1. The Business Model and Revenue Sources

Orkla India Limited (formerly known as MTR Foods Private Limited) is a multi-category Indian food company that has operated for several decades. The company's core business revolves around the manufacturing and sale of a diverse selection of food products designed to cater to various meal occasions, including breakfast, lunch, dinner, snacks, beverages, and desserts.

The company markets its products under key brands, primarily MTR (originally established in 1924) and Eastern. These products are noted for being crafted with authenticity and tradition, deeply rooted in the South Indian culinary heritage.

Core Revenue Categories

The company derives its revenue primarily from the sale of products, which are segmented into two key categories:

1. Spices: This category includes blended and pure spices. This is the dominant source of revenue from product sales.

◦ For the three months ended June 30, 2025, Spices accounted for 66.3% of the revenue from the sale of products.

◦ For Fiscal 2025, this category contributed 66.6% of the revenue from the sale of products.

2. Convenience Foods: This category covers products designed for easy preparation, such as ready-to-cook (RTC) and ready-to-eat (RTE) items, along with Vermicelli, among others.

◦ For the three months ended June 30, 2025, Convenience Foods accounted for 33.7% of the revenue from the sale of products.

◦ For Fiscal 2025, this category contributed 33.4% of the revenue from the sale of products.

Operational Reach

• Manufacturing: The company employs a hybrid manufacturing model, operating nine owned manufacturing facilities in India and working with 21 contract manufacturing facilities (18 in India and three outside India: UAE, Thailand, and Malaysia) as of June 30, 2025.

• Distribution: The distribution network is extensive, consisting of 834 distributors and 1,888 sub-distributors across 28 states and six union territories. They also engage with modern trade retail chains (42 partners) and six e-commerce and quick commerce channels.

• International Sales (Exports): The company generates a significant portion of its revenue from customers outside India, catering primarily to the Indian diaspora. Revenue from customers outside India was 20.4% for the three months ended June 30, 2025, and 20.6% for Fiscal 2025. The company exports its products to 45 countries globally as of June 30, 2025.