Manorama Industries Limited (MANORAMA) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Manorama Industries Limited ₹1,364, price ₹1,880, upside -27.5%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
51‑month range ₹180.72 – ₹2,133 · fair‑value band ₹710.44 – ₹1,816 · the ₹1,880 price screens above the ₹1,364 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Manorama Industries Limited manufactures, processes, and supplies specialty fats and butters from tree-borne, and plant-based seeds worldwide.
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Manorama Industries Limited manufactures, processes, and supplies specialty fats and butters from tree-borne, and plant-based seeds worldwide. The company offers shea butter and fat, sal butter, sal fat, shea oil, sal oil, sal stearine, shea stearine, mango butter and fat, mango oil, mango stearine, kokum butter and oil, mowrah fat, and de-oiled cakes, as well as cocoa, mowrah, and phulwara butter. It also provides organic castor, neem, karanja, moringa, and rice bran oil; and organic glycerine. In addition, the company trades in rice, wheat, sugar, raw cotton, cotton linter, maize/corn, soy meal, cotton seed meal, rice bran meal, sesame, sorghum yellow and white jawar, safflower, niger seeds, cassia tora, medicinal herbs, etc. Further, it offers value-added tailor made products to form the ingredients of cocoa butter equivalents. Its products are used in bakery, plant based food, chocolate and confectionery, technical products, culinary and savory, and animal nutrition industries. The company was incorporated in 2005 and is based in Raipur, India.
Stock analysis
Manorama Industries Limited (MANORAMA) currently trades at ₹1,880, while our model-based Fair Value estimate is ₹1,364, 27.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹1,559 per share, and 0 of the 26 models we run sit above the ₹1,880 price.
Bear case: the Economic Profit group reads lowest at ₹315.16, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹710.44 (bear) to ₹1,816 (bull), the price of ₹1,880 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Manorama Industries Limited reported revenue of ₹13.7B in FY2026 versus ₹2.8B in FY2022, a compound +48.9%/yr. Reported net income was ₹2.1B in FY2026, compounding +72.7%/yr from FY2022.
Key figures
Market cap ₹112B (≈ $1.2B) · P/E ratio 43.7 · P/S ratio 6.87 · EPS (TTM) ₹43.05 · Dividend yield 0.0% · Net margin 15.7% · Return on equity 39.4% · Return on assets (EBIT) 17.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 75% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 3% fair-value upside, at −27%, MANORAMA screens richer than that median.
Fair Value models
Bear ₹710.44Fair Value ₹1,364Bull ₹1,816
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹21.41 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+77.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+57.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+47.0%
Start year 2021 (pandemic). Over 10 years: +26.4% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.0%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+65.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.55.8% vs 69.7%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 24%
2026 sits 435% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+41.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +35.7% a year for the price.
Compare Manorama Industries Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 622 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−27.4% · Below median
Profitability
Return on equity (TTM)39.4% · Top 25%
Return on assets19.2% · Top 25%
Net margin (TTM)17.3% · Top 25%
Operating margin (TTM)24.8% · Top 25%
Growth and dividend
Revenue growth39.5% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
P/E (TTM)43.7× · Priciest 25%
P/B16.71× · Priciest 25%
P/S (TTM)7.58× · Priciest 25%
P/FCF67.8× · Priciest 25%
EV/EBITDA28.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 31
FUTURE (revenue growth)100· sector 22
PAST (return on equity)100· sector 31
HEALTH (low debt)98· sector 96
DIVIDEND (yield)1· sector 57
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Manorama Industries Limited (MANORAMA) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹1,364 versus a price of ₹1,880, about −27% upside (overvalued).
What is the fair value of MANORAMA?
Our model-based fair value for Manorama Industries Limited is ₹1,364 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹1,880.
What is the quality score of MANORAMA?
Manorama Industries Limited has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Manorama Industries Limited (MANORAMA)?
Our model-based price target is the fair value of ₹1,364 (as of Oct 2, 2026) from 26 valuation models. Cautious scenario ₹710.44, optimistic scenario ₹1,816. It is a calculation from audited fundamentals, not an analyst target.
What is the Manorama Industries Limited stock forecast for 2026?
Our models put fair value at ₹1,364, about −27% upside versus a price of ₹1,880 (overvalued). Cautious scenario ₹710.44, optimistic scenario ₹1,816. The calculation is refreshed regularly with new filings.
What is the revenue of Manorama Industries Limited (MANORAMA)?
Manorama Industries Limited reported trailing-twelve-month revenue of about ₹14.8B (latest available figure, as of Oct 2, 2026).
