Manorama Industries Ltd Management Discussions

GLOBAL ECONOMY OVERVIEW

The global economy remained resilient in CY 2025, recording growth of 3.4%, supported by strong technology-led investments, expanding services trade and accommodative financial conditions. However, the outbreak of conflict in the Middle East in February 2026 has introduced fresh uncertainties, disrupting energy markets, heightening inflationary pressures and moderating global growth prospects. According to the IMF, global GDP growth is projected to ease to 3.1% in CY 2026 before improving marginally to 3.2% in CY 2027.

Geopolitical and Energy Market Disruptions

A key development shaping the global outlook has been the Iran-US conflict and the resulting disruption of energy supply chains. The closure of the Strait of Hormuz and damage to critical hydrocarbon infrastructure have triggered a significant supply shock, pushing crude oil prices higher and increasing transportation, manufacturing and logistics costs globally. Oil prices are projected to rise by 21.4% in CY 2026, while natural gas and food prices are also expected to remain elevated due to higher energy, fertiliser and freight costs. These developments have intensified inflationary pressures and weakened growth prospects across both advanced and emerging economies.

Investment Trends Driving Economic Resilience

Investment activity remained a key pillar of economic resilience. Businesses continued to invest in artificial intelligence, automation, semiconductors, cloud infrastructure and digital transformation initiatives to improve productivity and strengthen competitiveness. At the same time, governments accelerated investments in strategic infrastructure, energy security and supply-chain diversification, reflecting the growing need to build resilience against geopolitical and economic disruptions.

Regional Growth Dynamics

Growth trends continue to diverge across regions. Advanced economies are expected to expand by 1.4% in CY 2026 and 1.5% in CY 2027, supported by easing financial conditions, technology investments and policy support, although growth remains constrained by weak productivity gains and geopolitical uncertainty. In contrast, EMDEs are projected to grow by 3.7% in CY 2026 and 4.0% in CY 2027, driven by favourable demographics, rising consumption, urbanization and infrastructure investments. Nevertheless, higher energy costs and tighter external financing conditions may temper growth in several developing economies.

Inflation Dynamics

Inflationary pressures remained relatively contained, with global headline inflation averaging 4.1% in CY 2025. Temporary supply disruptions, including those arising from the closure of the Strait of Hormuz, contributed to higher energy and food prices, leading inflation to an estimated 4.4% in CY 2026. As supply chains normalise and commodity markets stabilise, inflation is expected to moderate to approximately 3.7% by CY 2027.

Outlook

Looking ahead, technology adoption, digitalization and investment-led expansion are expected to remain important drivers of global economic activity. However, geopolitical tensions, energy market volatility, inflationary pressures and trade fragmentation continue to pose significant risks to the pace and sustainability of global growth.

Source: World Economic Outlook, April 2026: Global Economy in the Shadow of War

INDIAN ECONOMY

India continued to reinforce its position as one of the fastest-growing major economies during 2025-26 recording real GDP growth of 7.6%, compared to 7.1% in the previous fiscal year. Nominal GDP expanded by 8.6% to 345.47 lakh Crore, reflecting the economys underlying strength and resilience. Growth was driven by robust domestic demand, sustained public and private sector investments, and strong performance across the industrial and services sectors.

Supported by policy stability, ongoing economic reforms and significant infrastructure development, India continued to build on its strong macroeconomic fundamentals. The broad-based nature of growth underscores the increasing maturity of the economy and reinforces Indias emergence as a key driver of global economic expansion, supported by favourable demographics and rising economic competitiveness.

Sectoral Growth Momentum

2025- 26 witnessed healthy expansion across key sectors of the Indian economy, with both industry and services contributing significantly to overall economic growth. The industrial sector demonstrated improved performance, with Gross Value Added (GVA) growth rising to 6.2% from 5.9% in the previous fiscal year. This improvement was supported by stronger manufacturing activity, increasing capacity utilization and sustained investments in infrastructure and construction projects. Continued momentum in construction and allied industries reflected robust economic activity and reinforced confidence in long-term development prospects. To further support the industry growth the Union Budget

2026- 27 proposes to increase public capital expenditure further to 12.2 lakh Crore, highlighting the Governments continued emphasis on infrastructure development, crowding-in private investment and enhancing productive capacity across sectors.

The services sector remained the largest contributor to economic output, recording GVA growth of 9.1% during 202526 compared to 7.2% in 2024-25. Growth was led by trade, transportation, communication and related services, which emerged as the fastest-growing sub-segment with growth of 10.1%. Strong performance in services exports, coupled with rising employment opportunities and increasing urban incomes, contributed to overall economic resilience and supported domestic consumption. The continued expansion of the services economy is expected to drive demand across housing, infrastructure and other consumer-oriented sectors.

Inflation and Monetary Environment

2025-26 witnessed a favourable inflationary environment, with CPI inflation averaging 2.7%, supported by easing food and fuel prices. The moderation in inflation improved consumer sentiment, strengthened household purchasing power and provided room for monetary policy easing.

Reflecting the benign inflation outlook, the RBI adopted an accommodative stance, reducing the repo rate to 5.25% and the CRR to 3.0%, thereby enhancing liquidity and supporting credit growth. However, geopolitical tensions, particularly the US-Iran conflict, triggered a sharp rise in commodity prices, causing wholesale inflation to surge to a 42-month high of 8.3% in April. Elevated crude oil prices led to higher fuel, transportation and manufacturing costs across the economy.

Despite these temporary pressures, lower retail inflation, easing borrowing costs and improved liquidity conditions created a supportive environment for consumption, investment and business growth, strengthening the overall economic outlook.

2.7%	5.25%	3.0%
Avg. CPI Inflation, 2025-26	RBI Repo Rate (February 2026)	Cash Reserve Ratio (CRR)

Source: PIB Press Release PRID 2219907; RBI Monetary Policy Committee Statement

Outlook

For Manorama Industries Limited, these macroeconomic trends provide a supportive backdrop for growth. Rising demand for specialty fats, cocoa butter equivalents, specialty butters and natural ingredient solutions across domestic and international markets, coupled with increasing focus on sustainable sourcing and value-added food ingredients, is expected to create significant opportunities for The Company. With its diversified product portfolio, expanding manufacturing capabilities and strong customer relationships, The Company remains well positioned to capitalize on the evolving opportunities arising from Indias growth story.

