# FMCG - Chocolate — company-by-company sector analysis

> FMCG - Chocolate: Manorama Industries Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: 28%
52-week sector return versus NIFTY 500: 6.6%
Stocks leading NIFTY: 1/2
Stocks leading sector: 1/2

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 2
Combined market value: ₹11.8K Cr

## 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.

1. Manorama Industries Ltd (MANORAMA): 77/100 — Favorable setup; evidence 90%
   - Growth & earnings 30.8/35 | Capital efficiency 20.0/25 | Valuation 13.2/20 | Relative strength 12.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - 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.
2. Lotus Chocolate Company Ltd (LOTUSCHO): 21/100 — Adverse evidence; evidence 66%
   - Growth & earnings 2.2/35 | Capital efficiency 6.2/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - 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.

### Strongest one-year price performers
1. Manorama Industries Ltd (MANORAMA): 25%
2. Lotus Chocolate Company Ltd (LOTUSCHO): -33%

### Strongest relative strength versus NIFTY 500
1. Manorama Industries Ltd (MANORAMA): 21%
2. Lotus Chocolate Company Ltd (LOTUSCHO): -22%

## 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.

### Live themes, worst first
- LOW | Cocoa butter prices corrected by 60% in a year, though management claims demand for CBE is driven by functional properties. | Cost-plus margin model and distinct raw material base (shea nuts vs cocoa beans). | quoted: "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." | named for MANORAMA
- LOW | Forex fluctuations on the import of raw materials like shea nuts. | Monitored as part of procurement; contributed to other income this quarter. | quoted: "This was the forex gain loss on the import side, which we have imported our shea nuts and other butters in the last quarter." | named for MANORAMA
- LOW | EU Deforestation Regulation (EUDR) impact on sourcing. | Sourcing forest-wasted products rather than farm crops; no trees are cut. | quoted: "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." | named for MANORAMA

Sources: our FMCG - Chocolate sector brief, 19 Apr 2026 · company earnings-call transcripts.

## Revenue Scale & Growth Durability

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.

Evidence: Manorama Industries Ltd · ₹1,481 crore | 188.8% versus #2 · Lotus Chocolate Company Ltd | 8/8 recent comparable periods | 2/2 companies · 35 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Manorama Industries Ltd (MANORAMA): ₹1.5K Cr
2. Lotus Chocolate Company Ltd (LOTUSCHO): ₹513 Cr

### Revenue growth — fastest growers
1. Manorama Industries Ltd (MANORAMA): 60%
2. Lotus Chocolate Company Ltd (LOTUSCHO): -13%

### 20-quarter Revenue history
- MANORAMA: Sep 2021 ₹71 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹323 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹391 Cr | Jun 2026 ₹404 Cr
- LOTUSCHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹127 Cr | Jun 2026 ₹92 Cr

### 20-quarter Revenue growth history
- MANORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 14% | Dec 2022 38% | Mar 2023 31% | Jun 2023 53% | Sep 2023 46% | Dec 2023 3.2% | Mar 2024 26% | Jun 2024 19% | Sep 2024 65% | Dec 2024 113% | Mar 2025 81% | Jun 2025 118% | Sep 2025 66% | Dec 2025 74% | Mar 2026 68% | Jun 2026 39%
- LOTUSCHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 291% | Mar 2024 434% | Jun 2024 471% | Sep 2024 167% | Dec 2024 183% | Mar 2025 139% | Jun 2025 12% | Sep 2025 25% | Dec 2025 -8.9% | Mar 2026 -19% | Jun 2026 -42%

## Operating Economics & Margin Trend

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.

Evidence: Manorama Industries Ltd · 26% | 245.3% versus #2 · Lotus Chocolate Company Ltd | 6/8 recent comparable periods | 2/2 companies · 40 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Manorama Industries Ltd (MANORAMA): 26%
2. Lotus Chocolate Company Ltd (LOTUSCHO): -18%

### Margin change — fastest expanders
1. Manorama Industries Ltd (MANORAMA): 0.0 pp
2. Lotus Chocolate Company Ltd (LOTUSCHO): −21.0 pp

### 20-quarter OPM history
- MANORAMA: Sep 2021 13% | Dec 2021 13% | Mar 2022 15% | Jun 2022 17% | Sep 2022 15% | Dec 2022 16% | Mar 2023 16% | Jun 2023 17% | Sep 2023 16% | Dec 2023 16% | Mar 2024 16% | Jun 2024 20% | Sep 2024 23% | Dec 2024 26% | Mar 2025 26% | Jun 2025 26% | Sep 2025 27% | Dec 2025 28% | Mar 2026 25% | Jun 2026 26%
- LOTUSCHO: Sep 2021 7.3% | Dec 2021 7.5% | Mar 2022 7.8% | Jun 2022 1.8% | Sep 2022 -2.9% | Dec 2022 -6.0% | Mar 2023 -40% | Jun 2023 -1.8% | Sep 2023 0.2% | Dec 2023 1.6% | Mar 2024 2.7% | Jun 2024 7.9% | Sep 2024 6.6% | Dec 2024 4.0% | Mar 2025 3.6% | Jun 2025 3.1% | Sep 2025 2.2% | Dec 2025 -8.2% | Mar 2026 -9.7% | Jun 2026 -18%

