AWL Agri Business opened FY26 on a resilient note, reinforcing its core strength and strategic focus amid evolving market dynamics. The Company experienced a challenging quarter due to a convergence of headwinds — muted consumer demand, strategic consolidation of regional rice operations, one-off G2G rice business in the base year, and fluctuations in edible oil prices.
These dynamics led to a 5% YoY decline in overall volumes in Q1, with rice being the key drag. Encouragingly, core categories delivered healthy volume growth, and revenue rose 21% YoY, driven by higher realizations in edible oil.
Financial Snapshot
- Q1 FY26 revenue: INR 17,059 crores, up 21% YoY
- Edible Oils revenue: +26% YoY
- Industry Essentials: +12%
- Food & FMCG: -8% (due to rice consolidation and G2G base)
- Operating EBITDA: INR 519 crores
- PAT: INR 238 crores
- LTM EBITDA: INR 2,384 crores
Distribution & Alternate Channels
- Direct retail reach: Grew 18% YoY to 8.7 lakh outlets
- Rural town coverage: ~55,000 towns (10x since FY22)
- Alternate channels: Generated INR 3,900+ crores in LTM Jun ’25 revenue
- Quick commerce: ~75% growth in Q1, led by better assortment and promotions
Edible Oils: Resilient Growth Amid Volatility
- Q1 revenue: INR 13,415 crores, +26% YoY
- Volume: Down 4% YoY
- Branded volume (ex-Palm): Grew in low single digits
- Sunflower & Mustard oils: Contributed >15% to branded volumes
- Palm oil challenges: Higher prices led to 135 bps share loss
- Outlook: Normalized palm oil prices and policy support to drive future growth
Food & FMCG: Realigning for Growth
- Q1 revenue: INR 1,414 crores, -8% YoY
- Ex-G2G rice: +4% YoY
- Branded Basmati rice: Double-digit volume growth
- Wheat flour: Gained 40 bps market share despite soft demand
- Emerging categories: Pulses, besan, soya nuggets, sugar, poha all posted high-teen volume growth
- Quick commerce & outlet reach: Key growth drivers
Industry Essentials: Record Profitability
- Q1 revenue: INR 2,230 crores, +12% YoY
- Volume: +6% YoY
- Castor oil & derivatives: Flat volumes due to full capacity
- PBT: INR 100 crores — highest in 12 quarters
- Market leadership: India’s top castor oil exporter
Leadership Commentary
Angshu Mallick, MD & CEO, AWL Agri Business Ltd, said, “The Company witnessed a temporary volume decline, primarily influenced by the consolidation of its regional rice operations and muted consumer demand. Encouragingly, the core categories delivered healthy volume growth, and revenue rose 21% YoY, driven by higher edible oil realizations. We also delivered healthy profits in LTM Jun ‘25 with operating EBITDA of INR 2,384 crores and PAT of INR 1,151 crores, nearing our highest-ever rolling 12-months profits, despite the headwind of custom duty cuts on edible oils. Our focus on improving the profitability in the Food & FMCG segment has led to highest-ever PBT of INR 75 crores in Q1, with PBT margin of 5.3%.”
Segment Performance (Excluding G2G Business)
| Category | Volume (MMT) | YoY % | Revenue (₹ Cr) | YoY % | Mix % |
|---|---|---|---|---|---|
| Edible Oil | 0.96 | -4% | 13,415 | +26% | 61% |
| Food & FMCG | 0.26 | -5% | 1,414 | +4% | 16% |
| Industry Essentials | 0.36 | +6% | 2,230 | +12% | 23% |
| Total | 1.58 | -2% | 17,059 | +22% | 100% |
P&L Summary (₹ in Crores)
| Metric | Q1 FY25 | Q1 FY26 | YoY % |
|---|---|---|---|
| Revenue from Operations | 14,154 | 17,059 | +21% |
| Operating EBITDA | — | 519 | — |
| PAT | 313 | 238 | -24% |
| COGS | (12,355) | (15,455) | +25% |
| Employee Expense | (119) | (150) | +26% |
| Other Expenses | (1,054) | (1,088) | +3% |
| Depreciation | (96) | (103) | +7% |
| Finance Cost | (166) | (159) | -4% |
| PBT | 418 | 311 | -26 |
