Orkla India Limited (ORKLAINDIA)
Micro CapFMCG stocks · Micro cap · NSE
Multi-category Indian food company, deeply rooted in South Indian culinary heritage, catering to every meal occasion. #1 in packaged spices in Karnataka & Kerala, and largest branded spices exporter for 24 years. Operates 8 in-house and 22 outsourced factories, with ~679k 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 argues for patience, and recent execution is consistent.
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 30 Jun 2026
Average · 42/100margin compression · Rev +10% YoY · PAT +11% YoY · +5% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹659 Cr | +10.4% | +5.3% |
| EBITDA | ₹113 Cr | +0.9% | +16.5% |
| Operating margin | 17.0% | -200 bps | +100 bps |
| PAT | ₹88 Cr | +11.4% | +20.6% |
| PAT margin | 13.3% | +12 bps | +169 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Orkla India reported FY'26 revenue from operations of INR 2,509 cr (+4.8% YoY) with volume growth of 5.9%. Q4'FY26 revenue grew 5.0% YoY to INR 626 cr, with EBITDA margin at 16.0%. PAT (before exceptional items) for FY'26 was INR 298 cr (+3.0% YoY).
The company delivered consistent revenue and volume growth in FY'26, driven by spices and convenience foods. Despite geopolitical headwinds impacting freight costs, EBITDA margins remained resilient. Strategic investments in digital commerce and distribution are underway, supporting future growth.
FY'26 Revenue by Category
Latest issuer-disclosed distribution across 2 reported categories.
Spices Business
Spices revenue grew 6.1% YoY in Q4'FY26, with broad-based growth across regions except Kerala.
Convenience Foods
Convenience foods revenue grew 6.4% YoY in Q4'FY26, with sweets and meals showing double-digit growth.
International Business
GCC revenue grew 11.8% YoY, showing resilience despite geopolitical disruptions.
Digital Commerce
Digital commerce revenue grew 38% YoY in FY'26, contributing 8.7% to domestic revenue.
Monetary and Fiscal Policy Support
Macro tailwinds include monetary and fiscal policy support.
GST Rate Cut and Slab Simplification
Macro tailwinds include GST rate cut and slab simplification.
West Asia Conflict Impact
West Asia conflict led to heightened freight costs, port closures, and increased transit times.
Input Cost Escalation
Macro headwinds include input cost escalation.
Supply Chain Disruption
Macro headwinds include supply chain disruption due to West Asia conflict.
Project Bolt Investment
Q4'FY26 EBITDA margin impacted by investment in Project Bolt.
Geopolitical Disruptions
West Asia conflict has led to heightened freight costs and supply chain challenges for international business.
Input Cost Volatility
Input cost escalation is identified as a macro headwind.
Distribution Effectiveness
Legacy route-to-market in Kerala with fragmented execution and sub-optimal coverage.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company operates in the consumer sector, which often exhibits seasonality. Year-over-year comparisons provide a clearer picture of underlying business performance and growth trends, normalizing for seasonal fluctuations.
Volume Growth (Tonnage)
FY'26 volume (tonnage) grew +5.9% YoY. Q4'FY26 volume (tonnage) grew +2.2% YoY.
EBITDA Margin
FY'26 EBITDA margin was 16.9% (vs 16.6% in FY'25). Q4'FY26 EBITDA margin was 16.0% (vs 15.7% in Q4'FY25).
Rural Market Penetration
Driving rural market penetration through targeted consumer activation in spices.
Digital Commerce Revenue Growth
Digital commerce revenue grew 38% YoY in FY'26 and 23% YoY in Q4'FY26.
Kerala Distribution Engine
Building a future-ready distribution engine for Kerala to strengthen market share in modern trade and enhance spices coverage.
Digital Commerce as Growth Engine
Project Bolt aims to build digital commerce as a growth engine for existing and new markets.
Operational Efficiencies
Management aims to drive operational efficiencies to improve margins.
Product Portfolio Expansion
Management plans to expand product portfolio and drive household penetration in core markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Kerala distribution revamp | Sub-optimal market and outlet coverage, ineffective call planning. | Improved market and outlet coverage, unified customer focus, and enhanced execution efficiency. |
| Digital commerce growth | 8.7% revenue contribution to domestic markets in FY'26. | Growth in online market share exceeding offline market share, and successful D-com specific innovations. |
| International business resilience | Higher costs to be managed through measured price increases, effective spend management, and cost sharing. | Ability to sustain GCC revenue growth and manage elevated freight costs without significant margin erosion. |
| Trade working capital | 19.6 days in FY'26. | Continued improvement in trade working capital driven by tighter inventory control. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralMACD +
Technical chart
ORKLAINDIAdaily · 1Y · AUTO+6.6%Daily history is available from 2025-11-06; the requested 1Y window is partially covered.
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 59.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 22% off 52W high · 11% 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
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 38.6%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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: -4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 81st percentile of the scored universe and 43rd percentile within FMCG. 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 · FMCG: 43rd pctile, median 78 · Micro: 66th pctile, median 73
16 documents have extracted text, 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 26.60
- P/B
- 2.96
- EV/EBITDA
- 17.34
- Market Cap
- 8139.00Cr
Profitability
- ROE
- 11.20%
- ROCE
- 14.90%
- ROA
- 8.64%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- -4.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 59.86×
- Altman Z
- 8.58
- Book Value
- 201.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 261.00 Cr
- EPS TTM
- 21.49
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable peers in FMCG — 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.