Adani Wilmar Limited (AWL) AI Stock Analysis

• Market Cap: ₹228.81B
• Dividend Yield: N/A
• Average Volume (3M): 218.81K
• Price to Earnings (P/E): 28.6
• Beta (1Y): 0.80
• Revenue Growth: 27.53%
• EPS Growth: 10.43%
• Country: IN
• Employees: 2,678
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): 2.30
• Shares Outstanding: 1,299,678,600
• 10 Day Avg. Volume: 67,915
• 30 Day Avg. Volume: 218,813
• PEG Ratio: 0.04
• Price to Book (P/B): 3.66
• Price to Sales (P/S): 0.54
• P/FCF Ratio: 29.85
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 8.15
• Revenue Forecast (FY): ₹714.41B

• Rating: 65 Neutral
• Price Target: ₹194.00 ▼(-15.91% Downside)
• Action: Downgraded Date: 03/03/26
• Date: Action: Downgraded 03/03/26

The score is supported primarily by strong financial performance (revenue growth and improved free cash flow) and a conservative leverage profile. This is meaningfully offset by very weak technical indicators (price below key moving averages with negative momentum) and only average valuation support given a ~26 P/E and no dividend yield data.

Positive Factors

Sustained Revenue Growth

Double-digit revenue growth from INR 511,548m to INR 636,722m demonstrates expanding volumes and market penetration in staples. For an FMCG edible-oils leader, sustained top-line growth supports scale economics, strengthens supplier terms, and funds ongoing brand and distribution investment over the medium term.

Free Cash Flow Turnaround

A swing from negative to positive FCF and a free cash flow to net income ratio of ~0.94 indicate management converted profits into cash. Durable cash generation supports capex for processing capacity, funds working capital through commodity cycles, and reduces reliance on external financing for strategic investments.

Conservative Capital Structure & ROE

A low debt-to-equity ratio (0.21) combined with a near-13% ROE and a 42% equity ratio reflects a conservative financing profile with respectable returns. This structural strength increases resilience to commodity shocks and gives management flexibility to expand logistics or distribution without materially increasing leverage.

Negative Factors

Compressed Profit Margins

Low absolute margins (net margin ~1.9% and EBITDA margin ~3.9%) leave limited buffer against commodity-price swings and procurement cost shocks. For an edible-oils processor and branded FMCG player, persistently thin margins constrain reinvestment capacity and make long-term profitability vulnerable to input volatility.

Weak Operating Cash Conversion

An operating-cash-flow-to-net-income ratio of ~0.05 signals earnings are not being reliably converted into operating cash. This suggests recurring working-capital swings, receivables, or payables timing issues that can stress liquidity in seasonal commodity cycles and limit dependable internal funding for inventory and capex.

High Liability Share of Assets

While overall leverage (D/E) is low, liabilities account for 58% of assets, indicating a large share of obligations (likely current liabilities or payables). This concentration can create liquidity sensitivity during supply-chain or commodity stress and could restrict strategic moves without increasing financing.

Adani Wilmar Limited Business Overview & Revenue Model

Company Description

AWL Agri Business Ltd. provides edible oil, vanaspati and specialty fats. The firm offers vanaspati, packed basmati rice, pulses, soya chunks, besan and specialty fats, lauric range products, castor oils, oleo chemicals and non-GMO soya products. The company was founded in January 1999 and is headquartered in Ahmedabad, India.

How the Company Makes Money

Adani Wilmar Limited generates revenue primarily through the sale of its edible oils and packaged food products. The company operates a diversified revenue model that includes direct sales to consumers through retail channels and bulk sales to institutional clients. Key revenue streams include the production and sale of various types of cooking oils, which account for a significant portion of its income, as well as value-added products such as frozen foods, snacks, and ready-to-eat meals. AWL also benefits from strategic partnerships with local and international suppliers, enhancing its supply chain efficiency and market reach. Additionally, the company's focus on expanding its product portfolio and entering new markets contributes to its overall earnings growth.

