Earnings Conference Call Q4 FY 26 Transcript

Orkla India delivered FY26 revenue of INR 2,509 crores (4.8% growth) with volume growth of 5.9%, the highest in four years. EBITDA stood at INR 424 crores with a margin of 16.9%, up 30 basis points. No PLI income was recognized this year due to unprecedented spice deflation over two years, whereas FY25 had INR 20.5 crores of PLI income. Excluding PLI impact, underlying EBITDA growth was 12.4%. Q4 standalone showed revenue of INR 626 crores with EBITDA of INR 100 crores (16% margin). Key headwinds include Kerala distribution restructuring (expected to complete by January 2027), West Asia conflict impacting GCC logistics costs, and commodity inflation returning with chili up 20-30% and coriander up 10-15%. Digital commerce now contributes 8.7% of domestic revenue with 38% annual growth. Price increases of approximately 4% were taken in Q4, with another round planned for Q1 FY27.