Chocolate Is Creating a Very Unusual Indian Export Story

India's chocolate consumption gets most of the attention. The more interesting opportunity may be behind the chocolate.

makes specialty fats and cocoa butter equivalents used by global food, confectionery, cosmetics and healthcare companies. Q1 FY27 revenue crossed ₹400 crore for the first time, rising 39.5% YoY, while PAT jumped 67.6%. Around 85% of revenue growth came from higher volumes, not just pricing. What makes this interesting is the combination of global sourcing + specialty ingredients + export-led growth. The consumer sees chocolate. Manorama sells one of the ingredients that helps make it possible.