Orkla India Ltd(ORKLAINDIA)

NSE: ORKLAINDIABSE: 544595

₹ 522.5-4.40%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,158 crNext results: 4 Nov 2026Website: www.orklaindia.comUpdated: 24 Oct 2026

About

Orkla India is an Indian branded food company operating two core businesses - MTR Foods (spices, convenience foods) and Eastern Condiments (spices, Kerala-focused) - with revenue of INR 2,509 cr in FY26. The company sells across domestic general trade, modern trade, and digital commerce channels, and exports primarily to GCC markets where Eastern holds the #1 Indian spice brand position in UAE by household reach.^[1][2][3]

Business segments

Spices is the core segment; in Q3 FY26 spices delivered 10.1% volume growth YoY despite revenue growing only 3.1% due to ~7% price deflation from lower chilli input costs.^[2]
Convenience Foods covers meals, breakfast, and sweets; grew 11.9% YoY in Q1 FY27 with meals at double-digit growth.^[4]
International revenues are ~20% of total; GCC countries account for 70% of international revenues and grew 18.1% YoY in Q1 FY27.^[5][4]

Brands and products

MTR Foods brand covers blended spices, ready-to-cook meals, breakfast mixes (idli-dosa batter), and sweets; MTR Prakriti is a premium digital-first single-origin pure spices sub-brand launched with four SKUs targeting metro consumers.^[2]
Eastern Condiments is the Kerala-heritage spice brand; it is the #1 Indian spice brand in UAE by household reach across all households, not only Indian households, as of Q3 FY26.^[2]
Eastern's Arabic spice range contributes one-third of Eastern's household penetration in Saudi Arabia as of Q3 FY26.^[2]
MTR Prakriti expanded with Hing (premium single-source) distributed across metros via quick commerce and D2C in Q1 FY27.^[4]

Key operating numbers

Tonnage volume growth accelerated from 1.8% in FY23 to 5.9% in FY26, the strongest in four years; Q1 FY27 consolidated volume growth was 1.7% YoY (4.4% ex-Kerala).^[1][4]
Revenue from product sales grew 11.5% YoY in Q1 FY27, ending eight consecutive quarters of single-digit growth; ex-Kerala growth was 12.1%.^[4]
Price-led growth rose from 6.5% in Q4 FY26 to 11.4% in Q1 FY27, driven by spice input cost inflation of 32.8% YoY (chilli +78%, coriander +40%).^[4]
EBITDA margin was 17.5% in Q1 FY27 (+150 bps QoQ) and 16.9% for full-year FY26 (+30 bps YoY); on a like-for-like ex-PLI basis FY26 EBITDA grew 12.4% with 100 bps margin expansion.^[4][1]
MTR penetration in Karnataka grew from 20.3% in 2022 to 30.6% in 2025 and in Andhra Pradesh from 4.3% to 13%, more than doubling volumes over three years via Eastern's pure spices distribution model.^[2]

Distribution and customers

Digital commerce (primarily quick commerce, ~70% of digital mix as of Q2 FY26) grew 38.1% YoY in Q1 FY27 and contributed 8.9% of domestic revenues, up from 7.2% in Q1 FY26.^[4][5]
Modern trade grew 18.6% YoY in Q1 FY27.^[4]
Market share gains of 30 - 50 basis points in Karnataka and Andhra Pradesh in Q1 FY27, offset by a ~30 bps decline in Kerala due to ongoing distribution restructuring.^[4]
GCC international business grew 18.1% YoY in Q1 FY27 despite West Asia conflict disruption; the US market rebounded to positive value growth after tariff-driven inventory de-stocking.^[4]

Agri input costs

Spice input costs surged 32.8% YoY in Q1 FY27; chilli was up 78% and coriander up 40%, reversing ~7 quarters of continuous deflation that had weighed on realizations.^[4]
Spice price deflation bottomed in Q3 FY26; Q4 FY26 showed a 6.5% uptick in spice prices versus prior lows, signalling the start of an inflationary cycle.^[1]
Crop surveys as of Q3 FY26 showed reduced chilli cropping areas as farmers shifted to more profitable crops after extreme price lows, pointing to continued inflationary trend.^[2]

Expansion and strategic initiatives

Project Bolt is an external agency-led initiative investing in people, technology, analytics, and digital-native innovations to build digital commerce as a strategic capability; launched in Q4 FY26 and weighed ~200 bps on Q4 margins.^[1][4]
Convenience foods breakfast portfolio is being accelerated across top 28 metros via dry batter (digital commerce), wet batter (Hyderabad expansion), and six new Gen Z protein-rich innovations as of Q1 FY27.^[4]
MTR fresh wet batter expanded to Hyderabad in FY26; further city expansion to follow based on performance.^[1]
UK/EU paneer-based range is being reformulated to non-dairy to unlock new international growth; range development was underway as of Q1 FY27.^[4]
Strategic acquisitions remain a stated priority; board retained INR 600 cr cash surplus in FY26 (vs paying it as dividend in FY25) specifically to fund inorganic growth.^[1]

Distribution restructuring - Kerala

Eastern's Kerala distribution is being re-architected from a single system into segmented channels for spices, convenience foods, and standalone modern trade; the foods program launched February 2026 was substantially completed by June 2026.^[4]
Early results from the foods restructuring: 14% improvement in sales productivity and 6% increase in effective outlet coverage in Q1 FY27.^[4]
Standalone modern trade (OFO pilot in progress) and spices coverage (project kicked off July 2026) phases target completion by March 2027.^[4]

Market Cap

₹7,158 Cr

High / Low

₹755 / 530

Stock P/E

25.4

Price / Book

2.7

Book Value

₹201

EPS

₹20.9

No. of Shares

13.7 Cr

ROCE

14.7%

ROE

10.4%

OPM

15.9%

Debt / Equity

0.00

Sales

₹2,509 Cr

Net Profit

₹286 Cr

Promoter holding

75.0%

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