Promoter Adani to sell 20% stake in AWL Agri Business to Wilmar for Rs 7,148 crore
AEL, through its wholly-owned subsidiary Adani Commodities LLP (ACL), will sell between 11% and 20% of AWL's equity shares to Lence at a fixed price of ₹275 per share, amounting to a maximum consideration of about ₹7,148 crore. Lence has full discretion to determine the final stake acquired within the specified range.
This move comes after Adani Enterprises already began exiting its stake earlier this year. In January 2025, billionaire Gautam Adani's conglomerate raised ₹4,850 crore through an Offer for Sale (OFS) of a 13.5% stake in Adani Wilmar. The OFS involved selling 17.54 crore shares at a floor price of ₹275 apiece, completed in two tranches on January 10 and January 13 for non-retail and retail investors, respectively.
Following the January sale, ACL's holding came down to 30.42%. With the new SPA and subsequent planned transactions, Adani Enterprises will fully exit AWL, realizing an estimated total cash inflow of around ₹15,729 crore, including the earlier OFS proceeds.
The SPA is subject to customary conditions, including regulatory and anti-trust approvals, and upon completion, the shareholder and inter-se agreements between Adani and Wilmar will be terminated.
This announcement also comes shortly after AWL Agri Business Ltd (formerly Adani Wilmar) reported its Q1 FY26 results earlier this week. The company recorded its highest-ever quarterly revenue at ₹17,059 crore, up 21% YoY, driven primarily by strong realizations in the edible oil segment.
However, despite the revenue growth, net profit declined 24% YoY to ₹237.95 crore, down from ₹313.20 crore a year ago. Segment-wise, edible oil revenue rose 26% YoY to ₹13,415 crore despite a 4% drop in volumes, while food and FMCG revenue fell 8% YoY to ₹1,414 crore due to operational challenges. The industry essentials segment contributed ₹2,230 crore, up from ₹1,986 crore last year.
According to brokerage Nuvama, while the revenue growth was strong, EBITDA fell sharply by 41% YoY due to high input costs, with gross margins contracting 340 bps to 9.4% and EBITDA margin narrowing by 222 bps YoY to 2.1%. A commodity derivative gain of ₹150 crore helped mitigate some of the margin pressure.
The complete exit from AWL marks the end of Adani Enterprises' partnership with Wilmar in the edible oil and food business after more than two decades, freeing up capital for other strategic initiatives.
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