FMCG - Chocolate Stocks in India
FMCG - Chocolate: Manorama Industries Ltd owns the largest revenue base AND the fastest current growth.
Nifty FMCG - Chocolate Index — Constituents & Performance
All 2 listed Indian FMCG - Chocolate companies are named here, largest first — the same constituent set people search for as the Nifty FMCG - Chocolate index. Every figure on this page is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
- Manorama Industries Ltd₹11.0K Cr
- Lotus Chocolate Company Ltd₹796 Cr
Is FMCG - Chocolate outperforming NIFTY 500?
FMCG - Chocolate has outperformed NIFTY 500 by 6.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 28.3%. 1 of 2 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Manorama Industries Ltd is the strongest against the sector itself at +2.8%.
Sector metric: — as of latest available · unclassified · direction unavailable.
The central tension: current leadership is concentrated, so durability matters more than rank.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
FMCG - Chocolate has outperformed NIFTY 500 by 6.6% over 52 weeks and 28.3% over 13 weeks. 1 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Manorama Industries Ltd leads with revenue of ₹1,481 crore, based on 2 of 2 comparable companies through Jun 2026.
Best FMCG - Chocolate Stocks in India (Aug 2026), Ranked by Data
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Top 10 FMCG - Chocolate Stocks in India
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Manorama Industries LtdMANORAMA | 76.5/100Favorable setup90% evidence | TURNING | 30.8/35 Revenue 59.8% · PAT 80.4% · OPM change 0 pp 100% evidence | 20.0/25 ROCE 35% · OPM 26% 100% evidence | 13.2/20 P/E 42.5× · PEG 1.07 50% evidence | 12.5/20 RS sector 2.8% · RS bench 20.6% · 1Y 25.2%8 of 12 weeks ahead 100% evidence |
| Exact sum: 30.8 + 20 + 13.2 + 12.5 = 76.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Lotus Chocolate Company LtdLOTUSCHO | 21.4/100Adverse evidence66% evidence | 2.2/35 Revenue -13.3% · PAT -80% · OPM change -21 pp 95% evidence | 6.2/25 ROCE 9.7% · OPM -17.9% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.0/20 RS sector -15.4% · RS bench -22% · 1Y -32.5%1 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 2.2 + 6.2 + 10 + 3 = 21.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Market action
Manorama Industries Ltd has the strongest one-year price move in FMCG - Chocolate at +25.2%. It also leads on Mansfield relative strength against NIFTY at +20.6%. 1 of 2 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.
Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against FMCG - Chocolate itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
FMCG - Chocolate — the story behind the numbers
This is the written read behind the FMCG - Chocolate figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 3 themes are live here.
The sub-sector is in a high-growth phase, supported by a clear pivot toward value-added products and significant capacity expansion. With revenue guidance raised to ₹1,300 Cr and utilization at 85%, the outlook remains positive despite commodity price volatility.
The chocolate specialty fats sub-sector, represented by Manorama Industries, is experiencing a period of rapid expansion. Revenue for Q3 FY26 grew by 73.3% YoY to ₹363 Cr, driven by the optimized utilization of upgraded fractionation facilities. This growth is not merely volume-led but is supported by a 75% contribution from value-added products.
How old this read is: STALE — this read comes from our FMCG - Chocolate sector brief dated 19 Apr 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| Cocoa butter prices corrected by 60% in a year, though management claims demand for CBE is driven by functional properties.Named for MANORAMA | low | “overnight changes in any of the commodity cycle will not hamper our demand or pricing model for our business because our raw material base is very different.” Cost-plus margin model and distinct raw material base (shea nuts vs cocoa beans). |
| Forex fluctuations on the import of raw materials like shea nuts.Named for MANORAMA | low | “This was the forex gain loss on the import side, which we have imported our shea nuts and other butters in the last quarter.” Monitored as part of procurement; contributed to other income this quarter. |
| EU Deforestation Regulation (EUDR) impact on sourcing.Named for MANORAMA | low | “It is not a farm product or a crop product, which we are buying... It's a forest wasted products what we are buying from the deepest forest.” Sourcing forest-wasted products rather than farm crops; no trees are cut. |
Sources: our FMCG - Chocolate sector brief, 19 Apr 2026 · company earnings-call transcripts.
