Mangalam Organics Ltd(MANORG)

NSE: MANORGBSE: 514418

₹ 472-3.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 404 crWebsite: www.mangalamorganics.comUpdated: 24 Oct 2026

About

Mangalam Organics makes terpene chemicals, with camphor as its core product, and synthetic resins for B2B customers. It also sells consumer products through its B2C subsidiary, Mangalam Brands. FY26 revenue was Rs 622.57 cr. Terpene operations make up 96% of B2B revenue.^[1][2]

Business segments

Terpene operations made up 96% of B2B revenue and synthetic resins 4%, as stated in the Q3 FY26 call.^[2]
Camphor remains the core product in the terpene business (Q3 FY26).^[2]
B2C subsidiary Mangalam Brands had FY26 revenue of Rs 238.64 cr, up from Rs 207.16 cr in FY25.^[3]
Mangalam Brands' total income was Rs 52.85 cr in Q1 FY27, down 3.77% from Rs 54.92 cr in Q1 FY26.^[4]

Operations and capacity

In 2025 the company completed an expansion that lets it make 2,500 MT per annum of Bhimseni/Isoborneol flakes.^[5]
Capital work-in-progress fell from Rs 26 cr to nil in FY26, and property, plant and equipment rose to Rs 328 cr from Rs 269 cr. The capex was capitalised during the year.^[3]

Key operating numbers

Gross margin was 42.5% in Q1 FY27, compared with 46.1% in Q1 FY26.^[4]
Gross margin was 47.3% in FY26, compared with 48.4% in FY25. Management credits lower key input costs for the improvement in FY26 profitability.^[3]
Gross margin was 42.8% in Q3 FY26 vs 60.3% in Q3 FY25, and 35.11% in Q2 FY26.^[2][5]
Mangalam Brands' operating EBITDA margin was 8.65% in Q1 FY27, down from 15.60% in Q1 FY26. For FY26 it was 12.68%, up from 5.09% in FY25.^[4][3]

Customers and distribution

The B2C business uses 190 salespeople to reach 14 states (Q1 FY27).^[4]
Consumer products are sold on Amazon, Bigbasket, Jiomart and Flipkart (Q1 FY27).^[4]
E-commerce orders reached 21,000+ pin codes in FY25, up from 9,000 in FY20.^[5]
B2C products have started selling in the USA and the UK (Q1 FY27).^[4]

Plans and product development

The company is working to earn revenue from intermediates and to improve Terpineol quality, to reduce its dependence on camphor. Management said this was on track in Q4 FY26.^[3]
Synthetic resins plans: win approvals from global tyre and adhesive customers, replace imports in adhesives and printing ink, and open up exports (Q2 FY26).^[5]
The company plans to add new retail products and to grow exports beyond the USA and UK (Q1 FY27).^[4]

Industry context

The FY25 annual report puts the global pine chemicals market at about USD 6.1 billion in 2025.^[6]
Risks named in the FY25 annual report: dependence on feedstock, terpene supply volatility, high extraction costs, global price swings, and uncertainty over US tariffs on Indian exports.^[6]

Market Cap

₹404 Cr

High / Low

₹637 / 352

Stock P/E

20.1

Price / Book

1.3

Book Value

₹372

EPS

₹30.1

No. of Shares

0.86 Cr

ROCE

10.5%

ROE

8.4%

OPM

10.4%

Debt / Equity

1.12

Sales

₹623 Cr

Net Profit

₹26 Cr

Promoter holding

58.7%

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