OI
Orkla India
Book Building issueMainboardBSE₹1,668 Cr issue
+2.95%
Listing gain over issue price
Issue size
₹1,668 Cr
1 lot at cut-off
₹14,600
Lot size
20shares
Open
29 Oct 2025
Close
31 Oct 2025
Allotment
03 Nov 2025
Listing
06 Nov 2025
Listing performance
Issue price
₹730
Listed at
₹751.50
Listing-day close
₹713.65
Latest price
₹618.90
Listing gain
+2.95%
Return since listing
-15.22%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹66
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Nov 2025 | ₹66 | +9.04% | ₹1,000 | ₹796 | ₹1,320 |
| 05 Nov 2025 | ₹66 | +9.04% | ₹1,000 | ₹796 | ₹1,320 |
| 04 Nov 2025 | ₹70 | +9.59% | ₹1,100 | ₹800 | ₹1,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 29 Oct 2025 – 31 Oct 2025
- Listing date
- 06 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹730 per share
- Lot size
- 20 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹1,668 Cr
- Market cap at offer price
- ₹10,000 Cr
- Promoter holding
- 90.01% → 75.00% pre-issue → post-issue
- ISIN
- INE16NZ01023
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- No.1, 2nd and 3 rd Floor, 100 Feet Inner Ring Road, Ejipura, Ashwini Layout, Vivek Nagar, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 68,43,900 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 20 shares per lot, in multiples, at ₹730
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 20 | ₹14,600 |
| Retail (max) | 13 | 260 | ₹1,89,800 |
| S-HNI (min) | 14 | 280 | ₹2,04,400 |
| S-HNI (max) | 68 | 1,360 | ₹9,92,800 |
| B-HNI (min) | 69 | 1,380 | ₹10,07,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
68,43,900
Anchor portion
₹500 Cr
at ₹730 per share
Valuation and performance
Valuation at offer price
₹730 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 18.67 | 23.04 |
| P/E (×) | 39.10 | 31.68 |
| Price to book (×) | 5.40 | — |
| Market cap | — | ₹10,000 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.80%
- ROCE
- 32.70%
- PAT margin
- 10.70%
- EBITDA margin
- 16.60%
- NAV per share
- ₹135.30
- Price to book
- 5.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Orkla India
Orkla India Limited (formerly MTR Foods Private Limited) is a multi-category food company with a legacy spanning several decades, offering diverse products catering to every meal occasion including breakfast, lunch, snacks, dinner, beverages and desserts. The company's key product categories are Spices and Convenience Foods, with products crafted with authenticity and tradition rooted in South Indian culinary heritage. The company was originally incorporated as MTR Foods Limited on August 21, 1996, subsequently converted to private company in 2008, renamed to Orkla India Private Limited in 2024, and converted to public limited company in 2025. The company operates nine manufacturing facilities and has arrangements with 21 contract manufacturing facilities across India and three international locations. In Fiscal 2025, the company generated revenue from operations of ₹23,947.1 million, with 66.6% from Spices and 33.4% from Convenience Foods, with 20.6% of sales coming from exports to more than 40 countries.
Company Analysis
from DRHPOrkla India is a multi-category Indian food company offering spices and convenience foods under heritage brands MTR and Eastern, drawing from South Indian culinary traditions.
Orkla India Limited (formerly MTR Foods Private Limited) is a multi-category food company with a legacy spanning several decades, offering diverse products catering to every meal occasion including breakfast, lunch, snacks, dinner, beverages and desserts. The company's key product categories are Spices and Convenience Foods, with products crafted with authenticity and tradition rooted in South Indian culinary heritage. The company was originally incorporated as MTR Foods Limited on August 21, 1996, subsequently converted to private company in 2008, renamed to Orkla India Private Limited in 2024, and converted to public limited company in 2025. The company operates nine manufacturing facilities and has arrangements with 21 contract manufacturing facilities across India and three international locations. In Fiscal 2025, the company generated revenue from operations of ₹23,947.1 million, with 66.6% from Spices and 33.4% from Convenience Foods, with 20.6% of sales coming from exports to more than 40 countries.
