1. Opening Hook
Freshly listed, shiny ticker symbol, and suddenly everyone is a long-term investor. Orkla India’s first-ever post-listing concall arrived with the confidence of a company that’s been cooking for 100 years and doesn’t care about your quarterly panic.
While most FMCG CEOs cry about deflation, Orkla calmly said, “Yes, prices crashed 25%, we cut MRPs, and no, we are not stressed.” Because apparently selling more chilli is better than selling expensive chilli. Revolutionary thought.
Between GST 2.0 drama, festive-season advertising bills, and spice prices behaving like crypto, Orkla still managed to grow volumes at the fastest pace in three years.
This wasn’t a call about survival. It was a call about patience, penetration, and reminding investors that Indians eat sambar 260 times a year, not twice.
Read on. The real masala is in the details. 😏
2. At a Glance
- Revenue up 4.9% – Price cuts did the talking, not inflation.
- Volume up 7.7% – Consumers ate more, paid less, and didn’t complain.
- EBITDA margin at 16.9% – One-time costs tried hard, failed politely.
- Convenience foods up 19.2% – Mithai season carried the quarter.
- PAT margin at 11.8% – Dividend hangover reduced other income.
3. Management’s Key Commentary
“This is our first earnings call post-listing.”
(Welcome to the public markets. Please fasten seatbelts.)
“Food is local. Each state has a different cuisine.”
(National brands cry here. Regional brands eat calmly.)
“Spice prices have fallen 22–25% over two years.”
(Black swan event, not a forecasting failure.)
“We mirrored the deflation in pure spices.”
(Margin ego sacrificed for volume religion.)
“We prefer more consumers at the end of deflation.”
(Market share over price realization—long-term thinking unlocked.)
“Convenience foods grew 19.2%, sweets grew 26%.”
(Festivals still beat macros and models.) 🎉
“Quick
