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Adani Wilmar Limited (AWL) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹246B (≈ $2.6B) · ISIN INE699H01024

What is Adani Wilmar Limited really worth?

AW Adani Wilmar Limited AWL · BSE
Price₹187.40
Fair Value₹169.20
Upside−9.7%
Quality62/100

A solid business, currently priced close to our fair value of ₹169.20.

As of Aug 13, 2026, the fair value of Adani Wilmar Limited is ₹169.20 per share against a price of ₹187.40, so the fair value sits 10% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +15.0 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 1.5% net margin
!Narrow moat 38/100
Evidence: High Range ₹126.90 – ₹211.50

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 23 days ago

Share price −3.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

₹836.13 ₹171.50 Fair Value ₹169.20 Feb 2022 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

55‑month range ₹171.50 – ₹836.13 · fair‑value band ₹126.90 – ₹211.50 · the ₹187.40 price screens above the ₹169.20 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Adani Wilmar Limited (AWL) currently trades at ₹187.40, while our model-based Fair Value estimate is ₹169.20, implying the stock looks roughly 10.8% fairly valued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of ₹389.93 per share, and 14 of the 24 models we run sit above the ₹187.40 price. Bear case: the Asset-Based group reads lowest at ₹54.09, and 10 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Adani Wilmar Limited generated revenue of ₹777B at a net margin of 1.5%. Revenue grew 17.5% year over year. It earns a return on equity of 10.5%. Net debt stands at ₹61.5B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹126.90 (bear case) to ₹211.50 (bull case); at ₹187.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −26% fair-value upside, at −10%, AWL screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹3.89 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹366.06 ₹698.99 ₹1,492 75
5Y EBITDA Exit ₹231.19 ₹396.64 ₹608.80 74
EPV ₹136.28 ₹158.58 ₹178.40 74
All 24 models by family
DCF Models
FCF DCF ₹366.06 ₹698.99 ₹1,492 75
Owner Earnings ₹85.59 ₹165.83 ₹324.79 72
5Y Revenue Exit ₹208.34 ₹346.48 ₹535.15 71
5Y EBITDA Exit ₹231.19 ₹396.64 ₹608.80 74
5Y P/E Exit ₹198.87 ₹325.67 ₹473.49 70
10Y Revenue Exit ₹249.77 ₹406.12 ₹653.28 65
10Y EBITDA Exit ₹270.77 ₹445.13 ₹720.42 67
10Y P/E Exit ₹248.27 ₹389.93 ₹597.07 63
Earnings-Based
Graham-Dodd ₹54.79 ₹310.71 ₹431.81 63
Lynch FV ₹87.25 ₹124.64 ₹162.03 61
PEG = 1.0 ₹87.25 ₹124.64 ₹162.03 57
EPV ₹136.28 ₹158.58 ₹178.40 74
Multiples
P/E Multiple ₹126.90 ₹169.20 ₹211.50 63
P/S Multiple ₹102.73 ₹136.97 ₹171.21 58
P/B Multiple ₹102.73 ₹136.97 ₹171.21 55
EV/EBIT ₹194.23 ₹255.66 ₹317.10 66
EV/EBITDA ₹184.70 ₹242.96 ₹301.21 67
EV/Revenue ₹141.47 ₹197.84 ₹254.22 54
Asset-Based
NCAV (Graham) ₹40.36 ₹54.09 ₹80.73 54
Growth DCF
Growth DCF ₹358.41 ₹736.49 ₹1,359 74
Rev-Margin DCF ₹208.34 ₹344.17 ₹531.70 71
Economic Profit
Residual Income ₹72.05 ₹80.66 ₹143.50 68
ROIC Compounder ₹162.21 ₹233.15 ₹337.14 71
Growth Earnings
Growth-Adj P/E ₹130.09 ₹185.84 ₹241.59 67

Widest divergence: DCF Models (₹389.93) versus Asset-Based (₹54.09). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 21.0
P/S ratio 0.29 P/E × margin
EPS (TTM) ₹8.93 price ÷ EPS = P/E 21.0
Net margin 1.4% FY2026
Return on equity 10.5% TTM
Return on assets (EBIT) 7.3% avg 5y
More key figures
Profitability
Operating margin 2.9% TTM
Growth
Revenue (TTM) ₹777B TTM
Revenue growth (YoY) +17.5% 3y avg +8.6%
EPS growth (YoY) +47.3%
Balance sheet & cash flow
Free cash flow ₹30.9B FY2026
Net debt ₹61.5B FY2026 · ≈ 2.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 44