Revenue Scale & Growth Durability
Manorama Industries Ltd has the highest Revenue among the 2 FMCG - Chocolate companies compared here, at ₹1,481 crore. Lotus Chocolate Company Ltd is next at ₹513 crore. The same company also holds the highest Revenue growth, at 59.8%. 2 of 2 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Manorama Industries Ltd is the scale leader at ₹1,481 crore, 188.8% ahead of Lotus Chocolate Company Ltd. Manorama Industries Ltd's growth is 59.8% from a ₹1,481 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
Investor read: Manorama Industries Ltd is the scale benchmark; Manorama Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Manorama Industries Ltd's growth falls below Manorama Industries Ltd's for two consecutive comparable reports while operating margin also compresses.
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
All-company data · latest reported quarter
In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Manorama Industries Ltd MANORAMA | ₹404 Cr | 39% | Jun 2026 |
| Lotus Chocolate Company Ltd LOTUSCHO | ₹92 Cr | -42% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Manorama Industries Ltd · MANORAMA
Revenue growth · reported quarter history
Lotus Chocolate Company Ltd · LOTUSCHO
Manorama Industries Ltd · MANORAMA
Operating Economics & Margin Trend
Manorama Industries Ltd has the highest OPM among the 2 FMCG - Chocolate companies compared here, at 26%. Lotus Chocolate Company Ltd is next at -17.9%. The same company also holds the highest Margin change, at 0 percentage points. 2 of 2 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Manorama Industries Ltd leads both opm at 26% and margin change at 0 percentage points.
Investor read: Manorama Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Manorama Industries Ltd MANORAMA | 26% | 0.0 pp | Jun 2026 |
| Lotus Chocolate Company Ltd LOTUSCHO | -18% | −21.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Lotus Chocolate Company Ltd · LOTUSCHO
Manorama Industries Ltd · MANORAMA
Margin change · reported quarter history
Lotus Chocolate Company Ltd · LOTUSCHO
Manorama Industries Ltd · MANORAMA
Profit Scale & Acceleration
Manorama Industries Ltd has the highest Net profit among the 2 FMCG - Chocolate companies compared here, at ₹258 crore. Lotus Chocolate Company Ltd is next at ₹3 crore net cash. The same company also holds the highest Profit growth, at 80.4%. 2 of 2 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Manorama Industries Ltd leads with ₹258 crore of TTM profit, 89.9× the profit of Lotus Chocolate Company Ltd. Manorama Industries Ltd shows 80.4% growth from a ₹258 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
Investor read: Manorama Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Manorama Industries Ltd MANORAMA | ₹79 Cr | 68% | Jun 2026 |
| Lotus Chocolate Company Ltd LOTUSCHO | ₹0 Cr | -99% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Lotus Chocolate Company Ltd · LOTUSCHO
Manorama Industries Ltd · MANORAMA
Profit growth · reported quarter history
Lotus Chocolate Company Ltd · LOTUSCHO
Manorama Industries Ltd · MANORAMA
Return On Capital Employed
Manorama Industries Ltd has the highest ROCE among the 2 FMCG - Chocolate companies compared here, at 35%. Lotus Chocolate Company Ltd is next at 9.7%. The same company also holds the highest ROCE change, at +14 percentage points. 2 of 2 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Manorama Industries Ltd leads ROCE at 35%, 25.3 percentage points above Lotus Chocolate Company Ltd. Manorama Industries Ltd has the strongest latest improvement at +14 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
Investor read: Manorama Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Manorama Industries Ltd MANORAMA | 46% | +14.0 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Manorama Industries Ltd · MANORAMA
ROCE change · reported quarter history
Manorama Industries Ltd · MANORAMA
Valuation Against Growth & Quality
Manorama Industries Ltd has the lowest PEG among the 2 FMCG - Chocolate companies compared here, at 1.07×. The same company also holds the lowest P/E, at 42.5×. 1 of 2 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 8 reported observations across the 20-quarter window.
