Adani Wilmar
Mainboard₹3,600 Cr issue
-3.91%
Listing gain over issue price
Issue size
₹3,600 Cr
1 lot at cut-off
₹14,950
Lot size
65shares
Open
27 Jan 2022
Close
31 Jan 2022
Allotment
03 Feb 2022
Listing
08 Feb 2022
Listing performance
Issue price
₹230
Listed at
₹221
Listing-day close
₹268.25
Latest price
₹173.10
Close on 23 Oct 2026
Listing gain
-3.91%
Return since issue
-24.74%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Jan 2022 – 31 Jan 2022
- Listing date
- 08 Feb 2022
- Face value
- ₹1 per share
- Issue price
- ₹230 per share
- Lot size
- 65 shares
- Total issue size
- ₹3,600 Cr
- Market cap at offer price
- ₹29,888 Cr
- Promoter holding
- 100.00% → 87.92% pre-issue → post-issue
- ISIN
- INE699H01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- BNP Paribas
- Registered office
- Fortune House, Near Navrangpura Railway Crossing, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,08,65,217 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 65 shares per lot, in multiples, at ₹230
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 65 | ₹14,950 |
| Retail (max) | 13 | 845 | ₹1,94,350 |
| S-HNI (min) | 14 | 910 | ₹2,09,300 |
| S-HNI (max) | 66 | 4,290 | ₹9,86,700 |
| B-HNI (min) | 67 | 4,355 | ₹10,01,650 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,08,65,217
Anchor portion
₹940 Cr
at ₹230 per share
Valuation and performance
Valuation at offer price
₹230 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.07 | — |
| P/E (×) | 45.36 | — |
| Market cap | — | ₹29,888 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.06%
- ROCE
- 11.06%
- Debt / equity
- 0.39
- EBITDA margin
- 3.85%
- NAV per share
- ₹28.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Adani Wilmar
Adani Wilmar Limited, incorporated on January 22, 1999 in Ahmedabad, Gujarat, operates as a diversified food and commodities company with three primary business categories: edible oils (including soya, palm, sunflower, groundnut, cottonseed, mustard oils and specialty fats), food products (wheat flour, basmati rice, soya nuggets, pulses, besan, and personal hygiene products like soaps and handwash), and industry essentials (de-oiled cakes, oleochemicals, and castor oil derivatives). The company markets products under multiple brands, with Fortune as its flagship brand and the largest selling oil brand in India. As of March 31, 2021, Fortune held an 18.3% market share of the Refined Oil in Consumer Packs (ROCP) market, making it the dominant No. 1 edible oil brand in India. The company operates 22 manufacturing plants across 10 Indian states and serves over 1.6 million retail outlets through a distribution network of 5,590 distributors across 28 states and 8 union territories.
Company Analysis
from RHPAdani Wilmar Limited is one of India's fastest-growing packaged food companies offering edible oils, food products, and industry essentials across the packaged food, edible oil, personal care, castor oil, and oleochemical industries.
Adani Wilmar Limited, incorporated on January 22, 1999 in Ahmedabad, Gujarat, operates as a diversified food and commodities company with three primary business categories: edible oils (including soya, palm, sunflower, groundnut, cottonseed, mustard oils and specialty fats), food products (wheat flour, basmati rice, soya nuggets, pulses, besan, and personal hygiene products like soaps and handwash), and industry essentials (de-oiled cakes, oleochemicals, and castor oil derivatives). The company markets products under multiple brands, with Fortune as its flagship brand and the largest selling oil brand in India. As of March 31, 2021, Fortune held an 18.3% market share of the Refined Oil in Consumer Packs (ROCP) market, making it the dominant No. 1 edible oil brand in India. The company operates 22 manufacturing plants across 10 Indian states and serves over 1.6 million retail outlets through a distribution network of 5,590 distributors across 28 states and 8 union territories.
