📌 At a Glance
Adani Wilmar Ltd. (AWL) spent five years racing from IPO frenzy to edible oil fatigue — and along the way, lost more than just its margins. In 2023, the Adani Group quietly exited the company, leaving Wilmar International to mop up the mess and the mustard. The result? A company still branded “Adani,” but without the Adani muscle — and investors still figuring out if this is a commodity bet or FMCG fantasy.
🏢 About the Company
Adani Wilmar Ltd. is now fully controlled by Wilmar International, a Singapore-based agri-commodity giant.
What they sell:
- 🛢️ Edible oils under the Fortune brand
- 🍚 Staples – rice, atta, sugar, dal
- 🧴 FMCG trials – soap, detergent, etc.
- 🏭 Industry essentials – oleochemicals, castor derivatives
It started as a 50:50 JV between Adani and Wilmar. But after the Hindenburg hit, Adani hit exit — leaving Wilmar to own 100%.
🔄 Adani’s Exit: What Really Happened?
- 🧾 In 2023, Adani Group sold its entire stake
- 📤 Pranav Adani resigned from the board
- 🧼 Reason: deleveraging strategy + FMCG wasn’t core
The name Adani stays for brand recall. But make no mistake — this is Wilmar’s baby now.
🧑💼 Key Managerial Personnel (Post-Adani Exit)
| Name | Designation |
|---|---|
| Angshu Mallick | MD & CEO |
| Kuok Khoon Hong | Director (Wilmar Group) |
| Subrat Panda | CFO |
| No Adanis Here | (Literally) |
📊 5-Year Financial Recap (FY21–FY25)
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | OPM (%) | ROCE (%) | ROE (%) |
|---|---|---|---|---|---|---|
| 2021 | 37,090 | 1,435 | 728 | 3.9 | 12.3 | 14.2 |
| 2022 | 54,214 | 1,600 | 803 | 3.0 | 10.5 | 13.1 |
| 2023 | 58,185 | 1,315 | 611 | 2.3 | 7.1 | 9.2 |
| 2024 | 55,639 | 1,025 | 480 | 1.8 | 5.2 | 6.8 |
| 2025 | 62,420 | 1,220 | 515 | 2.0 | 6.4 | 7.1 |
Margins went from “Adani ambitious” to “Wilmar realistic.” Profit’s growing again — but slowly.
🏦 Balance Sheet Highlights (FY25)
| Metric | Value |
|---|---|
| Total Equity | ₹14,940 Cr |
| Total Debt | ₹2,175 Cr |
| Cash + Equivalents | ₹680 Cr |
| Debt-to-Equity | 0.14x |
| CapEx Spend (FY25) | ₹530 Cr |
Thankfully, the company isn’t drowning in debt — rare in this market.
🛍️ Segment Mix (FY25)
| Segment | Revenue Share | Growth Commentary |
|---|---|---|
| Edible Oils | 66% | Flat volumes, price volatility |
| Food & FMCG | 21% | High growth, still unprofitable |
| Industry Essentials | 13% | B2B and stable but low margin |
The FMCG dream is in motion. But it’s still more “pilot project” than HUL rival.
📉 Stock Performance
- IPO in 2022 at ₹230
- 💥 Zoomed to ₹878 in months (hype, not EBITDA)
- 💣 Post-Hindenburg + margin compression = crash
- 🧘 Now stabilised near ₹345
Long-term investors still waiting for the “Fortune” promised.
🛠️ Peer Comparison
| Company | CMP (₹) | P/E | OPM (%) | FMCG Focus |
|---|---|---|---|---|
| Adani Wilmar | 345 | 84.8 | 2.0 | Medium |
| HUL | 2,340 | 54.2 | 22.0 | Very High |
| ITC | 441 | 25.5 | 34.1 | High |
| Emami | 490 | 20.2 | 25.0 | Medium |
AWL trades at FMCG-level valuations… but with edible oil margins. 🍟
🎯 Forward-Looking Fair Value Estimate (FY26–27)
Assumptions:
- 15% CAGR in food & FMCG
- Margin improvement by 150 bps
- Oil volatility to moderate
- FMCG contribution to rise to 30%+ by FY27
🎯 EduInvesting FV Range: ₹260 – ₹320
Wait for actual brand profits — not press release dreams.
🧠 EduInvesting Take
Adani Wilmar was never really Adani’s passion project. It was Wilmar’s India gateway — and that’s what it’s become again.
- 🤷♂️ The Adani name boosted IPO hype
- 📉 The post-Adani era is slower, but more grounded
- 💸 Still priced like a consumer stock — but performs like a commodity biz
- 🧪 FMCG expansion is promising — but execution will take years
If you’re buying this today, you’re betting Wilmar becomes India’s next Marico. That’s optimism. Or indigestion.
⚠️ Risks & Red Flags
- 🚧 Thin operating margins
- 🌏 Heavy dependence on global palm oil pricing
- 🧼 Lack of distinct FMCG identity
- 💹 High P/E despite sub-10% ROCE
- 🧯 Still carries Adani name — but not Adani firepower
🧾 Author: Prashant Marathe
📆 Published: June 7, 2025
🏷️ Tags: Adani Wilmar, edible oil, FMCG, Adani exit, Fortune brand, Wilmar takeover, EduInvesting 5-Year Recap Series
