Orkla India Limited (ORKLAINDIA)
₹556.40 +1.10% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Orkla India's revenue was ₹659 Cr (+10.4% year on year, +5.3% on the previous quarter), and net profit ₹87.7 Cr (+11.0% year on year); the operating margin was 17.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹659 | +10.4% | +5.3% |
| Operating profit | ₹113 | +0.5% | +16.0% |
| Net profit | ₹87.7 | +11.0% | +20.1% |
| EPS (₹) | 6.40 | +11.1% | +19.4% |
| Operating margin | 17.1% | — | — |
ORKLAINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.05% of the ORKLAINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.12%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 48.1% · 53.3% · 45.8% · 56.1% · 38.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Orkla India has issued a clarification regarding a media report published in The Economic Times on October 12, 2026, titled 'FMCG Majors in Race for Big Bite of Snacks Brand Farmley'. The company stated that the article is speculative in nature and that no definitive proposal or reportable event exists as of date under Regulation 30. While Orkla India routinely evaluates strategic opportunities, no binding transaction has taken place. The company with TTM revenue of Rs 2,547 Cr continues to evaluate ordinary-course inorganic prospects.
- Clarification issued on October 12, 2026, under Regulation 30(11) regarding media reports
- Addressed The Economic Times article titled 'FMCG Majors in Race for Big Bite of Snacks Brand Farmley'
- Confirmed no definitive proposal or disclosure-triggering event has occurred as on October 12, 2026
- Company clarified that evaluating strategic opportunities occurs in the ordinary course of business
Orkla India Limited's business unit, MTR Foods, has expanded its sweets and mithai portfolio by launching 8 new products, taking its total offerings in the segment to 27. The launches focus on variants around core categories like Mysore Pak and Gulab Jamun, adding health-conscious and everyday snacking formats such as Ghee Jaggery and Date Bites. This expansion aligns with Orkla's stated growth strategy, where the mithai segment previously grew 26.4% in Q2 FY26. The new products are rolled out across top metro cities via quick-commerce, modern trade, and general trade channels.
- Launched 8 new products, taking the total sweets portfolio to 27 offerings
- Expansion centers on iconic legacy brands Mysore Pak and Gulab Jamun
- New innovations include Jaggery Ghee variants and MTR Mysore Pak Date Bites for everyday snacking
- Products made available across top metro cities via quick-commerce, modern trade, and general trade
Orkla India Limited has announced its participation in an investor conference hosted by JP Morgan on September 22, 2026, in Mumbai. The interactions are scheduled to be conducted either through group or one-to-one formats. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the sessions. This is a routine institutional investor interaction filing under Regulation 30.
- Investor conference date scheduled for September 22, 2026
- Host identified as JP Morgan in Mumbai
- Meeting format includes both group and one-to-one interactions
- Company affirmed no unpublished price sensitive information (UPSI) will be shared
Orkla India Limited announced the voting results and scrutinizer's report for its 30th Annual General Meeting held on August 19, 2026. All 6 proposed ordinary and special resolutions were passed with requisite majority by shareholders. Key resolutions included adopting FY26 audited financial statements, re-appointing director Per Haavard Skiaker Maelen, and approving the Employee Stock Option Plan 2025 and Management Stock Option Plan 2025 (along with their extension to subsidiaries/holding company). Notably, institutional shareholders showed resistance to the stock option schemes, casting ~75.38% of their polled votes against them, though the resolutions passed with ~92.17% overall support backed by promoters.
- All 6 resolutions passed with requisite majority at the 30th AGM held on August 19, 2026
- Total voter turnout represented 12,74,07,255 shares, accounting for 93.0053% of total voting capital
- ESOP 2025 and MSOP 2025 resolutions passed with 92.1715% overall votes in favour despite 75.3751% institutional opposition
- Re-appointment of director Per Haavard Skiaker Maelen approved with 99.9965% votes in favour
Orkla India Limited concluded its 30th Annual General Meeting on August 19, 2026, conducted via video conferencing with 92 members in attendance. Key resolutions placed for voting included the adoption of FY26 financial statements, the re-appointment of Director Per Haavard Skiaker Maelen, and the ratification and extension of the Employee Stock Option Plan 2025 and Management Stock Option Plan 2025. Final voting results and the Scrutinizer's report will be submitted to exchanges within the prescribed regulatory timelines.
