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ICICI Securities Report
Adani Wilmar Ltd. is a strong market leader (50:50 joint venture between Adani Group and Wilmar) in branded edible oil and industry essentials with aspirations to further scale-up packaged foods.
Strong competitive advantages (price-laddering, oil segments, scale, market intelligence (courtesy Wilmar)) in edible oil provide Adani Wilmar with an edge over competition.
Further, the company enjoys multiple synergies across all three business segments which augur well for scale up of packaged foods business –
scale in procurement and logistics,
brand recall of ‘Fortune’ and
readily available distribution and mix-load supply chain benefit from edible oil.
We model revenue / Ebitda /profit after tax compound annual growth of 9%/24%/35% over FY22-24E.
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