Source: HTTPS://WWW.PIB.GOVIN/PRESSRELEASEPAGE.ASPX?PRID=2233792&REG=3&LANG=1

INDUSTRY OVERVIEW

GLOBAL COCOA BUTTER EQUIVALENT (CBE) INDUSTRY

Cocoa Butter Equivalent (CBE) is a plant-based fat derived from sources such as sal fat, mango butter, shea butter, kokum butter, palm oil, specifically designed to replicate the melting profile, texture and mouthfeel of natural cocoa butter. As a cost-effective and sustainable alternative, CBEs are widely used in confectionery manufacturing and are approved under applicable food regulations. Growing demand for chocolate and confectionery products, coupled with increasing focus on sustainable sourcing and affordable production inputs, continues to drive the growth of the global CBE market.

The global CBE market, estimated at USD 1,888.65 Mn in 2026, is projected to grow to USD 2,124.48 Mn by 2035, at a CAGR of 4% over the forecast period. This steady growth trajectory reflects the sustained structural demand for cost- effective cocoa butter alternatives across the global confectionery, food and beverage, and cosmetics industries.

Latest Market Trend: Sustainability and Traceability

The most prominent recent development shaping the CBE market is a notable shift towards sustainability and responsible sourcing. End consumers are increasingly demanding visibility into product ingredients and are willing to pay a premium for products containing sustainably certified raw materials - particularly certified sustainable palm oil, sal fat, mango kernel fat and shea butter. This trend simultaneously addresses environmental concerns and meets the ethical expectations of a growing consumer base, thereby enhancing brand value for compliant manufacturers.

Companies operating in the CBE space are investing proactively in supply chain traceability and sustainability certifications for key raw materials including RSPO (Roundtable on Sustainable Palm Oil), along with certifications and responsible sourcing frameworks for shea butter, sal fat and mango kernel fat. These initiatives are enabling manufacturers to respond to evolving consumer preferences and regulatory expectations, strengthening their market positioning and enabling access to premium end-markets in Europe and North America.

Driver	Brief Description
Rising Demand for Natural & Non- Hydrogenated Ingredients	Growing consumer and manufacturer preference for natural, trans-fat-free alternatives in food applications is driving CBE adoption as a stable, high-quality substitute for cocoa butter in chocolate and confectionery products.
Expansion of the Confectionery Industry	Steady growth in global chocolate and confectionery production — particularly in emerging economies — is directly increasing demand for CBE as a cost-effective, quality-preserving cocoa butter equivalent
Cost Competitiveness vs. Cocoa Butter	Recurring cocoa butter price volatility — driven by climate disruptions in West Africa — makes CBEs a structurally attractive, margin-protective alternative for food manufacturers.
Innovation in CBE Formulations	Leading global players continue to invest in R&D to develop CBE products with enhanced sensory and functional qualities, reflecting the industrys sustained innovation momentum.
Market Access Expansion	Strategic partnerships and geographic expansion by leading producers are enlarging the global CBE demand base, particularly across Asia Pacific, the Middle East & Africa, and Latin America.

The sustained global expansion of chocolate and confectionery production - particularly across Asia Pacific and other emerging markets — will continue to generate durable, growing demand for CBE as a cost-effective, quality-preserving alternative to natural cocoa butter. Concurrently, increasing regulatory and consumer pressure for certified sustainable, traceable, and non-deforestation-linked ingredients is expected to reward producers with strong provenance credentials, especially those sourcing from non-palm botanical origins such as sal fat, mango butter, and kokum butter. Beyond confectionery, the broadening adoption of CBE into bakery, dairy analogues, food and beverage texturization, and cosmetics - supported by continued product innovation by leading market participants - will further expand the total addressable market and sustain growth momentum through the forecast horizon.

Source: https://WWW.GLOBALMARKETSTATISTICS.COM/MARKET- RFPORTS/COCOA-RUTTFR-FOUIVAI FNT-MARKFT-11385

Global Specialty Fats and Oils Market

Specialty fats and oils are derived from a variety of natural sources - including coconuts, sunflower, soybeans, rapeseed, palm, peanut, and olive - and are processed to deliver specific functional, nutritional, and sensory attributes that standard commodity oils cannot provide. They are available in solid, semi-solid, and liquid forms and serve a wide range of applications across confectionery, bakery, dairy, cosmetics, and other food and industrial sectors. Specialty fats include sub-categories such as margarine, shortenings, cocoa butter alternatives, cream alternatives, and confectionery fats, while specialty oils encompass vegetable oils, seed oils, essential oils, and fish oils.

The global specialty fats and oils market has grown strongly in recent years, the current market value stands at USD 18.17 Bn in 2026. Looking ahead, the market is forecast to reach USD 32.5 Bn by 2034, advancing at a robust CAGR of 7.6% over the 2026-2034 period. This growth trajectory reflects the sustained convergence of multiple structural demand drivers: increasing consumption of packaged and processed foods, growth of bakery and confectionery industries, and an accelerating regulatory and consumer-driven shift towards healthier, cleaner, and more sustainable fat profiles.

KEY GROWTH DRIVERS

Driver	Description
Growing Consumption of Packaged Food	Rising consumer preference for ready-to-eat and convenience foods - which rely on specialty fats for texture, stability, and shelf life - is the primary structural driver. US retail food prices rose 5% in 2023 (USDA, June 2024), reflecting growing packaged food spending, with categories such as dairy, processed meat, pasta, and rice among top contributors.
Expansion of Processed Food Manufacturing	Growth of large-scale food processing - particularly across emerging markets in Asia, Africa, and Latin America - is increasing demand for consistent, functional, and cost-effective specialty fat inputs across all processed food categories.
Growth of Bakery and Confectionery Industries	The bakery and confectionery sectors - the two largest application segments - continue to grow globally, driving demand for specialty fats that deliver the specific functional properties (structure, texture, melt, shelf stability) required in biscuits, cakes, chocolates, and confectionery coatings.
Increasing Use of Palm Oil Alternatives	Sustainability concerns around palm oil cultivation are driving large-scale reformulation towards non-palm specialty fats sourced from shea, sal, mango, kokum, and other botanical origins. This structural shift is opening significant new demand for sustainably sourced specialty fat producers.
Development of Fat Modification Technologies	Advances in fractionation, enzymatic interesterification, and hydrogenation alternatives have broadened the functional range and quality of specialty fats, enabling manufacturers to meet evolving food formulation needs with improved nutritional profiles and better sensory performance.
Rising Demand for Texture-Enhancing Fats	Consumer expectations for superior mouthfeel, creaminess, and eating experience across food categories are driving increased use of specialty fats as performance ingredients that commodity oils cannot replicate.