- 30th AGM conducted virtually on August 19, 2026, between 03:00 PM and 05:39 PM IST.
- A total of 92 members attended the meeting over video conferencing.
- Shareholders voted on 6 resolutions, including ratification of ESOP 2025 and MSOP 2025 schemes.
- Cut-off date for determining voting eligibility was August 12, 2026.
Orkla India Limited's business unit, MTR Foods, has launched a new range of four traditional North Karnataka food offerings: Groundnut Chutney Podi (₹49), Nigerseed Chutney Podi (₹55), Flax Seed Chutney Podi (₹49), and Masala Khara (₹65). The launch targets high regional consumption where chutney podis are consumed in nearly 8 out of 10 households. Products will be distributed across General Trade, Modern Trade, Namma MTR stores, and e-commerce platforms. This move follows earlier regional rollouts such as MTR Byadagi Chilli and Dharwad Peda to strengthen regional market penetration.
- Launched 4 new regional products: Groundnut Chutney Podi, Nigerseed Chutney Podi, Flax Seed Chutney Podi, and Masala Khara
- Product price points set between ₹49 and ₹65 per pack across retail and online channels
- Targets high-frequency daily staple category consumed in an estimated 8 out of 10 North Karnataka households
- Expands MTR's regional lineup following earlier introductions of Byadagi Chilli and Dharwad Peda
Orkla India reported an 11.5% YoY revenue growth for Q1 FY27, ending an 8-quarter streak of single-digit growth. EBITDA stood at Rs 115 crore with a margin of 17.5%, reflecting a sequential improvement of 150 bps despite a 32.8% surge in spice raw material costs. The company successfully implemented pricing actions (11.4% impact) to offset inflation in key commodities like Chilli (+78%) and Coriander (+40%). Digital commerce emerged as a high-growth channel, expanding by 38.1% YoY.
- Revenue from product sales grew 11.5% YoY, supported by a 1.7% overall volume growth.
- EBITDA reached Rs 115 crore with a healthy margin of 17.5%, up 150 bps sequentially.
- Spice raw material inflation spiked to 32.8% YoY, with Chilli prices rising 78%.
- Digital commerce and modern trade channels grew by 38.1% and 18.6% respectively.
- Launched 23 new products during the quarter to target younger consumer cohorts.
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Orkla India reported a 10.4% YoY increase in consolidated revenue to ₹659 crore for Q1 FY27, ending an eight-quarter period of slower growth. While product sales grew 11.5%, volume growth was relatively low at 1.7%, suggesting growth was driven by pricing or premiumization. EBITDA rose 3% to ₹115 crore, with margins at 17.5%, slightly impacted by lower PLI benefits. PAT (before exceptional items) grew 9.7% to ₹87 crore, aided by strong digital commerce growth of 38.1% and an 18.1% surge in the GCC international market.
- Consolidated revenue reached ₹659 crore, marking a 10.4% YoY growth and a return to double-digits after 8 quarters.
- Digital commerce channel grew 38.1% YoY, increasing its domestic revenue contribution to 8.9% from 7.2%.
- Spices segment grew 11.3% to ₹436 crore, while Convenience Foods grew 11.9% to ₹220 crore.
- International business in the GCC region delivered 18.1% YoY growth due to stronger in-market execution.
- Company launched 23 new products during the quarter, including regional innovations like North Karnataka and Andhra Podis.