packaged foodspicesconvenience foods
Objects of the Issue
- Offer for Sale p.21
- The objects of the Offer are to carry out the Offer for Sale and achieve the benefits of listing the Equity Shares on the Stock Exchanges p.113
- Not disclosed in this section
Issue Structure
- Total Issue
- Up to 22,843,004 Equity Shares bearing face value of ₹1 each aggregating to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 22,843,004 Equity Shares bearing face value of ₹1 each aggregating to ₹[●] million
- Price Band
- Floor Price of ₹[●] per Equity Share to Cap Price of ₹[●] per Equity Share
- Lot Size
- [●] Equity Shares of face value ₹1 each and in multiples of [●] Equity Shares
- Face Value
- ₹1 each
Business Model
Orkla India earns revenue through the sale of packaged spices and convenience food products, distributed through an extensive network of 843 distributors and 1,800 sub-distributors across 28 states and five union territories in India, as well as through modern trade (31 retail chains), e-commerce and quick commerce platforms (6 businesses), and direct exports to over 40 countries. The company manufactures products at its own nine facilities and through contract manufacturing arrangements, selling under brands MTR and Eastern. Distribution channels as of Fiscal 2025 comprised General Trade (79.3% of domestic sales), Modern Trade (13.2%), and E-commerce/Quick Commerce (7.5%).
Business Segments
One of our product categories, comprising blended and pure spices
One of our product categories, comprising RTC, RTE foods and Vermicelli, among others
Manufacture and sale of packaged spices including pure spices and blended spices
Manufacture and sale of convenience food products including ready-to-eat, ready-to-cook, and frozen foods
Comprises blended spices (Sambar Masala, Chicken Masala, Puliogare Masala, Rasam Masala, Meat Masala) and pure spices (Chilli, Kashmiri Chilli, Turmeric, Coriander, Cumin). Eastern has maintained its position as India's largest exporter of branded spices for 24 consecutive years.
Comprises ready-to-cook foods (Gulab Jamun mix, Rava Idli mix, 3-Minute Poha, Dosa mix), ready-to-eat foods (Paneer Butter Masala, Dal Makhani, Chana Masala, rice dishes), Vermicelli, and other products including beverages, pickles, ginger garlic paste, and cooking aids.
Instant food mixes, spices, masalas, ready-to-eat foods, and related food products
International sales and operations of food products including in Middle East and other overseas markets
Food product operations in the Eastern region
Manufacturing and sale of finished goods (ready-to-eat foods, spices, condiments) and stock-in-trade (traded products)
Scrap sales, export incentives, sale of energy from windmills, government production linked incentive grants, and other non-operating revenue
Blended spices (Sambar Masala, Chicken Masala, Puliogare Masala, Rasam Masala, Meat Masala, among others) and pure spices (Chilli, Kashmiri Chilli, Turmeric, Coriander, Cumin, among others)
Ready-to-cook, ready-to-eat foods and vermicelli products that simplify cooking and enable quick meal preparation (e.g., Gulab Jamun mix, Rava Idli mix, 3-Minute Poha, Dosa mix)
SWOT Analysis
Strengths
- • Multi-category food company with deep South Indian culinary heritage and established brands (MTR and Eastern)(p.20)
- • Revenue growth and market presence with products in 40+ countries(p.44)
- • Extensive distribution network across India with 843 distributors and 1,800 sub-distributors(p.42)
- • Profitable operations with positive PAT and cash generation(p.22)
- • Strong market position in packaged spices (India contributes 70% of global spice production and 43% of global spice exports)(p.20)
- • Strong intellectual property portfolio with established brands(p.49)
- • Low working capital intensity and efficient working capital management(p.58)
- • Diversified product portfolio across multiple categories(p.54)
- • Strong financial position with zero debt and positive cash flows(p.67)
- • Market leader in South Indian packaged spices with strong regional brand equity(p.146)