Outlook

The global specialty fats and oils market is positioned for robust and sustained growth, underpinned by structural demand tailwinds that are expected to intensify over the forecast period. The primary engine of this growth is the accelerating consumption of packaged and processed foods globally, particularly across high-population emerging markets in Asia Pacific, South East Asia, and Africa, where rapid urbanization and rising disposable incomes are driving a structural shift towards convenience food formats that rely on specialty fats for quality, stability, and shelf life.

Over the forecast horizon, the markets growth will increasingly be shaped by the convergence of sustainability and health imperatives. The global regulatory push to eliminate trans fats, rising consumer demand for clean-label and traceable ingredients, and the rapid expansion of the plant-based food sector will collectively drive large-scale reformulation activity - creating sustained demand for innovative specialty fat solutions that are healthier, more functional, and sustainably sourced. Companies that can offer non-palm, deforestation- free, and certified-sustainable specialty fats from botanical origins will be structurally advantaged to capture the growing premium segment of the market, particularly in Europe and North America where these credentials are becoming procurement prerequisites.

Global Chocolate Industry

The global chocolate market encompasses a wide range of products, including chocolate bars, chocolate-covered candies and chocolate- coated fruits, spanning traditional cocoa-based variants such as dark, milk and white chocolate, as well as alternative formulations. The market was valued at USD 127.1 Bn in 2025 and is estimated to reach USD 131.7 Bn in 2026. Driven by rising consumer awareness of the health benefits associated with premium and dark chocolate-including cardiovascular wellness, improved cognitive function and mood enhancement-the market is projected to grow steadily at a CAGR of 4.9% between 2026 and 2033, reaching an estimated value of USD 184.7 Bn by 2033. Growing demand for indulgent yet functional food products, coupled with premiumization trends, continues to support long-term market expansion.

Key Growth Drivers

Driver	Description
Rising Demand for Premium & Indulgent Products	Consumers increasingly seek premium ingredients, artisanal formats, exotic flavours, and ethically sourced products, strengthening demand for value-added chocolate across developed and emerging markets.
Gifting Culture & Seasonal Demand	Festive celebrations, corporate gifting, and seasonal occasions (Valentines Day, Christmas, Easter) sustain strong recurring demand for premium boxed chocolates and artisanal assortments, especially among urban consumers.
E-commerce & Digital Marketing Growth	Rapid growth of online platforms and digital marketing has expanded brand accessibility globally, enabling limited-edition collections, customised packaging, and direct-to- consumer offerings that broaden the consumer base.
Health & Functional Benefits of Chocolate	Growing awareness of dark chocolates mood, cardiovascular, and cognitive benefits drives consumption. Rising prevalence of stress and mental health concerns (3.4% of global population affected by depression) is also expected to support demand.

Outlook

The markets long-term trajectory is underpinned by the enduring structural demand for chocolate across all consumer segments and geographies, reinforced by powerful secular trends towards premiumization, functional and health- oriented consumption, sustainable sourcing, and digital- channel expansion.

The Middle East & Africa and Asia Pacific regions - projected to grow at CAGRs of 7.6% and 7.0% respectively - will drive incremental volume and value growth well above mature- market rates, as rising incomes and urbanization expand the addressable consumer base. The e-commerce channel,

growing at 5.7% CAGR, will increasingly serve as the primary route to consumers for premium, gifting, and specialty chocolate formats. Sustainability and ethical sourcing will become defining competitive differentiators: consumer and regulatory pressure for Rainforest Alliance, Fairtrade, Fair for Life , and single-origin certified products will reward transparent, traceable supply chains. Concurrently, growing interest in carob-based and artificial chocolate alternatives (9.6% CAGR) - driven by caffeine-intolerant consumers and health-conscious buyers - signals meaningful diversification of the overall market beyond traditional cocoa-based formats.

https://www.grandviewresearch.com/industry-analysis/chocolate-market

Global HoReCa Industry

HoReCa - an acronym for Hotels, Restaurants, and Catering - is the globally recognised term for the hospitality sector comprising businesses that provide accommodation, dining, and catering services. The sector serves a wide spectrum of needs: lodging for travellers, food and beverage experiences in restaurants and cafes, and catering services for events and institutional functions. The HoReCa sector is a significant driver of employment generation, tourism activity, and economic value across all major geographies.

The global HoReCa market has demonstrated strong and consistent recovery and growth momentum following the post-pandemic normalization of travel and out-of-home dining behaviour. Rising consumer incomes, urbanization, tourism expansion, and rapid digital adoption are collectively accelerating market development, particularly across emerging economies in Asia Pacific, the Middle East & Africa, and Latin America.

The global HoReCa market is on a robust growth trajectory. The Business Research Company estimates the market at USD 3,304.71 Bn in 2025, growing to USD 3,527.87 Bn in 2026 - a year-on-year increase of 6.8% - and forecast to reach USD 4,561.91 Bn by 2030 at a CAGR of 6.6%.

Driver	Description
Growth of Tourism & Travel	Recovery and expansion of global tourism is the primary structural driver, directly boosting hotel occupancy, restaurant covers, and catering events. International tourist arrivals reached 613 Mn in 2022 (UNWTO) with strong continued momentum through 2025, particularly across Asia Pacific and the Middle East.
Urbanization & Rising Disposable Incomes	Rapid urbanization in developing economies is reshaping food and hospitality consumption habits, while rising middle-class incomes across Asia Pacific, the Middle East, and Latin America are expanding the addressable base for out-of-home dining and hotel services.
Expansion of Food Service Outlets & Construction	New hotel construction, restaurant openings, and cloud kitchen proliferation are expanding both supply and demand. Global construction growth - UK new work output hit a record ?139,029 Mn in 2023 (ONS) - directly creates sustained demand for HoReCa accommodation, catering, and food services.
Digital Innovation & Technology Adoption V	AI-powered dining, contactless systems, online food ordering platforms, and mobile applications are transforming HoReCa operations - expanding reach, improving efficiency, and enhancing guest experiences - driving both new customer acquisition and higher spend per visit.

