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MANORAMA INDUSTRIES LIMITED (MANORAMA)

Consumer Non-Durables · Food: Specialty/Candy · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.67 / 100
Profitability 92Balance sheet 43
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.57 / 100
Price 89Earnings 67FII/DII 15

Passes these screensQuality CompounderHigh Momentum

Compare withBRITANNIA INDUSTRIESTATA CONSUMER PRODUCTSCCL PRODUCTS INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,962.2 latest close · +25.6% over the last 90 sessions

₹1,600₹1,800₹2,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,600₹1,800₹2,000Jul 3Sep 4Nov 9

₹1,962.2 month-end · +51.5% over 12 months

₹1,250₹1,500₹1,750₹2,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,250₹1,500₹1,750₹2,000Nov '25May '26Nov '26

₹1,962.2 month-end · +34.3% since Jun '25

₹1,250₹1,500₹1,750₹2,000Jun '25Sep '25Jan '26Apr '26Aug '26Nov '26 ₹1,250₹1,500₹1,750₹2,000Jun '25Mar '26Nov '26

52-week range ₹1060.60 to ₹2149.50 · 1-year volatility 44.4%

Was the rally earned?

+52%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 73 points, but investors now pay less per rupee of profit (P/E 53.9x to 45.4x), which took 21 points back.
  • The share count barely moved.
Net profit growth: +73 pts. Points of the price return explained by net profit growing (or shrinking).+73 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +52%+52%Share priceNet profit growth: +73 pts. Points of the price return explained by net profit growing (or shrinking).+73ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +52%+52%Share price
Net profit growth+73 ptsNet profit rose about 80%, which lifts the price.
P/E change-21 ptsThe P/E fell from 53.9x to 45.4x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BRITANNIA INDUSTRIES

How rough has the ride been?

Maximum drawdown-37.1%recovered 2025-04
1-year volatility44.4%annualised
Beta vs sector index0.853-year daily, correlation 0.23
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−10%−20%−30%2023202420252026−35.2% 0%−10%−20%−30%2023202420252026−35.2%
Largest drawdowns

-37.1% (2024-12 peak to 2025-03 low, recovered 2025-04)

-36.2% (2025-07 peak to 2026-01 low, recovered 2026-08)

-34.3% (2023-10 peak to 2024-03 low, recovered 2024-04)

Most recent volume spikes

2026-09-03: 5.6x the 50-day median, price +8.4% that day

2026-08-19: 6.5x the 50-day median, price +1.8% that day

2026-08-18: 10.8x the 50-day median, price -2.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE93rd
  • Op. margin91stflat vs a year ago
  • Revenue growth95th
  • EPS growth91st
  • Debt/equity ↓36th▲ 27 pts vs a year ago
  • Cash cycle ↓9th▲ 6 pts vs a year ago
  • P/E ↓30thflat vs a year ago
  • 12M momentum91st▲ 13 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What is the price implying?

~25%annual earnings growth implied by the price

At a P/E of 45.4x, the price would imply about 25.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Consumer Non-Durables The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1962.20
P/E
45.4x
ROCE
35.0%
Market Cap
₹12387 cr
Revenue (TTM)
₹1481 cr
P/S
8.4x
P/B
18.2x
ROE
40.0%
Operating Margin
26.0%
Debt / Equity
0.5x
Promoter Holding
54.3%
12M Momentum
51.5%

52-week range

₹1060.60₹2149.50
83% of the way from its 52-week low to its high

Price risk

1Y volatility
44.4%
Beta vs sector
1-year daily
0.99

Balance sheet & cash

Interest cover
operating profit ÷ interest
10.3x
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 2checks within rangeAll clear
Other income reliance6%Within range

Other income as a share of pre-tax profit (trailing twelve months): 6.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, promoters trimmed 2.9 pts.
  • The number of shareholders rose from 8,048 to 33,841 (+320%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters57.3%54.3%-2.9 pts
FIIs2.8%3.2%+0.4 pts
DIIs2.5%2.6%+0.1 pts
Public and others37.4%39.8%+2.4 pts

Number of shareholders

33,841shareholders+320% since Dec '23
8k17k27k36k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 8,048
Mar '24: 14,279
Jun '24: 14,040
Sep '24: 14,506
Dec '24: 18,152
Mar '25: 19,938
Jun '25: 24,617
Sep '25: 32,671
Dec '25: 34,703
Mar '26: 36,335
Jun '26: 33,841
 8k17k27k36k Dec '23Dec '24Dec '25Jun '26
Dec '23: 8,048
Mar '24: 14,279
Jun '24: 14,040
Sep '24: 14,506
Dec '24: 18,152
Mar '25: 19,938
Jun '25: 24,617
Sep '25: 32,671
Dec '25: 34,703
Mar '26: 36,335
Jun '26: 33,841

