Introduction
Orkla India Ltd. (OIL) is a multi-category Indian food company engaged in the manufacturing and marketing of spices, ready-to-cook and ready-to-eat convenience foods, and other packaged food products. According to the Technopak Report, OIL ranks among the top four companies by revenue in its core spices and convenience-food peer set. The company’s well-known brands, MTR and Eastern, reflect its heritage in South Indian cuisine and benefit from Orkla ASA’s parentage. The company is launching its ₹1,667.54 crore IPO, a 100% offer for sale of 2.28 crore equity shares, opening for subscription on October 29, 2025, and closing on October 31, 2025. Recent financials show a moderation in bottom-line performance from FY24 onward, and at the upper band the issue appears optimally priced; however, investors are advised to perform detailed due diligence before taking any decision.
IPO Details
| Detail | Information |
| Opening Date | 29 Oct 2025 |
| Closing Date | 31 Oct 2025 |
| Price Band | ₹695 – ₹730 per share |
| Issue Size | 2,28,43,004 shares (aggregating up to ₹1,667.54 Cr) |
| Lot Size | 20 shares per lot |
| Minimum Investment (Retail) | ₹14,600(at upper price band) |
| Listing Exchanges | BSE & NSE |
| Expected Listing Date | 6 Nov 2025 |
Source: BSE | Chittorgarh
Business Overview
Orkla India Ltd. is a leading Indian food company engaged in the manufacturing and marketing of packaged food products across multiple categories, from spices and condiments to ready-to-eat meals and breakfast mixes. Formerly known as MTR Foods Private Limited, the company is a subsidiary of Norway-based Orkla ASA, a global consumer goods conglomerate.
Orkla India operates through a portfolio of well-established brands, including:
- MTR Foods: Offers instant mixes, spices, ready-to-cook and ready-to-eat meals, snacks, beverages, and vermicelli.
- Eastern Condiments: Focuses on blended and pure spices, curry powders, and masalas.
- Rasoi Magic: Specializes in convenient, pre-mixed spice blends and instant cooking aids for Indian cuisine.
As of June 30, 2025, the company offers over 400 products and sells an average of 2.3 million units daily. It operates nine manufacturing facilities across India with a total installed capacity of 182,270 tonnes per annum, supported by contract manufacturing in UAE, Thailand, and Malaysia.
Orkla India has an extensive distribution network comprising 834 distributors and 1,888 sub-distributors, reaching 28 states and six union territories, along with exports to 42 countries, including the GCC region, the United States, and Canada.
The company’s strategy focuses on product innovation, regional market strength in South India, and leveraging its global parent’s expertise in brand building and supply chain efficiency.
Source: RHP
Financial Performance (Amount in ₹ Crore)
| Particulars | 31 Mar 2025 (Consolidated) | 31 Mar 2024 (Standalone) | 31 Mar 2023 (Standalone) |
| Assets | 3,171.30 | 3,375.19 | 3,101.96 |
| Total Income | 2,455.24 | 2,387.99 | 2,201.44 |
| Profit After Tax | 255.69 | 226.33 | 339.13 |
Source: RHP | Chittorgarh
Company’s Strengths & Weaknesses
Strengths
- Portfolio of leading food brands – MTR, Eastern, and Rasoi Magic
- Category leadership in spices, instant mixes, and ready-to-eat meals
- Wide distribution network across India and 40+ export markets
- Strong manufacturing base with nine facilities and overseas partners
- Backed by global parent Orkla ASA’s expertise and governance
- Consistent growth with healthy margins and minimal debt
Weaknesses
- Entire IPO is an offer for sale, with no fresh capital inflow to the company
- High dependence on South Indian markets for a large share of revenue
- Intense competition in the packaged foods and spices segment
- Slower growth in legacy categories like traditional masalas and mixes
- Vulnerability to fluctuations in raw material and packaging costs
Key IPO Highlights
- Sector play: Opportunity to invest in one of India’s leading packaged food companies with strong heritage brands.
- Brand portfolio: Home to MTR Foods, Eastern Condiments, and Rasoi Magic, spanning spices, ready-to-eat meals, and instant mixes.
- Business strength: Extensive manufacturing base with nine plants in India and exports to over 40 countries.
- Financial performance: Stable revenue growth and rising profitability, supported by efficient operations and low leverage.
- IPO timeline: Opens on Oct 29, 2025, closes on Oct 31, 2025; tentative listing on Nov 6, 2025.
Conclusion
Orkla India Ltd.’s IPO marks the public debut of one of India’s most trusted packaged food companies. With its strong brand portfolio spanning MTR, Eastern, and Rasoi Magic, the company enjoys leadership in several regional and national food categories. Backed by the financial strength and operational expertise of Norway’s Orkla ASA, it is well-placed to benefit from India’s growing appetite for branded, convenient food products. That said, as the issue is a complete offer for sale, the company will not receive any fresh capital from the IPO. Additionally, competition from larger FMCG peers, dependence on southern markets, and sensitivity to raw material prices remain key factors to watch post-listing.
Source: RHP
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