Does Manorama Industries Limited pay a dividend?
Manorama Industries Limited currently shows a dividend yield of about 0.04% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Manorama Industries Limited (MANORAMA)?
For today's price to be fair in a discounted-cash-flow model, Manorama Industries Limited would have to grow free cash flow by +41.3 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +47.0 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of MANORAMA use?
Our models discount Manorama Industries Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.28, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Manorama Industries Limited that is +41.3 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Manorama Industries Limited (MANORAMA) delivered so far?
Over the past 5 years revenue at Manorama Industries Limited grew +47.0 % a year. The price currently implies +41.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Manorama Industries Limited (MANORAMA) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into Manorama Industries Limited (+41.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Manorama Industries Limited (MANORAMA)?
The free-cash-flow yield on the price is 1.48 %: that much free cash flow Manorama Industries Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Manorama Industries Limited (MANORAMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manorama Industries Limited it is ₹1,364 per share (as of Oct 2, 2026), against a price of ₹1,880. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Manorama Industries Limited stock overvalued or undervalued in 2026?
As of Oct 2, 2026, MANORAMA trades above its calculated fair value: price ₹1,880, fair value ₹1,364, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MANORAMA?
No. The price is what the market pays today (₹1,880); the fair value is what the company's own numbers justify (₹1,364). For Manorama Industries Limited the two are ₹516.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manorama Industries Limited worth?
The market values Manorama Industries Limited at about ₹112B (market capitalisation, as of Oct 2, 2026). Per share that is ₹1,880; our models calculate a fair value of ₹1,364 per share.
What do the bullish and bearish scenarios say about MANORAMA?
Our models span a range for Manorama Industries Limited: cautious scenario ₹710.44, base ₹1,364, optimistic ₹1,816 per share (as of Oct 2, 2026, price ₹1,880). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MANORAMA?
Manorama Industries Limited trades at a price-to-earnings ratio of 43.7 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,364 is built from several models across several years. Other multiples: P/B 16.7, P/S 7.6, EV/EBITDA 28.5.
How solid is the balance sheet of Manorama Industries Limited (MANORAMA)?
Balance-sheet figures for Manorama Industries Limited (as of Oct 2, 2026): return on equity 39.4%, debt of 0.05 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is MANORAMA from its 52-week high?
Manorama Industries Limited trades at ₹1,880, about 12% below its 52-week high of ₹2,133 and 75% above the low of ₹1,076 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,364 is for.
Which stocks are comparable to Manorama Industries Limited?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Manorama Industries Limited stock attractive at the current price?
The data as of Oct 2, 2026: price ₹1,880, calculated fair value ₹1,364 (−27%), Quality Score 70/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MANORAMA calculated?
We run Manorama Industries Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,364, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Manorama Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Manorama Industries Limited (MANORAMA)?
The closing price on Oct 1, 2026 was ₹1,880. Our model-based fair value is ₹1,364, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Manorama Industries Limited right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (₹1,816). The favourable scenario is already priced in. A fairly wide model range (₹710.44 to ₹1,816) leaves room in how you read the outcome.
Key figures of Manorama Industries Limited
How large is the market capitalisation of Manorama Industries Limited (MANORAMA)?
The market capitalisation of Manorama Industries Limited is ₹112B (≈ $1.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Manorama Industries Limited (MANORAMA)?
The price-to-sales ratio of Manorama Industries Limited is 6.87 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Manorama Industries Limited (MANORAMA)?
Earnings per share at Manorama Industries Limited are ₹43.05 (price ÷ EPS = P/E 43.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Manorama Industries Limited (MANORAMA)?
The dividend yield of Manorama Industries Limited is 0.0% (payout 1.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Manorama Industries Limited (MANORAMA)?
The net margin of Manorama Industries Limited is 15.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Manorama Industries Limited (MANORAMA)?
The return on equity (ROE) of Manorama Industries Limited is 39.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Manorama Industries Limited (MANORAMA)?
On an EBIT basis the return on assets of Manorama Industries Limited is 17.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Manorama Industries Limited (MANORAMA)?
The operating margin of Manorama Industries Limited is 24.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Manorama Industries Limited (MANORAMA)?
Revenue at Manorama Industries Limited is growing +39.5% versus a year earlier (3y avg +57.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Manorama Industries Limited (MANORAMA)?
Earnings per share at Manorama Industries Limited are growing +67.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Manorama Industries Limited (MANORAMA) carry?
The net debt of Manorama Industries Limited is ₹2.6B (fiscal year 2026, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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