| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹695 to ₹730 | 20 | 29th Oct, 2025 –31th Oct, 2025 | ₹1,667.5 Cr |
Orkla India Ltd
Orkla India Limited is a well-established, multi-category Indian food manufacturer with a legacy spanning several decades and a diversified product portfolio that caters to all meal occasions, from breakfast and main meals to snacks, beverages, and desserts. As per the Technopak Report, in FY24, the company ranked among the top four players in terms of revenue from operations within the spices and convenience foods segment, reflecting its strong market positioning. The company’s offerings are marketed under its flagship brands MTR and Eastern, both of which hold strong consumer equity and are deeply rooted in South Indian culinary traditions. Its product mix is broadly categorized into spices (including blended and pure spices) and convenience foods (comprising ready to cook, ready to eat, and vermicelli products). Within the spices segment, key products include popular blends such as Sambar Masala, Chicken Masala, Puliogare Masala, Rasam Masala, and Meat Masala, as well as pure spices like Chilli, Kashmiri Chilli, Turmeric, Coriander, and Cumin. The convenience foods segment addresses the growing consumer preference for easy-to-prepare meals, offering products such as Rava Idli Mix, Dosa Mix, 3-Minute Poha, and Gulab Jamun Mix. As of June 30, 2025, the company’s extensive portfolio comprised around 400 SKUs, with an impressive average daily sale of approximately 2.3 million units, underscoring its robust distribution reach and brand strength. Overall, the company’s heritage, diversified product range, and strong presence in the fast growing convenience foods and spice categories position it well for sustainable growth in the Indian packaged foods market.
Objective of the Orkla India Ltd IPO
The company will not receive any proceeds from the offer.
Rationale To Orkla India Ltd IPO
Demonstrates strong capabilities in building and scaling household food brands driven by deep understanding of local consumer preferences and taste profiles
The company has established a strong foothold in the packaged spices market of South India, supported by leading brands with significant market shares. Its success stems from robust brand equity and a deep understanding of regional consumer preferences. The company’s product strategy effectively differentiates between vegetarian and non-vegetarian cuisines through its two flagship brands, MTR, which focuses on vegetarian spice blends, and Eastern, which primarily caters to non-vegetarian preparations. The company’s regionalized approach enables it to align product offerings closely with local tastes. For instance, it offers Puliogare and Bisi Belebhath mixes for Karnataka, Chicken Porichathu and Assal Kayam Sambar Masala for Kerala, and Podi and Masala Karam for Andhra Pradesh. Moreover, even similar dishes are customized to regional flavor profiles, such as MTR Sambar Masala tailored to Karnataka consumers, MTR Spicy Sambar Powder for Andhra Pradesh, and Eastern Assal Kayam Sambar Powder designed for Kerala. This granular localization strategy underlines the company’s strong consumer insight, brand adaptability, and ability to sustain market leadership across diverse regional segments within South India.
Operates as a diversified, multi-category food player with a strong emphasis on continuous product innovation to address evolving consumer preferences and expand market presence
The company demonstrates a consistent focus on innovation to address evolving consumer preferences and enhance convenience across its portfolio. Product development efforts span recipe enhancement, format diversification, and novel preparation methods. Recent launches illustrate this strategy, including MTR minute fresh batters, which build on the existing dry mix range to offer greater convenience; a Ready to Eat sweets portfolio, extending the sweet mix category; and the 3-minute breakfast line, expanding the company’s reach within the convenience foods segment. In addition, the company is strategically broadening its cuisine portfolio beyond traditional Indian categories, as seen with the “Wok N Roll” brand introduced in January 2025, targeting the growing Pan-Asian cuisine segment through a range of blended spices and cooking pastes. This innovation led approach positions the company to capture emerging consumer trends and sustain long term growth across multiple food categories. The company’s ability to curate a diverse product portfolio tailored to regional tastes is underpinned by a structured and research-driven innovation framework. This is enabled through its Cuisine Centres of Excellence (CoEs) located in Bengaluru and Kochi, which serve as hubs for culinary research and product development. These CoEs focus on market relevant cuisines, where inhouse chefs undertake extensive culinary immersion to study regional dishes, traditions, and flavor profiles, ensuring authentic and locally resonant product formulations.