Orkla India reported a return to double-digit revenue growth of 11.5% YoY for Q1 FY27, with total revenue from operations reaching ₹659 crore. While volume growth remained modest at 1.7%, the company saw significant traction in digital commerce (up 38.1%) and modern trade (up 18.6%). EBITDA margins contracted to 17.5% from 18.7% in the previous year, primarily due to a 32.8% surge in spice input costs. Profit After Tax (PAT) stood at ₹88 crore, a 11.4% increase over the ₹79 crore reported in Q1 FY26.
- Revenue from sale of products grew 11.5% YoY, a sharp recovery from the 5.8% growth seen in Q1 FY26.
- Spices segment revenue reached ₹436 crore, contributing approximately 66% of total revenue.
- Digital commerce and modern trade channels outperformed with growth rates of 38.1% and 18.6% respectively.
- Input costs for spices spiked by 32.8% YoY, leading to a 120 bps contraction in EBITDA margins to 17.5%.
- International business grew 10.1% YoY, now accounting for 20.1% of the total revenue mix.
Orkla India reported a steady start to FY27 with standalone revenue growing 9.8% YoY to ₹644.24 crore. Standalone Profit After Tax (PAT) increased by 11.3% YoY to ₹86.37 crore, aided by a ₹1.5 crore write-back of exceptional items related to labour code provisions. Consolidated EPS for the quarter improved to ₹6.4 from ₹5.8 in the previous year's corresponding quarter. The company continues to operate as a single-segment entity focused on food products and beverages.
- Standalone Revenue from operations increased 9.8% YoY to ₹644.24 crore from ₹586.82 crore.
- Standalone Profit After Tax (PAT) rose 11.3% YoY to ₹86.37 crore.
- Exceptional item write-back of ₹1.5 crore related to gratuity liability adjustments under new Labour Codes.
- Consolidated Basic EPS improved to ₹6.4 compared to ₹5.8 in Q1 FY26.
- Other expenses increased by 17.5% YoY to ₹116.53 crore, reflecting higher operational costs.
Orkla India reported a total turnover of INR 24,638.9 million (Rs 2,464 cr) for FY 2025-26 in its latest sustainability report. The company's revenue is heavily concentrated in the spices segment, which accounts for 70.2% of total sales, while exports contribute 21% across 45 countries. Operational infrastructure includes 8 manufacturing plants and 7 offices across India. Notably, the company reported a reduction in permanent employee turnover to 23% from 31% two years prior, though it is still finalizing its formal data privacy policy.
- Total turnover for FY 2025-26 reached INR 24,638.9 million (approx. Rs 2,464 cr)
- Spices segment remains the core business, contributing 70.2% of total turnover
- International operations span 45 countries, contributing 21% to the total turnover
- Employee turnover rate for permanent staff improved to 23% in FY26 from 31% in FY24
- Gender diversity at the leadership level is notable, with 37.5% female representation on the Board
Orkla India Limited has scheduled its 30th Annual General Meeting (AGM) for August 19, 2026, to adopt the FY2025-26 financial statements and re-appoint Mr. Per Haavard Skiaker Maelen as a Non-Executive Director. A significant agenda item is the ratification of the 'Employee Stock Option Plan 2025' (ESOP 2025) and 'Management Stock Option Plan 2025' (MSOP 2025), which were approved prior to the company's IPO. The ESOP 2025 plan allows for the issuance of up to 27,39,784 options, representing a maximum of 2% of the total share capital. Shareholders as of the August 12, 2026, cut-off date are eligible to vote electronically between August 16 and August 18.
- 30th Annual General Meeting scheduled for August 19, 2026, at 3:00 PM IST via video conferencing.
- Ratification sought for ESOP 2025 involving up to 27,39,784 equity shares of face value ₹1 each.
- The proposed ESOP pool is capped at 2% of the total share capital of the company.
- Cut-off date for determining e-voting eligibility is Wednesday, August 12, 2026.
- Director Per Haavard Skiaker Maelen, who attended 100% of the 15 board meetings in FY26, is up for re-appointment.
