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AWL - Adani Wilmar

📊 NSE: AWL 🏢 Solvent Extraction 📅 Last Updated: 12/13/2025 17:51

📢 Recent Corporate Announcements

AWL Agri Business Penalized Rs 2.75 Lakh by Customs Authority Over MEIS Scrip Issue

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 Mar 2026, 11:02 AM

AWL Agri Business Limited (formerly Adani Wilmar) has been served an order by the Office of the Principal Commissioner of Customs, Ahmedabad, imposing a penalty of Rs 2.75 lakh. The issue involves Merchandise Exports from India Scheme (MEIS) scrips purchased from a third party that were found to be wrongly availed by the original exporter. As a result, AWL's use of these scrips for customs duty payment was flagged as a violation. The company plans to appeal the decision and maintains that there will be no material impact on its financial or operational performance.

Penalty of Rs 2,75,000 imposed under the provisions of the Customs Act, 1962.
Violation relates to the wrongful utilization of MEIS scrips purchased from a third-party vendor.
The order was received by the company on March 13, 2026, following a February 27, 2026, ruling.
AWL Agri Business intends to file an appeal against the order before the appropriate authority.
Management confirms the penalty will not have a material impact on company operations or financials.

💡 The penalty amount is negligible compared to the company's scale, making this a minor regulatory event. No immediate action is required from investors as it does not affect the company's core fundamentals.

AWL Agri Business (Adani Wilmar) Penalized ₹28.7 Lakhs by GST Authority

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Feb 2026, 04:35 PM

AWL Agri Business Limited, formerly known as Adani Wilmar, has received an appellate order from the Additional Commissioner of CT & GST (Appeal) in Cuttack. The order confirms a penalty of ₹28,72,625 regarding a refund claim under the Inverted Duty Structure of the GST Act. The company received the order on February 26, 2026, and intends to file an appeal against this imposition. Management has clarified that this development will not have any material impact on the company's financial or operational activities.

Penalty of ₹28,72,625 imposed by the Additional Commissioner of CT & GST (Appeal), Cuttack.
The order relates to a refund claim under Section 54(3) (Inverted Duty Structure) of the GST Act.
The company plans to appeal the order before the appropriate higher authority.
Management states there is no material impact on financial or operational performance.

💡 No immediate action is required as the penalty amount is immaterial relative to the company's size. Investors should continue to monitor for any systemic tax compliance patterns.

AWL Agri Business Achieves Score of 60 in S&P Global Corporate Sustainability Assessment

🟢 POSITIVE ⭐ 4/10

OTHER 📅 13 Feb 2026, 06:13 PM

AWL Agri Business Limited, formerly known as Adani Wilmar, has achieved a score of 60 in the latest S&P Global Corporate Sustainability Assessment (CSA). This score serves as a global benchmark for evaluating the company's Environmental, Social, and Governance (ESG) performance. The result indicates a high level of sustainability maturity compared to global peers in the Agri-Business sector. Such disclosures are increasingly important for attracting institutional investors who prioritize ESG criteria in their portfolios.

Achieved an ESG score of 60 in the S&P Global Corporate Sustainability Assessment
The score was officially communicated to the company on February 12, 2026
Positions AWL as a proactive leader in sustainability within the global Agri-Business sector
The assessment uses rigorous ESG criteria to benchmark corporate performance

💡 Investors should view this as a positive indicator of the company's long-term risk management and ESG compliance. It enhances the company's appeal to ESG-focused institutional funds.

AWL Agri Business Q3 FY26: Revenue Up 10%, EBITDA Reaches INR 637 Cr with Strong Food Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 05:43 PM

AWL Agri Business reported a 10% YoY revenue growth and a 3% volume increase for Q3 FY26, driven by an 8% growth in edible oils. The company maintained a consistent EBITDA of over INR 600 crores for the quarter, with a trailing twelve-month EBITDA reaching INR 2,200 crores. Significant momentum was seen in alternate channels, which grew 42%, and the Kohinoor brand, which surged 32%. The food segment is now EBITDA positive, though management expects another 2-3 years for it to reach a mature margin profile of 5-7%.

