AWL Agri Business Limited (AWL)
₹187.30 -1.70% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)AWL Agri Business Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, AWL Agri's revenue was ₹20,048 Cr (+17.5% year on year, -6.6% on the previous quarter), and net profit ₹351 Cr (+47.6% year on year); the operating margin was 3.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹20,048 | +17.5% | -6.6% |
| Operating profit | ₹693 | +89.4% | +32.3% |
| Net profit | ₹351 | +47.6% | +19.9% |
| EPS (₹) | 2.71 | +48.9% | +20.4% |
| Operating margin | 3.5% | — | — |
AWL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.18% of the AWL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.44%. The price fell 1.70% on that unusually high delivery, the pattern the delivery dashboard labels distribution.
Delivery in the last 5 sessions: 44.0% · 51.6% · 50.8% · 38.6% · 60.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
AWL Agri Business Limited (formerly Adani Wilmar Limited) has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. The filing confirms that all security certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled within prescribed timelines. This is a mandatory, routine quarterly filing with no impact on business operations or financials.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- RTA confirmation issued by MUFG Intime India Private Limited on October 3, 2026
- Securities received for dematerialisation were confirmed, listed, and mutilated within prescribed timelines
AWL Agri Business reported preliminary Q2 FY27 standalone metrics featuring 12% YoY overall volume growth and 24% YoY revenue growth. Growth was spearheaded by the Food & FMCG business, which grew 33% YoY to cross ₹2,000 crore in quarterly revenue for the first time. The core Edible Oil segment reported 3% YoY volume growth, while Industry Essentials grew volumes by 25% YoY. The performance reflects steady volume traction across staples alongside portfolio premiumization and rapid scaling in Quick Commerce and E-commerce channels.
- Overall standalone performance delivered 12% YoY volume growth and 24% YoY revenue growth in Q2 FY27
- Food & FMCG revenue surged 33% YoY, surpassing ₹2,000 crore in a single quarter for the first time
- Edible Oil business posted 3% YoY volume growth, supported by domestic oils like Mustard and Rice Bran
- Industry Essentials volumes grew 25% YoY, driven by Oleochemicals, Castor, and De-oiled Cakes
- Subsidiary GD Foods (Tops) posted 30%+ YoY revenue growth, while Fortune Pulses crossed ₹100 crore in quarterly revenue
AWL Agri Business Limited (formerly Adani Wilmar Limited) has received a Settlement Order from SEBI under the SEBI (Settlement Proceedings) Regulations, 2018. The settlement pertains to alleged violations of Regulation 33(1)(d) of the SEBI Listing Regulations read with Clause 2 of the erstwhile Listing Agreement. The proceedings were settled without admitting or denying findings of facts for a settlement amount of ₹9,75,000. With an annual net profit of ₹1,045 Cr (FY26), the financial impact of the payment is negligible.
- SEBI passed Settlement Order on September 22, 2026, closing proceedings against the company
- Settlement amount is fixed at INR 9,75,000
- Proceedings settled without admitting or denying findings of fact or conclusions of law
- Matter relates to alleged violation of Regulation 33(1)(d) of SEBI Listing Regulations
AWL Agri Business Limited has notified exchanges of its scheduled participation in the Jefferies India Forum 2026 on September 17, 2026. The engagement will consist of physical 1x1 and group meetings with institutional investors and analysts in Gurgaon. The company clarified that no unpublished price-sensitive information or forward-looking statements will be shared during the sessions. This is a standard investor interaction filing with no immediate financial impact.
- Participation scheduled for September 17, 2026 at the Jefferies India Forum 2026
- Format involves 1x1 and Group Meetings in physical mode at Gurgaon
- Company confirmed no price-sensitive information or forward-looking statements will be disclosed
- Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015
AWL Agri Business Limited (formerly Adani Wilmar Limited) informed the exchanges that NSE Sustainability Ratings and Analytics Limited has assigned it an ESG rating of '63'. The assessment was prepared independently by the rating agency based on publicly available data for FY2025-26 without direct engagement by the company. The rating reflects the company's performance across Environmental, Social, and Governance parameters. There is no immediate financial or operational impact from this disclosure.
- Assigned an ESG rating score of '63' by NSE Sustainability Ratings and Analytics Limited
- Assessment was conducted independently based on publicly available data for FY2025-26
- AWL confirmed it did not solicit or engage the agency for this rating
CARE Ratings Limited has reaffirmed the credit ratings for AWL Agri Business Limited's bank facilities and commercial paper. Long-term/Short-term bank facilities worth Rs 18,111 Cr have been reaffirmed at 'CARE AA-; Stable / CARE A1+'. Additionally, long-term bank facilities of Rs 1,230 Cr were reaffirmed at 'CARE AA-; Stable', and Rs 500 Cr carved-out Commercial Paper was reaffirmed at 'CARE A1+'.