- • Leading position in convenience food market with 18.6% share of RTE/RTC category(p.153)
- • Strong export presence in packaged spices with 22.2% market share in branded exports(p.148)
- • Established distribution infrastructure and deep regional network(p.116)
- • Multi-category food company with focus on product innovation(p.116)
- • Capital efficient business model with track record of profitable growth(p.116)
- • Strong ROCE performance at 32.7% in FY2025(p.120)
- • Market leader in packaged spices in core South India markets with strong brand equity(p.165)
- • Leading market share in packaged spices across key geographies(p.177)
- • Highest retail distribution presence in core markets(p.169)
- • Strong export presence and international brand recognition(p.165)
- • Diverse multi-category product portfolio with innovation capabilities(p.158)
- • Efficient manufacturing with flexible production and quality certifications(p.170)
- • Profitable growth with strong cash generation and capital efficiency(p.172)
- • Strong parentage from Norway-listed Orkla ASA with global governance standards(p.166)
- • Diversified leadership team with global consumer FMCG experience(p.213)
- • Strong independent director roster with sector expertise and governance recognition(p.212)
- • Strategic parent company ownership with established consumer goods portfolio(p.228)
- • Strong audit and risk governance framework with qualified specialists(p.212)
- • Established brand portfolio with indefinite-life trademarks(p.278)
- • Strong capital structure with minimal debt(p.312)
- • Diversified geographic revenue base(p.292)
- • Consolidated manufacturing footprint across India(p.276)
- • Leading market position in core spice categories(p.329)
- • High distribution penetration in key markets(p.330)
- • Diversified product portfolio across categories(p.329)
- • Strong brand heritage rooted in South Indian culinary tradition(p.329)
- • Proximity to raw material sourcing regions(p.330)
- • Strong cash generation from operations(p.337)
Weaknesses
- • High dependency on raw materials with significant cost volatility exposure(p.39)
- • High dependency on top suppliers (top 10 suppliers represent 33.7% of total purchases)(p.41)
- • Concentrated manufacturing with single-source ingredients (tamarind concentrate and asafoetida from single supplier)(p.41)
- • High geographic concentration of production in South India(p.47)
- • Outstanding litigation with significant contingent liabilities in indirect taxation(p.24)
- • Labour-intensive operations with 2,621 permanent employees and exposure to labour disputes(p.42)
- • High dependence on contract labour creating legal and operational risks(p.49)
- • Restricted usage of MTR trademark limited to specific business categories(p.49)
- • Outstanding contingent liabilities from indirect taxation disputes(p.60)
- • History of delays in statutory dues payments(p.57)
- • Untraceable corporate records creating regulatory compliance risk(p.59)
- • High attrition rate among Key Managerial Personnel(p.61)
- • Five manufacturing facilities located on leased premises(p.65)
- • Heavy dependence on South Indian market concentrated in few states(p.146)
- • Modest revenue growth of 1.6% YoY in FY2025(p.120)
- • Unable to trace certain historical corporate records including missing RoC filings(p.98)
- • Delayed regulatory filings with RBI under applicable law(p.98)
- • High promoter concentration at 90% of pre-offer equity(p.104)
- • High dependence on South India markets with geographic concentration risk(p.165)
- • Moderate revenue growth rate in recent period(p.172)
- • Reliance on contract manufacturing for significant portion of production(p.166)
- • Lower capacity utilization at certain manufacturing facilities(p.184)
- • Recent significant dividend payout constraining retained earnings(p.237)
- • High promoter concentration with limited public shareholding(p.228)
- • Declining profitability trend with increasing tax burden(p.246)
- • Recent restructuring with multiple management changes in short timeframe(p.227)
