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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Orkla India Limited is a packaged foods company that sells across the Indian meal occasion, from breakfast and main meals through snacks, beverages and desserts. It is best known for three heritage brands: MTR Foods, Eastern Condiments and Rasoi Magic. The catalogue runs past 400 products and is anchored in blended and pure spices, ready-to-cook and ready-to-eat mixes and convenience foods, the categories where the company holds its strongest positions. The business traces back to the MTR name and was incorporated in its present corporate form in the 1990s, with its head office in Bengaluru. Its ultimate parent is the Norwegian consumer group Orkla ASA, which held about 90 percent of the share capital before the offering and remains in control afterwards. Manufacturing runs from nine owned plants in India with roughly 182,270 tonnes of annual installed capacity, supplemented by contract manufacturers in India, the UAE, Thailand and Malaysia. The products reach 28 states and 5 union territories through about 843 distributors and 1,800 sub-distributors, and are exported to markets with a large South Asian diaspora. In FY25 the company shipped an average of about 2.3 million consumer units a day. Revenue rose from roughly ₹2,201 crore in FY23 to about ₹2,455 crore in FY25, with profit after tax of ₹255.69 crore in FY25, and the balance sheet carries almost no borrowing. Its strength rests on brand equity in regional cuisines, particularly across South India, combined with a distribution reach and a product-development pipeline that let it push into adjacent categories. The main pressures on the business are the cost of raw and packaging materials, which forms a large share of its expense base, and the concentration of its heritage in a few regional strongholds. The November 2025 offering was entirely a sale of existing shares by the Orkla group and other holders, so no money from the issue went to the company itself.
The company placed 68,43,900 shares with anchor investors at ₹730 per share, the top of the band, raising about ₹499.6 crore from roughly 30 institutions on the day before the issue opened. The book drew a mix of domestic and global names, including Nippon Life India, Aditya Birla Sun Life AMC, LIC Mutual Fund, Baroda BNP Paribas Mutual Fund, Bajaj Finserv Mutual Fund, Edelweiss, Tata Investment Corporation, Ashoka WhiteOak, Nomura Funds, Norway's Government Pension Fund Global, Jupiter Global Fund, Pinebridge Global Funds and Societe Generale.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Category leader in packaged spices
The MTR and Eastern brands hold leading shares in blended spices in their core regions, built on recipes tuned to local cuisines that a national competitor cannot easily copy.
Several food categories, not one
The range spans spices, ready-to-cook mixes, convenience foods, beverages and desserts, so the company is not dependent on a single product line for growth.
Steady record of new products
A dedicated development pipeline has let it move into adjacent categories and respond to shifts in how households cook, rather than relying on its legacy range.
Broad distribution with growing online and export channels
It reaches 28 states and 5 union territories through a distributor and sub-distributor network, and supplements that with e-commerce and exports to markets with a large Indian diaspora.
Flexible manufacturing with tight quality control
Nine owned plants, backed by contract manufacturers in India and South East Asia, give it capacity to flex by category without heavy fixed investment in any one product.
A global parent and an experienced management bench
Norwegian parent Orkla ASA brings governance, sustainability practice and consumer-goods expertise, alongside a leadership team with long tenure in Indian foods.
Growing with very little debt
Revenue has risen in each reported year while borrowings stayed negligible, so profits are not consumed by interest and the company funds itself from operations.
Input and packaging costs dominate the cost base
Raw and packaging materials made up close to 57 percent of FY25 expenses, so a move in agricultural commodity or packaging prices feeds almost directly into margin.
Food safety and contamination exposure
A contamination incident or a storage or handling failure could trigger a recall and regulatory action, and the damage to brands built over decades would outlast the immediate cost.
Concentration among top suppliers
A meaningful share of purchasing runs through a small group of suppliers, so losing one, or a price move by one, can disrupt production.
Orkla India Limited
No. 1, 2nd and 3rd Floor, 100 Feet Inner Ring Road, Ejipura, Ashwini Layout, Vivek Nagar, Bengaluru 560047, Karnataka, India
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Plant disruption risk
Output is concentrated in nine facilities, and a shutdown at a significant one, whether from an accident, a labour dispute or a regulatory order, would be hard to absorb quickly.
Distribution depends on the trade and on its credit
Sales pass through distributors and retailers who buy on credit, so delayed payment or a default in that channel strains cash flow, and failing to keep pace with the shift toward modern and online retail would cost sales.
Exports carry their own exposure
Overseas sales were about a fifth of FY25 revenue, which brings foreign regulatory requirements, shipping risk and currency movement into the picture.
Returns on equity have been modest
Return on net worth was near 14 percent in FY25 and lower on a three-year view, and the offer was priced at a substantial multiple of earnings against that record.