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Orkla India IPO

48.61xsubscribed

Orkla India IPO

48.61xsubscribed

Consumer Food

listed

₹13,900Min. investment

Orkla India Limited IPO Details

Sector

Consumer Food

Issue size

₹1,667Cr

IPO type

Mainboard

Market cap

₹10,000CrHigher than sector avg

Price range

₹695 – ₹730

Listing exchange

BSE, NSE

RevenueApr 2024 - Mar 2025

₹2,394CrHigher than sector avg

Listing date

6 Nov 2025

Lot size

20 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

4.99%

SectorConsumer Food

Price range₹695 – ₹730

IPO type

Regular

Lot size20 shares

Issue size₹1,667Cr

Red Herring Prospectus

Read

Market cap

₹10,000CrHigher than sector avg

RevenueApr 2024 - Mar 2025

₹2,394CrHigher than sector avg

Growth rate3Y CAGR

4.99%

Orkla India IPO Subscription Status

Date	QIB	NII	Retail	Total
29-Oct-25	0.02 times (X)	1.52 times (X)	0.91 times (X)	0.79 times (X)
30-Oct-25	0.08X	7.52X	2.13X	2.71X
31-Oct-25	59.86X	53.8X	6.87X	48.61X

As on 29-Oct-25, 5:30 PM

Orkla India IPO Timeline

Pre-apply
27 Oct
Bid start
29 Oct
Bid end
31 Oct
Allotment
3 Nov
Release of funds
4 Nov
Demat transfer
4 Nov
Listing
6 Nov

Pre-apply
27 Oct 2025
Bid start
29 Oct 2025
Bid end
31 Oct 2025
Allotment
3 Nov 2025
Release of funds
4 Nov 2025
Demat transfer
4 Nov 2025
Listing
6 Nov 2025

About Orkla India Limited

Orkla India Limited is a multi-category Indian food company with a strong legacy in authentic South Indian cuisine. Through its flagship brands MTR and Eastern, the company provides a wide range of more than 400 products across spices (blended and pure) and convenience Foods (ready-to-cook, ready-to-eat, and vermicelli). It addresses each meal occasion from breakfast, lunch to dinner, snacks, beverages and desserts, with a deep-rooted connection to local tastes and culinary culture. The company is among the top 4 Indian players in revenue from operations in the spices and convenience food category in FY24.

The company has leading market positions in South India, especially in Karnataka (31.2%) and Kerala (41.8%), with MTR and Eastern being household names. Eastern has been India's largest exporter of branded spices for 24 consecutive years. Orkla India, through its brands, Eastern and MTR, holds approximately 22.2% market share in the branded spices exports segment as of FY24.

With a presence in 45 countries, overseas sales contributed to 20.6% of total revenue in FY25, demonstrating the firm's expanding footprint across countries in the Gulf Cooperation Council (GCC) region, the US, and Canada.

In the spices segment, its major products are sambar masala, chicken masala, puliogare masala, rasam masala, and meat masala in blended spices, and chilli, kashmiri chilli, turmeric, coriander, and cumin in pure spices. Convenience Foods consists of widely used ready-to-cook as well as ready-to-eat items like Gulab Jamun Mix, Rava Idli Mix, 3-Minute Poha, and Dosa Mix. As of June 30, 2025, the company sold roughly 23 lakhs units on average daily.

The company operates through nine owned manufacturing facilities in India with a total installed capacity of 182,270 tonnes per annum, supported by 18 contract manufacturing units across India and three abroad (UAE, Thailand, Malaysia). Its manufacturing facilities are located near raw material source hubs that enhance cost efficiency and reduce lead times. The company has a broad distribution network of 834 distributors and 1,888 sub-distributors covering 28 states and 6 union territories, with presence in over 67.5% of Karnataka and 70.4% of Kerala spice retail outlets as compared to the industry average of 30–40%. It has also gained a solid foothold in new commerce and online platforms, with partnerships with 42 new retail chains and six e-commerce and quick-commerce websites, with online revenues rising over 100% between FY23 and FY25.

The company is a subsidiary of Orkla ASA, a Norway-listed industrial, long-term investment company focused on brands and consumer-oriented companies with a $11 billion market capitalisation as of March 31, 2025 and operations in over 100 countries, whose global governance, innovation, and sustainability expertise enhances Orkla India's business and quality standards.

The Indian domestic spices market is valued at ₹86,000 crore as of FY24, of which packaged spices accounted for 40%, growing at a 13.3% CAGR since FY19. The packaged segment is projected to reach ₹61,500 crore by FY29, representing a 45% share, driven by increasing consumer preference for hygiene, quality assurance, and convenience. Further, the branded packaged spices export market was valued at ₹2,300 crore. Being a market leader in South India with 31.2% market share in Karnataka and 41.8% in Kerala, and a 22.2% market share in the Indian branded spices exports segment, Orkla India is well positioned to capitalise on this organised shift.

The company is focused on driving growth in its core markets of Karnataka, Kerala, Andhra Pradesh and Telangana and enhancing its product range presence in the retail outlets. It also intends to enhance its market presence by expanding its product offerings to appeal to non-Indian consumers outside India.

Now, Orkla India Ltd is launching its initial public offering (IPO), which consists of an offer for sale of ₹11,607.01 crore. Its shares will be listed on the NSE and BSE.