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−10.7%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like MANORAMA INDUSTRIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −34% to +13% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −7.8%, 80% range −20.3% to −0.2%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
APLLTD · Oct 2020: −49.5% vs market
MBAPL · May 2023: −48.1% vs market
REDTAPE · Dec 2024: −46.3% vs market
TARIL · Jul 2025: −44.9% vs market
MASTEK · Sep 2021: −44.4% vs market
VENUSPIPES · Apr 2024: −42.5% vs market
FAIRCHEMOR · Jan 2022: −42.3% vs market
ROLEXRINGS · Mar 2023: −41.2% vs market
LUXIND · May 2021: −40.2% vs market
RAJRATAN · Aug 2022: −39.8% vs market
JASH · Mar 2025: −39.0% vs market
GUFICBIO · Jan 2025: −35.6% vs market
VAIBHAVGBL · Jan 2021: −34.5% vs market
PUNJABCHEM · Aug 2021: −33.7% vs market
SBCL · May 2023: −31.2% vs market
CARYSIL · Mar 2022: −30.8% vs market
ANGELONE · Dec 2023: −28.5% vs market
KPRMILL · Dec 2021: −25.5% vs market
MANINFRA · Jan 2024: −22.0% vs market
DOMS · Apr 2025: −21.8% vs market
BALAMINES · Aug 2021: −20.0% vs market
LAURUSLABS · Aug 2021: −18.9% vs market
VIDHIING · Jun 2022: −17.7% vs market
PREMIERENE · Oct 2025: −15.3% vs market
RAINBOW · Jun 2023: −11.5% vs market
ECLERX · Sep 2025: −9.9% vs market
BHARATRAS · Jul 2020: −9.4% vs market
SAFARI · Aug 2023: −8.7% vs market
UNOMINDA · Jan 2020: −2.2% vs market
TASTYBITE · Jul 2020: −0.8% vs market
SHAREINDIA · May 2022: +0.3% vs market
HESTERBIO · Apr 2020: +4.1% vs market
ASTEC · Jun 2020: +4.3% vs market
TIINDIA · Oct 2022: +4.6% vs market
KPITTECH · Aug 2023: +4.8% vs market
NEOGEN · Jul 2020: +8.4% vs market
BETA · Sep 2025: +12.2% vs market
VBL · Aug 2023: +13.3% vs market
NEULANDLAB · Aug 2024: +16.7% vs market
VIJAYA · Jul 2025: +18.7% vs market
DEEPAKNTR · Feb 2021: +21.7% vs market
PERSISTENT · Sep 2023: +29.6% vs market
POLYMED · Jan 2021: +30.8% vs market
GANESHHOU · Feb 2024: +35.8% vs market
HBLENGINE · Nov 2024: +36.7% vs market
JSLL · Jun 2025: +38.8% vs market
CHOICEIN · Jan 2025: +41.7% vs market
CGPOWER · Sep 2022: +61.7% vs market
SOLARINDS · May 2024: +63.5% vs market
ALKYLAMINE · Jan 2020: +206.0% vs market
Similar setups −10.7%All companies −2.9%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median
−10.7%
All companies' median
−2.9%
Beat the market
40% vs 47%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SAFARI
Consumer Durables		 Aug 2023 70x37% +139%−1% −9%
POLYMED
Health Technology		 Jan 2021 47x25% +86%−6% +31%
RAJRATAN
Producer Manufacturing		 Aug 2022 46x40% +174%−1% −40%
ROLEXRINGS
Producer Manufacturing		 Mar 2023 41x31% +60%−7% −41%
DEEPAKNTR
Process Industries		 Feb 2021 31x38% +196%−2% +22%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CGPOWER
Producer Manufacturing		 Sep 2022 37x42% +92%−10% +62%
JSLL
Health Services		 Jun 2025 66x— +98%−10% +39%
NEOGEN
Process Industries		 Jul 2020 44x22% +64%−5% +8%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, interest cover and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to MANORAMA INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

