Daily Brief India: Eternal, Orkla India Ltd., Integris Medtech Limited and more

In today’s briefing:

Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins
Orkla India IPO: Reasonable Price Package; Need to Break the South Barrier to Spice Up Future Growth
Integris Medtech Limited Pre-IPO Tearsheet

Eternal: Blinkit Leads Scale-Up as Inventory Model Lifts Margins

Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.
The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.
Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.

Orkla India filed for IPO to sell shares worth INR16.7B. It is an “offer for sale” by the selling shareholders intending to sell 22.8M shares at INR 695-730 per share.
Orkla is a multi-category Indian food company with key product categories being Spices and Convenience Foods under two major brands, MTR and Eastern.
The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its’ peers.

Integris Medtech Limited (1234518D IN) is looking to raise about US$340m in its upcoming India IPO. The deal will be run by ICICI, Axis, Citi and IIFL.
Integris Medtech Limited is a diversified India-based global MedTech company engaged in the development, manufacturing, and commercialization of medical devices and laboratory solutions.
The Lab Solutions segment provides laboratory and clinical diagnostic products across hospitals and industrial labs. The Cardiovascular segment focuses on interventional cardiology devices used treatments of coronary artery disease.

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