What the numbers say: Manorama Industries Ltd has the lowest comparable PEG at 1.07×. Only 1 of 2 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Manorama Industries Ltd MANORAMA | 1.1 | 41.8 | Jun 2026 |
| Lotus Chocolate Company Ltd LOTUSCHO | — | 173.2 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Manorama Industries Ltd · MANORAMA
P/E · reported quarter history
Lotus Chocolate Company Ltd · LOTUSCHO
Manorama Industries Ltd · MANORAMA
What can make this comparison misleading?
This FMCG - Chocolate comparison names 5 specific ways its own evidence can mislead, all listed below. All 2 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 5 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.
How was this comparison built?
This comparison is built from the reported filings of 2 FMCG - Chocolate companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-08-14. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
How a second data feed is admitted, and what happens when it disagrees
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.
FMCG - Chocolate company comparison FAQs
These 23 answers restate the FMCG - Chocolate comparison above in question form. Every one is computed from the same 2 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.
Is the FMCG - Chocolate sector outperforming NIFTY 500?
FMCG - Chocolate has outperformed NIFTY 500 by 6.6% over 52 weeks and 28.3% over 13 weeks. 1 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.
Which FMCG - Chocolate company is largest by revenue?
Manorama Industries Ltd leads with revenue of ₹1,481 crore, based on 2 of 2 comparable companies through Jun 2026.
Which FMCG - Chocolate company is growing fastest?
Manorama Industries Ltd has the fastest current revenue growth at 59.8%, across 2 of 2 comparable companies.
Which FMCG - Chocolate company has the strongest 4-Factor Sector Score?
Manorama Industries Ltd ranks first at 76.5/100 with 90% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which FMCG - Chocolate company has the lowest comparable PEG?
Manorama Industries Ltd has the lowest comparable PEG at 1.07, among 1 of 2 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this FMCG - Chocolate comparison include?
The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Is there a Nifty FMCG - Chocolate index?
NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers FMCG - Chocolate, this page builds its own equal-weight basket of 2 listed FMCG - Chocolate companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.
Which are the best FMCG - Chocolate stocks in India?
Ranked by this page's four-factor score, Manorama Industries Ltd places first among 2 listed FMCG - Chocolate companies, followed by Lotus Chocolate Company Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many FMCG - Chocolate stocks are listed in India?
This comparison covers 2 listed FMCG - Chocolate companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.
Which FMCG - Chocolate company is the biggest?
Manorama Industries Ltd is the largest, with trailing-twelve-month revenue of ₹1,481 crore, ahead of Lotus Chocolate Company Ltd at ₹513 crore. That covers 2 of 2 companies with comparable reporting through Jun 2026.
Which FMCG - Chocolate company has the best profit margins?
Manorama Industries Ltd has the highest operating margin at 26%, from 2 of 2 comparable companies. Manorama Industries Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which FMCG - Chocolate company makes the most profit?
Manorama Industries Ltd earns the most, at ₹258 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Manorama Industries Ltd has the fastest profit growth at 80.4%, though growth off a small or recovering profit base overstates how much has actually changed.
Which FMCG - Chocolate company earns the highest return on capital?
Manorama Industries Ltd leads on return on capital employed at 35%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which FMCG - Chocolate stock is the cheapest?
On PEG — where a LOWER number is cheaper — Manorama Industries Ltd screens cheapest at 1.07×. Only 1 of 2 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Is the FMCG - Chocolate sector beating the market?
FMCG - Chocolate has outperformed NIFTY 500 by 6.6% over the last 52 weeks and 28.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which FMCG - Chocolate stock has the strongest price momentum?
Manorama Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which FMCG - Chocolate company scores highest for research priority?
Manorama Industries Ltd scores 76.5 out of 100 with 90% evidence confidence, from 30.8 points on growth and earnings, 20 on capital efficiency, 13.2 on valuation and 12.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many FMCG - Chocolate companies does this comparison cover, and over what period?
It compares 2 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the FMCG - Chocolate sector?
The 2 FMCG - Chocolate companies on this page carry ₹11,761 crore of combined market value. Manorama Industries Ltd is the largest at ₹10,965 crore, about 93% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.
How is the FMCG - Chocolate sector performing?
1 of the 2 covered FMCG - Chocolate companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 6.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.
Not SEBI Registered !! Not Investment advice !!