Financial Performance Summary

Revenue Performance:

  • Consolidated revenue from operations: ₹659 crore for Q1 FY27
  • Year-on-year growth: 10.4% (vs. ₹597 crore in Q1 FY26)
  • Revenue from sale of products grew 11.5% year-on-year
  • Volume growth: 1.7%
  • Full-year FY26 revenue: ₹2,509 crore (vs. ₹2,395 crore in FY25, 4.8% growth)

Profitability Metrics:

  • EBITDA: ₹115 crore, up 3.0% year-on-year (vs. ₹112 crore in Q1 FY26)
  • EBITDA excluding PLI impact: 7.2% growth
  • EBITDA margin: 17.5% (vs. 18.7% in Q1 FY26)
  • Full-year FY26 EBITDA: ₹424 crore (vs. ₹396 crore in FY25, 7.0% growth)
  • PAT before exceptional items (net of tax): ₹87 crore, up 9.7% year-on-year (vs. ₹79 crore in Q1 FY26)
  • PAT margin: 13.1% (vs. 13.2% in Q1 FY26)
  • Full-year FY26 PAT before exceptional items: ₹298 crore (vs. ₹289 crore in FY25, 3.0% growth)

Business Segment Performance

Geographical Performance:

  • Domestic business growth: 11.8%
  • International business growth: 10.1%
  • GCC region growth: 18.1% year-on-year

Category Performance:

  • Spices: ₹436 crore, grew 11.3%
  • Convenience Foods: ₹220 crore, grew 11.9%

Channel Performance:

  • Modern Trade: grew 18.6%
  • Digital commerce: delivered 38.1% growth
  • Digital commerce contribution: 8.9% of domestic revenue (vs. 7.2% in Q1 FY26)

Operational Highlights:

  • 23 new product launches across categories
  • This represents the first double-digit revenue growth after eight quarters

Strategic Initiatives

Breakfast Portfolio Expansion:

  • Scaling dry batter portfolio across top metros
  • Extending MTR Minute Fresh Wet Batter to new markets
  • Launching protein-led breakfast range for Gen Z to drive category growth

Digital Commerce Acceleration (Project Bolt):

  • Strengthening digital capabilities through digital-first innovation
  • Superior online execution delivering 38.1% YoY growth
  • Increasing digital commerce contribution to 8.9% of domestic revenue

Kerala Distribution Restructuring:

  • Project progressing as planned
  • Encouraging early results reported

Regional Innovations and Premiumisation:

  • Expanding regional offerings with launches including MTR North Karnataka Podis and Andhra Podis
  • Strengthening premium segments through products like MTR Prakriti Hing-e-Kandahar and Eastern Royal Kashmiri Chilli Powder

International Growth Expansion:

  • GCC revenue grew 18.1% YoY on stronger in-market execution and consumer engagement
  • Reformulated, non-dairy MTR Minute Meals paneer range laying groundwork for entry into UK and European markets

Management Commentary

Sanjay Sharma, Managing Director & CEO, commented: "FY27 has begun on a strong note, with 11.5% revenue growth, driven by broad-based momentum across categories, channels and geographies. The performance underscores the strength of our portfolio, the enduring trust in our brands, and our ability to execute consistently in a dynamic market environment."

"Looking ahead, we are focused on unlocking multiple growth engines across the business. This includes deepening our leadership in core markets, building a pan-India presence through our Convenience Foods portfolio, and strengthening our channel capabilities, particularly in Digital Commerce and in Kerala. With these priorities in place, we are well positioned to deliver sustainable and profitable growth over the long term."

Company Background

Orkla India Limited is a leading multi-category food company and a portfolio company of Orkla ASA. The company offers a diverse range of products under the MTR, Eastern and Rasoi Magic brands, spanning multiple categories including blended and pure spices and convenience foods such as ready-to-cook (RTC), ready-to-eat (RTE) meals, and vermicelli.

Financial Definitions

  • Revenue from operations includes sale of products and other operating revenue such as production linked incentives, export incentives, scrap sales and others
  • EBITDA is calculated as profit for the period plus finance costs, loss on foreign exchange fluctuations, fair value loss on financial instruments, exceptional items (net), depreciation & amortization expense, and total tax expense minus other income
  • PAT before exceptional items (net of tax)