NSE: AWL · BSE: 543458
AWL AGRI BUSINESS LIMITED
Produces and sells edible oils, food staples and personal care products, with edible oil accounting for 80.0% of segment revenue at Rs 59,787.47 crore in FY26. The Industry Essentials segment (Rs 8,469.95 crore, 11.3% of segment revenue) covers oleochemicals and specialty chemicals sold to industrial buyers, while Food & FMCG (Rs 6,473.25 crore, 8.7%) spans basmati rice under the Kohinoor brand, sugar under the newly added Madhur brand, plus pulses, besan, sauces, convenience foods and the Alife soap range sold mainly through retail. The combined distribution network reaches about 135 million Indian households, with the alternate channel (including quick commerce) making up 15% of edible oil volumes in Q4 FY26 and growing 43% year-on-year. Raw materials account for 85.9% of revenue, making commodity inputs — palm, soy and sunflower oils, rice and sugar — the dominant cost driver. A Krishnapatnam oleochemicals plant is being commissioned for Q4 FY27, and management is targeting Rs 1 lakh crore revenue and Rs 4,000 crore EBITDA by 2030. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Edible Oil (80%), Industry Essentials (11%), Food & FMCG (9%). High-volume, low-margin branded FMCG; commodity-driven cost base with capital-light distribution model.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 54,214 | 58,185 | 51,262 | 63,672 | 74,731 |
| EBITDA (ex other income) | 1,736 | 1,661 | 1,082 | 2,482 | 2,105 |
| margin % | 3.2 | 2.9 | 2.1 | 3.9 | 2.8 |
| Owners' profit | 804 | 582 | 148 | 1,225 | 1,042 |
| EPS, as reported (₹) | 6.89 | 4.48 | 1.14 | 9.44 | 8.05 |
| ROE % · ROCE % | 10.6 · 18.8 | 7.1 · 16.8 | 1.8 · 10.8 | 13.0 · 21.7 | 10.0 · 16.8 |
| Debt / equity (x) | 0.34 | 0.27 | 0.29 | 0.18 | 0.08 |
| Cash from operations | 1,059 | 663 | 289 | 2,150 | 3,928 |
| Capex | — | (679) | (932) | (996) | (833) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,460 | 16,859 | 18,230 | 17,059 | 17,605 | 18,603 | 21,465 | 20,048 |
| Profit before tax | 402 | 546 | 234 | 311 | 313 | 363 | 380 | 459 |
| Net profit | 311 | 411 | 191 | 238 | 245 | 269 | 293 | 351 |
| EPS (₹) | 2.39 | 3.16 | 1.47 | 1.84 | 1.89 | 2.08 | 2.26 | 2.71 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Edible Oil | 59,787 | 80.0 |
| Food & FMCG | 6,473 | 8.7 |
| Industry Essentials | 8,470 | 11.3 |
| Total, before eliminations | 74,731 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARICO LIMITED | 1,00,900 | 53.2 | 22.45 | 39.8 | 40.3 | 38.1 | 11.1 | 21.9 |
| PATANJALI FOODS LIMITED | 37,853 | 19.2 | 2.89 | 23.1 | 13.9 | 10.3 | — | 4.8 |
| AWL AGRI BUSINESS LIMITED ◆ | 22,724 | 19.7 | 2.18 | 8.7 | 10.0 | 11.1 | — | 3.8 |
| GOKUL AGRO RESOURCES LTD | 6,138 | 11.8 | 4.31 | 9.2 | 26.0 | 26.9 | 23.5 | 4.1 |
| CIAN Agro Ind & Infra Ltd | 2,430 | 7.5 | 1.09 | 6.9 | 10.0 | 7.7 | 53.1 | 32.3 |
| SUNDROP BRANDS LIMITED | 2,413 | 86.5 | 1.63 | 38.5 | 1.4 | 1.7 | — | 6.1 |
| Shri Venkatesh Refineries Limi | 1,659 | 33.5 | — | — | — | 22.2 | — | — |
| KN AGRI RESOURCES LIMITED | 472 | 10.5 | 1.23 | 8.6 | 8.2 | 11.4 | — | 4.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.7 | 17.8 | 17 of 28 | 41% |
| P/B | 2.2 | 1.2 | 18 of 25 | 29% |
| ROCE | 11.1 | 7.4 | 13 of 30 | 59% |
| ROE | 10.0 | 8.2 | 9 of 25 | 67% |
| Debt / Equity | 0.1 | 0.2 | 8 of 25 | 71% |
| EBITDA margin | 3.8 | 4.4 | 16 of 26 | 40% |
| Revenue growth | 17.5 | 5.0 | 8 of 25 | 71% |
| Profit growth | 47.7 | 27.1 | 11 of 23 | 55% |
| Market cap | 22724 | 108 | 3 of 31 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Audio recording shared for Q2 FY2026-27 results call | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 26%, profit down 2% on weaker Food margins | investor communications | medium | — | — |
| 27 Oct 2026 · AWL Q2 FY27 revenue rises 26% as quarterly profit slips slightly | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 revenue rises 26%, but profit is flat and cash flow turns negative | results | high | — | — |
| 14 Oct 2026 · AWL Agri Business to hold Q2 FY27 earnings call on 27 October 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board to consider Q2 FY27 results on 27 October 2026 | results | low | — | — |
| 6 Oct 2026 · RTA Compliance Certificate for Quarter Ended September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · AWL Agri Q2 FY27: 12% volume growth, 24% revenue growth | business updates | medium | — | — |
| 28 Sept 2026 · AWL Agri Business closes trading window from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · SEBI settlement order on AWL Agri Business, penalty Rs 9.75 lakh | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.