Global Confectionery Industry

The global confectionery industry remained resilient in 2025-2026 despite inflationary pressures, cocoa price volatility, and evolving consumer preferences. The market continues to benefit from strong demand for indulgent snacks, premium products, innovative flavors, and healthier confectionery alternatives.

Industry estimates place the global confectionery market between USD 220.85 Bn and USD 228.30 Bn in 2026, and reach USD 295.06 Bn by 2034, advancing at a CAGR of 3.26%, supported by premiumization, emerging-market demand, and product innovation.

https://www.fortunebusinessinsights.com/industry-reports/CONFECTIONERY-MARKET-10054?

KEY GROWTH DRIVERS

Driver Rising Demand for On-the-go & Convenience Snacks	Description Increasing modernization and hectic professional-personal lifestyles are driving demand for convenient, quick-to-eat food products. Manufacturers are capitalising by launching on-the-go chocolate snack bars, small portable packs, and convenience formats. The association of chocolate with younger and working populations is propelling confectionery consumption globally.
Growing Demand for Sugar- free Chocolates	Rising prevalence of lifestyle diseases (diabetes, obesity, high blood pressure) is shifting consumer preferences towards low-calorie, sugar-free food products. The sugar-free chocolate segment is growing in response to this health-consciousness trend, creating sustained innovation and new product development demand from manufacturers.
Premiumization & Artisanal Product Growth	Demand for premium product ranges is growing steadily in developed markets and accelerating in developing regions, driven by Western influence, rising disposable incomes, and expanding international trade.

Outlook

The markets long-term growth is underpinned by the dual forces of premiumization across developed markets and volume expansion in developing economies. As Western lifestyle influence, rising incomes, and urbanization continue to expand the addressable consumer base in Asia Pacific, the Middle East, and Latin America, global chocolate and confectionery consumption is expected to sustain abovetrend growth rates in these geographies.

Consumer health consciousness will increasingly shape product development, with sugar-free, organic, and plant-based confectionery formats becoming mainstream rather than niche. Manufacturers that invest in clean-label formulations, sustainable cocoa sourcing, and premium artisanal product development will be structurally better positioned to capture premium-price demand and navigate the raw material price volatility that remains the industrys primary structural headwind. The growth of online retail as a confectionery distribution channel - accelerated by COVID- 19-era behavioural changes - will also continue to reshape the competitive landscape, rewarding brands with strong digital presence and direct-to-consumer capabilities.

Global Cosmetics Market

Cosmetics are beauty & personal care products used for skin cleansing and beautification purposes. Rising consciousness among individuals regarding personal appearance and well-being propels market growth.

The global cosmetics market size was valued at USD 354.68 Bn in 2025. The market is projected to grow from USD 375.62 Bn in 2026 to USD 644.17 Bn by 2034, exhibiting a CAGR of 6.97% over the forecast period. Asia Pacific dominated the cosmetics market with a market share of 40.16% in 2025.

https://www.fortunebusinessinsights.com/cosmetics-market-102614

GLOBAL COSMETICS MARKET - KEY FIGURES

Asia Pacific	Skincare	Women
(40.16% share)	(35.13% share)	(57.04% share)
Leading Region	Top Category	Top Gender Segment

Regional Outlook

Asia Pacific - Market Leaders

USD 142.44 Bn	40.16%	USD 150.86 Bn
Market Size (2025)	Global Share (2025)	Projected Size (2026)

Major contributors to the 2025 Asia Pacific market: China (USD 44.05B), India (USD 27.5B), and Japan (USD 22.04B). The region has experienced significant economic growth, with numerous affluent consumers having the financial capacity to invest in luxury and premium cosmetics. The expanding middle-class population is increasingly adopting affordable cosmetics, driving regional growth.

Key Growth Drivers

Rising Self-Care & Grooming Awareness	Growing focus on personal appearance, hygiene, and well-being across all age groups and genders driving sustained product demand
Organic & Sustainable Products	Eco-conscious consumers shifting toward vegan, cruelty-free, and naturally formulated cosmetics; U.K. organic beauty sales reached USD 182.94M in 2022
Influencer & Digital Marketing	Targeted engagement through industry exhibitions, trade publications, and email marketing campaigns is strengthening brand visibility and B2B customer reach.
E-Commerce Expansion	Online channels growing at CAGR 6.75%; convenience, variety, and competitive pricing drive adoption
Mens Grooming Trend	Mens segment growing at CAGR 6.99%; shifting beauty standards and increased emphasis on personal grooming fueling demand
AI-Powered Personalization	Hyper-personalized AI-driven beauty recommendations creating differentiation opportunities;

Indian Specialty Fats & Butters Market

The Indian specialty fats and butter industry continued to witness robust growth during 2025-26, supported by increasing demand from the bakery, confectionery, dairy, infant nutrition and processed food sectors. Rising urbanization, changing consumption patterns, increasing disposable incomes and expansion of organized food processing continue to drive demand for value-added food ingredients across the country.

India remains one of the largest consumers of edible oils globally. According to the Indian Vegetable Oil Producers Association (IVPA), Indias annual edible oil consumption is estimated at approximately 24-25 Mn tonnes, supported by rising food processing activities and growing consumption of packaged and convenience foods. (Source: https:// ivpa.in)

The specialty fats segment has emerged as a critical component of Indias food ingredients industry due to increasing demand for cocoa butter equivalents (CBE), cocoa butter substitutes (CBS), cocoa butter replacers (CBR), filling fats, coating fats, bakery shortenings and customized confectionery fats. These products are extensively used in chocolates, compound coatings, biscuits, wafers, bakery products, spreads and dairy applications.

According to IMARC Group, the Indian specialty fats and oils market was valued at approximately USD 1.9 Bn in 2025 and is projected to reach USD 2.8 Bn by 2034, growing at a CAGR of approximately 4.29% during 2026-2034. The growth is being driven by increasing food processing activities, rising demand for premium food products and growing adoption of specialty ingredients by manufacturers.

