Foods will remain the primary engine of growth going forward: Fortune’s Mukesh Mishra

When Fortune entered Indian kitchens 25 years ago, the FMCG playbook was straightforward: build scale through television, expand distribution via general trade, and earn trust in a market dominated by loose, unbranded commodities.

A quarter century later, both the market and the brand have evolved.

In November 2025, AWL Agri Business’s flagship brand Fortune completed 25 years. Launched in 1999, Fortune has grown into one of India’s largest FMCG brands, valued at over Rs 20,000 crore. With a presence across 60% of kitchen staple categories, its products are consumed in one out of every three Indian households.

While edible oils remain its core, Fortune’s next phase of growth will be led by foods, says Mukesh Mishra, joint president – sales & marketing, AWL Agri Business.

“While there is still scope to gain market share in edible oils, foods present a much larger long-term opportunity. Foods will remain the primary engine of growth going forward,” Mishra tells afaqs!

“At the same time, within edible oils, there are regions like Madhya Pradesh, Rajasthan and parts of the South where our share is lower. These are strong markets, and our focus there is on strengthening distribution, deepening consumer engagement and working closely with trade partners.”

Fortune’s strategy is clearly bifurcated. In edible oils, growth will come from increasing share in under-penetrated regions. In foods, it will be driven by category expansion and a structural shift from unbranded to branded consumption.

In FY25, the firm's edible oil business recorded a 10% growth YoY in volumes. Meanwhile, the food business witnessed a growth of 26%.

The brand’s trajectory mirrors one of the biggest shifts in Indian FMCG: the move from loose, unbranded commodities to trusted packaged brands. In edible oils, Mishra says, that transition is largely complete.

“Fifteen to twenty years ago, loose oil had a significant share. Today, the majority of edible oil consumption is branded,” he says. “That naturally limits the upside from unbranded-to-branded conversion in oils.”

In contrast, categories such as atta, rice and sugar still see unbranded consumption at 50–60% or more. As incomes rise and consumers increasingly prioritise quality, hygiene and consistency, the branded opportunity here remains substantial.

“That’s where the headroom is, and with our brand strength and distribution reach, we are well placed to benefit,” Mishra adds.

The next 25 years: Health, AI and retail balance

Looking ahead, Fortune sees health-led consumption as a defining trend—across oils, staples and food products. Consumers are no longer just buying essentials; they are looking for healthier, better-quality choices.

With regard to media planning, it is becoming more complex. With attention split across screens, Fortune is closely evaluating how AI and advanced analytics can help identify high-conversion cohorts and define sharper KPIs for digital effectiveness.

Another challenge is maintaining equilibrium between e-commerce growth and general trade stability.

“More than 80% of business for mature brands like ours still comes from general trade,” Mishra points out. “We can’t afford to alienate that ecosystem while we grow online.”

Building a brand in a commodity market

Fortune is the market leader in soya bean oil with a share of about 29%, while the second-largest player trails at 10–12%. In mustard oil, Fortune leads with a 15–16% share, while the next player is at just 5–6%. Yet, despite leadership positions, Mishra stresses that branding a commodity is never easy.

“Building a premium brand in a commodity space is slow and demanding,” he says. “Differentiation isn’t obvious, you have to make it deeply relevant.”

For Fortune, that differentiation has consistently centred on quality and trust. “In edible oils, Fortune has reached a stage where it has become almost synonymous with the category,” Mishra notes.

He attributes the brand’s scale to sustained investment, long-term thinking and consistent communication. “There are very few examples in India or globally of a brand scaling to this level from scratch. That kind of growth doesn’t happen by accident.”

At the core of Fortune’s communication strategy is a single, enduring idea: ghar ka khana. For over a decade, the brand has anchored itself to home-cooked food, a thought it also used to mark its milestone.

Celebrating 25 years of 'ghar ka khana'

“In an age dominated by food delivery and eating out, the emotional pull of home-cooked food remains very strong,” Mishra says. “No matter how much we eat outside, ghar ka khana has a special place.”

This master idea cascades across the portfolio. While Fortune soya bean oil focuses on health, mustard oil on purity and sunflower oil on lightness, all products align under the larger narrative of wholesome, everyday home cooking.

