In , Orkla India Ltd (FMCG Processing - Other) is outperforming Nifty 500 with +12.4% relative strength. Fundamentals: Weak. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Sambar consumption occasions: 12 out of 265
“we are largely covering 10 to 12 consumption occasions out of 265 consumption occasions available as far as Sambar is concerned.”
What: Convenience Food Innovation Growth: 41.6%
“In Convenience Food, our innovations grew at 41.6%, indicating a good traction for all the new concepts that we have launched.”
What: EBITDA growth of 17.7%
“This performance was driven by volume-led revenue growth, lower advertising spend in the quarter due to the festive season shift, and sustained focus on operational efficiencies.”
What: Deflationary → Inflationary
“Early indicators are suggesting that there will be an inflationary trend in spices in the coming year.”
Earnings deceleration risks from management commentary
Trigger: Two straight years of deflation led by bumper crops.
Management view: Passing on price benefits to remain competitive against the unorganized market.
Monitor: commodity
Trigger: Implementation of the new labor code.
Impact: PAT impact: ₹15.8 Cr
Management view: One-time accounting adjustment.
Monitor: labor
Key quotes from recent conference calls
“Business development continues to be in the right direction with volume growths around 8%. [Previous Volume Growth guidance]”
“MTR Prakriti is leveraging our deep knowledge in the spices domain. MTR's foray into premium spice space is with four key products. [Initiative: MTR Prakriti]”
“This unprecedented price movement of over 30% was led by chili, which reduced by 50%. This has impacted our value realization. [Risk (commodity): MEDIUM]”
“During quarter three, the company recorded exceptional items of INR15.8 crores relating to gratuity expenses following the implementation of the new labor code. [Risk (labor): LOW]”
Headline numbers from the latest earnings call
Revenue
₹636 Cr
Why: Revenue growth was moderated by continued deflation in spices, particularly chili, which required passing on price benefits to consumers.
Revenue growth lagged volume growth due to a 7% lower price realization in pure spices.
EBITDA
₹102 Cr
Why: Growth was driven by volume-led revenue, lower advertising spend due to festive shifts, and sustained focus on operational efficiencies.
Excluding PLI, EBITDA growth would have been 23.2%.
PAT
Not Disclosed
Why: PAT was impacted by a ₹15.8 crore exceptional item for gratuity expenses and lower other income following a ₹600 crore dividend payout.
PAT before exceptional items grew at 3.8%.
Other Highlights
• Spices volume growth of 10.1% yoy.
• Digital commerce expanded by 43.4% yoy.
• International revenues grew by 8.7% in the quarter.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Spices Volume Growth
10.1%
Why: Sustained effort to drive per capita sales through penetration and range expansion.
Spice Price Realization Decline
7%
Why: Company passed on decline in raw material costs, particularly in pure spices, to remain competitive.
Digital Commerce % of Sales
9.5%
Why: Rapid expansion of quick commerce and digital channels.
Total Distribution Touchpoints
673,000
Why: Expansion of numeric reach, including adding 22,000 outlets in Q4.
International Revenue %
21%
Why: Driven by migration of Indians and strong presence in GCC markets.
Convenience Food Revenue Growth
6%
Why: Driven by strong double-digit growth in breakfast and meals, offset by a shift in the festive season for sweets.
Per Capita Sales - Karnataka
₹110
Why: Represents current extraction from the core market vs potential occasions.
MTR Pure Spices Penetration - Karnataka
30.6%
Why: Increased from 20.3% in 2022 due to strategic focus on the pure spices category.
Forward-looking targets from management for FY27
OPM Guidance
16.1%
Management expects top-line benefits as inventory turns and inflation returns to spices.
Management expects to maintain the current EBITDA growth and profile.
Focus remains on driving volume-led growth.
Guidance Changes
Spice Pricing: Deflationary → Inflationary
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +3% | +9% | Insufficient Data |
| PAT (Net Profit) | -14% | +30% | Insufficient Data |
| OPM | 16.0% | +200 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Orkla India Ltd's latest quarterly results (Dec 2025) show
Orkla India Ltd's profit is declining with an insufficient_data trend.
Orkla India Ltd's revenue growth trend is insufficient_data.
Orkla India Ltd's operating margin is stable.
Orkla India Ltd's long-term compounding rates
Orkla India Ltd's earnings growth is insufficient_data with weakening on a sequential basis.
Orkla India Ltd appears significantly overvalued based on our fair value analysis.
Orkla India Ltd's current PE ratio is 34.0x.
Orkla India Ltd's current PE is 34.0x.
Orkla India Ltd's price-to-book ratio is 3.4x.
Orkla India Ltd is rated Weak with a fundamental score of 29.41/100. This score is calculated from objective financial metrics
Orkla India Ltd has a debt-to-equity ratio of N/A.
Orkla India Ltd's return ratios over recent years
Orkla India Ltd's operating cash flow is positive (FY2025).
Orkla India Ltd currently does not pay a significant dividend (yield 0.00%).
Orkla India Ltd's shareholding pattern (Mar 2026)
Orkla India Ltd's promoter holding has remained stable recently.
Orkla India Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Orkla India Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
Orkla India Ltd has 4 key growth catalysts identified from recent earnings analysis
Orkla India Ltd has 2 key risks worth monitoring
In Q3 FY26, Orkla India Ltd's management highlighted
Orkla India Ltd's management has provided the following forward guidance for FY27
Orkla India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Orkla India Ltd may be worth studying
Orkla India Ltd investment thesis summary:
Orkla India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
