ICICI Securities Recommends 'Buy' on Orkla India, Sets INR 800 Target

• ICICI Securities initiates 'Buy' rating for Orkla India with a DCF-based target price of INR 800.
• Orkla India, with MTR and Eastern brands, holds dominant market share in Karnataka, Kerala, AP, and Telangana.
• Strong domestic growth expected from increasing household penetration and product portfolio expansion in core markets.
• Exports, contributing 21% of revenue, are a key growth driver, holding 22% share in branded spice exports.
• Margin expansion, cash flow generation, and improved ROCE anticipated from operational efficiencies and better product mix.

Why It Matters: ICICI Securities recommends buying Orkla India shares, citing strong brands and growth potential.