ Successfully completed the Fair for life Re-certification procedure
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Governance Initiatives Governance ❑ Committed to UN Sustainable Development Goals & 10 Principles of UN Global Compact ❑ Adheres principle and core element of the National Guidelines on Responsible Business Conduct (NGRBCs) ❑ Structured approach to corporate governance by delegating specific responsibilities to various board committees
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Leadership Team & Management
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Seasoned Board of Directors Experience : 33 Years He has rich experience in the specialty fats and butters manufacturing sector, leading operations since the company's inception. His expertise encompasses procurement, supply chain management, business development across the world and the development of tailor-made products for major global brands in chocolate, confectionery, and cosmetics. Ashish Saraf – Chairman & Managing Director Experience : 21 Years She has completed her bachelor’s degree in commerce from Mount Carmel Girls College, Bangalore. Her journey has been marked by ambitious and entrepreneur vision coupled with great vigour and hard work Vinita Saraf - Vice Chairperson & Whole Time Director CA Ashok Jain - Whole Time Director & Chief Financial Officer Experience : 15 Years Mr. Ashok Jain is a qualified Chartered Accountant and Commerce graduate. As Whole-time Director and Chief Finance Officer, he leads strategic financial planning and oversees core functions including costing, accounting, taxation, corporate finance, and capital raising. He has extensive expertise in forex management, international financial compliance, and managing the financial operations of the Company and it’s overseas subsidiaries. Gautam Pal – Whole Time Director Experience : 22 Years He holds Doctorate in Mgmt. from National Inst. of Mgmt. , (Mah.), studied Production and MBA in Production and Marketing from Amity University UP and also is B. Tech in Chemical. Plant is headed by him who has very vast experience in Specialty Oil and Fats / Butters Manufacturing and Quality Control Shrey Saraf - Whole Time Director Experience : 7 Years A BBA in Business and Management from University of Exeter, UK. His presence in the Company and his dynamic young energy strengthens the process of Marketing, Customer and Business Development.
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Seasoned Board of Directors Mudit Kumar Singh - Independent Director Experience : 38 Years A senior retired bureaucrat from 1984 Batch of the IFS, Chhattisgarh Cadre. His work in Participatory Management at Jhabua has been internationally acclaimed & 3 Books have been written on his work by Tata Energy Research Institute, Worldwide Fund for Nature and IIFM. His wide experience in forestry will prove to be an asset of the Company. Jose V Joseph - Independent Director Experience : 41 Years He retired as the Executive Vice President from The Federal Bank and he has very vast experience to incorporate, SME and Retail banking in India and Middle East. His presence and independent advice always help to approach strong financial strategic planning and good corporate governance. Subhaprada Nishtala - Independent Director Experience : 25 Years She is a recognized authority in food safety, regulatory compliance, and quality operations, has spearheaded critical strategic initiatives across manufacturing, operations, and new product development, driving excellence and innovation in both private and public sectors. As a Lead Auditor and Lead Trainer for FSMS standards, she has conducted over 400+ training programs in HACCP, ISO 22000, and FSSC 22000, Nipun Mehta - Independent Director Experience : 37 Years A CA , Expert in Financial Markets and has entrepreneurial and corporate experience in Private Banking, Capital Markets & Wealth Mgmt. having worked in the past with both domestic & Global Financial Institutions in leadership positions. Veni Mocherla - Independent Director Experience : 23 Years An MBA, did Postgraduate in Chartered Institute of Marketing, UK. A business consulting professional specialised in international businesses & alliances, cross border consulting, strategy & planning, scaling up businesses etc. She Also held senior roles in Dept. of Trade & Investment, British High Commission, Bristol Myers Squib in India.
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Experienced Management Team (1/4) Dr. Krishnadath Bhaggan - VP - R&D Product Development Experience in R&D and Innovation for 22 yrs.+ He is an inventor/co-inventor of multiple patents and author/co- author of many publications in the oils and fats area. Appel Sten - VP – New & Existing Projects Degree in Chemical Engineering from Aalborg University (DK) and has a vast experience in Edible Oil Industries as a Production Manager. Deep Saraf - VP – Business Development Part of co. since commencement. Currently responsible for leading and managing the co.'s. Birkoni plant. His long association and experience also create focus in Business Development. Mauro Sérgio Nobre Terreri - VP – Fats & Oils business in Latin America (Global Sales) Degree in Food Engineering by Unicamp University (Brazil) and MBA, Marketing and has over 30 years of experience in Food Ingredients and Specialty Fats & Oils businesses, leading Sales, Marketing and Technical teams through Latin America countries. Dmitry Zimmermann - Manager – International Sales & Business Development He is a seasoned FMCG professional with over 20 years of experience in leading multinational companies like Procter & Gamble and Nestle. He holds degrees in Agronomy and Economics from Yaroslav the Wise Novgorod State University. Dmitry excels in managing key national accounts and developing sales strategies. Luciano Luz Pupp - Head of R&D and A&TS in Brazil / Latam He has over 30 years of experience working for food multinational global industries dedicated to food ingredients, specialty fats & edible oils, either managing technical customer co-developments, innovation projects and industrial ingredients application. He is Chemical Engineer, graduated by Oswaldo Cruz University (Brazil) with food technology specialization.