Adani Wilmar Limited Financial Statement Overview

Summary

Strong financial profile driven by significant revenue growth (FY24 to FY25) and a major free cash flow turnaround to positive levels. Balance sheet leverage is conservative (low debt-to-equity), though margins are mixed (low net margin and lower EBITDA margin vs. EBIT) and operating cash flow efficiency vs. net income is weak.

Income Statement

Adani Wilmar Limited shows robust revenue growth from 2024 to 2025, with a significant increase in revenue from 511,547.9 million to 636,722.4 million INR. The company has a strong gross profit margin of 11.83% and a net profit margin of 1.92%, indicating healthy profitability. The EBIT margin stands at 10.94%, reflecting strong operating efficiency. However, the EBITDA margin is slightly lower, at 3.9%, indicating potential areas for cost optimization.

Balance Sheet

The balance sheet reveals a solid equity position with a debt-to-equity ratio of 0.21, showcasing a conservative capital structure. The company maintains a return on equity (ROE) of 12.99%, demonstrating effective use of shareholders' funds. An equity ratio of 42.01% suggests a balanced approach to financing assets. However, the total liabilities are 58% of total assets, which could indicate potential leverage risks.

Cash Flow

Cash flow analysis highlights a remarkable turnaround in free cash flow from negative 6,433.8 million INR in 2024 to a positive 11,541.5 million INR in 2025, reflecting improved operational efficiency. The operating cash flow to net income ratio is 0.05, suggesting room for improving cash generation efficiency. The free cash flow to net income ratio is 0.94, indicating strong cash conversion and management's ability to turn profits into cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	665.62B	636.72B	512.25B	581.85B	541.87B	370.90B
Gross Profit	72.64B	74.73B	58.85B	52.44B	53.66B	45.65B
EBITDA	21.21B	24.32B	10.81B	10.92B	18.35B	12.85B
Net Income	11.48B	12.25B	1.48B	5.82B	8.04B	7.29B
Balance Sheet
Total Assets	0.00	224.38B	198.07B	209.80B	213.17B	133.27B
Cash, Cash Equivalents and Short-Term Investments	12.35B	12.35B	14.72B	23.82B	25.95B	1.07B
Total Debt	0.00	19.37B	68.08B	23.96B	27.01B	30.51B
Total Liabilities	-94.24B	130.14B	114.91B	128.14B	137.11B	100.28B
Stockholders Equity	94.24B	94.24B	83.16B	81.66B	76.06B	32.98B
Cash Flow
Free Cash Flow	0.00	11.54B	-6.43B	-159.50M	6.24B	4.64B
Operating Cash Flow	0.00	21.50B	2.89B	6.63B	11.60B	9.26B
Investing Cash Flow	0.00	-2.70B	1.42B	5.33B	-38.61B	-4.84B
Financing Cash Flow	0.00	-15.44B	-5.63B	-9.19B	26.58B	-1.96B

Adani Wilmar Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 230.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AWL, the sentiment is Negative. The current price of 230.7 is above the 20-day moving average (MA) of 191.65, above the 50-day MA of 208.43, and below the 200-day MA of 248.43, indicating a bearish trend. The MACD of -9.58 indicates Positive momentum. The RSI at 22.13 is Positive, neither overbought nor oversold. The STOCH value of 24.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AWL.

Adani Wilmar Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KSCL	71 Outperform	₹41.19B	96.95	―	1.01%	―	―
AWL	65 Neutral	₹228.81B	28.59	―	―	27.53%	10.43%
APEX	64 Neutral	₹10.77B	21.59	―	0.72%	31.51%	378.33%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
GODREJAGRO	58 Neutral	₹112.98B	23.92	―	1.92%	5.24%	9.79%
VENKEYS	54 Neutral	₹17.68B	11.00	―	0.69%	-1.16%	-78.82%
SAKUMA	46 Neutral	₹2.51B	137.71	―	0.46%	-22.06%	-79.52%

Adani Wilmar Limited Corporate Events

AWL Agri Business Clears Q3 and Nine-Month FY26 Unaudited Results, Publishes in Press and Online

AWL Agri Business Limited announced that its Board of Directors has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 at a meeting held on 3 February 2026. The company has published these financial results in the Indian Express (English) and Financial Express (Gujarati) on 4 February 2026, and has also made them available on its website, in line with regulatory disclosure requirements for its listings on BSE and the National Stock Exchange, reinforcing transparency for investors and other market participants.