- Reaffirmed CARE AA-; Stable / CARE A1+ rating on Rs 18,111 Cr long-term/short-term bank facilities
- Reaffirmed CARE AA-; Stable rating on Rs 1,230 Cr long-term bank facilities
- Reaffirmed CARE A1+ rating on Rs 500 Cr commercial paper (carved out of working capital limits)
- Rating letters received from CARE Ratings Limited on August 26, 2026
AWL Agri Business Ltd. announced the launch of Fortune Yellow Mustard Oil, expanding its branded edible oil offerings. The product is introduced in a 1-litre PET pack, targeting health-conscious consumers and traditional cooking preferences. The initial rollout focuses on Delhi NCR as well as urban markets in Punjab and Haryana via retail and quick-commerce channels. Relative to AWL's TTM revenue of ₹77,721 Cr, this product extension represents an incremental addition to its edible oil basket.
- Launched Fortune Yellow Mustard Oil in a 1-litre PET pack format
- Initial regional focus concentrated on Delhi NCR, urban Punjab, and Haryana
- Distribution planned across standard retail outlets and quick-commerce platforms
- AWL currently reaches over 135 million households with a retail network of 2.6 million outlets
AWL Agri Business Limited (formerly Adani Wilmar) has announced a schedule for interactions with various analysts and institutional investors. The meetings are set for August 13 and 14, 2026, involving both one-on-one and group formats. The company has explicitly stated that no unpublished price-sensitive information (UPSI) or forward-looking statements will be discussed during these sessions. This is a standard regulatory disclosure under SEBI Listing Obligations.
- One-on-one meetings scheduled for Thursday, August 13, 2026
- One-on-one and group meetings scheduled for Friday, August 14, 2026
- Company maintains a TTM revenue base of Rs 74,732 Cr
- Market capitalization currently stands at Rs 25,130 Cr
AWL Agri Business (formerly Adani Wilmar) has clarified media reports regarding a penalty imposed by the Adjudicating District Magistrate, Goa, under the FSSAI Act. The issue involves a single sample of 'Fortune Fryola' sunflower oil, specifically concerning the declared levels of Vitamins A and D rather than product safety. The company stated that vitamins are sensitive to storage conditions and time, and it has not yet received the certified copy of the order. Given the company's TTM revenue of ₹74,732 Cr, this isolated incident involving a niche product variant is not expected to have a material financial impact.
- Clarification issued on August 8, 2026, following a news report dated August 7, 2026.
- The regulatory issue is limited to a single sample of 'Fortune Fryola', a niche sunflower oil variant.
- The dispute pertains to Vitamin A and D levels, which the company notes are sensitive to storage and light.
- AWL maintains TTM revenue of ₹74,732 Cr, making the reported penalty financially immaterial.
- Company intends to pursue legal remedies once the certified adjudication order is received.
AWL Agri Business (formerly Adani Wilmar) reported a strong start to FY27 with consolidated revenue growing 18% YoY to ₹20,048 crore. Profitability improved significantly, with Operating EBITDA rising 34% to ₹693 crore and PAT increasing 40% YoY. The strategic Food & FMCG segment grew 22% to ₹1,726 crore, led by a 40% surge in Rice volumes. While Edible Oil volumes grew only 2%, the segment's EBITDA per metric ton improved by 33%, indicating better pricing discipline and premiumization.
- Consolidated revenue reached ₹20,048 crore, an 18% YoY increase for Q1 FY27.
- Operating EBITDA grew 34% YoY to ₹693 crore, with PAT rising 40% YoY.
- Food & FMCG segment revenue grew 22% YoY to ₹1,726 crore, now contributing ~8.6% of total revenue.
- Quick commerce channel recorded a robust growth of 56% YoY, reflecting a shift in consumer behavior.
- Edible Oil EBITDA per metric ton increased by 33% YoY despite a modest 2% volume growth.
AWL Agri Business Limited (formerly Adani Wilmar) has released the audio recording of its earnings call held on July 30, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. The company, which reported a TTM revenue of ₹74,732 Cr, uses these calls to provide management commentary on operational performance and market trends. This is a standard regulatory filing following the board meeting where results were approved. Investors can access the recording via the provided link on the company's website.
- Earnings call conducted on July 30, 2026, following board approval of Q1 results.