Valuation of Orkla India Ltd IPO
Orkla India Limited is a well-established, multi-category food manufacturer with a strong legacy spanning several decades. The company offers a diversified portfolio that caters to every meal occasion from breakfast and main meals to snacks, beverages, and desserts. It holds a leading position in the packaged spices segment across key southern markets, including Karnataka, Kerala, Andhra Pradesh, and Telangana. The Indian spices market has expanded at a robust CAGR of 11.5%, reaching approximately Rs. 1,230 billion in FY24, and is expected to grow further to Rs. 2,080 billion by FY29. This strong growth momentum is supported by multiple structural drivers such as rising disposable incomes, growing urbanization, increasing adoption of e-commerce and quick-commerce platforms, the need for convenience, and the rising awareness of spices’ medicinal and functional benefits. Similarly, India’s packaged food market is projected to grow at a CAGR of 11.0%, reaching Rs. 17,120 billion by FY29, driven by evolving consumer lifestyles, a higher share of nuclear families, growing female workforce participation, and increasing affordability. As part of its growth strategy, Orkla India has been expanding its international presence, with a key focus on strengthening its footprint across GCC countries. On the financial front, the company has demonstrated strong and consistent performance, with an EBIT margin of 14% in FY25, the highest among peers. The company delivered Sales/EBITDA/PBT CAGR of 5.0%/12.9%/22.9%, respectively, while adj. PAT declined from Rs. 338 crores in FY23 to Rs 289 crores in FY25 due to tax reversal in FY23. At the upper price band of Rs. 730, Orkla India Ltd. is valued at a P/E multiple of 39.0x based on FY25 earnings. Given the company’s historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.
What is the Orkla India Ltd IPO?
The initial public offer (IPO) of Orkla India Ltd offers an early investment opportunity in Orkla India Ltd Ltd . A stock market investor can buy Orkla India Ltd IPO shares by applying in IPO before All Orkla India Ltd shares get listed at the stock exchanges. An investor could invest in Orkla India Ltd Ltd IPO for short term listing gain or a long term.
How to apply for the Orkla India Ltd IPO through StoxBox?
To apply for the Orkla India Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Orkla India Ltd IPO open?
Orkla India Ltd IPO is opening on 29th Oct 2025. Apply Now
What is the lot size of the Orkla India Ltd IPO?
The Lot Size of Orkla India Ltd IPO is 20 equity shares. Login to your account now.
When is the Orkla India Ltd allotment date?
The allotment Date for Orkla India Ltd IPO is 03rd Nov 2025. Login to your account now.
When is the Orkla India Ltd IPO listing date?
The listing Date for Orkla India Ltd IPO is 06th Nov 2025. Login to your account now
What is the minimum investment required for the Orkla India Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,600. Login to your account now
What is the maximum investment allowed for the Orkla India Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,89,800. Login to your account now
What are the risks associated with investing in the Orkla India Ltd IPO?
- The company’s operations remain exposed to fluctuations in the prices of key raw materials and packaging inputs. Given the high dependency on agricultural commodities and packaging materials, any sharp volatility or supply disruption could impact procurement costs and gross margins. Inability to secure these inputs at competitive prices may exert pressure on profitability, cash flows, and overall financial performance.
- The improper processing or storage of products or raw materials, or spoilage of and damage to such products or raw materials, or any real or perceived contamination in products or raw materials, could subject the company to regulatory action, damage the company’s reputation and have an adverse effect on its business, financial condition, cash flows and results of operations.
- Any slowdown or interruption to the company’s manufacturing operations or under-utilization of their existing or future manufacturing facilities may have an adverse impact on its business and financial performance.
When will the Orkla India Ltd IPO shares be credited to my Demat account?
The Orkla India Ltd IPO be credited to the account on allotment date which is 04th Nov 2025. Login to your account now
Where can I find the Orkla India Ltd IPO prospectus?
The prospectus of Orkla India Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