- • Contingent tax liabilities and ongoing litigation risks(p.304)
- • Material indirect tax disputes and exposure(p.304)
- • Significant unsecured loan dependency from related parties(p.274)
- • Property concentration and asset held for sale(p.285)
- • High inventory exposure and provisioning for obsolescence(p.282)
- • High dependence on supplier base for raw materials(p.361)
- • Significant raw material costs as portion of revenue(p.330)
- • Audit trail gaps in accounting systems(p.317)
- • Material contingent liabilities from indirect taxation disputes(p.339)
- • Multiple food safety regulatory proceedings(p.368)
- • CFO involved in ongoing criminal proceedings(p.370)
- • CFO involved in weights and measures enforcement proceedings(p.370)
- • Significant outstanding direct tax claims against company(p.370)
- • Significant outstanding indirect tax claims against company(p.371)
- • Material GST show cause notice and tax demand(p.371)
- • Subsidiary involved in material GST dispute with large demand(p.371)
- • Concentration of payables with single material creditor(p.371)
- • Multiple pending regulatory approvals for manufacturing facilities(p.374)
Opportunities
- • Growing packaged food market in India with CAGR of 10.8% (Fiscal 2019-2024)(p.20)
- • Shift towards branded products and rising demand for convenience foods(p.20)
- • Growing e-commerce and quick commerce channels (7.5% of domestic sales in Fiscal 2025, up from 5.1% in Fiscal 2024)(p.42)
- • Convenience foods market driven by urbanisation and changing consumer lifestyles(p.47)
- • Expansion into modern trade channels (13.2% of domestic sales in Fiscal 2025, up from 12.0% in Fiscal 2024)(p.42)
- • Expansion into e-commerce and quick-commerce channels(p.57)
- • Strategic inorganic growth through acquisitions of brands and businesses(p.47)
- • Benefits under PLI Scheme for processed fruits and vegetables(p.53)
- • Potential to leverage Orkla group's global resources and expertise(p.55)
- • Packaged food market projected to grow at 11% CAGR to ₹17,120 billion by FY2029(p.137)
- • Packaged spices market growing at 12.3% CAGR to ₹615 billion by FY2029(p.143)
- • Convenience food market expected to grow at 16% CAGR to ₹166 billion by FY2029(p.153)
- • Significant growth potential in South Indian packaged spices market at ₹121 billion with CAGR of 11.7% to ₹210 billion(p.146)
- • Rising global demand for Indian packaged spices with high Indian diaspora in key export markets(p.148)
- • Shift from loose to packaged spices with packaged spices expected to reach 45% market share by FY2029(p.143)
- • Expansion of modern trade and e-commerce channels with organized retail growing at 21% CAGR(p.134)
- • Significant growth in packaged spices market with shift from unorganized sector(p.173)
- • Rising demand for convenience foods and health-focused products(p.157)
- • Growth in e-commerce and quick commerce channels(p.169)
- • International expansion opportunities targeting Indian diaspora(p.173)
- • Opportunity to expand presence in new geographies and capture market share(p.173)
- • Potential for inorganic growth through strategic acquisitions(p.175)
- • Leverage parent company's established consumer brand portfolio and distribution network(p.228)
- • Expand business through acquisition of companies under common control(p.250)
- • International business expansion via subsidiary structure(p.240)
- • Development of joint venture presence in Middle East markets(p.250)
- • Government production-linked incentives(p.292)
- • Export market expansion(p.292)
- • Renewable energy integration and operational efficiency(p.280)
- • Joint venture and associate growth potential(p.301)
- • Expansion in modern trade and e-commerce channels(p.331)
- • International distribution growth opportunity(p.334)
- • Convenience Foods category growth potential(p.334)
- • Strategic cost optimization through outsourcing(p.334)
- • Expansion through domestic packaged food market growth(p.385)
Threats
- • Volatility in raw material and packaging material costs beyond company control(p.39)