Consolidated revenue grew 10% YoY with Q3 EBITDA standing at INR 637 crores.
Edible oil volumes increased by 8% YoY, supported by double-digit growth in the mustard oil category.
Alternate channel volumes grew 42% YoY, with quick commerce specifically rising by 65%.
Basmati rice market share improved to 11.9% on a MAT basis, while Kohinoor brand grew 32%.
G.D. Foods acquisition delivered 18% volume growth with healthy material margins of 54%.

💡 Investors should monitor the scaling of the food segment and the integration of G.D. Foods, as these higher-margin businesses are key to long-term profitability. The stock remains a strong play on the premiumization of Indian kitchens and the rapid growth of quick commerce.

AWL Agri Business to Attend Nuvama Institutional Equities Conference on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 12:03 PM

AWL Agri Business Limited, formerly known as Adani Wilmar Limited, has announced its participation in the Nuvama Institutional Equities 21st India Conference. The event is scheduled for February 10, 2026, in Mumbai and will involve group and one-on-one meetings with various analysts and institutional investors. The company has explicitly stated that no unpublished price-sensitive information or forward-looking statements will be discussed during these sessions. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Obligations.

Participation in the Nuvama Institutional Equities 21st India Conference in Mumbai.
Scheduled date for the investor interaction is Tuesday, February 10, 2026.
Meetings will be conducted in both group and one-on-one formats.
Company confirms no price-sensitive information will be shared during the event.
Announcement made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine investor relations event; no immediate action is required. Investors may look for any subsequent investor presentations or transcripts that might be uploaded to the exchange following the conference.

AWL Agri Business Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 03 Feb 2026, 10:23 PM

AWL Agri Business Limited (formerly Adani Wilmar) has released the audio recording of its investor call held on February 3, 2026. The call focused on the company's unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure follows the Board of Directors' approval of the financial results on the same day. The recording provides management's perspective on the company's performance and strategic direction during the third quarter of the fiscal year 2026.

Audio recording of the Q3 and nine-month FY26 earnings call is now available via a public link.
The call followed the Board's approval of financial results on February 3, 2026.
The disclosure covers both standalone and consolidated financial performance for the period ending December 31, 2025.
The company continues its transition under the new name AWL Agri Business Limited.

💡 Investors should review the audio recording to understand management's commentary on volume growth and margin pressures. This is a routine but essential step for fundamental analysis of the company's quarterly performance.

AWL Q3 FY26: Revenue Rises 10% to ₹18,603 Cr; PAT Drops 35% Due to High Base Effect

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 02:36 PM

AWL Agri Business (formerly Adani Wilmar) reported a 10% YoY revenue growth to ₹18,603 crore in Q3 FY26, supported by a 3% increase in total volumes to 1.7 Million MT. Profitability saw a decline, with PAT falling 35% YoY to ₹269 crore and EBITDA dropping 19% to ₹637 crore, which management attributed to one-off gains in the previous year's base quarter. The edible oil segment remained the primary driver, growing 12% in value, while alternate channels like Quick Commerce showed robust momentum with 65% volume growth.

Consolidated revenue grew 10% YoY to ₹18,603 crore, while total volumes reached 1.7 Million MT (+3% YoY).
PAT declined 35% YoY to ₹269 crore, primarily due to a high base effect from one-off gains in Q3 FY25.
Edible Oil segment volume grew 8% YoY, contributing ₹15,025 crore to the topline.
Alternate channels (E-com, Q-com, MT) delivered 42% YoY volume growth, with Quick Commerce specifically up 65%.
EBITDA per ton stood at ₹3,832, down 22% YoY but remaining within management's estimated target range.

💡 Investors should look past the headline profit dip which was caused by a high base effect and focus on the steady 8% volume growth in the core edible oil business. The rapid scaling of the HoReCa and Quick Commerce channels provides a positive long-term outlook for market share gains.