packaged food industrypackaged edible oil industrypersonal care industrycastor oil and derivatives industryoleochemical industry
Objects of the Issue
- Capital Expenditure ₹19,000.00 million p.16
- Repayment/prepayment of our borrowings ₹10,589.00 million p.16
- Funding strategic acquisitions and investments ₹4,500.00 million p.16
- General corporate purposes ₹625.80 million p.16
- Funding capital expenditure for expansion of existing manufacturing facilities and developing new manufacturing facilities ₹19,000.00 million p.74
- Repayment/prepayment of borrowings ₹10,589.00 million p.74
- Funding strategic acquisitions and investments ₹4,500.00 million p.74
- General corporate purposes ₹625.80 million p.74
- Capital expenditure in manufacturing facilities ₹ 7,500 million
- Strategic acquisitions and investments ₹ 4,500 million p.90
- Issue expenses ₹ 1,285.20 million p.92
- Capital Expenditure ₹1,547.60 million p.314
Issue Structure
- Total Issue
- ₹36,000 million
- Fresh Issue
- 156,989,181* Equity Shares aggregating to ₹36,000 million
- Price Band
- ₹218 to ₹230 per Equity Share
- Lot Size
- 65 Equity Shares and in multiples of 65 Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
Adani Wilmar generates revenue through the manufacture and distribution of packaged edible oils, food products, and industry essentials across B2B and B2C channels. For the six months ended September 30, 2021, edible oils contributed ₹201,174 million (82.70% of operations revenue), while other segments including food products and industry essentials comprise the remainder. The company sources raw materials both domestically and internationally, with 66.14% of cost of raw materials/finished goods being imported in the six months ended September 30, 2021. Distribution occurs through a network of distributors, retailers, and increasingly through e-commerce platforms.
Business Segments
Manufacturing and selling edible oils including soya oil, palm oil, sunflower oil, groundnut oil, cottonseed oil, mustard oil, rice bran oil and specialty fats under brands including Fortune
Manufacturing and selling wheat flour, basmati rice, soya nuggets, pulses, besan and other FMCG food products
Manufacturing and selling de-oiled cakes, oleochemicals, castor oil and its derivatives
Crushing of oilseeds and refining of crude edible oil into branded products including soybean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati, specialty fats and functional edible oil products
Manufacturing and distribution of packaged food products including wheat flour, rice, pulses, soya chunks and other food products
Manufacturing of oleochemical products and castor oil derivatives
Refining and selling a comprehensive portfolio of edible oil products, including soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati, specialty fats and functional edible oil products with distinctive health benefits.
Manufacturing and selling packaged wheat flour, rice, pulses, besan, sugar, soya chunks, ready-to-cook khichdi, and personal care products including soaps, handwash and sanitizers.
Manufacturing and selling oleochemicals, castor oil and its derivatives, and de-oiled cakes to industrial customers.
Manufactures and sells soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati and specialty fats, including functional edible oils with health benefits.
Offers packaged staple foods (wheat flour, rice, besan, pulses, soya chunks, khichdi, sugar), ready-to-cook products, and FMCG products including soaps, handwash, and sanitizers under brands Fortune, Jubilee, Golden Chef, and Alife.
Manufactures and sells oleochemicals (stearic acids, soap noodles, palmitic acid, oleic acid, glycerin), castor oil and its derivatives, and de-oiled cakes (livestock feed byproducts).
Manufacturing and sale of edible oils, rice, atta, besan, sugar, pulses, ready-to-eat products and other food products under brands Fortune, King's, Raag, Bullet, Fryola, Jubilee, Aadhaar, VIVO
Production of non-edible industrial products including by-products during processing of oil seeds and refining of crude oil
Trading and refining of crude edible oils through overseas subsidiary companies under brands Rupchanda, Meizan, Chinigura, Veola
Processing of agro commodities, refining of crude edible oils, packing and distribution of oils and fats products, trading of edible oils and agro commodities
Offers comprehensive portfolio of edible oil products including soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati, specialty fats and functional edible oil products with health benefits. Also offers industrial margarine, bakery shortening and bulk packaging of frying oil.
Offers packaged wheat flour, rice, pulses, besan, sugar, soya chunks and ready-to-cook khichdi. Also offers FMCGs including soaps, handwash and sanitizers.
Offers diverse range of industry essentials including oleochemicals, castor oil and its derivatives and de-oiled cakes. Among five largest basic oleochemical manufacturers in India in terms of revenue as of March 31, 2020, and largest manufacturer of stearic acid and glycerine in India.