Brand-level ideas such as Banao Kuchh Hatke encourage experimentation and expanded usage while reinforcing core benefits such as nutrition or convenience.

“When we invest in the Fortune master brand, the impact flows across categories,” Mishra explains. “Each product has its own functional and emotional story, but they all come together under one unifying thought.”

Consistency without creative fatigue

Across 25 years, Fortune’s core message – health, family well-being and everyday goodness – has remained unchanged. “You can’t keep changing your core message every couple of years,” Mishra says. “Consistency is what makes a brand relevant, memorable and trustworthy.”

That consistency, however, doesn’t mean repeating the same story. “The message stays the same, but the storytelling evolves,” he adds.

Hyper-local, always

Another constant in Fortune’s communication is its focus on local languages and cultural relevance. The brand avoids English-led messaging, instead tailoring language, celebrities and narratives market by market.

In West Bengal, it works with Sourav Ganguly and Abir Chatterjee; in southern states, it partners with regional film and TV actors. “What works in one state won’t necessarily work in another,” Mishra says. “You can’t win simply by being a national leader, you have to belong locally.”

This philosophy extends beyond advertising. Fortune invests heavily in regional festivals and on-ground engagement—be it Durga Puja in Kolkata, Bihu in Assam, Ganesh Chaturthi in Mumbai or Uttarayan in Gujarat.

“During Durga Puja, for instance, our on-ground presence in Kolkata is massive,” Mishra says. “We want to be part of the celebration, not just a brand on the shelf.”

Packaging as a cultural cue

Packaging is another lever Fortune uses to deepen cultural connect. In West Bengal, special mustard oil packs celebrate the region’s iconic hilsa fish. In Bihar, festival narratives are woven into packaging during Chhath. In eastern UP and Bihar, summer packs highlight mustard oil’s role in pickle-making, sometimes featuring a dadi maa to evoke tradition.

“Operationally, this is complex,” Mishra admits. “But the consumer connect it delivers makes it worthwhile.”

Digital hasn’t replaced TV

Despite the digital-first rhetoric dominating marketing conversations, Fortune’s media mix remains firmly anchored in traditional channels.

“Digital has not overtaken traditional media for us,” Mishra says. “We still spend more on TV because we are a mass brand. You cannot reach one in three Indian households through digital alone.”

That said, the shift is undeniable. Over the past few years, a significant portion of Fortune’s spend has moved towards digital platforms, OTT, connected TV, and on-ground activations—especially where food conversations are already happening.

“Our strategy is simple: wherever food is being discussed, we should be present,” he adds, citing platforms like MasterChef India, regional food programming, and influencer-led content ecosystems.

Performance vs brand building in the digital age

For Fortune, digital today plays two clear roles: performance and amplification.

Quick commerce and e-commerce platforms have become critical touchpoints—not just for engagement, but for immediate sales. “If you spend money there, you see sales instantly,” Mishra notes. “That makes ROI very clear.”

For Fortune, quick commerce is one of the fastest-growing channels and is delivering strong ROI. In Q3 FY26, quick commerce sales volume grew by 65% YoY.

However, he remains sceptical about digital’s effectiveness as a pure brand-building medium—at least in its current form.

“A viral video may give attention, but does it drive action?” he asks. “Virality disappears very fast. We are cautious about celebrating impressions without outcomes.”

This caution is shaped by Fortune’s economics. Unlike premium food brands with higher margins, Fortune operates in branded commodities, where excess experimentation can quickly erode profitability.

“We are a high-volume, low-margin business. So every rupee we spend has to work hard,” says Mishra. “We don’t do things because others are doing them. ROI matters to us more than noise.”

From functional to emotional

Mishra believes that as a commodity brand matures, emotional connection becomes as important as functional differentiation.

“When a brand is new, functional benefits drive trial,” he says. “But as it grows, emotional resonance becomes critical.”

With mature brands like Fortune Soya Bean Oil, communication now goes beyond health claims to build deeper relationships. In contrast, in developing markets or categories, such as sunflower oil in the South, the brand continues to lead with functional cues to aid consideration.

“The balance between functional and emotional messaging depends on the brand’s maturity and the market context,” Mishra says.

AWL Agri changed its name from Adani Wilmar in March last year after Indian ‍conglomerate Adani Group exited the joint venture by selling its stake to ‍Singapore's Wilmar International.