NSE: ORKLAINDIA · BSE: 544595
ORKLA INDIA LIMITED
Sells packaged spices and convenience foods under three brands — MTR, Eastern and Rasoi Magic — to Indian households through general trade, modern retail and digital channels, and exports to 45 countries. The spices business accounts for around 66% of revenue and grew 6.1% in FY26, with domestic growth (excluding Kerala) at 11.1%. The remaining roughly a third comes from convenience foods, including ready-to-eat mixes, breakfast products and the newly launched Protein Breakfast Range with plant-based protein. International sales contributed 21% of revenue, with GCC markets growing 11.8% despite West Asia freight headwinds. The portfolio is distributed across roughly 679,000 retail outlets in India, with digital commerce now 8.7% of domestic revenue after 38% YoY growth. Raw materials, chiefly spice commodities like chili and coriander, are the largest input cost at 44.2% of revenue; an Eastern distribution restructuring in Kerala is targeted for completion by January 2027. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Spices (66%), Convenience foods and other (34%), International business (21%). Branded packaged foods business selling spices and convenience foods, with rising digital commerce and ongoing distribution restructuring.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 2,509 |
| EBITDA (ex other income) | 402 |
| margin % | 16.0 |
| Owners' profit | 286 |
| EPS, as reported (₹) | 20.85 |
| ROE % · ROCE % | 10.4 · 13.3 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 261 |
| Capex | (22) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 650 | 636 | 626 | 659 |
| Profit before tax | 102 | 76 | 98 | 117 |
| Net profit | 77 | 57 | 73 | 88 |
| EPS (₹) | 5.60 | 4.14 | 5.36 | 6.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 11,045 | 23.8 | 0.74 | 3.8 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD | 10,957 | 42.7 | 16.06 | 30.4 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED ◆ | 7,178 | 24.4 | 2.61 | 16.1 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED | 816 | 34.4 | 4.08 | 21.1 | 11.1 | 13.1 | — | 13.0 |
| APIS INDIA LTD. | 743 | 2.9 | 3.74 | 19.3 | 12.7 | 15.5 | 7.4 | 11.9 |
| Pajson Agro India Limited | 675 | 51.8 | — | — | — | 24.0 | — | — |
| Chemkart India Limited | 311 | 14.8 | — | — | — | 20.7 | — | — |
| MEGASTAR FOODS LIMITED | 288 | 29.1 | 2.80 | 11.6 | 9.0 | 7.5 | 26.4 | 5.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.4 | 24.1 | 14 of 26 | 48% |
| P/B | 2.6 | 1.7 | 14 of 19 | 28% |
| ROCE | 13.1 | 12.6 | 14 of 30 | 55% |
| ROE | 10.4 | 6.8 | 7 of 21 | 70% |
| Debt / Equity | 0.0 | 0.4 | 1 of 21 | 90% |
| EBITDA margin | 19.9 | 8.7 | 3 of 21 | 90% |
| Market cap | 7178 | 107 | 3 of 29 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Committees reconstituted after chairman Atle Johansen resigned | management changes | medium | — | — |
| 27 Oct 2026 · Maria Syse-Nybraaten appointed Chairperson of Orkla India board | management changes | medium | — | — |
| 27 Oct 2026 · Chairman Atle Vidar Nagel Johansen resigns from the board | management changes | high | — | — |
| 23 Oct 2026 · 40,271 shares allotted on employee option exercise | capital market events | low | — | — |
| 22 Oct 2026 · Orkla India schedules Q2 FY27 results and analyst call | results | low | — | — |
| 22 Oct 2026 · Orkla India board to consider Q2FY27 results on Nov 4 | results | low | — | — |
| 12 Oct 2026 · Orkla India clarifies speculative news on Farmley stake | regulatory legal | high | — | — |
| 8 Oct 2026 · MTR Foods launches 8 new sweets products, expands portfolio to 27 | business updates | medium | — | — |
| 8 Oct 2026 · Reg 74(5) Certificate from Registrar for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Orkla India Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.