ORKLAINDIA
Micro CapOrkla India Limited
Consumer
Orkla India is a multi-category food company anchored by heritage brands MTR (100-year-old) and Eastern (40-year-old). It operates in spices and convenience food, focusing on core markets in South India (70% revenue) and international business (21% revenue), supported by 679,000 retail touchpoints.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +5% YoY · PAT +109% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹626 Cr | +5.0% | -1.6% |
| EBITDA | ₹97 Cr | +2.1% | -5.8% |
| Operating margin | 16.0% | +0 bps | +0 bps |
| PAT | ₹73 Cr | +108.6% | +28.1% |
| PAT margin | 11.7% | +579 bps | +270 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Orkla India reported FY26 revenue of INR 2,493 crores (+5.7% YoY) and EBITDA of INR 424 crores (+7% YoY), driven by 5.9% volume growth. Q4 FY26 revenue grew 6.2% (ex-Kerala 7.8%) with 2.2% volume growth, impacted by Kerala distribution restructuring and West Asia conflict.
The company delivered volume-led growth in FY26 despite deflationary trends and external headwinds. Q4 performance was impacted by internal distribution restructuring in Kerala and West Asia conflict, leading to moderated overall growth and margin pressure. Management is taking calibrated pricing actions and investing in digital commerce and distribution.
Revenue by Geography
Latest issuer-disclosed distribution across 3 reported categories.
Volume-Led Growth
Consistent acceleration in volume growth over the last four years, from 1.8% in FY23 to 5.9% in FY26, demonstrating brand strength.
Convenience Food Portfolio
Delivered 6.4% revenue growth in Q4, with Meals and Sweets categories showing double-digit growth, reinforcing its role as a long-term driver.
Digital Commerce Acceleration
Achieved 38% growth in FY26, now 8.7% of domestic revenues. Project BOLT launched to systematically scale this channel with dedicated playbook and innovations.
Rural Market Penetration
Deepening rural market penetration through targeted consumer activations and on-ground initiatives to strengthen brand visibility and engagement.
Resilient Macroeconomic Environment
Healthy GDP growth, improving consumption trends, and continued formalization across categories in India.
Supportive Policy Environment
Measures like GST simplification and continued fiscal and monetary support aiding consumption and driving formalization.
Spice Price Recovery
Deflationary trend bottomed out and reversed in FY26, with Q4 showing a 6.5% uptick in spice prices, indicating an inflationary cycle beginning.
West Asia Conflict
Introduced volatility, leading to input cost pressures, elevated freight costs, port closures, and increased transit times, impacting international business.
Kerala Market Disruption
Impacted by internal sales restructuring project and softening of HoReCa sales due to the LPG crisis, affecting spices portfolio growth.
North America Tariff Uncertainty
Tariff-related uncertainty impacted the retail environment and led to lower inventory levels, affecting international business growth.
Digital Commerce Platform Restructuring
Temporary slowdown in two quick commerce platforms undergoing internal restructuring impacted the Breakfast portfolio in Q4.
Input Cost Inflation
Early signs of inflation returning, especially in key agri-commodities, and further increases in packing materials and logistics costs.
Supply Chain Disruptions
Ongoing West Asia conflict continues to cause elevated freight costs and intermittent supply chain disruptions.
Distribution Restructuring Impact
The Eastern distribution restructuring project in Kerala is expected to cause some level of impact for at least another couple of quarters.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year results provide a view of the overall trend and strategic execution over a longer period, while Q4 results highlight recent momentum, specific operational challenges, and the immediate impact of external factors like the West Asia conflict and internal restructuring.
Volume Growth
FY26 volume growth scaled up to 5.9% from 1.8% in FY23. Q4 FY26 volume growth was 2.2%. Domestic spices business excluding Kerala delivered 6.5% volume growth.
EBITDA Margin
EBITDA margins increased from 14.4% in FY23 to 16.9% in FY26. Q4 FY26 EBITDA margin was 16%, a marginal decline attributed to higher freight costs and Project BOLT investment.
Rural Market Penetration
Deepening rural market penetration through targeted consumer activations, with sampling exercises across 400+ schools and mandis, reaching over 300,000 people.
Digital Commerce Contribution
Digital commerce grew 38% in FY26, now accounting for 8.7% of domestic revenues, up from 6.6% last year. Q4 YoY growth was 23%.
Commitment to Double-Digit Growth
Management aims to continue working towards a double-digit growth performance, confident in achieving it in the near-term despite current disruptions.
Strategic Investments for Growth
Focused on long-term growth through Eastern's distribution network restructuring for agility and scalability, and Project BOLT for digital commerce capabilities.
Profitability Expansion
Focus on operational efficiencies, cost reduction, price management, and mix-related changes to improve EBITDA margins, especially for Eastern.
Strong Financial Flexibility
Retained cash reserves of INR 600 crores to support future growth investments, reinforcing position as a strong cash-generating company.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Kerala Distribution Restructuring | Project kicked off in Q4 FY26, with two out of three phases implemented. Impact expected for at least another couple of quarters. | Completion of the final phase by January 1, 2027, and subsequent positive momentum across all business lines in Kerala. |
| Spice Price Increases | Calibrated price increases initiated in Q4 FY26, reflecting roughly a 4% price increase. | Another round of price increases expected in Q1 FY27 and management's ability to pass on costs while sustaining volume growth. |
| Digital Commerce Performance | FY26 growth of 38%, contributing 8.7% to domestic revenues. Project BOLT launched to accelerate trajectory. | Acceleration of online market share, increased penetration in non-South markets, and recovery of Breakfast portfolio from temporary slowdowns. |
| PLI Income Recognition | No PLI income recognized in FY26 due to falling short of CAGR thresholds. | Whether the company meets the prescribed CAGR thresholds in FY27 (the last year of the scheme) to recognize PLI income. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +5.3% / mo
Technical chart
ORKLAINDIAweekly · 5Y-12.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- SMA20 rising (~5.0% over last month) — short-term momentum positive.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 61.8%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 80th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 80th pctile, median 67 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 28.50
- P/B
- 3.08
- EV/EBITDA
- 18.16
- Market Cap
- 8508.00Cr
Profitability
- ROE
- 11.40%
- ROCE
- 15.20%
- ROA
- 8.41%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 59.71×
- Altman Z
- 8.56
- Book Value
- 201.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 261.00 Cr
- EPS TTM
- 20.85
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.