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Experienced Management Team (2/4) Thales Baptistella- Finance Manager at Brazil Latam Marcelo Sasaki - Regional Sales Manager at Brazil Latam Rossana Bento Cabral - Marketing and Sales Executive at Brazil Latam He has Bachelor’s Degree in Business Administration & Logistics and a Master Degree in Accounting and Finance with more than 15 years of experience within both Brazilian and International Companies in different market sectors such as food ingredients, decoration and retail businesses. Graduated in Food Engineering from Unicamp University (Brazil), he has 25 years of commercial experience in the Specialty Fats & Oils and Food Ingredients industries, leading sales activities across Latin American countries, with a strong focus on managing global and regional accounts and distributors. She has a Bachelor's Degree in Arts from Unicamp (Brazil) and a Master's Degree in Marketing & Strategic Planning with more than 20 years of experience in the Fats & Oils and Specialty industries, leading marketing, communication and sales activities across Latin American countries with a strong focus on Food and Cosmetics customers. Sandeep Agrawal - Chief Operating Officer He is a Mechanical Engineering Graduate from BIT Durg having more than 25 years of experience at versatile industries like Vedanta (metal and mining industries) as well as US and Indian MNC on FMCG category like Bunge India and Britannia industries Ltd. He is having a lifetime membership on Quality Circle Forum of India (QCFI). Raj Shekhar - VP – Technical A Science Graduate, MBA in Production Management and Diploma holder in computer applications. He has very vast experience of 31 years in Oil Industry. Vijay Kumar R - Chief Human Resource Officer He is a dynamic leader with more than 24+ years of experience of transformative expertise in HR, with a proven track record in driving strategic growth and innovation, skilled in steering cross-functional teams to success. He brings expertise and industry experience from various sectors fostering sustainable solutions and stakeholder value.
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Experienced Management Team (3/4) Mansoor Ali - Associate VP - HR He has over 30 years of rich experience in Manufacturing Industry, specializing in Strategic HR as an HR Business Partner. He holds a bachelor’s degree from Ravi Shankar University, Raipur, and a Diploma in Mechanical Engineering from NIE, Maharashtra, along with professional certifications in HR Analytics and HRBP from IIM Rohtak. A seasoned MBA-qualified business leader with over 33 years of experience in FMCG and commodity sectors across West Africa, the Caribbean, and South America. Renowned for driving sustainable growth through strategic leadership in sales, marketing, and operations, with expertise in P&L management and procurement. Vishal Hotchand Narang - Director – Manorama Africa Limited Nisha Sharma - Manager – International Sales & Business Development She is responsible for Business Development & Sales , also serves as Coordinator to Chairman & Managing Director & contributing to its global outreach and strategic coordination. She holds a master’s degree from Mumbai University. Yogendra Puri Goswami - VP – Sales He has 23 years of experience in FMCG, OTC Pharma, Footwears Industries (Sales & Marketing domain). Awarded with Top scorer award, Dimension of professional selling certificate award, Target achieve award Chandan Gupta - Associate VP - Sales He is MBA in Operation Research and MTech & BE (Hons.). He has an experience of more than 11 years in managing the domestic as well as international sales (adding new customer base) Gundam Sreenivasula Reddy - General Manager - Africa He has over 20 years of experience, including 16 years in West African markets like Ghana, Togo, Burkina Faso, Benin, Nigeria, and Ivory Coast. In the past three years, he has been instrumental in Manorama's success in Africa and currently oversees operations across all Manorama companies in Africa.
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Experienced Management Team (4/4) Steffen Storgaard - Vice President – Europe Sales Graduated from the University of Aarhus (DK) in Languages and Business, he has over 30 years of global leadership experience in ingredients and technical sales for the food industry. With 25 years of expertise in edible oils and specialty fats, particularly for the chocolate and confectionery sector, he focuses on tailor-made solutions and value selling. A seasoned executive with over 38 years of experience in business strategy, management, and agro-industry, he has led major organizations such as SOFITEX, SAPHYTO, and AFRIDIA Industries. A former President of ABMAQ and consular member of UEMOA, he has been recognized as Knight and Officer of the Order of the Etalon Jonas Bobou Bayoulou – Associate Vice President & General Coordinator Pankaj Rathi - DGM Accounts & Finance A seasoned finance professional with over 12 years of experience in the mining, power, cement, and ceramic sectors, having worked with leading MNCs. As Finance Controller, he led strategic financial operations, implemented cost-reduction measures, and enhanced operational efficiency. Key achievements include transitioning to renewable energy to reduce costs and environmental impact, as well as driving initiatives that improved long-term sustainability and profitability. Rajdeep Jinger - Asst. General Manager – Sales A MBA – Marketing professional sales leader with over 14 years in the specialty fats and FMCG industry, he oversees business in India, Nepal, Sri Lanka, and Bangladesh. He has a proven track record of scaling revenues, strengthening distribution, and driving profitability. He combines strategic vision with on-ground execution, consistently delivering double-digit growth and building high-performing teams that achieve operational excellence and market leadership. Ekta Soni - Associate Vice President - IR She is a Company Secretary by profession, she has completed her Graduation in B. Com. from Calcutta University. She is associated with the company for more than 9 yrs. and handles IR Activities for the company. CS Deepak Sharma - CS & Compliance Officer He is a qualified Company Secretary, holds an LL.B. degree, and is a Commerce graduate with over 10 years of experience in secretarial, legal, and regulatory compliance functions across both listed and unlisted entities. His core expertise spans Corporate Governance, Company Law compliance, SEBI regulations, conducting Board and Shareholder meetings, and managing statutory filings.
