Orkla India Limited IPO
Orkla India Limited is a leading multi-category Indian food company with a strong heritage in authentic South Indian cuisine. With decades of operations, the company offers a diverse portfolio covering every meal occasion — from breakfast and snacks to full meals, desserts, and beverages.
According to the Technopak Report, in FY2024, Orkla India ranked among the top four players by revenue in the Indian spices and convenience foods segment. Its flagship brands, MTR and Eastern, are synonymous with quality, authenticity, and tradition.
Product Portfolio
The company operates primarily in two categories — Spices and Convenience Foods:
1. Spices: Includes blended variants like Sambar Masala, Chicken Masala, Rasam Masala, and Puliogare Masala, and pure spices like Chilli, Turmeric, Coriander, and Cumin.
2. Convenience Foods: Features ready-to-cook and ready-to-eat offerings such as Rava Idli Mix, 3-Minute Poha, Dosa Mix, and Gulab Jamun Mix.
As of June 30, 2025, the company had a portfolio of ~400 products, selling about 2.3 million units daily.
Brands and Heritage
MTR
Founded in 1924, MTR has become a household name across India, known for its vegetarian food heritage. The brand came under Orkla’s ownership in 2007 through an internal reorganisation. Its range includes spices, RTC and RTE foods, and vermicelli — all crafted around the ethos of authenticity and purity.
Eastern
Established in 1983, Eastern Condiments has been at the forefront of Kerala’s spice tradition. The company expanded its range to include both spices and convenience foods. Orkla acquired Eastern Condiments in March 2021, strengthening its South Indian dominance.
International Presence
Exports are a key growth pillar, contributing ₹4,861.7 million (20.6%) of FY2025 product revenue. Orkla India exports to 45 countries, primarily in the GCC, U.S., and Canada, catering to the Indian diaspora’s demand for authentic South Indian flavours.
The company holds a 22.2% market share in India’s branded spice exports segment
Distribution Network
Orkla India operates one of the most extensive FMCG distribution systems in South India:
i) 834 distributors and 1,888 sub-distributors across 28 states and 6 UTs
ii) Presence in 42 modern retail chains and 6 e-commerce / quick-commerce platforms
iii) Distribution reach in 67.5% of Karnataka and 70.4% of Kerala retail outlets (industry average: 30–40%)
iv) E-commerce and quick-commerce sales grew 100%+ between FY2023 and FY2025
Objects of the Orkla India Limited IPO:
Orkla India Limited IPO Details:
| Open Date: | Oct 29 2025 |
| Close Date: | Oct 31 2025 |
| Total Shares: | 2,28,43,004 |
| Face Value: | ₹ 1 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 1,667.54 Cr. |
| Lot Size: | 20 Shares |
| Issue Price: | ₹ 695-730 Per Equity Share |
| Listing At: | NSE,BSE |
| Listing Date: | Nov 06 2025 |
Promoters And Management:
Financials of Orkla India Limited IPO:
| Particulars | 3M FY 2025-26 | 3M FY 2024-25 | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations (Cr) | 597 | 563.50 | 2,394.70 | 2,356 | 2,172.40 |
| EBITDA (Cr) | 111.7 | 102.3 | 396.4 | 343.6 | 312.4 |
| EBITDA Margins | 18.70% | 18.20% | 16.60% | 14.60% | 14.40% |
| PAT (Cr) | 78.9 | 71.8 | 255.6 | 226.3 | 339.1 |
| PAT Margins | 13.20% | 12.80% | 10.70% | 9.60% | 15.60% |
| ROCE | 8.90% | 6.10% | 32.70% | 20.70% | 32.10% |
| Debt to Equity Ratio(In Times) | - | - | - | - | 0.01 |
| Operating Cash Flows (Cr) | -55.7 | 47 | 391.6 | 296.3 | 190.4 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| Orkla India Limited | 2,394.70 | 16.60% | 10.70% | 32.70% | - | 10,000.21 | 39.12 |
| Tata Consumer Products Limited | 17618 | 14% | 7.31% | 9.16% | 0.12 | 113,728 | 86.5 |
| Note : Forward P/E is 31.68 according to FY 2026 PAT | |||||||
Lead Manager of Orkla India Limited IPO:
Registrar of Orkla India Limited IPO:
Discussion on Orkla India Limited IPO:
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ECLERK buyback 2025 at 4500. Rs 300 crore. Very disappointed