Key Metrics of Adani Wilmar
About Adani Wilmar
Part of Adani Enterprises.
Sectors
Company details
- Website
- awl.in
- Founded
- 1999
Operational Areas of Adani Wilmar
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 04 Oct 2024 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹17,441 Cr | View |
| 08 Aug 2023 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹16,211 Cr | View |
| 26 Jul 2022 | CARE | Reaffirmed (from A+) | AA- | A1+ | Stable | ₹500 Cr | View |
| 02 Aug 2021 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹28,792 Cr | View |
| 07 Jul 2021 | CARE | Revised | A+ | A1+ | Stable | ₹10,851 Cr | View |
| 07 Sep 2020 | CARE | Reaffirmed | A | A1 | Positive | ₹10,965 Cr | View |
| 19 Sep 2019 | CARE | Reaffirmed | A | A1 | Stable | ₹22,107 Cr | View |
Credit strengths (CARE, Oct 2024)
+ Market leader in edible oil segment and diversified product portfolio
AWL continues to enjoy leadership position with single-largest market share in the domestic edible oil industry. AWL is a market leader in soyabean oil, mustard oil and rice bran oil, and ranks among top three players in palm oil and sunflower oil. The company has also established a wide network of distributors and stock points apart from close to 21 lakh retail outlets, which provide cost competency for selling Food & FMCG products under the same distribution channel. AWL has distribution netwo
+ Strong parentage and operational synergies with Wilmar group’s businesses
AWL derives strength from WIL . The Singapore-based Wilmar group is one of the leading vertically integrated agri-business groups in Asia with business interests, including palm plantations, edible oil crushing and refining facilities, manufacturing of sugar, specialty fats, oleo-chemicals, fertilisers and grain processing and storage facilities. ADM, a Fortune 100 company, which is one of the world’s largest agricultural processors of soya beans, corn, wheat, and cocoa; holds about 25% in WIL,
+ Decline in revenue and profitability in FY24 despite improvement in performance in Q1FY25
AWL’s TOI has registered a y-o-y decline of 12% on consolidated basis in FY24 to ₹51,263 crore as compared to ₹58,185 crore in FY23 owing to softening of edible oil prices. AWL’s total sales volume increased by 10% in FY24. The volume growth in edible oil stood at 9% in FY24 as compared to 3% in FY23 due to stable demand. In the same period, the Food & FMCG sector reported a 16% growth, while Industrial Essentials grew by 7%. Overall, the company surpassed a total volume of 6 million metric tons
+ Well-defined risk governance structure
AWL has a defined system for hedging of its commodity price exposure and foreign exchange risk wherein risk tolerance limit and stop-loss limits are set for commodities across different hierarchy in the company and policy has been defined for hedging of foreign exchange exposure. The risk limits are defined per the minimum hedge ratio as decided by the risk committee. Stable outlook for edible oil market India is the largest importer of edible oil in the world. The demand for edible oil is antic
+ Stable outlook for edible oil market
India is the largest importer of edible oil in the world. The demand for edible oil is anticipated to continue its growth trajectory of 5-6% in the medium term. The demand from edible oil was moderately impacted in FY22 and FY23 due to the impact of COVID- 19 on Hotel, Restaurant, and Catering (HoReCa) segment. However, there was 9% growth in volumes in FY24 and 12% Y-o-Y growth in Q1FY25 reflecting stable demand. The stabilisation in edible oil prices will improve the performance of AWL, going
+ Augmented capital base and comfortable capital structure
AWL has completed its IPO aggregating to ₹3,600 crore in February 2022. Raising equity has augmented AWL ’s net worth base at ₹8,134 crore as on March 31, 2024, on a consolidated basis. Augmentation of net worth and decreased trade credits led to improvement in leverage marked by TOL/TNW of 1.21x as on March 31, 2024 as against TOL/TNW of 1.39x as on March 31, 2023.
Credit challenges
− Moderate debt protection indicators
AWL’s debt consists of working capital borrowings, largely LC backed creditors. In line with decline in the edible oil prices, the total net debt of the company (including acceptances) reduced from ₹7,547 crore as on March 31, 2023, to ₹5,485 crore as on March 31, 2024, on a consolidated basis. However, owing to moderation in profitability, debt protection indicators stood moderate marked by total debt/PBILDT of 4.79x in FY24. Interest coverage moderated to 1.53x in FY24 due to higher interest c
− Project risk associated with planned capex and proposed capex
AWL is currently undertaking the planned capex of ₹2,200 crore which was phased out over FY23-FY25 to expand capacity in refining, crushing and food & FMCG products to further diversify its revenue stream. The same is being funded through IPO proceeds & internal accruals. In FY24, AWL expended ₹765 crore towards its on-capex, out of which ₹471 crore was towards the edible oil segment and balance towards food and FMCG segment. AWL also plans to undertake capex for its greenfield oleo
Could lead to an upgrade
• Significantly expanding PBILDT/ MT while generating envisaged returns from industry essential segment and food & FMCG products segment and managing working capital requirements. • Significantly improving debt protection indicators while maintaining volume growth on a sustained basis.
Could lead to a downgrade
1Complete definition of ratings assigned are available at www.careedge.in and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release • Deteriorating total outside liabilities to tangible net worth (TOL/TNW) to greater than 2.50x on a sustained basis. • Non-adherence to prudent risk management practices to manage commodity price and foreign exchange fluctuation risk. • Significantly deteriorating debt coverage indictors.