(Source: HTTPS//WWWIMARCGROUPCOM/INDIA-SPFCIAI TY-FATS-OIIS-MARKFT)

Key Growth Drivers

Rising health awareness	Increasing demand for low trans-fat, non-hydrogenated, and plant-based alternatives; consumers seeking clean-label specialty fats
Food processing expansion	Rapid growth of organised bakery, confectionery, and packaged food sectors driving ingredient demand
Cocoa butter alternatives	Volatile cocoa prices pushing manufacturers toward CBE/CBS - reducing ingredient cost by 30-40% while maintaining quality
Government policy support	October 2024: Indian government approved USD 1.2 Bn programme to boost domestic edible oil output from 12.7 MT to 25.45 MT by 2030-31
Technology & R&D	Fat modification technologies (fractionation, interesterification, enzymatic processing) enabling customised fat profiles for specific applications

Outlook

The outlook for the specialty fats and butter industry remains encouraging, supported by growing demand from the confectionery, bakery, dairy and food processing sectors. Demand for cocoa butter equivalents, specialty butters and customized fat solutions is expected to remain strong, supported by growth in chocolate and bakery consumption. With its diversified specialty fats portfolio, expanding capacities and focus on innovation and sustainable sourcing, Manorama Industries Limited is well positioned to capitalize on the evolving opportunities in the industry.

Indian Chocolate Market

The Indian chocolate market continued to witness strong growth during 2025-26, supported by rising disposable incomes, urbanization and changing consumer preferences. According to Expert Market Research (EMR), the India chocolate market was valued at approximately USD 1.80 Bn in 2024 and is projected to reach USD 2.99 Bn by 2034, growing at a CAGR of 5.20% during 2025-2034.

(Source:HTTPSV/WWW.MARKFTRFSFARCH.COM/FXPFRT-MARKFT-RFSFARCH-V4??Q/INniA-CHOCOI ATF-FORFCAST-41222989/)

Rising Disposable Incomes	Increasing purchasing power is driving consumption of premium and branded chocolate products.
Premiumization Trend	Growing consumer preference for premium, artisanal and dark chocolates is supporting value growth in the market.
Expanding Gifting Culture	Chocolates are increasingly being used as gifting products during festivals, celebrations and special occasions.
Product Innovation	Introduction of new flavours, healthier variants, low-sugar chocolates and premium offerings is attracting consumers.

Source: EXPERTMARKETRESEARCH(HTTPS://WWW.EXPERTMARKETRESEARCH.COM/REPORTS/INDIA-CHOCOLATE-MARKET)

Segmental Overview of the Indian Chocolate Market

Milk chocolate continues to dominate the Indian chocolate market due to its wider consumer acceptance and affordability, while dark chocolate is emerging as one of the fastest-growing segments driven by increasing health awareness and demand for premium products.

Largest segment owing to its affordability, widespread consumer acceptance and extensive product availability.

Fast-growing segment driven by increasing health consciousness and demand for premium products.

Niche but expanding segment supported by product innovation and premium confectionery applications.

Outlook

The outlook for the Indian chocolate market remains positive, supported by rising premiumization trends, increasing chocolate consumption among younger consumers and growing demand from gifting and confectionery segments. The market is expected to benefit from continued product innovation, expansion of organized retail networks and increasing preference for premium, dark and functional chocolates. These trends are expected to drive sustained demand for cocoa butter equivalents (CBEs), cocoa butter substitutes (CBSs) and specialty fats used in chocolate manufacturing, creating long-term growth opportunities for specialty fats manufacturers.

Indian HoReCa Market Overview

Indias HoReCa sector entered 2025-26 as one of the fastest-growing institutional food and hospitality markets in Asia Pacific, buoyed by post-pandemic demand recovery, rapid urbanization, rising middle-class incomes, domestic tourism expansion, and the structural shift in Indian consumer behaviour toward eating outside the home. The sector is large, multi-layered, and measured differently across its three constituent pillars - hotels, restaurants/foodservice, and catering - each of which carries its own market sizing framework.

According to Market Research Future, the India HoReCa market was estimated at USD 250.22 Bn in 2024 and is projected to grow from USD 267.43 Bn in 2025 to USD 520 Bn by 2035, at a CAGR of 6.8%. This aggregate figure spans the full breadth of the sector. The foodservice sub-segment alone - covering restaurants, QSRs, cloud kitchens, cafes, and institutional catering - was valued at USD 85.19 Bn in 2025 by both Mordor Intelligence and Fortune Business Insights, with the latter projecting growth from USD 126.43 Bn in 2026 to USD 282.04 Bn by 2034 at a CAGR of 10.55%. The hospitality (hotel accommodation) sub-segment was separately valued at USD 24.36 Bn in 2025 by Mordor Intelligence, forecast to reach USD 55.67 Bn by 2031 at a CAGR of 14.76%.

Source: Market Research Future — India HoReCa Market — marketresearchfuture.com/reports/india-horeca-market-44467 Source: Mordor Intelligence — India Foodservice Market — mordorintelligence.com/industry-reports/india-foodservice-market Source: Fortune Business Insights — India Foodservice Market — fortunebusinessinsights.com/india-foodservice-market-114008

Driver	Details	Source Link
Rising disposable incomes	Expanding middle class with greater discretionary spend on dining out, hotel stays, and premium F&B experiences.	MRFR / Mordor Intelligence
Urbanization	600 Mn Indians projected in urban areas by 2036; nuclear families and dual-income households driving demand for convenient, out-of-home meals.	IMARC Group Foodservice
Domestic tourism boom	Domestic tourist spending rising; Goa exceeded 10 Mn arrivals in 2025; government programs (Swadesh Darshan 2.0, PRASHAD) expanding pilgrimage and leisure destinations.	Mordor Intelligence / MarkntelAdvisors

 

Premiumization

UHNW population growing 50.1% through 2028; luxury hotel demand growing at CAGR 11.31%; experiential dining and wellness-oriented stays

Mordor Intelligence — Luxury Hotel

Indias HoReCa sector is positioned for continued double-digit value growth through 2026-27. The hotel segment is expected to achieve occupancy levels of 72-74% by 2025-26, with premium hotel ARRs climbing to 8,000-8,400, as demand continues to outpace new supply (AxisRooms analysis, January, 2026). RevPAR is forecast in the 6,300- 6,800 range for 2026. The foodservice market is expected to cross USD 93-126 Bn in 2026, driven by festive dining, continued QSR and cafe chain expansion, and rising delivery order volumes. Cloud kitchens will continue to multiply in tier-2 cities, supported by the growing reach of major food delivery platforms.

Indian Confectionery Market

Indias confectionery market is on a steady and sustained growth trajectory, underpinned by rising urbanization, growing middle-class incomes, and the deeply embedded cultural tradition of sweet consumption during festivals, weddings, and celebrations. According to IMARC Groups latest 2026 report, the market was valued at INR 398.71 Bn in 2025 and is projected to reach INR 618.10 Bn by 2034, growing at a compound annual growth rate (CAGR) of 4.99% during 2026-2034.

