Mumbai, March 6 -- The brokerage said the company's flagship brand MTR holds a leadership position in the spices market in Karnataka and Kerala, while also maintaining a strong presence in Andhra Pradesh and Telangana. The brand's growth has been supported by hyper-local brand building, deep distribution networks and products aligned with regional tastes.

The positive outlook is based on strong category growth prospects, Orkla India's market leadership in South India and the company's effective execution of portfolio expansion and channel diversification strategies.

The brokerage also expects margin expansion for the company, supported by a favourable product mix and improving operational efficiencies. However, it highlighted risks in...