JYOTI CNC AUTOMATIONJYOTICNC
Producer Manufacturing
62%similar
debt/equityvolatility
RUBICON RESEARCHRUBICON
Health Technology
62%similar
volatilityoperating margin
SHAILY ENGINEERING PLASTICS LTSHAILY
Process Industries
59%similar
market capoperating margin
VENUS PIPES TUBESVENUSPIPES
Non-Energy Minerals
54%similar
revenuedebt/equity
ELECON ENGINEERING COLTDELECON
Producer Manufacturing
51%similar
market capP/E
VADILAL INDUSTRIESVADILALIND
Consumer Non-Durables
41%similar
revenueoperating margin
PEARL GLOBAL INDUSTRIESPGIL
Consumer Non-Durables
32%similar
market capP/E
CUPIDCUPID
Consumer Non-Durables
29%similar
ROCEoperating margin

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

27 events since Sep '22

  1. AugPriceRegained the 2025-07 peak, 7 months after the low.
  2. AugPriceVolume reached 55.5x its 50-day median on 2026-08-14; price +7.6% that day.
  3. JulDebtDebt / equity halved over 12 months to 0.52x.
  4. JunDebtDebt / equity fell below 1.0x (0.52x).
  5. MayPriceVolume reached 13.0x its 50-day median on 2026-05-12; price -12.6% that day.
  6. JanPriceFell 36% from the Jul 2025 peak to the Jan 2026 low.
  7. JanPriceVolume reached 11.9x its 50-day median on 2026-01-29; price +7.7% that day.
  8. JulPriceVolume reached 22.3x its 50-day median on 2025-07-28; price +7.0% that day.
Show 19 earlier events
  1. AprPriceRegained the 2024-12 peak, 1 month after the low.
  2. AprPriceVolume reached 24.1x its 50-day median on 2025-04-28; price +6.9% that day.
  3. MarPromoterPromoter holding fell 2.8 pts to 54.4%.
  4. MarInstitutionsFII + DII holding rose 3.3 pts over 2 quarters to 7.2%.
  5. MarPriceFell 37% from the Dec 2024 peak to the Mar 2025 low.
  6. MarPriceVolume reached 11.6x its 50-day median on 2025-03-03; price -18.8% that day.
  7. OctPriceVolume reached 10.0x its 50-day median on 2024-10-24; price +1.2% that day.
  8. JulPriceVolume reached 9.3x its 50-day median on 2024-07-31; price -1.2% that day.
  9. AprPriceRegained the 2023-10 peak, 1 month after the low.
  10. AprPriceVolume reached 7.4x its 50-day median on 2024-04-03; price +6.7% that day.
  11. MarPriceFell 34% from the Oct 2023 peak to the Mar 2024 low.
  12. JanPriceVolume reached 12.1x its 50-day median on 2024-01-15; price -6.4% that day.
  13. DecPriceVolume reached 8.9x its 50-day median on 2023-12-29; price +1.1% that day.
  14. AugPriceVolume reached 5.7x its 50-day median on 2023-08-16; price +5.0% that day.
  15. MayPriceRegained the 2022-10 peak, 4 months after the low.
  16. MayPriceVolume reached 19.4x its 50-day median on 2023-05-10; price +9.0% that day.
  17. FebPriceVolume reached 7.3x its 50-day median on 2023-02-10; price +8.3% that day.
  18. JanPriceFell 33% from the Oct 2022 peak to the Jan 2023 low.
  19. SepPriceVolume reached 11.3x its 50-day median on 2022-09-01; price -4.6% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history18 months · 2025-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1145.4x₹1481 cr40.0%35.0%0.5x
2026-1041.5x₹1481 cr40.0%35.0%0.5x
2026-0942.8x₹1481 cr40.0%35.0%0.5x
2026-0849.8x₹1367 cr35.1%35.0%0.5x
2026-0742.3x₹1367 cr35.1%35.0%0.5x
2026-0643.6x₹1367 cr35.1%35.0%0.5x
2026-0539.8x₹1209 cr49.2%—1.0x
2026-0442.1x₹1209 cr49.2%—1.0x
2026-0331.5x₹1209 cr49.2%—1.0x
2026-0249.4x₹1055 cr39.6%—1.0x
2026-0146.8x₹1055 cr39.6%—1.0x
2025-1246.2x₹1055 cr39.6%—1.0x
2025-1153.9x₹927 cr32.9%—1.0x
2025-1057.9x₹927 cr32.9%—1.0x
2025-0958.0x₹927 cr32.9%—1.0x
2025-0873.6x₹771 cr25.3%—1.0x
2025-0782.6x₹771 cr25.3%—1.0x
2025-0679.3x₹771 cr25.3%—1.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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