ICICI Securities starts coverage on Orkla India, parent of MTR Foods, with 'buy'

Orkla ASA

24/12/2025 04:39

** ICICI Securities initiates coverage on Orkla India ORKL.NS, parent of Indian ready-to-eat brand MTR Foods, with "Buy" rating, PT of 800 rupees

** Says core strength lies in dominant market share in southern states through legacy brands MTR and Eastern continue to deepen distribution

** Adds, Orkla's exports, contributing 21% of revenue, make it India's largest branded spice exporter with products in 40+ countries and 12% CAGR growth expected through FY25-28

** Margin expansion and cash flow generation are expected from operational efficiencies and a better product mix, driving a meaningful improvement in underlying ROCE - ICICI

     ** On the day, ORKL up 0.07%, declines 14% since Nov 6 listing

(Reporting by Urvi Dugar in Bengaluru)

((UrviManoj.Dugar@thomsonreuters.com;))