India’s packaged-food bigwigs ignored spices for a long time. Not anymore.

Since 2020, everyone from ITC to Tata Consumer Products, from Dabur to Wipro, has been scrambling to cement their place in this essential corner of the Indian kitchen. They’ve pounced on spice brands, sometimes paying top dollar for them, all while their investors cheered them on. In fact, the stocks of Tata Consumer and ITC have both outperformed the S&P BSE FMCG index over the last five years.

Turns out, this was all the vindication that Norwegian conglomerate Orkla needed to go public. Earlier in June, its Indian unit filedOrklaOrkla DRHP its draft red herring prospectus, preparing for a partial exit at an undisclosed amount.

Orkla has long been ahead of the curve, realising the potential riches in spices way before others did. Its India unit acquired Bengaluru-based MTR’s packaged-food division in 2007 and then Kerala-based spice company Eastern Condiments in 2021.

In FY25, Orkla’s golden goose, MTR, reported a revenue of Rs 2,395 crore—an increase of 10% in the last two years. And now, with over 60% of Orkla’s revenue flowing from spices alone, it’s found the perfect time to shoot its shot.

But this isn’t just another public listing. It’s the opening salvo in what industry insiders are calling the “great spice wars”. And here’s where it gets even spicier: though the category offers some of the highest margins in FMCG products—with pure spicesPure SpicesSpices that are made from a single ingredient that is dried and ground, or sold whole. This includes turmeric, red chilli powder etc commanding 30–35% gross margins and blended spicesBlended SpicesA mix of two or more spices, often in precise ratios, created for specific flavours, dishes, or cuisines. Like sambar masala, for instance going up to 60%—they come with their own unique challenges.

Topping the list are varied regional preferences, so deeply entrenched that they’ve humbled even the mightiest national brands and broken billion-dollar expansion plans. And if you think spices always come in pristine powdered form, think again. After all, there’s a reason their margins are so high.