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. $MANORAMA 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.