Manorama Industries: Can growth sustain the valuation?
Manorama Industries’ FY26 revenue grew 76%, ROE touched 40%, and EBITDA margin expanded to 27%. The stock now trades at 34x earnings. But after two years of negative operating cash flow before a sharp rebound in FY26, the key question is whether margins, capacity expansion, pricing power, and cash conversion can continue to hold together.
Manorama Industries’ FY26 revenue grew 76%, ROE touched 40%, and EBITDA margin expanded to 27%. The stock now trades at 34x earnings. But after two years of negative operating cash flow before a sharp rebound in FY26, the key question is whether margins, capacity expansion, pricing power, and cash conversion can continue to hold together.
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