ORKLA INDIA LIMITED DRHP ANALYSIS
🏢 1. Business Overview 🌏 2. Industry & Market Overview 💰 3. Objects of the Issue 📊 4. Financial Highlights (₹ million) Particulars FY25 FY24 FY23 Revenue 23,583.2 23,223.9 21,377.3 EBITDA ~3,000 (est. 13% margin) ~2,800 ~2,500 Net Profit ₹1,600–1,700 (est. 7% margin) ₹1,500 ₹1,300 EPS (₹) 12.0 (post split) 11.0 9.8 ROE / ROCE 18–20% 17% 15% Cash from Operations Positive and consistent Dividend (FY24) ₹6,000 million (₹438/share pre-split) 💧 5. Cash Flow Analysis ⚠️ 6. Key Risk Factors 👥 7. Promoter & Management Analysis 🤝 8. Related Party Transactions ⚖️ 9. Peer Comparison & Valuation Company FY24 Revenue (₹ Cr) PAT Margin P/E EV/EBITDA Everest Food Products ~1,200 12% 70x 45x MDH (Unlisted) ~2,000 10% – – Orkla India (MTR + Eastern) ~2,350 7% TBD TBD ITC (Foods Division) Large 13% 30x 22x Inference: Pricing will likely be at a discount to Everest (due to lower margins but larger scale). 🚩 10. Red Flags & Governance Checks 🧭 Summary Verdict Aspect Assessment Business Strength Strong regional brands, synergy between MTR & Eastern Financial Health Profitable, cash-positive, moderate margins Valuation Expected moderate P/E, likely fair-to-premium pricing Governance Clean audit, reputed global promoter (Orkla ASA) Risk Level Moderate – input cost volatility & OFS-only IPO