AWL Agri Business Board Clears Q3 FY26 Unaudited Results After Limited Review

AWL Agri Business Limited announced that its Board of Directors has approved the company’s unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, at a meeting held on February 3, 2026. The results, prepared in accordance with Indian accounting standards and SEBI’s listing and disclosure regulations, have undergone a limited review by the statutory auditors, who reported no material concerns, and the figures have been made available on the company’s website, underscoring AWL’s ongoing compliance with public market disclosure norms and providing investors and stakeholders with updated visibility into its financial performance.

AWL Agri Business Posts Record Revenue, Expands Reach in Edible Oils and Quick Commerce

AWL Agri Business Limited reported its highest-ever last-twelve-month revenue of ₹71,497 crore, driven by strong growth in the December 2025 quarter, where revenue from operations rose 10% year-on-year to ₹18,603 crore on the back of 3% underlying volume growth and healthy demand in the edible oil segment, which saw volumes rise 8% year-on-year. Operational profitability remained stable with gross profit of around ₹12,000 per metric tonne and EBITDA of about ₹3,800 per metric tonne, while the company continued to scale alternate channels with last-twelve-month revenues above ₹4,800 crore, including over ₹1,200 crore from quick commerce, and expanded its direct distribution network to 9.5 lakh outlets and more than 60,000 rural towns, underscoring its deepening presence across both traditional and emerging retail formats.

AWL Agri Business Posts Modest Volume Growth as Branded Foods and Digital Channels Gain Traction in Q3 FY26

AWL Agri Business Limited reported low single-digit volume growth for the quarter ended 31 December 2025, driven by an uptick in its Edible Oil and Food & FMCG segments, while overall performance was partially offset by declines in its Industry Essentials business, particularly castor and de-oiled cakes, amid subdued festive demand and lean trade inventories. Within Food & FMCG, the company saw gradual recovery supported by operational improvements in its rice business, strong double-digit growth in branded domestic rice and HORECA-focused wheat and refined flour, robust 30%-plus year-on-year gains in non-rice and non-wheat products, and continued outperformance from alternate channels, where volumes rose 42% and quick commerce led with 65% growth, underscoring the company’s strengthening position in higher-margin branded categories and modern retail formats ahead of its detailed financial results.

AWL Agri Business Faces Rs 80.59 Lakh GST Penalty, Plans Appeal

AWL Agri Business Limited has disclosed that it received an order from the Office of the Assistant Commissioner of State Tax, Gujarat, imposing a penalty of Rs 80.59 lakh under Section 74 of the Central Goods and Services Tax Act, 2017, and the Gujarat Goods and Services Tax Act, 2017. The penalty arises from a demand order linked to disallowance of input tax credit under Section 16 of the CGST/GGST Acts, following the retrospective cancellation of registrations of certain suppliers. The company plans to appeal the order before the appropriate authority and has stated that it does not expect any material impact on its financial, operational or other activities, suggesting limited immediate risk for shareholders and business partners despite the regulatory setback.

AWL Agri Business Faces GST Penalty, Sees No Material Impact

AWL Agri Business Limited has disclosed that it received an order from the Office of the Joint Commissioner, Corporate Circle, Lucknow, under Section 73 of the Uttar Pradesh Goods & Services Tax Act, 2017, imposing a penalty of Rs 35,02,383. The penalty arises from a demand order disallowing input tax credit due to reconciliation differences with GSTR-2A and issues linked to eligibility under Section 17(5) of the Central GST Act. The company plans to appeal the order before the appropriate authority and has stated that it does not expect any material impact on its financial, operational or other activities as a result of this penalty.