AWL Agri Business Q3 FY26: Revenue Up 10% to ₹18,603 Cr; PAT Declines 35% YoY

🔵 WATCH ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 11:25 AM

AWL Agri Business reported its highest-ever quarterly revenue of ₹18,603 crore, marking a 10% YoY growth driven by an 8% volume increase in the Edible Oil segment. However, Consolidated PAT fell 35% YoY to ₹269 crore and EBITDA declined 20% to ₹685 crore, largely attributed to a high base effect from a one-off gain in the previous year. The company demonstrated strong momentum in alternate channels, with Quick Commerce volumes surging 65% YoY. Strategic infrastructure like the ₹1,500 crore Gohana food complex is now fully operational, which is expected to drive future cost efficiencies.

Highest-ever quarterly revenue of ₹18,603 crore, up 10% YoY, with LTM revenue reaching ₹71,497 crore.
Consolidated PAT declined 35% YoY to ₹269 crore, while EBITDA fell 20% to ₹685 crore due to a high base effect.
Edible Oil segment recorded 8% volume growth, while Food & FMCG revenue grew 6% YoY despite flat volumes.
Quick Commerce channel volumes grew 65% YoY, with LTM revenues from alternate channels crossing ₹4,800 crore.
Direct distribution reach expanded significantly to 9.5 lakh outlets and over 60,000 rural towns.

💡 Investors should monitor the margin recovery in upcoming quarters as the company laps the one-off gains from the previous year and ramps up the Gohana facility. The aggressive expansion in Quick Commerce and rural distribution provides a strong long-term growth runway despite the temporary bottom-line pressure.

AWL Agri Business Q3 PAT Drops 34.5% YoY to ₹269 Cr Despite 10.5% Revenue Growth

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 11:22 AM

AWL Agri Business (formerly Adani Wilmar) reported a 10.5% YoY increase in revenue from operations to ₹18,602.67 crore for the quarter ended December 31, 2025. However, net profit (PAT) declined significantly by 34.5% YoY to ₹269.03 crore, primarily due to a sharp rise in raw material costs and an exceptional item of ₹25.83 crore. While sequential performance showed a 9.8% improvement in PAT compared to Q2 FY26, the nine-month (9M) profit remains down by 27% compared to the previous year. The company's name change from Adani Wilmar to AWL Agri Business is now fully reflected in the filings.

Revenue from operations increased 10.5% YoY to ₹18,602.67 crore in Q3 FY26.
Net Profit (PAT) fell 34.5% YoY to ₹269.03 crore from ₹410.93 crore in Q3 FY25.
Cost of materials consumed rose significantly to ₹15,587.55 crore versus ₹14,076.58 crore in the year-ago period.
9M FY26 PAT stands at ₹751.83 crore, a sharp decline from ₹1,035.15 crore in 9M FY25.
The company recorded an exceptional loss of ₹25.83 crore during the quarter.

💡 Investors should remain cautious as rising input costs are severely compressing margins despite healthy top-line growth. It is advisable to wait for signs of margin stabilization before increasing exposure.

AWL Agri Business to Host Q3 FY26 Earnings Conference Call on February 3, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 29 Jan 2026, 04:52 PM

AWL Agri Business Limited, formerly known as Adani Wilmar, has scheduled its earnings conference call for the quarter and nine months ended December 31, 2025. The call is set for Tuesday, February 3, 2026, at 17:30 IST, following the announcement of its unaudited financial results. Top management, including the CEO, MD, and Interim CFO, will be present to discuss operational and financial performance. This event provides a platform for analysts and investors to gain insights into the company's recent growth and future outlook.

Earnings conference call scheduled for February 3, 2026, at 5:30 PM IST.
Management representation includes Executive Deputy Chairman Angshu Mallick and CEO Shrikant Kanhere.
Discussion will focus on financial results for the quarter and nine-month period ending December 31, 2025.
Universal access dial-in numbers are +91 22 6280 1144 and +91 22 7115 8045.
The company was formerly known as Adani Wilmar Limited, reflecting its recent rebranding to AWL Agri Business.

💡 Investors should track the financial results release prior to the call and listen for management commentary on margin sustainability and edible oil volume growth. This call is crucial for understanding the impact of the company's rebranding and its strategic focus on the agri-business segment.