- Covers financial performance for the quarter ended June 30, 2026.
- Company maintains a significant refining capacity of 18,310 TPD and crushing capacity of 7,775 TPD.
- TTM revenue stands at ₹74,732 Cr with a thin operating margin of 2.9%.
AWL Agri Business Limited has formalized the appointment of Mr. Pankaj Goyal as its permanent Chief Financial Officer, effective July 31, 2026. Mr. Goyal, who previously served as the Interim CFO, has been with the company as Finance Controller since 2019 and has over 23 years of professional experience. This appointment provides leadership continuity for a company managing a TTM revenue of ₹74,732 Cr and a market capitalization of ₹24,745 Cr.
- Mr. Pankaj Goyal appointed as permanent CFO and Key Managerial Personnel effective July 31, 2026.
- He brings over 23 years of experience in financial accounting, taxation, and M&A.
- Associated with the company since 2019 as Finance Controller and with the Adani Group since 2009.
- Previously held key financial management roles at Adani Ports and Adani Green Energy Limited.
AWL Agri Business (formerly Adani Wilmar) reported a strong Q1FY27 with consolidated revenue reaching ₹20,048 Cr, up 18% YoY. Normalized EBITDA grew 34% YoY to ₹693 Cr, supported by a 30% increase in EBITDA per ton in the Edible Oil segment (₹5,030/ton). The Food & FMCG segment continues to scale, contributing ₹1,726 Cr in revenue (up 22%) with margins improving to 6%, significantly above the 8-quarter average of 3-4%. The acquisition of GD Foods (Tops) is performing well with 23% revenue growth.
- Consolidated revenue grew 18% YoY to ₹20,048 Cr, representing ~27% of TTM revenue in a single quarter
- Food & FMCG segment EBITDA reached ₹104 Cr, crossing the ₹100 Cr mark for the first time in a quarter
- Edible Oil EBITDA per ton improved by 30% YoY to ₹5,030 despite global price volatility
- Underlying Volume Growth (UVG) for the group stood at 18% YoY, driven by Food & FMCG and Industry Essentials
- GD Foods (Tops brand) delivered 23% revenue growth and 18% volume growth post-acquisition
AWL Agri Business (formerly Adani Wilmar) reported a strong start to FY27 with consolidated revenue growing 18% YoY to 20,048 Cr. Profitability saw a significant jump, with PAT rising 48% YoY to 351 Cr and Operating EBITDA increasing 34% to 693 Cr. The Food & FMCG segment continues to scale, contributing 1,726 Cr to revenue (22% growth), while Quick Commerce grew by 56%. Despite volatility in edible oil prices, the company maintained robust margins through improved pricing discipline and a better product mix.
- Consolidated Revenue reached 20,048 Cr, an 18% YoY increase with 7% underlying volume growth
- Profit After Tax (PAT) surged 48% YoY to 351 Cr
- Food & FMCG segment revenue grew 22% YoY to 1,726 Cr with EBITDA exceeding 100 Cr
- Quick Commerce channel registered high growth of 56% YoY, with total Alternate Channel LTM revenue crossing 5,600 Cr
- Industry Essentials segment revenue grew 28% YoY, supported by double-digit growth in Oleochemicals
AWL Agri Business (formerly Adani Wilmar) reported a strong start to FY27 with standalone revenue growing 14.5% YoY to Rs 19,170.30 Cr. Net profit for the quarter surged 47.7% YoY to Rs 332.00 Cr, driven by improved operational efficiencies despite a significant drop in other income. Standalone EPS rose to Rs 2.57 from Rs 1.73 in the year-ago period. The company continues to manage commodity price risks through derivatives, recording a net loss of Rs 67.29 Cr on these instruments this quarter.
- Standalone Revenue from Operations increased 14.5% YoY to Rs 19,170.30 Cr
- Standalone Net Profit grew 47.7% YoY to Rs 332.00 Cr from Rs 224.70 Cr
- Standalone EPS improved to Rs 2.57 compared to Rs 1.73 in Q1 FY26
- Finance costs increased by 18.4% YoY to Rs 170.87 Cr
- Net loss on commodity derivatives stood at Rs 67.29 Cr for the quarter
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.
Third Party Dependencies
Utilizes 52 third-party manufacturing units, which introduces some dependency on external quality control and production schedules.
Technology Obsolescence Risk
Low risk for core agri-commodities, but the company is digitally transforming through Q-commerce and automated distribution tracking.
Credit & Counterparty Risk
Average collection period is low at 12 days, indicating high receivables quality and low counterparty credit risk from distributors.