SWOT Analysis
Strengths
- • Market-leading edible oil brand with dominant market share(p.76)
- • Flagship Fortune brand is the largest selling edible oil brand in India(p.76)
- • Comprehensive integrated business model with multiple product categories(p.76)
- • Strategically located refinery network with largest single-location refinery(p.76)
- • Integrated crushing and refining operations provide crude oil security(p.76)
- • Diversified brand portfolio across price spectrum(p.76)
- • Market leadership in edible oil with 18.3% ROCP market share and #1 Fortune brand(p.141)
- • Diversified product portfolio spanning edible oil, packaged food, and industry essentials(p.140)
- • Largest distribution network in India with 5,590 distributors covering 1.6 million retail outlets(p.141)
- • Integrated manufacturing with backward/forward integration reducing costs(p.141)
- • Strong parentage with Adani Group and Wilmar International for market access and sourcing(p.140)
- • India's largest importer of crude edible oil with bargaining power(p.141)
- • Leading position in oleochemicals with 32% stearic acid and 23% glycerin market share(p.147)
- • Among top 5 fastest growing packaged food companies in India(p.143)
- • Largest edible oil brand in India with market leadership(p.151)
- • Strong parentage and professional management from Adani and Wilmar groups(p.149)
- • Extensive distribution network reaching 1.6 million retail outlets(p.159)
- • Largest single-location oil refinery in India with advanced technology(p.155)
- • Leading position in oleochemicals market with high market share(p.154)
- • Advantageous raw material sourcing with long-standing supplier relationships(p.158)
- • Significant household reach of Fortune brand across India(p.161)
- • No. 1 branded edible oil brand with 18.3% market share(p.293)
- • Largest distribution network among branded edible oil companies in India(p.293)
- • Integrated manufacturing infrastructure enabling cost efficiency(p.293)
- • Strong parentage from Adani Group and Wilmar Group(p.292)
- • Top 5 fastest growing packaged food companies in India(p.293)
- • India's largest importer of crude edible oil(p.293)
- • Comprehensive portfolio of edible oil products and leadership in specialty fats(p.294)
Weaknesses
- • Crushing plant operations significantly under-utilized(p.40)
- • Refinery capacity utilization below optimal levels(p.40)
- • Higher maintenance costs than necessary due to under-utilization(p.40)
- • Reliance on contract labor with potential wage obligations(p.43)
- • Certain corporate records and filings not traceable(p.42)
- • Insurance coverage may not be sufficient for all material hazards(p.44)
- • High debt levels with debt-to-equity ratio of 0.39 as of March 31, 2021(p.143)
- • Low PAT margin of 1.96% in FY21 despite revenue growth(p.143)
- • Declining EBITDA margin from 4.77% to 3.85% over recent years(p.143)
- • Significant reliance on borrowed funds with approximately ₹11,312 million outstanding loans as of November 2021(p.88)
- • Return on capital employed declining from 12.76% to 11.06%(p.143)
- • Heavy dependence on edible oil business for revenue(p.152)
- • Declining export revenue as percentage of total revenue(p.161)
- • Low capacity utilization in some facilities(p.157)
- • Material costs represent very high proportion of revenue(p.158)
- • High material costs representing 85-89% of revenue(p.296)
- • Time lag in passing increased raw material costs to customers(p.296)
- • Significant debt burden requiring repayment(p.314)
- • Inability to expand or effectively manage distribution network(p.297)
- • Dependence on long-term performance of joint ventures for profits(p.309)
Opportunities
- • Expansion of branded packaged edible oil and food products as growth driver(p.41)
- • Growth in semi-urban and rural markets with masstige brand launches(p.41)
- • Expansion and development of integrated manufacturing facilities(p.76)
- • Strategic acquisitions and investments planned(p.75)
- • Emergence of modern trade channels offers supply chain efficiency(p.44)
- • Additional food processing units at existing facilities(p.76)
- • Expansion of food staples business through strategic acquisitions focusing on ready-to-cook and ready-to-eat products(p.90)
- • Growth in packaged food market driven by urbanization and shift from unbranded to branded products(p.144)
- • Significant under-penetration of packaged foods in India compared to global markets(p.144)
