The much-anticipated Orkla India IPO, operating under the iconic MTR and Eastern brands, is set to make its debut on the Indian bourses with impressive fundamentals and robust investor buzz. The issue, open from 29 to 31 October 2025. The IPO has drawn attention not just for its heritage but for the financial discipline and operational strength.
Founded in 1996, Orkla India has grown into one of the country’s most admired multi-category food enterprises, representing a rare blend of legacy, consistency, and modern-day scalability. The company’s upcoming listing comes at a time when investors are actively seeking fundamentally strong, consumer-centric businesses in the fast-moving consumer goods (FMCG) segment.
In Orkla India IPO peer comparison analysis, we examine how the company stacks up against established peer Tata Consumer Products, through a data-driven look at its profitability, valuations, and operational efficiency. The aim is to understand whether this home-grown culinary specialist can compete with India’s largest FMCG players — and early numbers suggest it can, with room to grow.
Table of Contents
Orkla India: Overview
Orkla India, a subsidiary of Norway-based Orkla ASA, carries a deep-rooted presence in Indian households through its two heritage brands — MTR Foods and Eastern Condiments. Together, these names evoke authenticity, trust, and a rich connection to South Indian cuisine, while steadily expanding their footprint across the nation.
The company boasts an impressive portfolio of 400 products spanning spices (blended and pure), ready-to-cook (RTC) and ready-to-eat (RTE) foods, vermicelli, and dessert mixes. Flagship offerings such as Sambar Masala, Rasam Powder, Gulab Jamun Mix, and the 3-Minute Breakfast range have established Orkla India as a daily-use staple for millions of Indian kitchens.
Its scale is equally notable: nine owned manufacturing facilities with a combined installed capacity of 1,82,270 TPA, supported by 21 contract manufacturers spread across India, the UAE, Thailand, and Malaysia. The company’s extensive network of 843 distributors, 1,800 sub-distributors, and nearly 6.9 lakh retail touchpoints ensures wide market penetration across 28 states and 5 union territories.
Exports add another dimension of strength — contributing INR 486 crore (20.6 % of FY 2025 sales) from more than 40 countries, highlighting both global reach and currency diversification.
Internally, Orkla India employs over 2,600 people, reinforcing its image as a people-centric organisation that values consistency, efficiency, and innovation. With this foundation, the company has not only defended its leadership in the southern region but is also preparing to scale nationally — leveraging e-commerce, modern trade, and quick-commerce platforms for future growth.
Orkla India IPO Peer Comparison: Accounting & Profitability Metrics
| Metric | Orkla India | Tata Consumer Products |
|---|---|---|
| Total Income (INR Cr) | 2,455.24 | 17,811.55 |
| EPS (INR) | 18.7 | 13.1 |
| Return on Net Worth (%) | 13.8 | 6.4 |
| NAV per Share (INR) | 135.3 | 202.1 |
| ROCE (%) | 32.7 | 9.16 |
| PAT Margin (%) | 10.7 | 7.3 |
| EBITDA Margin (%) | 16.6 | 13.5 |
Even though Orkla India operates on a smaller revenue base, its profitability metrics clearly outshine Tata Consumer Products. The company’s EBITDA margin of 16.6 % and PAT margin of 10.7 % demonstrate exceptional cost control and product mix optimisation. A ROCE of 32.7 % underscores superior capital efficiency—well ahead of Tata Consumer’s 9.16%.
While Tata Consumer’s scale and international footprint provide diversification, that breadth also compresses profitability margins. Orkla India’s leaner structure and focused product categories, on the other hand, yield better returns per rupee invested. For investors seeking growth backed by operational excellence, Orkla’s numbers tell a compelling story of disciplined execution and margin leadership.