Orkla India Limited has received a Show Cause Notice (SCN) from the Commercial Taxes Department, Tamil Nadu, proposing a total demand of Rs 8.41 crore for FY 2023-24. The demand includes a tax component of Rs 5.24 crore, interest of Rs 2.64 crore, and a penalty of Rs 0.53 crore. The issues relate to Input Tax Credit (ITC) reversals, reconciliation of exempt supplies, and related-party transactions. This total demand represents approximately 13% of the company's average quarterly net profit based on recent filings.
- Total proposed demand of Rs 8,40,82,951 received via Form GST DRC-01 on July 20, 2026.
- Tax demand of Rs 5,23,57,426 specifically relates to the financial year 2023-24.
- Proposed interest and penalty components stand at Rs 2,64,39,783 and Rs 52,85,742 respectively.
- Dispute involves interpretation of ITC reversal under Section 17 and Rules 42 and 43 of the CGST Act.
- Company is in the process of filing detailed objections and evaluating legal options.
Orkla India Limited has scheduled a board meeting for August 4, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company will also host an earnings conference call at 17:30 IST on the same day to discuss the results with analysts and investors. Senior management, including the Managing Director & CEO, CFO, and Head of M&A, will be in attendance. This follows a period where the company reported quarterly revenues of approximately Rs 624-638 crore in late 2025.
- Board meeting scheduled for August 4, 2026, to approve Q1 FY27 financial results.
- Earnings conference call scheduled for 17:30 IST on August 4, 2026.
- Management representation includes the CEO, CFO, and Head of M&A and Investor Relations.
- Results will cover the three-month period ended June 30, 2026.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Convenience Foods segment grew by 19.2% YoY, significantly outperforming the Spices segment which saw a marginal revenue growth of 0.1% YoY. The Spices segment's revenue was suppressed by a 12.3% YoY deflation in raw material prices despite a 5.9% increase in volume. Digital commerce grew by 48.7% and Modern Trade by 11.2% during the same period.
Geographic Revenue Split
The revenue split is heavily weighted toward the domestic market, with India accounting for 80.0% (INR 5,195 million) and International/Exports accounting for 20.0% (INR 1,301 million) in Q2 FY26. This distribution has remained stable compared to FY25, where India was 79.4% and Exports were 20.6%.
Profitability Margins
Profitability showed a slight decline in Q2 FY26 with a PAT margin of 11.8% (INR 767 million) compared to 13.3% in Q2 FY25. However, H1 FY26 PAT margin stood at 12.5%, showing an improvement over the full-year FY25 margin of 10.7%. The decline in Q2 PAT was primarily due to lower other income following a large dividend payout of INR 6 billion in FY25.
EBITDA Margin
EBITDA margin for Q2 FY26 was 16.9% (INR 1,097 million), down from 18.3% in Q2 FY25. This was impacted by one-time GST 2.0 migration costs and reduced PLI incentives; excluding these, the adjusted EBITDA margin was 17.8%, a 0.2% increase YoY. H1 FY26 EBITDA margin remained strong at 17.8%.
Capital Expenditure
While specific future INR figures for CapEx are not detailed, the company reported a focus on enhancing capital efficiency and maintaining a high ROCE, which stood at 32.7% for FY25. The company also noted a cash conversion rate of 124.8% in FY25, indicating strong liquidity for potential investments.
Operational Drivers
Raw Materials
Spices (including pure and blended varieties) are the primary raw materials, with the company noting a significant deflationary trend of 22% to 25% in spice prices over the last two years. These materials are critical as the Spices segment contributes approximately 61% of total revenue.
Import Sources
Sourcing is primarily focused on key Indian spice-growing regions to maintain proximity to manufacturing facilities, though specific states or countries are not listed beyond the mention of 'key sourcing regions'.
Capacity Expansion
The company operates manufacturing facilities strategically located near sourcing regions. While specific MTPA figures are not provided, the company is driving growth through 'Pure Spices' development in Karnataka and Andhra Pradesh, which saw a 40% volume growth in the current quarter.