- • Consolidation of fragmented edible oil market with potential to increase market share(p.91)
- • Leveraging pan-India distribution network to expand product portfolio and capture higher kitchen spend share(p.142)
- • Rapid growth in packaged food market at double the pace of overall food(p.149)
- • Low penetration of packaged foods in India provides significant growth potential(p.149)
- • Expansion of distribution network to 100 cities through omni-channel approach(p.161)
- • Strategic acquisition opportunities to consolidate market share in southern regions(p.150)
- • Launch of new products including functional foods and ready-to-eat products(p.150)
- • Leverage Adani Group's retail customer base for cross-selling opportunities(p.150)
- • Significant growth potential in packaged food market penetration(p.296)
- • Shift toward branded products in staple categories(p.296)
- • Growing Indian consumption story supported by demographics and urbanization(p.295)
- • Expansion of modern retail including e-commerce channels(p.296)
- • Opportunity to increase value-added and functional products(p.293)
Threats
- • Intense competition from large multinational and regional competitors(p.40)
- • Key competitors in edible oil segment well-established(p.41)
- • Variable interest rates exposure on financing agreements(p.41)
- • Counterfeit and pass-off products harm brand reputation(p.40)
- • Improved pricing parity from imported unrefined oil impacts domestic crushing(p.30)
- • Regulatory changes in labor, tax and corporate laws(p.47)
- • Inflation may increase costs without proportionate revenue increases(p.48)
- • Volatility in global crude oil and raw material prices affecting margins(p.130)
- • Intense competition in edible oil market with significant regional brand consolidation(p.114)
- • Regulatory tariff risks including increased duty on crude palm oil imports(p.132)
- • Dependence on imported raw materials exposes company to foreign exchange volatility(p.147)
- • Agricultural production variability affecting raw material availability and costs(p.126)
- • Operations dependent on supply of large amounts of volatile raw materials(p.158)
- • Competition from both domestic and international companies(p.164)
- • Operations subject to inherent manufacturing hazards and risks(p.164)
- • Insurance coverage may not be sufficient to protect against all material hazards(p.164)
- • Subject to extensive environmental and labor regulations(p.168)
- • Commodity price volatility and foreign exchange exposure(p.158)
- • Dependency on supply of large amounts of raw materials subject to weather and global factors(p.296)
- • Commodity price fluctuations affecting profitability(p.297)
- • Currency fluctuation risks from imported raw materials(p.297)
- • Increasing competition from larger domestic and international competitors(p.297)
- • Regulatory changes and food safety compliance risks(p.298)
- • Risk of inability to predict and capitalize on consumer preference changes(p.298)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Adani Enterprises Limited (AEL) | Promoter | Nil | — |
| Adani Commodities LLP (ACL) | Promoter | 50.00% | — |
| Lence Pte. Ltd. (LPL) | Promoter | 50.00% | — |
| Adani Exports Limited (AEL) | Promoter | — | — |
| Adani Capital LLP (ACL) | Promoter | 50.00% | 43.96% |
| Wilmar Oleo Pte. Limited (LPL) | Promoter | 50.00% | 43.96% |
| Adani Group | Promoter Group | — | — |
| Wilmar International | Promoter Group | — | — |
| Adani Enterprises Limited | Promoter | — | — |
| Adani Capital Limited | Promoter Group | — | — |
| Wilmar International Limited (through LPL) | Promoter | — | — |
| Adani Enterprises Limited (AEL) | Promoter | 50% | — |
| Adani Infrastructure Private Limited | Promoter | 50% | — |
| Lence Pte Ltd. (LPL) | Promoter | — | — |
| Adani Commodities LLP | Promoter | 50% | 50% |
| Lence Pte Limited | Promoter | 50% | 50% |
| Adani Group | Promoter Group | — | — |
| Wilmar Group | Promoter Group | — | — |
Leadership
Angshu Mallick · Managing Director
Darshil Lakhia · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Adani Wilmar IPO FAQs
What is the lot size of Adani Wilmar IPO?
The minimum lot size of Adani Wilmar IPO is 65 shares. One lot costs ₹14,950 at the cut-off price.
When does Adani Wilmar IPO open and close?
Adani Wilmar IPO opened for subscription on 27 Jan 2022 and closed on 31 Jan 2022.
What is the listing date of Adani Wilmar IPO?
Adani Wilmar IPO listed on 08 Feb 2022.