AWL Agri Business to Strike Off Inactive Subsidiary AWL Edible Oils and Foods

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Jan 2026, 03:42 PM

AWL Agri Business Limited, formerly known as Adani Wilmar, has filed an application to strike off its wholly-owned subsidiary, AWL Edible Oils and Foods Private Limited. The subsidiary is currently non-operational, reporting zero revenue for the fiscal year ending March 31, 2025. With a net worth of only ₹6.81 lakh, the entity's closure will have no material impact on the parent company's consolidated financials. The process is expected to be completed within six months following regulatory approvals.

Wholly owned subsidiary AWL Edible Oils and Foods Private Limited filed for strike-off on January 27, 2026.
The subsidiary reported Nil revenue and a negligible net worth of ₹6,80,919 as of March 31, 2025.
The strike-off process is estimated to be completed within a tentative timeline of 6 months.
The move is part of administrative streamlining and carries no significant financial implications for shareholders.

💡 Investors should view this as a routine corporate cleanup of an inactive entity. No action is required as it does not affect the core business operations or profitability.

AWL Agri Business Shareholders Approve Shrikant Kanhere as MD & CEO with 99.6% Majority

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 20 Jan 2026, 06:29 PM

AWL Agri Business Limited (formerly Adani Wilmar) has announced the successful passage of 11 key resolutions via postal ballot with overwhelming shareholder support. Most significantly, Mr. Shrikant Kanhere has been appointed as the Managing Director and CEO, and Mr. Saumin Sheth as Whole Time Director and COO. The voting process, which saw a high participation rate of approximately 83.17% of total equity, also confirmed the re-appointment of several independent directors and the adoption of amended Articles of Association. This formalizes the leadership structure following the company's recent rebranding and name change.

Shrikant Kanhere appointed as Managing Director and CEO with 99.64% votes in favor.
Saumin Sheth appointed as Whole Time Director and COO with 99.75% shareholder approval.
Total of 11 resolutions passed, including the re-appointment of four Independent Directors.
Voting participation represented 83.17% of the company's total paid-up equity capital.
The company has officially transitioned its name from Adani Wilmar Limited to AWL Agri Business Limited.

💡 Investors should take note of the formalized leadership structure and the high level of shareholder confidence in the new management. Monitor the new CEO's strategic execution as the company pivots under its new 'AWL Agri Business' identity.

AWL Agri Business Shareholders Approve Shrikant Kanhere as MD & CEO with 99.64% Majority

🟢 POSITIVE ⭐ 8/10

MANAGEMENT 📅 20 Jan 2026, 06:26 PM

AWL Agri Business Limited (formerly Adani Wilmar) has announced the successful passage of 11 resolutions via postal ballot with overwhelming shareholder support. Key leadership appointments include Mr. Shrikant Kanhere as Managing Director and CEO, and Mr. Saumin Sheth as Whole Time Director and COO. The resolutions also secured the re-appointment of four Independent Directors and the adoption of amended Articles of Association. Approximately 83.17% of the total paid-up equity capital participated in the voting process, indicating strong alignment between the board and shareholders.

Mr. Shrikant Kanhere confirmed as MD and CEO with 99.64% of votes in favor.
Mr. Saumin Sheth appointed as Whole Time Director and COO with 99.75% approval.
Shareholders approved the re-appointment of four Independent Directors, including those over 75 years of age.
Voting participation was high, representing 1,08,09,50,538 shares or 83.17% of the total paid-up capital.
The company officially transitioned its identity from Adani Wilmar Limited to AWL Agri Business Limited.

💡 Investors should view the high approval ratings for the new leadership team as a sign of institutional confidence. Monitor the new CEO's strategic execution under the rebranded entity to assess long-term growth prospects.

AWL Agri Business Shareholders Approve New MD & CEO and 10 Other Key Resolutions

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 20 Jan 2026, 06:21 PM

AWL Agri Business Limited (formerly Adani Wilmar) has announced the successful passage of 11 resolutions via postal ballot with overwhelming shareholder support. Key highlights include the appointment of Mr. Shrikant Kanhere as Managing Director and CEO with 99.64% votes in favor. Additionally, Mr. Saumin Sheth was appointed as Executive Director and COO with 99.75% approval. The voting results demonstrate strong institutional and public confidence in the company's new leadership team and governance structure following its recent rebranding.