Profitability 50
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Adani Wilmar Limited, a fast-moving consumer goods food company, provides kitchen commodities in India. It produces, refines, and sells soyabean, palm, sunflower, rice bran, mustard, groundnut, cottonseed, and blended oil; specialty fats, including industrial margarine, bakery shortenings, and vanaspati for baked products; and lauric fats for ice cream and …

Full company description

Adani Wilmar Limited, a fast-moving consumer goods food company, provides kitchen commodities in India. It produces, refines, and sells soyabean, palm, sunflower, rice bran, mustard, groundnut, cottonseed, and blended oil; specialty fats, including industrial margarine, bakery shortenings, and vanaspati for baked products; and lauric fats for ice cream and confectionery. The company also offers oleochemicals, such as stearic acids, soap noodles, palmitic acids, oleic acids, and glycerin for home and personal care products; castor oils and its derivatives comprising steric acids and ricin oleic acids for medical, pharmaceutical, cosmetic, and aeronautical use; and de-oiled cakes that are used as livestock feeds. In addition, it provides wheat flour, rice, pulses, sugar, besan, poha, rawa, suji, soya chunks, soya flour, soya grits, soya flakes, soya bari, and ready-to-cook khichdi; soaps, handwash, and sanitizers. Further, the company is involved in the bulk packaging of frying oil. It offers its products under the Fortune, King's, Raag, Bullet, Fryola, Jubilee, Aadhaar, Alpha, Avsar, Golden Chef, Kohinoor, Charminar, Trophy, and Alife brand names through Fortune Online and Fortune Mart, as well as e-commerce channels. The company exports its products to the Middle East, Southeast Asia, Africa, the United States, Canada, and internationally. Adani Wilmar Limited was incorporated in 1999 and is based in Ahmedabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Adani Wilmar Limited reported revenue of ₹746B in FY2026 versus ₹541B in FY2022, a compound +8.4%/yr. Reported net income was ₹10.4B in FY2026, compounding +6.7%/yr from FY2022.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹746B
Latest YoY
+17.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.0%
Avg. revenue growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.7%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +7.5% (approximate, leans on 2026) · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+7.5%
Dividend yield0.0%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2.8% (2021) → 2.5% (2026) · steady
Worst earnings drop82% (2024) · in INR
⚠ Rate leans on 2026: that final year sits 80% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +8.4%/yr
FY22 ₹541B
FY23 ₹582B
FY24 ₹511B
FY25 ₹636B
FY26 ₹746B
Net income +6.7%/yr
FY22 ₹8.0B
FY23 ₹5.8B
FY24 ₹1.5B
FY25 ₹12.3B
FY26 ₹10.4B

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Cite: Fair Value Calculator (2026). "Adani Wilmar Limited Fair Value". https://www.fairvalue-calculator.com/stock/AWL.BSE

Peer Group

Packaged Foods · 648 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 62 · Top 25%
Fair Value upside −10% · Below median
Return on equity (TTM) 11% · Above median
Return on assets 5% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 18% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 21.0× · Pricier than median
P/B 2.36× · Pricier than median
P/S (TTM) 0.32× · Cheaper than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 9.2× · Pricier than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.62 CHF 57.26 −27%
Danone S.A BN €64.28 €48.41 −25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 −83%
The Kraft Heinz Company KHC $24.85 $24.59 −1%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 −37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 −61%
General Mills, Inc GIS $38.29 $28.32 −26%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 −68%

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Frequently asked questions

Is Adani Wilmar Limited (AWL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹169.20 versus a price of ₹187.40, about −10% upside (fairly valued).
What is the fair value of AWL?
Our model-based fair value for Adani Wilmar Limited is ₹169.20 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹187.40.
What is the quality score of AWL?
Adani Wilmar Limited has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Adani Wilmar Limited (AWL)?
Our model-based price target is the fair value of ₹169.20 (as of Aug 13, 2026) from 24 valuation models. Cautious scenario ₹126.90, optimistic scenario ₹211.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Adani Wilmar Limited stock forecast for 2026?
Our models put fair value at ₹169.20, about −10% upside versus a price of ₹187.40 (fairly valued). Cautious scenario ₹126.90, optimistic scenario ₹211.50. The calculation is refreshed regularly with new filings.
What is the revenue of Adani Wilmar Limited (AWL)?
Adani Wilmar Limited reported trailing-twelve-month revenue of about ₹777B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of AWL?
The net profit margin of Adani Wilmar Limited is about 1.5%, meaning it keeps roughly 1.5% of revenue as net income. Based on the latest reported figures.
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