Checklist

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Revenue growth

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Category market leader

The company holds strong leadership positions in core South Indian markets. It commands a 31.2% share in Karnataka, 41.8% in Kerala, and 15.2% in Andhra Pradesh & Telangana in the packaged spices market in FY24. The portfolio is differentiated, with MTR focused on vegetarian taste profiles and Eastern catering to predominantly non-vegetarian cuisines. Further, Eastern has maintained its position as India’s largest exporter of branded spices for 24 consecutive years.

Multi-category food company

Its innovation engine is powered by 2 cuisine centres of excellence, 7 chefs, and a 4,000+ recipe library, enabling consistent new launches with 15 spice products and 27 convenience products added since FY23. It has also ventured into new cuisine spaces such as pan-asian cuisine, with a range of blended spices and cooking pastes under its new brand “Wok N Roll”, launched in January 2025.

Extensive distribution network

The company has built a strong omni-channel presence, supported by 834 distributors, 1,888 sub-distributors across 28 states & 6 UTs, and strong positions in e-commerce and quick commerce. Retail touchpoints have expanded to 686,729 outlets in FY25, with MTR and Eastern reaching 9 out of 10 households in Karnataka and Kerala through at least one of its products. Further, it has been exported to 45 countries as of June 30, 2025.

Efficient manufacturing with strong supply chain

The company operates nine manufacturing units in India with a total installed capacity of 182,270 TPA, including modern, automated and IoT-enabled facilities that support multi-product flexibility and recipe protection. Its supply chain strength is enhanced by 2 central distribution centres and 20 regional/local warehouses spanning 348,640 sq. ft., strategically located near sourcing regions and demand hubs to enable timely distribution and cost efficiency.

Exposure to raw material price volatility

Raw materials and packaging costs account for a major portion of Orkla India’s total expenses, with 56.8% in FY25 and 53% in Q1FY26. Any fluctuations in commodity prices like chilli, coriander, wheat, turmeric, and cumin, which are influenced by crop yields, inflation, transport, etc, can adversely impact the business.

Product quality and contamination risk

Due to the nature of food processing, the company faces risks of contamination, mislabelling, or spoilage during manufacturing, storage, or transport. Despite no reported recalls in recent years, the company has received FSSAI notices for alleged labelling and pesticide residue issues. Any real or alleged quality lapse could affect the company’s reputation and sales.

Under-utilisation of manufacturing facilities

The company operates nine manufacturing facilities with an average capacity utilisation of only 45.9% in FY25 and 46.0% in Q1FY26, indicating significant under-utilisation. Several plants like Bommasandra (5.6% as of June 2025) and Kothamangalam (6.3% in FY25) are operating below 10% capacity due to the building of the confectionery category or recent commissioning. The continued under-utilisation of manufacturing capacities could adversely impact the business.

Dependency on limited suppliers

The company depends heavily on a limited supplier base, with its top 10 suppliers contributing 37.9% of purchases in Q1FY26. Certain key ingredients, such as tamarind concentrate and asafoetida, are sourced from single suppliers. The absence of long-term price contracts increases exposure to raw material cost volatility and supply disruptions.

Regulatory proceedings

Orkla India is currently involved in 124 regulatory proceedings under the Food Safety and Standards Act, 2006, alleging non-conformity of the provisions under the FSS Act, for issues such as misbranding, substandard products, and excessive residue levels. Any unfavourable verdicts may lead to penalties, product restrictions, or reputational harm.

Objectives of Orkla India Limited IPO

Carry out the offer for sale

The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.

Listing on stock exchanges

The company want to achieve the benefits of listing its shares on the stock exchanges.

Compare

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CompanyRevenue*3Y growthPATMarket capP/E ratio

This IPO₹2,394Cr4.99%₹255.6Cr₹10,000Cr39.04

This sector (avg.)₹1,087.57Cr0%₹78.55Cr₹7,146.66Cr43.50

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*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Orkla India IPO Contact Details

Company Name	Orkla India Limited

Company NameOrkla India Limited

How to apply for Orkla India IPO?

Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Latest News on Orkla India Limited IPO

Orkla India IPO: MTR owner files draft papers with SEBI to mop up funds

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Orkla Is Said to Consider $400 Million IPO of Indian Business

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Orkla India IPO fully subscribed on day 2; check price band, lot size and key dates

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Orkla India IPO subscribed 48.46 times so far on day 3: Check allotment date and steps

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Orkla India IPO allotment status finalised: Check online on KFin Technologies, NSE, BSE; listing date revealed

3 min read

Orkla India IPO Listing Date: 4 key things retail investors should know before NSE, BSE debut

3 min read

Orkla India Limited IPO FAQs

How to invest in the Orkla India IPO ?

Investors can apply for the Orkla India IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Orkla India IPO ?

The issue size of the Orkla India IPO is 1667 Cr.

What is 'pre-apply' for Orkla India IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Orkla India IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.

What are the open and close dates of the Orkla India IPO ?

Orkla India IPO will be open between 2025-10-29 and 2025-10-31.

What is the allotment date for the Orkla India IPO ?

Orkla India IPO allotment date is 2025-11-04. For Orkla India IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Orkla India IPO ?

For Orkla India IPO, the IPO registrar is KFin Technologies Limited. You can check Orkla India IPO allotment status on the website of the registrar.

Where is the Orkla India IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Orkla India IPO shares be credited to your demat account?

The Orkla India IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Orkla India IPO ?

The Orkla India IPO lot size is 20 and minimum order quantity is 20.

What is the price band for the Orkla India IPO ?

Orkla India IPO has set the price band for its IPO at 730 per equity share with a face value of 1.