Orkla India vs Tata Consumer: Valuation & Solvency Ratios
| Ratio | Orkla India | Tata Consumer Products |
|---|---|---|
| Debt-to-Equity (D/E) | 0.00 | 0.12 |
| Price-to-Earnings (P/E) | 39.04 | 86.7 |
| Price-to-Book (P/B) | 5.40 | 5.67 |
| Current Ratio | 1.82 | 1.49 |
| Price-to-Sales (P/S) | 16.75 | 6.32 |
Orkla India’s debt-free balance sheet and healthy liquidity (Current Ratio 1.82) reflect prudent financial management and a conservative capital structure. Its P/E of 39×—less than half of Tata Consumer’s 86×—suggests valuation comfort with ample room for re-rating post-listing.
The higher P/S multiple (16.75×) appears justified when viewed alongside Orkla’s superior margin profile and efficient asset turnover. Meanwhile, a comparable P/B ratio underscores that the market may already recognise its strong brand equity and asset quality. Overall, Orkla India stands out as a financially sound, efficiently valued FMCG candidate, combining growth visibility with fiscal discipline.
Orkla India vs Tata Consumer: Benchmarking Against a Sector Leader
| Parameter | Tata Consumer Products |
|---|---|
| Market Capitalization | INR 1,13,985 Cr |
| Stock P/E | 86.7 |
| EV/EBITDA | 43.4 |
| ROE (%) | 7.01 |
| ROA (%) | 4.26 |
Tata Consumer Products, with its vast global portfolio and multi-segment exposure, commands premium valuation multiples typical of FMCG blue chips. However, the contrast with Orkla India is striking. While Tata Consumer trades at over 86× earnings, Orkla’s valuation of around 39× looks far more reasonable given its growth trajectory, debt-free structure, and strong profitability base.
This differential not only underscores Orkla India’s valuation attractiveness but also indicates potential for upward re-rating once the company establishes a broader national footprint post-listing. Orkla India IPO’s conservative price band of INR 695–730 per share further supports investor confidence in long-term value creation rather than short-term speculation.
Orkla India IPO Peer Comparison Analysis: Qualitative Edge
1. Heritage and Brand Trust: Orkla India’s brands, MTR and Eastern, enjoy deep-rooted consumer loyalty, particularly in South India—an asset few FMCG firms can replicate. Their recall value in everyday cooking segments like spices and mixes anchors stable demand across demographics.
2. Diversified Product Portfolio: The company’s offerings straddle high-frequency, essential categories—from spices and condiments to ready-to-eat and ready-to-cook segments—allowing it to capture multiple consumption occasions. Its innovation-led pipeline (e.g., the 3-Minute Breakfast range) demonstrates adaptability to evolving urban lifestyles.
3. Export Footprint and Currency Hedge: With over 20% of revenues from 40+ countries, Orkla India has a natural hedge against domestic market fluctuations. This global presence not only diversifies earnings but also positions the brand to scale internationally.
4. Operational and Financial Efficiency: Orkla India’s ability to sustain EBITDA margins above 16%, maintain ROCE above 30%, and convert cash at over 120% highlights its operational discipline. The zero-debt structure provides flexibility for future investments and acquisitions without diluting shareholder value.
5. Ready for the Next Growth Curve: Having consolidated its presence in the South, Orkla India’s next phase of growth will likely come from pan-India expansion through modern trade, e-commerce, and quick-commerce platforms. Its distribution infrastructure and brand strength provide a robust launchpad for this scale-up.
Opportunity at an Attractive Valuation!
Orkla India IPO signals the arrival of a formidable new player in India’s listed FMCG universe. While it may not yet match the scale of giants like Tata Consumer or Nestlé India, its financial prudence, brand equity, and superior returns on capital set it apart as a high-quality mid-cap contender.
Orkla India IPO peer comparison analysis highlights that the company is at a valuation comfort, robust profitability, and clean balance sheet, making it a compelling story for investors seeking exposure to India’s fast-growing packaged food segment. The company’s efficient operations, strong regional leadership, and expanding national ambitions could unlock significant long-term shareholder value.
In an environment where scale often overshadows efficiency, Orkla India stands out for delivering both — sustainable margins and growth potential wrapped in a legacy of trust.
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