Adani Wilmar’s Q1FY26 Results Are Out — And No, FMCG Is Still Not Feeding the Valuation

Date of Publishing - July 8, 2025

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🧪 At a Glance

Adani Wilmar Ltd reported a decent-looking Q1FY26 with ₹18,230 Cr in revenue (+21% YoY) and ₹191 Cr net profit (+1% YoY). But behind those big fat FMCG numbers lies a story of edible oil pressure, quick commerce sugar rush, and a valuation still hungover from IPO dreams.

🥜 1. “Sabhyata ke saath tel bhi badal gaya”

Adani Wilmar is the cozy FMCG+Agri spawn of Adani Group and Wilmar International, with an edible oil empire under the “Fortune” brand. But this isn’t your old-school commodity play — they’re trying hard to shed that “tel-wala” tag and become a premium grocery brand.

Too bad margins and ROEs didn’t get the memo.

📊 2. Q1FY26 Highlights – Let’s Talk Numbers (And OPM Tears)

Metric	Q1 FY26	Q1 FY25	YoY Growth
Revenue	₹18,230 Cr	₹15,000 Cr*	~+21%
Volume (est.)	↓ 4%	—	Declined
Operating Profit	₹448 Cr	₹357 Cr	+25%
OPM	2.4%	2.4%	Flat 😶
Net Profit	₹191 Cr	₹190 Cr	+0.5%

*Base: Q1FY25 revenue calculated backward from 21% YoY growth

TL;DR:

Sales up ✅
Margins flat ❌
Net profit? Nominal bump, not even enough to buy basmati rice at BigBasket premium.

🏷️ 3. Segment Check – What’s Cooking?

Read Full 16 Point breakdown. Continue reading →

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