Agency-reported financials (CARE, 04 Oct 2024)
| Metric | March 31, 2023 | March 31, 2024 |
|---|---|---|
| Total operating income | ₹51,263 Cr | ₹14,169 Cr |
| PBILDT* | ₹1,145 Cr | ₹619 Cr |
| PAT | ₹148 Cr | ₹313 Cr |
| Overall gearing (times) | 0.67× | — |
| Interest coverage (times) | 1.53× | — |
| Revenue growth (YoY) | — | −72.4% |
| PAT margin | 0.3% | 2.2% |
Incorporated in January 1999, AWL is an equal joint venture between the Gujarat-based Adani Group and the Singapore-based Wilmar Group. As on March 31, 2024, the company had an installed capacity of 16, 810 TPD of crude oil refining and 7,275 TPD of crushing with a combination of port-based and inland manufacturing facilities at more than 60+ locations across India.
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹1,230 Cr | — | AA- (Stable) | Assigned | CARE |
| Long-term short-term bank facilities | Working capital & bank lines | — | ₹15,711 Cr | — | AA- / A1+ (Stable) | Reaffirmed | CARE |
| Commercial paper (Carved out) | Commercial paper | — | ₹500 Cr | — | A1+ | Reaffirmed | CARE |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 67% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Auditor details, Shareholding pattern, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 67% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 1.53×
Rated limits by facility
Timeline
From the report
AWL had free cash and bank balance of ₹1,486 crore as on March 31, 2024, mainly because of unutilised IPO proceeds, which are expected to be used in capex over the next year.
From the report
AWL had free cash and bank balance of ₹2,437 crore as on March 31, 2023, mainly because of unutilised IPO proceeds, which are expected to be used in capex over the next years.
From the report
Outlook: / CARE A1+ (Single A Plus; facilities 11,950.00) Stable/ A One Plus) Outlook: Stable / A One Plus) Long-term bank facilities- - - Withdrawn term loan^ 15,711.00 (₹ Fifteen thousand Total bank facilities seven hundred eleven crore only) Commercial paper (Carved CARE A1+ 500.00 Reaffirmed out)* (A One Plus) 500.00 Total short-term (₹ Five hundred instruments crore only) Details of instruments/facilities in Annexure-1. ^CARE Ratings Limited (CARE Ratings) has withdrawn the rating assigned to the term debt based on the receipt of no dues certificate from the lenders. *Carved out of the sa
From the report
Furthermore, AWL reported gross cash accruals of ₹ 1,133 crore during FY22 as against GCA of ₹ 747 crore during FY21.
From the report
AWL had free cash and bank balance of ₹ 2,604 crore as on March 31, 2022, mainly because of unutilised IPO proceeds, which are expected to be used in capex over the next 2-3 years.
From the report
Furthermore, the average utilisation of fund-based limits remained low at 3% during the 12 months ended May 2022 while the non-fund-based limits were utilised up to 90% during the 12 months ended May 2022.
From the report
Further, the average utilization of fund-based limits remained low at 5% during the twelve months ended May 2021 while the non-fund based limits were fully utilized during twelve months ended May 2021.
From the report
The free cash and bank balance of Rs.107 crore as on March 31, 2021.
From the report
Further, the average utilization of fund-based limits remained low at 5% during the twelve months ended May 2021 while the non-fund based limits were fully utilized during twelve months ended May 2021.
From the report
The free cash and bank balance of Rs.107 crore as on March 31, 2021.
From the report
Further, the average utilization of fund-based limits remained comfortable at 18.70% during the twelve months ended June 2020 while the same for non-fund based limits remained moderate at around 89% as the company mainly uses trade credit limits.
From the report
The free cash and bank balance improved to Rs.346 crore as on March 31, 2020 from Rs.78 crore as on March 31, 2019 on account of phasing out of capex and improved collection in March 2020.
From the report
Further, the average utilization of fund-based limits remained comfortable at 16.60% during the twelve months ended June 2019 while the same for non-fund based limits remained moderate at around 88.26% as the company mainly uses trade credit limits.
From the report
Revised total project cost is estimated at around Rs.1,450 crore as against original project cost of Rs.1,711 crore mainly on account of savings in Interest during construction (IDC) cost due to delayed drawdown of term debt.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Adani Wilmar
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Patanjali Foods |
Dal & Pulses · Food & Beverages | patanjalifoods.com | — | Mumbai, India |
 Swiggy |
E-commerce · Food Delivery | swiggy.com | 2014 | Bangalore, India |
 Tata Consumer Products |
Dal & Pulses · Food & Beverages | tataconsumer.com | 1962 | Kolkata, India |
| Biscuits & Bakery · Food & Beverages | britannia.co.in | 1892 | Kolkata, India | |
 Heritage Foods |
Dairy, Ghee & Milk Products · Food & Beverages | heritagefoods.in | 1992 | Hyderabad, India |
| Hindustan Foods Limited | · Manufacturing (Food stuffs) | — | — | Mumbai, Maharashtra, India |
 Zydus Wellness |
Packaged Foods & Confectionery · Food & Beverages | zyduswellness.com | — | Ahmedabad, India |
| Dhampur Bio Organics Limited | · Manufacturing (Food stuffs) | — | — | Moradabad, Uttar Pradesh, India |
| Packaged Foods & Confectionery · Food & Beverages | sapphirefoods.in | — | Panchkula, Haryana, India | |
| Packaged Foods & Confectionery · Food & Beverages | waghbakritea.com | — | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Part of Adani Enterprises
Business activities and related parties
food processing, personal care product
Filings
No filings on record yet.