Raw Material Costs
Raw material costs have been impacted by unprecedented deflation, with a 12.3% drop in spice prices in Q2 FY26 following a 10.8% drop in the previous year. This deflation has forced a reduction in Maximum Retail Prices (MRPs) to maintain a competitive premium over the 60% unorganized market.
Manufacturing Efficiency
The company leverages Orkla ASA’s Global Centres of Excellence to drive operational frameworks and high-quality standards. Efficiency gains were cited as a partial offset to rising advertising and transition costs in Q2 FY26.
Logistics & Distribution
The company reaches over 686,729 retail touchpoints as of FY25. Distribution is a key driver for the 7.7% volume growth achieved in Q2 FY26, supported by rural activations and digital commerce expansion.
Strategic Growth
Expected Growth Rate
8%
Growth Strategy
Growth will be achieved by increasing household penetration (currently only 12 out of 260 possible consumption occasions), expanding the product portfolio (specifically in the Mithai/Sweets category which grew 26%), and scaling digital commerce (49% growth). The company also plans to leverage its position as the largest branded spice exporter to expand in 45 international markets and pursue strategic acquisitions.
Products & Services
Spices (Pure and Blended), Convenience Foods (Ready-to-eat meals), and Sweets/Mithai products.
Brand Portfolio
MTR, Eastern.
New Products/Services
The company is aggressively developing the 'Sweets or Mithai' category, which achieved 26.4% growth in Q2 FY26, and 'Pure Spices' in new geographies like Karnataka and Andhra Pradesh (40% volume growth).
Market Expansion
Expansion is focused on driving depth in local Indian geographies and serving the Indian diaspora in 45 international markets. International business currently contributes 21% of sales.
Market Share & Ranking
The company is a market leader in its core categories and has been the largest branded spice exporter for 24 consecutive years.
Strategic Alliances
The company is a subsidiary of Orkla ASA (Norway), providing access to global centers of excellence and governance support.
External Factors
Industry Trends
The industry is seeing a shift toward digital commerce (49% growth for Orkla) and organized branded players capturing share from the 60% unorganized segment. There is a trend toward convenience foods and premiumization in the sweets category.
Competitive Landscape
Competitors include Dabur India, IFFCO Group, Colgate Palmolive, and Voltas (in various food/beverage segments), alongside a massive unorganized sector that controls 60% of the spice market.
Competitive Moat
The moat is built on strong brand heritage (MTR and Eastern), a dominant 24-year leadership in spice exports, and the operational support of a $11bn parent company (Orkla ASA). These advantages are sustainable due to high household penetration potential and a robust distribution network of 6.8 lakh+ outlets.
Macro Economic Sensitivity
Highly sensitive to spice commodity prices. A 22-25% deflation in spices over two years has significantly decoupled volume growth (7.7%) from revenue growth (4.9%).
Consumer Behavior
Increased demand for convenience foods (19.2% growth) and festive-driven consumption in the sweets category (26.4% growth) are key shifts.
Geopolitical Risks
The international business serves 45 markets; however, specific trade barrier impacts were not detailed in the provided text.
Regulatory & Governance
Industry Regulations
Operations are affected by the Production Linked Incentive (PLI) scheme and export incentives provided by the Ministry of Industry and Commerce. A reduction in PLI benefits was noted as a factor in the Q2 FY26 EBITDA decline.
Environmental Compliance
The company aligns with Orkla ASA’s commitment to sustainability values, though specific ESG costs in INR are not disclosed.
Taxation Policy Impact
The company is transitioning through GST 2.0, which resulted in one-time migration expenses in Q2 FY26.
Risk Analysis
Key Uncertainties
Raw material price volatility is a major uncertainty; the recent 22-25% deflation in spices is described as 'unprecedented' in 18 years. This volatility can lead to unpredictable revenue growth even when consumer demand (volume) is strong.
Geographic Concentration Risk
80% of revenue is concentrated in the Indian domestic market, with a strong focus on specific regions like Karnataka and Andhra Pradesh.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in digital commerce, which now grows at 48.7% YoY, and migrating to GST 2.0 systems.