Source: https://www.imarcaroup.com/india-confectionerv-market

The market spans a broad product spectrum - chocolate, hard-boiled sweets, mints, gums and jellies, caramels and toffees, medicated confectionery, and fine bakery wares. Chocolate is the dominant segment with a 36.5% share in 2025, driven by the strong gifting culture and the increasing preference for premium and branded confectionery among urban consumers. Economy-priced products account for 49.6% of the market, reflecting the price-sensitive nature of the mass consumer base, while the premium segment is growing fastest as aspirational spending rises.

INDIA CONFECTIONERY MARKET - KEY FIGURES 2025-2026

Chocolate	Adult	Economy
36.5% share (2025)	45.0% share (2025)	49.6% share (2025)
Leading Product Type	Leading Age Group	Leading Price Point

Source: IMARC Group - India Confectionery Market Size, Share, Trends and Forecast 2026-2034 - imarcaroup.com/india-confectionerv-market

Key Trends 2025-2026

Driver		Description
Premiumization & Artisanal		Consumers seeking unique flavour profiles; cardamom, jaggery, paan, masala chai, and chilli infused into premium cocoa; D2C startups and artisanal chocolatiers growing; premium chocolates replacing traditional mithai as gifting choice
Health-Conscious Innovation		Demand for sugar-free, low-calorie, and functional confectionery; natural sweeteners (stevia, jaggery); fortified products.
Digital & E-Commerce Growth		E-commerce and quick-commerce reshaping distribution; influencer marketing and social media engagement driving brand discovery; strong online sales momentum especially during festive seasons
Tier-2 & Tier-3 City Expansion		Modern retail reaching smaller cities; cold-chain infrastructure improvements enabling wider premium product distribution; rising aspirational spending
Sustainability & Packaging		Brands introducing eco-friendly and recyclable packaging in response to growing consumer environmental awareness

Outlook

The India confectionery market outlook remains positive through 2034. Ongoing urbanization, rising disposable incomes, and evolving consumer tastes toward premium and health-conscious products will sustain market expansion. Flavour innovation, sustainable packaging, cold-chain infrastructure investment, and the continued expansion of both modern retail and e-commerce platforms into tier-2 and tier-3 cities are the key drivers that will accelerate growth. The gifting segment will remain a structural anchor with festivals, corporate events, and weddings ensuring recurring demand spikes. Sugar-free and functional confectionery will emerge as a mainstream sub-category as health awareness intensifies across urban demographics.

Source: IMARC Group - India Confectionery Market Report 2026-2034 - imarcgroup.com/india-confectionery-market

Indian Cosmetics Market

Indias cosmetics market is one of the fastest-growing beauty markets in Asia, driven by rising disposable incomes, rapid urbanization, growing awareness of personal grooming, and the deepening influence of social media on consumer behaviour. According to Fortune Business Insights (last updated April 06, 2026), the India cosmetics market was valued at USD 23.86 Bn in 2024. It is projected to grow from USD 25.57 Bn in 2025 to USD 44.63 Bn by 2032, exhibiting a CAGR of 8.28% during the forecast period 2025-2032. This trajectory represents near-doubling of market value within eight years, reflecting both the structural expansion of the Indian consumer economy and the rapid democratization of beauty and personal care products across income segments and geographies.

The India cosmetics market is segmented by category into Skincare, Haircare, Makeup, and Others. Skincare dominates with a 32.39% share in 2024, while Haircare is the fastest-growing segment over the forecast period.

Key Growth Drivers

Driver		Details
Rising personal grooming awareness		Urbanization, rising disposable income, social media influence (Instagram, YouTube), and self-care culture driving grooming as aspirational and accessible. Digital content in regional languages widening reach to Tier II and III cities.
Natural, Herbal & Ayurvedic preference		Clean beauty shift toward plant-based, chemical-free formulations. Government promotion via Ministry of AYUSH (Ayurveda Aahar, Ayushman Bharat). CDSCO guidelines for Ayurvedic/herbal products building consumer confidence.
Rising disposable incomes		Per capita disposable income projected to double from USD 2.11K (2019) to USD 4.34K by 2029 (IBEF), enabling higher cosmetics spending across income brackets.
Urbanization		World Bank projects India urbanization to reach 40% of population by 2036, significantly expanding the modern-retail-accessible consumer base.
Mens grooming expansion		Changing societal norms; social media and celebrity culture normalising male beauty routines; increasing spending on skincare, hair styling, and beard care.
E-commerce & digital commerce		Online channel CAGR 10.25% - fastest distribution segment; widespread smartphone adoption; convenience of home delivery; D2C brand proliferation.

Outlook

The India cosmetics market is on a high-conviction growth trajectory through 2032. This growth is structurally supported by Indias favourable demographics, a young and digitally connected population, rising per capita incomes, and deepening retail and e-commerce infrastructure.

Skincare will maintain category leadership, supported by the mainstreaming of multi-step skincare routines and rising concern for sun protection and anti-pollution skincare. Haircare will post the highest category CAGR as hair health concerns and premiumization converge. The online channel, growing at 10.25% CAGR, will progressively close the gap with hypermarket/supermarket share as smartphone penetration reaches full saturation in urban India and continues to deepen in semi-urban and rural areas. Mens grooming will represent the most significant new consumer segment, growing from a low base with strong upside.

Natural, herbal, and Ayurvedic cosmetics will be among the fastest-growing product types as regulatory clarity improves, government promotion intensifies, and consumer trust in clean-label beauty deepens. Counterfeiting remains the most significant structural risk, and brands investing in anti-counterfeiting technologies and authenticated digital sales channels will be best positioned to protect margin and consumer loyalty.

Source: Fortune Business Insights — India Cosmetics Market (Apr 7076) fortunebusinessinsights com/india-cosmetics-market-114186

COMPANY OVERVIEW

Manorama Industries Limited (referred to as The Company or MIL) is a leading global manufacturer of Cocoa Butter Equivalents (CBEs), specialty fats, specialty butters and valueadded plant-based ingredients derived from sustainably sourced tree-borne oilseeds. Since its inception in 2005, the Company has pioneered the transformation of underutilised forest resources such as Sal, Shea, Mango, Kokum, Mowrah and other exotic seeds into premium ingredients catering to the chocolate, confectionery, bakery, dairy, HoReCa, cosmetics and personal care industries.