Mr. Shrikant Kanhere appointed as Managing Director and CEO with 99.64% shareholder approval
Mr. Saumin Sheth appointed as Whole Time Director and COO with 99.75% votes in favor
Shareholders approved the re-appointment of four independent directors and two directors beyond the age of 75
Adoption of amended Articles of Association approved by the requisite majority
Total of 11 resolutions passed during the postal ballot period ending January 16, 2026

💡 The high approval ratings for the new MD & CEO and COO indicate strong shareholder confidence; investors should monitor the new leadership's strategic execution under the rebranded entity.

AWL Agri Business Shareholders Approve Shrikant Kanhere as MD & CEO with 99.64% Majority

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 20 Jan 2026, 06:19 PM

AWL Agri Business Limited (formerly Adani Wilmar) has announced the successful passage of 11 key resolutions via postal ballot with overwhelming shareholder support. Most notably, shareholders approved the appointment of Mr. Shrikant Kanhere as Managing Director and CEO, and Mr. Saumin Sheth as Whole Time Director and COO. The voting, which concluded on January 16, 2026, also confirmed the re-appointment of several Independent Directors and the adoption of amended Articles of Association. This formalizes the leadership structure following the company's recent rebranding and name change.

Shrikant Kanhere's appointment as MD and CEO was approved with 99.64% of total votes polled in favor.
Saumin Sheth was confirmed as Whole Time Director and Chief Operating Officer with 99.75% approval.
Re-appointment of Independent Directors Dorab E. Mistry and Madhu Ramachandra Rao beyond the age of 75 was ratified.
A total of 9,66,627 shareholders were on record for the voting process which saw high institutional and promoter alignment.
The resolution for the adoption of amended Articles of Association was passed with the requisite majority.

💡 Investors should take confidence in the high level of shareholder consensus for the new leadership team. Monitor the new CEO's strategic execution as the company transitions under its new identity as AWL Agri Business.

View All AWL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 24% YoY to INR 63,672 Cr in FY25. Edible Oil revenue grew 28% to INR 49,736 Cr; Food and FMCG revenue surged 26% to INR 6,273 Cr; Industry Essentials revenue grew 2% to INR 7,663 Cr.

Geographic Revenue Split

Domestic operations contribute the vast majority of revenue through 10,000+ distributors and 2.1 million retail outlets. International presence includes a Bangladesh subsidiary which reported a net loss of INR 57 Cr in FY25, an improvement from INR 111 Cr loss in FY24.

Profitability Margins

Gross profitability is sensitive to import duties and commodity prices. PBILDT margin improved to 3.90% in FY25 from 2.22% in FY24, driven by inventory gains from a September 2024 custom duty hike and improved sales realizations in H2FY25.

EBITDA Margin

PBILDT margin stood at 3.90% in FY25. Core profitability improved due to a 9% increase in total sales volume and better alignment of hedges, leading to significant improvement in PBILDT per Metric Tonne.

Capital Expenditure

Incurred INR 995 Cr in FY25 (funded by INR 734 Cr IPO proceeds and INR 170 Cr debt). Planned capex of INR 2,000 Cr to INR 2,400 Cr for FY26 and FY27 for greenfield oleo business and refining expansion.

Credit Rating & Borrowing

Long-term bank facilities of INR 1,230 Cr rated CARE AA-; Stable. Short-term facilities and Commercial Paper rated CARE A1+. Borrowing costs are competitive due to strong parentage and a capital base of INR 9,359 Cr.

⚙️ Operational Drivers

Raw Materials

Crude edible oils (Palm, Soya, Sunflower) represent the bulk of input costs. Other materials include Wheat, Paddy (Rice), Mustard seeds, and chemicals for the Oleo business.

Import Sources

Imports are sourced from Indonesia and Malaysia (Palm oil), Argentina and Brazil (Soya oil), and Ukraine and Russia (Sunflower oil).

Key Suppliers

Wilmar International Limited (WIL) provides global procurement linkages and real-time price information. Other suppliers include regional agricultural producers for wheat and rice.