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Appendix
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Recent Awards & Accolades (1/3) Shri Shrey Saraf – Whole Time Director, Manorama Industries receiving ‘Excellency Award ’ in collaboration with the Government of Chhattisgarh & Swadeshi Jagran Manch. Shri. Ashish Saraf – Chairman and Managing Director of Manorama Industries Limited received six esteemed awards for the remarkable achievement as ‘Highest Processor of Sal Seed and Mango Kernel, Highest Exporter of Sal Oil (Fats), Mango Kernel Oil (Fats), Kokum Oil (Fats) and Neem Oil’ for 19 consecutive years. Team “Nava Soch” from Manorama Industries Limited won the Gold Award in the Kaizen Category at CCQC 2025, Bhilai, for their project “Clean Manorama, Green Manorama through Kaizen.” Team “5S Pioneer” from Manorama Industries Limited received the Gold Award in the 5S Category at CCQC 2025, Bhilai, for their project “Our Workplace, Our Pride: Shine with 5S.
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Recent Awards & Accolades (2/3) Shri. Ashish Saraf – Chairman and Managing Director and Shri Shrey Saraf – Whole Time Director, Manorama Industries awarded with ‘Highest Processor of Minor Oil Seeds’ and ‘Highest Exporters of Tree Borne Oils And Mango Kernel Oil (Fats) From India’ Shri. Ashish Saraf – Chairman and Managing Director, Manorama Industries awarded as ‘TWO EXPORT EXCELLENCE AWARDS’ under the category Highest Foreign Exchange Earner – 2018- 2019 and 2019-2020 organized by Federation of Indian Exporters Organization (FIEO) Shri. Ashok Jain, Whole Time Director and CFO receiving award for ‘Highest Export’ on behalf of Manorama Industries Limited Shri Shrey Saraf – Whole Time Director, Manorama Industries receiving ‘Eminent Excellence in ESG & Sustainable Creation of Business through waste, with support to thousands of forest dwellers’ Award
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Recent Awards & Accolades (3/3) Shri. Ashish Saraf – Chairman and Managing Director and Smt. Vinita Saraf – Voce Chairperson & Whole Time Director, Manorama Industries awarded with ‘SHEFEXIL Award for Export Excellence’ recognizing Company’s remarkable achievement for 7 consecutive years. Shri. Ashish Saraf – Chairman and Managing Director, Manorama Industries awarded as ‘The Highest Processor of Sal Seed & Mango Kernel, and Highest Processor of Sal Oil (Fats). Mr. Deep Saraf – Vice President, Manorama Industries receiving ‘GLOBOIL INDIA 2025 Award’ for highest exports of Made in India CBE: Waste to Wealth & Women Empowerment for Global Market
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Client Testimonials 48 Meet the Women of Manorama – Article Published on The Body Shop Website Note: The Brand names mentioned are the property of their respective owners and are used here for identification purposes only Article Published on Lush Website
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Shareholder Information 1,72,390 3M ADTV* (Shares) as on 30th Sep. 2025 5.95 Shares Outstanding (in Crores) 1,760.0/740.5 52 Week High/Low 9,011.8 Market Cap (INR Crores) (as on 16 Oct 2025) 1,541.3 Current Market Price (as on 16 Oct 2025) MANORAMA / 541974 NSE Ticker /BSE Code Capital Market Data Share Price Movement (1 Year) Shareholding Pattern September 2025 (%) Source: NSE 54% 3%4% 39% Promoter FIIs MF Other 0 200 400 600 800 1000 1200 1400 1600 1800 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25
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Contact Information Investor Relations Advisors : Mr. Vikash Verma/ Mr. Hiral Keniya/ Ms. Yashvi Jain E: vikash.verma1@in.ey.com/ hiral.keniya@in.ey.com/ yashvi.jain1@in.ey.com M: +91 9664009029/ 9029662801/ 8905954390 Company : Manorama Industries Limited CIN: L15142MH2005PLC243687 Ms. Ekta Soni Mr. Deepak Sharma Associate Vice President - IR Company Secretary & C Compliance officer E: ekta@manoramagroup.co.in E: investors@manoramagroup.co.in E: cs_sharma@manoramagroup.co.in M: +91 7879165440 M: +91 9329932082 www.manoramagroup.co.in THANK YOU!