Over the years, MIL has established a differentiated position in the global specialty fats and butters market through its integrated business model, encompassing ethical sourcing, advanced processing, product innovation and value-added solution development. Supported by a DSIR-recognised R&D centre and strong application development capabilities, the Company delivers customised, sustainable and high performance solutions to leading global brands across food and personal care segments.

Guided by its philosophy of Waste to Wealth, Poorest to Richest and Forest to Premium Brands, MIL remains committed to creating sustainable value through responsible sourcing, innovation, environmental stewardship and inclusive community development. By transforming forest-based resources into globally sought-after specialty ingredients, the Company continues to strengthen its position as a trusted partner to leading multinational food, confectionery and personal care companies worldwide.

Global Footprint

MIL has established a strong international presence across key sourcing and consumption markets, serving customers across North America, Europe, Latin America, the Middle East, Africa and Asia-Pacific. Its diversified global customer base includes leading multinational players in the chocolate, confectionery, bakery, food and personal care industries, reflecting the Companys growing reputation for quality, innovation and sustainability.

To strengthen supply-chain resilience and secure access to critical raw materials, the Company has developed a strategic international network spanning key sourcing hubs and growth markets. Its subsidiaries and operations across West Africa, the United Arab Emirates and Brazil enable closer engagement with customers, efficient procurement of exotic oilseeds and enhanced responsiveness to evolving market requirements.

The Companys expanding global footprint, supported by robust sourcing capabilities, internationally recognised certifications and long-standing customer relationships, has positioned MIL as a globally integrated specialty fats and butters enterprise. As it continues to broaden its market reach and deepen partnerships worldwide, MIL remains focused on advancing its vision of becoming the preferred global partner for sustainable specialty fats, specialty butters and cocoa butter alternatives.

Manufacturing Excellence

Manorama Industries operates a fully integrated manufacturing facility at Birkoni, Chhattisgarh, enabling seamless processing across the specialty fats and butters value chain. The facility comprises the following capacities:

Seed Milling: 90,000 MTPA

Fractionation-1: 15,000 MTPA

Fractionation-2: 25,000 MTPA (Fiscal 2025 & Fiscal 2026; increased to 32,500 MTPA after the end of Fiscal 2026 through debottlenecking)

Refinery-1: 15,000 MTPA Refinery-2 & Interesterification: 30,000 MTPA Solvent Extraction Process: 90,000 MTPA Packing: 30,000 MTPA (15,000 MTPA in Fiscal 2024 & Fiscal 2025; expanded to 30,000 MTPA in Fiscal 2026).

During 2025-26, the Company further strengthened its manufacturing capabilities through debottlenecking initiatives. The capacity of Fractionation-2 was increased from 25,000 MTPA to 32,500 MTPA to meet growing demand for specialty fats and butters. Similar enhancement initiatives are planned for Solvent Fractionation Plant- I, reinforcing the Companys commitment to scalable growth and operational excellence.

The manufacturing ecosystem is supported by a DSIR- recognised R&D centre that drives product innovation and application development across food, confectionery, bakery, dairy and personal care segments. Backed by globally recognised certifications, including FSSC 22000, ISO, RSPO, Halal, Kosher, Fair Trade and Fair for Life, MIL continues to uphold the highest standards of quality, food safety, sustainability and regulatory compliance.

Opportunities

Rising Adoption of Cocoa Butter Equivalents (CBEs)

Increasing cocoa prices, supply constraints and climate-related challenges in cocoa-producing regions are driving global manufacturers towards cost-effective and sustainable cocoa butter alternatives. As a leading producer of CBEs, MIL is well-positioned to capitalise on this structural shift in the confectionery industry.

Expanding Global Specialty Fats Market

Growing demand for specialty fats and butters across chocolate, bakery, dairy and personal care applications presents significant growth opportunities. Increasing preference for customised, high-performance ingredients is expected to drive higher adoption of MILs diversified product portfolio.

Untapped Raw Material Potential

A substantial portion of Sal seeds in India and Shea nuts in Africa remains unprocessed, providing a significant opportunity to expand sourcing volumes. MILs established procurement network and growing presence across West Africa position it favourably to secure long-term raw material availability and strengthen supply- chain resilience.

Growing Demand for Sustainable Ingredients

Global brands are increasingly prioritising traceable, ethically sourced and environmentally responsible ingredients. MILs forest-based sourcing model, sustainability certifications and commitment to responsible procurement provide a competitive advantage in addressing evolving customer requirements.

Product Innovation and Value Addition

The growing demand for specialised formulations in chocolates, fillings, spreads, bakery products and personal care applications creates opportunities for higher-margin value-added products. The Companys DSIR- recognised R&D capabilities enable it to develop customised solutions and strengthen customer partnerships.

Favourable Industry Dynamics

The increasing use of specialty fats in food and non-food applications, coupled with evolving consumer preferences for premium and plant-based products, continues to expand the addressable market. Regulatory acceptance of CBEs and growing awareness of sustainable alternatives further strengthen the industrys growth prospects.

Financial Overview

Manorama Industries delivered a strong financial performance during 2025-26, driven by robust demand across global markets, an improved product mix and continued focus on operational excellence. Revenue from operations increased by 76.1% year-on- year to 1,357.7 Crore, compared to 770.8 Crore in 2024-25, reflecting sustained growth across key specialty fats and butter categories.

The Companys EBITDA grew by 92.5% to 367.7 Crore in 2025-26 from 191.1 Crore in the previous year, supported by higher scale efficiencies, increased contribution from value-added products and disciplined cost optimization initiatives. Consequently, EBITDA margin improved to 27.1% compared to 24.8% in 2024-25.

Profit After Tax (PAT) more than doubled to 233.2 Crore in 2025-26 from 112.1 Crore in 2024-25, registering a growth of 108.1% year-on-year. PAT margin also strengthened to 17.2% from 14.5% in the previous financial year, reflecting the Companys strong operating leverage and improving profitability profile.