Capacity Expansion

Current refining capacity is 18,310 TPD and crushing capacity is 7,775 TPD. Expansion includes a new castor derivative plant and increased refining capacity at the Hazira plant by FY27.

Raw Material Costs

Raw material costs are highly volatile; inventory gains occurred in FY25 due to higher import duties. Procurement is managed through a defined hedging system with stop-loss limits set by a risk committee.

Manufacturing Efficiency

Operates 24 owned plants and 52 third-party units. Integrated manufacturing and proximity to consumption centers provide logistical advantages and higher operating efficiencies.

Logistics & Distribution

Distribution is a core strength with 10,000+ distributors. Leveraging AWL's existing network for acquired brands (like Tops) reduces incremental distribution costs.

📈 Strategic Growth

Expected Growth Rate

26%

Growth Strategy

Scaling Food & FMCG to reach INR 10,000 Cr TOI through regional customization, expansion in Q-commerce, and leveraging the 'Fortune' brand. Growth is supported by the acquisition of GD Foods (Tops brand) and expansion into oleochemicals.

Products & Services

Edible oils (Soybean, Palm, Mustard, Rice Bran), Wheat Flour (Atta), Basmati Rice, Besan, Sauces, Jams, Soap noodles, Glycerine, and Castor oil derivatives.

Brand Portfolio

Fortune, Tops, Raag, Bullet, Fryola, Kings.

New Products/Services

Expansion of the 'Tops' product line (sauces/jams) and new oleochemical products. Food & FMCG segment volume grew 26% YoY, indicating high consumer acceptance of new SKUs.

Market Expansion

Targeting rural penetration in 50,000+ towns and aggressive digital commerce strategies. Expanding the oleochemical business through a new greenfield plant.

Market Share & Ranking

Market leader in domestic edible oils (Fortune brand). Ranks among top 3 in Basmati rice and Wheat flour. Market share in Soybean oil increased by 10 bps in FY25.

Strategic Alliances

Joint venture with Wilmar International (Singapore), which holds a 63.94% stake. Strategic acquisition of GD Foods (Tops) and OCIPL to bolster the FMCG portfolio.

🌍 External Factors

Industry Trends

Shift toward branded packaged staples (9% total volume growth for AWL). Rapid growth in Q-commerce and digital platforms, where AWL's alternate channels grew 35% in Q2FY26.

Competitive Landscape

Faces competition from large FMCG players in the food segment and regional refiners in the edible oil segment. Competitive edge is maintained through integrated manufacturing.

Competitive Moat

Moat consists of the 'Fortune' brand equity, the largest edible oil refinery in India (Mundra), and global procurement synergies with Wilmar. These are sustainable due to high entry barriers in large-scale port-based refining.

Macro Economic Sensitivity

Highly sensitive to global edible oil price cycles and domestic inflation. Demand for premium food options is rising with increasing consumer health-consciousness.

Consumer Behavior

Increasing preference for health-oriented, convenient, and premium branded food options over loose/unbranded products.

Geopolitical Risks

Conflict in Ukraine and Russia impacts sunflower oil supply chains. Indonesia's B35/B40 biodiesel blending mandates affect global palm oil availability and pricing.

⚖️ Regulatory & Governance

Industry Regulations

Subject to FSSAI standards and government import duty structures. The differential between crude and refined oil duties is a key determinant of refining margins.

Environmental Compliance

Invested in green manufacturing and solar power (3.2 MW). Adheres to Wilmar’s 'No Deforestation, No Peat, No Exploitation' (NDPE) policy.

Taxation Policy Impact

GST 2.0 implementation saw tax on GD Foods products drop from 18% to 5%, which is expected to drive double-digit volume growth in H2FY26.

⚠️ Risk Analysis

Key Uncertainties

Volatility in international CPO (Crude Palm Oil) prices and domestic agro-climatic conditions affecting crop yields for mustard and soya.

Geographic Concentration Risk

High concentration in India; however, manufacturing is diversified across 10 states. Bangladesh subsidiary provides some international exposure but remains a small portion of the business.