### 20-quarter Margin change history
- MANORAMA: Sep 2021 −9.7 pp | Dec 2021 −4.6 pp | Mar 2022 +2.6 pp | Jun 2022 +2.3 pp | Sep 2022 +2.0 pp | Dec 2022 +3.1 pp | Mar 2023 +1.3 pp | Jun 2023 −0.6 pp | Sep 2023 +0.7 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 +3.4 pp | Sep 2024 +7.3 pp | Dec 2024 +10.1 pp | Mar 2025 +9.9 pp | Jun 2025 +5.9 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 0.0 pp
- LOTUSCHO: Sep 2021 +1.4 pp | Dec 2021 +0.9 pp | Mar 2022 +2.5 pp | Jun 2022 −4.0 pp | Sep 2022 −10.2 pp | Dec 2022 −13.5 pp | Mar 2023 −47.4 pp | Jun 2023 −3.6 pp | Sep 2023 +3.1 pp | Dec 2023 +7.6 pp | Mar 2024 +42.3 pp | Jun 2024 +9.7 pp | Sep 2024 +6.5 pp | Dec 2024 +2.4 pp | Mar 2025 +0.9 pp | Jun 2025 −4.8 pp | Sep 2025 −4.4 pp | Dec 2025 −12.2 pp | Mar 2026 −13.3 pp | Jun 2026 −21.0 pp

## Profit Scale & Acceleration

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.

Evidence: Manorama Industries Ltd · ₹258 crore | 89.9× versus #2 · Lotus Chocolate Company Ltd | 8/8 recent comparable periods | 2/2 companies · 35 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Manorama Industries Ltd (MANORAMA): ₹258 Cr
2. Lotus Chocolate Company Ltd (LOTUSCHO): ₹-3 Cr

### Profit growth — fastest growers
1. Manorama Industries Ltd (MANORAMA): 80%
2. Lotus Chocolate Company Ltd (LOTUSCHO): -80%

### 20-quarter Net profit history
- MANORAMA: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹52 Cr | Jun 2026 ₹79 Cr
- LOTUSCHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-4 Cr | Jun 2026 ₹0 Cr

### 20-quarter Profit growth history
- MANORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 0.0% | Dec 2022 17% | Mar 2023 43% | Jun 2023 71% | Sep 2023 50% | Dec 2023 0.0% | Mar 2024 30% | Jun 2024 17% | Sep 2024 189% | Dec 2024 329% | Mar 2025 208% | Jun 2025 236% | Sep 2025 112% | Dec 2025 140% | Mar 2026 30% | Jun 2026 68%
- LOTUSCHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5,722% | Dec 2024 520% | Mar 2025 -65% | Jun 2025 -56% | Sep 2025 -73% | Dec 2025 -96% | Mar 2026 -415% | Jun 2026 -99%

## Return On Capital Employed

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.

Evidence: Manorama Industries Ltd · 35% | 260.5% versus #2 · Lotus Chocolate Company Ltd | 8/8 recent comparable periods | 2/2 companies · 12 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Manorama Industries Ltd (MANORAMA): 35%
2. Lotus Chocolate Company Ltd (LOTUSCHO): 9.7%

### ROCE change — fastest improvers
1. Manorama Industries Ltd (MANORAMA): +14.0 pp
2. Lotus Chocolate Company Ltd (LOTUSCHO): −14.0 pp

### 20-quarter ROCE history
- MANORAMA: Sep 2021 11% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 32% | Jun 2025 51% | Sep 2025 42% | Dec 2025 63% | Mar 2026 46% | Jun 2026 —

### 20-quarter ROCE change history
- MANORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 +3.6 pp | Jun 2023 — | Sep 2023 +3.5 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 +5.8 pp | Dec 2024 — | Mar 2025 +17.0 pp | Jun 2025 — | Sep 2025 +20.5 pp | Dec 2025 — | Mar 2026 +14.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

Evidence: Manorama Industries Ltd · 1.07× | Not enough peers | 0/8 recent comparable periods | 1/2 companies · 8 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Manorama Industries Ltd (MANORAMA): 1.1

### P/E — lowest P/E
1. Manorama Industries Ltd (MANORAMA): 42.5

### 20-quarter PEG history
- MANORAMA: Sep 2021 2.3 | Dec 2021 — | Mar 2022 — | Jun 2022 2.6 | Sep 2022 — | Dec 2022 2.1 | Mar 2023 1.0 | Jun 2023 — | Sep 2023 1.4 | Dec 2023 — | Mar 2024 2.3 | Jun 2024 5.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.1 | Jun 2026 —

### 20-quarter P/E history
- MANORAMA: Sep 2021 88.0 | Dec 2021 79.4 | Mar 2022 57.4 | Jun 2022 47.1 | Sep 2022 59.0 | Dec 2022 45.8 | Mar 2023 41.2 | Jun 2023 52.5 | Sep 2023 65.7 | Dec 2023 60.2 | Mar 2024 59.3 | Jun 2024 89.6 | Sep 2024 83.6 | Dec 2024 77.7 | Mar 2025 57.7 | Jun 2025 78.7 | Sep 2025 58.6 | Dec 2025 45.5 | Mar 2026 33.7 | Jun 2026 41.8
- LOTUSCHO: Sep 2021 16.3 | Dec 2021 41.1 | Mar 2022 33.8 | Jun 2022 29.8 | Sep 2022 35.8 | Dec 2022 47.3 | Mar 2023 245.6 | Jun 2023 204.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 173.6 | Sep 2024 178.7 | Dec 2024 108.7 | Mar 2025 64.4 | Jun 2025 108.1 | Sep 2025 106.5 | Dec 2025 111.8 | Mar 2026 124.8 | Jun 2026 173.2


## What can make this comparison misleading?
- 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.

## Every company
- Manorama Industries Ltd (MANORAMA) — market value ₹11.0K Cr; latest fundamentals Jun 2026
- Lotus Chocolate Company Ltd (LOTUSCHO) — market value ₹796 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 0. Graded companies: 2.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-14.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.