- • Food safety regulatory risks and potential contamination(p.44)
- • International food safety restrictions limiting export opportunities (EU and Qatar bans on Indian milk products)(p.45)
- • Supply chain disruptions from manufacturing facility operational risks(p.40)
- • Currency and geopolitical risks affecting international operations (20.6% of revenue from exports)(p.44)
- • Increasing competition and channel shift risks from e-commerce and quick commerce disrupting traditional distribution(p.42)
- • Regulatory risks from environmental compliance requirements and show-cause notices(p.50)
- • Subdued consumer demand and food inflation impacting sales(p.70)
- • Foreign exchange volatility affecting export revenues and repatriation(p.66)
- • Dependence on third-party transportation providers for supply and delivery(p.56)
- • Geopolitical risks including US tariffs and trade policy uncertainty(p.71)
- • Counterfeit and pass-off products harming brand reputation and sales(p.53)
- • Slowing revenue growth indicating market saturation(p.54)
- • Inflation and wage cost pressures from labour code implementation(p.72)
- • Raw material price volatility and supply chain disruptions affecting spice costs(p.151)
- • Rising input and labour costs impacting profitability(p.135)
- • Climate vulnerabilities and monsoon risks affecting agricultural output(p.135)
- • Intense competition from regional and international packaged spice brands(p.142)
- • Stringent food safety and regulatory compliance requirements(p.151)
- • Export barriers and varying international food safety standards(p.152)
- • Currency volatility and pricing pressures in international markets(p.152)
- • Muted consumer demand in FY2025 due to weak private consumption and global uncertainties(p.135)
- • Intense competition from established domestic and multinational players(p.189)
- • Labour-intensive operations with unionization and wage pressures(p.190)
- • Exposure to raw material and commodity price volatility(p.185)
- • Regulatory compliance requirements and food safety standards(p.188)
- • Risk of discontinuation or non-availability of government incentives(p.187)
- • Dependence on key brands and customer concentration risk(p.165)
- • Significant reliance on discretionary dividend policy subject to external factors(p.232)
- • High debt levels requiring refinancing(p.216)
- • Exposure to foreign currency and operational risks in international subsidiaries(p.250)
- • Dependence on parent company trademark with termination risk(p.231)
- • Regulatory and compliance risks in food safety(p.304)
- • Volatile foreign exchange exposure(p.314)
- • Excise duty and classification disputes(p.304)
- • Supply chain and supplier finance arrangement dependencies(p.291)
- • Associate and joint venture performance challenges(p.301)
- • Commodity price volatility and input cost inflation(p.330)
- • Intense competitive pressures in packaged foods industry(p.331)
- • Macroeconomic sensitivity and food inflation impact(p.331)
- • Regulatory compliance risks under food safety regime(p.339)
- • Tariff and trade policy uncertainties(p.320)
- • Regulatory dependency for food manufacturing operations(p.373)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Orkla Asia Pacific Pte. Ltd. | Promoter Selling Shareholder | 90.0% | — |
| Orkla ASA | Promoter | Negligible | — |
| Orkla Asia Holding AS | Promoter | — | — |
| Orkla Asia Pacific Pte. Ltd. | Promoter | 90.0% | — |
| Orkla ASA | Promoter | Negligible | — |
| Orkla Asia Pacific Pte. Ltd. | Promoter | — | — |
| Orkla ASA | Promoter | 90.0% | — |
| Orkla Asia Holding AS | Promoter | — | — |
| Orkla Asia Pacific Pte. Ltd. | Promoter | — | — |
| Orkla Asia Pacific Pte Ltd, Singapore | Immediate Holding Company | 100.00% | 90.01% |
| Orkla ASA, Norway | Ultimate Holding Company | — | 0.00% |
| Orkla ASA | Promoter Group | — | — |
Leadership
Atle Vidar Nagel Johansen · Chairman
Sanjay Sharma · CEO/Managing Director
Suniana Calapa · CFO
Kaushik Seshadri · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.