Adani Wilmar's revenue for Q2FY25 increased by 17.9% compared to the previous year, reaching INR 144,605 million, which slightly exceeded expectations.

The growth was primarily driven by the Food & FMCG segment, which saw a remarkable 34.0% YoY rise. This growth was supported by improved outlet penetration and repeat purchases. However, EBITDA increased by 294.1% YoY to INR 5,662 million, falling short of expectations due to higher operating expenses. Despite this, the EBITDA margin improved to 3.9%. The adjusted net profit also saw a significant increase of 302.8% YoY, totaling INR 3,110 million, but did not meet forecasts.

Analysts have revised their estimates for FY25E and FY26E adjusted EPS downward by 3.6% and 9.0% respectively, citing inflationary pressures and challenges in implementing price increases. The target price for Adani Wilmar shares has been adjusted to INR 373, down from INR 410, while maintaining an 'ACCUMULATE' rating.