📌 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 |
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