Particulars	Numerator	Denominator	As of March 31, 2026	As of March 31,2025	% Variance	Explanation for Change (>25%)
Current Ratio	Current Assets	Current Liabilities	2.00	1.67	19.83
Debt-Equity Ratio	Total Debt including Lease Liabilities	1 Total Shareholders Equity	0.51	1.04	-50.86	The ratio decreased mainly on account of decrease in borrowings as compared to previous year.
Debt Service Coverage Ratio	Net Profit After Tax + Depreciation & Amortization + Interest on Lease / Profit on Sale of PPE etc.	Interest + Principal Repayments	6.50	3.43	89.42	The ratio increased mainly on account of increase in profitability as compared to previous year.
Return on Equity Ratio	Net Profit After Taxes	Average Shareholders Equity	40.32%	28.05%	43.75	The ratio increased mainly on account of increase in profitability as compared to previous year.
Inventory Turnover Ratio	Sales	Average Inventory	6.58	5.25	25.45	The ratio increased because of substantial increase in turnover during the year
Trade Receivables Turnover Ratio	Net Credit Sales	Average Trade Receivables	17.13	10.69	60.25	The ratio Increased due to substantial increase in turnover during the year and decrease in trade receivable as compared to previous year.
Trade Payables Turnover Ratio	Net Credit Purchases	Average Trade Payables	19.33	20.71	-6.66
Net Capital Turnover Ratio	Net Sales	Working Capital	2.92	2.41	21.15
Net Profit Ratio	Net Profit	Net Sales	17.18%	14.54%	18.17
Return on Capital Employed (ROCE)	Earnings Before Interest and Taxes	Tangible Net Worth + Total Debt + Deferred Tax Liabilities	33.60%	19.81%	69.60	The ratio increased mainly on account of increase in profitability as compared to previous year.

Disclosure of Accounting Treatment:

Where in the preparation of financial statements, a treatment different from that prescribed in an Accounting Standard has been followed, the fact shall be disclosed in the financial statements, together with the managements explanation as to why it believes such alternative treatment is more representative of the true and fair view of the underlying business transaction.

Risks and Concerns		Mitigations
Environmental and Social Risks in Tribal Areas	MILS sourcing model relies significantly on forest-based raw materials procured through tribal and rural communities. Environmental degradation, climate variability, biodiversity loss or adverse social developments could affect raw material availability and stakeholder relationships.	Strengthen sustainable sourcing practices, promote afforestation and biodiversity conservation initiatives, enhance community engagement programmes and maintain long-term partnerships with tribal collectors through livelihood development and fair-trade practices.
Regulatory and Compliance Risks	Changes in food safety regulations, sustainability standards, import-export policies, environmental norms or international certification reguirements could increase compliance costs and impact market access.	Maintain robust compliance frameworks, monitor regulatory developments across geographies, obtain and renew global certifications, and strengthen internal controls to ensure adherence to evolving legal and regulatory reguirements.
Shifts in Consumer Behaviour	Changing consumer preferences, including demand for healthier, sustainable and traceable ingredients, may alter product demand patterns and customer reguirements.	Invest in R&D and product innovation, develop customised specialty fats and butters, strengthen sustainability credentials and continuously align product offerings with evolving consumer and industry trends.
Supply Chain Disruptions	Geopolitical tensions, climate events, logistics bottlenecks, transportation constraints or disruptions in sourcing regions could impact raw material availability and increase procurement costs.	Diversify sourcing geographies, strengthen supplier relationships, maintain strategic inventory levels, expand international sourcing operations and leverage integrated supply-chain capabilities to ensure business continuity.
Foreign Exchange (Forex) Risk	A significant portion of revenue is derived from exports, exposing the Company to currency fluctuations that may impact profitability and cash flows.	Follow a prudent forex risk management framework through forward contracts and natural hedging mechanisms, regularly monitor currency exposures and maintain a diversified geographic revenue mix.
Cybersecurity Risks	Increasing digitalization and technology adoption expose the Company to cyber threats, data breaches, operational disruptions and reputational risks.	Implement robust cybersecurity infrastructure, conduct regular security audits and vulnerability assessments, strengthen data protection protocols, and enhance employee awareness through continuous training programmes.
Competition and Market Saturation	Intensifying competition from global and regional specialty fats manufacturers may exert pressure on pricing, margins and market share.	Focus on innovation, product differentiation, customer-centric solutions and quality excellence, while leveraging integrated sourcing capabilities, sustainability credentials and long-term customer relationships to maintain competitive advantage.

Outlook

Manorama Industries remains well-positioned to capitalise on the growing demand for specialty fats, specialty butters and cocoa butter alternatives. The Company continues to focus on increasing the share of value-added products, strengthening global customer partnerships and enhancing operational capabilities. Supported by strategic capacity expansion, forward and backward integration initiatives and a robust sourcing network, MIL is confident of sustaining its growth momentum and creating long-term value for stakeholders.

Internal Financial Control System

Manorama Industries Limited maintains a robust internal financial control framework designed to ensure the integrity of financial reporting, operational efficiency and regulatory compliance. The framework is aligned with the scale and complexity of the Companys operations and is supported by well-defined policies, procedures and standard operating protocols.

The effectiveness of internal controls is periodically evaluated through independent internal audits, with observations reviewed by the management and corrective actions implemented wherever necessary. The Audit Committee regularly reviews audit findings and oversees the adequacy and effectiveness of the internal control environment, ensuring strong governance and accountability across the organization.

Human Resources and Industrial Relations

Manorama Industries recognises its people as a key driver of sustainable growth and operational excellence. The Company continues to foster a collaborative, inclusive and performance- oriented work culture while maintaining strong engagement with tribal and rural communities that form an integral part of its sourcing ecosystem.

The Companys sourcing network is supported by an extensive base of tribal collectors and collection centres across India and West Africa, creating a resilient supply chain and a strong competitive advantage. Through responsible sourcing practices and community-focused initiatives, the Company contributes to livelihood generation and socio-economic development in these regions.

As of March 31,2026, the Company employed 523 personnel. Employee benefit expenses stood at Rs 61.3 crores during 2025-26. The Company remains committed to employee development, workplace safety, capability enhancement and fostering a culture of transparency, trust and mutual respect.

Cautionary Statement

This Management Discussion and Analysis contains certain forward-looking statements concerning the Companys business outlook, growth prospects, strategic initiatives and future performance. These statements are based on assumptions, expectations and projections regarding the economic, regulatory and operating environment in which the Company operates.

Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, geopolitical developments, fluctuations in commodity prices and foreign exchange rates, regulatory changes, competitive pressures and other risks and uncertainties beyond the Companys control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Information contained herein is based on sources believed to be reliable; however, its accuracy and completeness cannot be guaranteed.