AWL Agri Business LimitedQuarter Ended September 30, 2026 Results & Financial Update
AWL Agri Business Limited: Quarter Ended September 30, 2026 consolidated results and company financials – revenue ₹22,201.93 Cr, PAT ₹239.39 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore AWL Agri Business Quarter Ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
AWL Agri Business Limited reported a consolidated revenue of INR 22,202 crore for the quarter ended September 30, 2026, marking a 26% year-on-year expansion underpinned by robust underlying volume growth of 14%.
Normalized operating EBITDA stood at INR 623 crore, reflecting an 11% increase over the same period last year, while profit after tax reached INR 239 crore compared to INR 245 crore previously, constrained primarily by minimum corporate tax computations on revenue within the Bangladesh subsidiary.
The Food & FMCG division remained a prominent growth driver, achieving a 32% year-on-year revenue surge to cross INR 2,200 crore for the quarter while maintaining segment EBITDA margins within management's target band of 3% to 4%.
Edible Oils registered 5% volume growth to reach 1.1 MMT backed by resilient domestic oil demand, whereas the Industry Essentials segment expanded volumes by 26% alongside robust performance in oleochemicals and specialty chemicals.
Alternate distribution channels, including e-commerce, quick commerce, and modern trade, grew 13% year-on-year, with quick commerce accelerating above 40% as digital execution and wider product assortments gained traction.
01 · Business model
What does AWL Agri Business do?
AWL Agri Business Limited (formerly known as Adani Wilmar Limited) operates as one of India's largest Food and FMCG enterprises, offering a broad portfolio of essential kitchen staples such as edible oils, wheat flour, rice, pulses, and sugar alongside specialized industry inputs.
The enterprise reaches consumers through its flagship brand Fortune alongside Kohinoor, commanding a presence that spans over 135 million households through an extensive supply chain featuring 24 manufacturing plants across 11 states, anchored by India's largest single-location refinery in Mundra.
Beyond household retail, AWL caters to HoReCa and industrial clients with specialty bakery fats, castor oil derivatives, oleochemicals, and value-added soy products, supported by a distribution framework comprising over 10,000 distributors and 2.6 million retail outlets.
02 · Historical context
What shaped the business before this quarter
Previously known as Adani Wilmar Limited, the company operates under the name AWL Agri Business Limited while maintaining its core manufacturing and distribution infrastructure.
Starting from Q4 FY24 results onwards, management reclassified derivative gains and losses out of cost of material consumed into other income and other expenses.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter Ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹22,201.93 Cr | ₹17,604.57 Cr | ₹20,048.14 Cr |
| Total income | ₹22,271.25 Cr | ₹17,525.61 Cr | ₹20,116.91 Cr |
| Profit before tax | ₹343.65 Cr | ₹330.22 Cr | ₹458.89 Cr |
| Profit after tax | ₹239.39 Cr | ₹244.85 Cr | ₹351.39 Cr |
| EPS | ₹1.85 | ₹1.89 | ₹2.71 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Segment revenue advanced 32% year-on-year to INR 2,216 crore, propelled by double-digit revenue gains across flagship brands Fortune and Kohinoor as well as a 40%+ surge in Fortune Pulses.
Edible oils recorded a 5% volume increase to 1.1 MMT, driven by strong demand for domestic oils such as mustard, groundnut, and cottonseed despite challenging global commodity pricing environments.
The segment delivered 26% volume growth and 39% revenue growth to INR 2,918 crore, aided by a higher contribution from value-added oleochemicals and specialty chemicals.
What drove margins
Edible oil EBITDA per metric ton stood at INR 4,091, remaining aligned with management guidance of INR 4,000 to INR 4,500 per MT.
Industry essentials generated an EBITDA of approximately INR 4,335 per MT, exceeding management estimates due to a favorable product mix.
Food & FMCG EBITDA margin registered at 3%, remaining strictly within the management's target guidance range of 3% to 4%.
05 · Demand, customers & order book
Where demand is coming from
Direct retail store reach under general trade expanded to approximately 0.97 million outlets, with total reach exceeding 2.6 million outlets.
HoReCa institutional revenues grew 22% year-on-year, with trailing twelve-month revenues crossing INR 800 crore.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Fortune Pulses surpassed INR 100 crore in quarterly revenue, while categories like besan, soya nuggets, and sugar maintained steady traction.
The sauces and condiments business delivered over 30% revenue and volume growth year-on-year, supported by strong demand across sauces, noodles, and vermicelli alongside new product introductions.
The oleochemicals division grew over 25% year-on-year, contributing approximately 45% of segment revenue across home care, pharmaceutical, and agrochemical end-markets.
Geography and market mix
Branded export channels achieved 72% year-on-year revenue growth through expanding international distribution reach and availability.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Production infrastructure comprises 24 manufacturing facilities spread across 11 states, anchored by the Mundra refinery operating at a 5,000 tons per day capacity.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Expanded the health and convenience portfolio through the launch of Fortune Yellow Mustard Oil, alongside new TOPS offerings including Chilli Oil and Multigrain Choco Flakes.
09 · Reported developments
What changed operationally
Quick commerce channels expanded over 40% year-on-year, underpinned by improved assortment, platform execution, and strong market shares in key food staples.
10 · Pressure points & risks
What is not going smoothly
Consolidated PAT experienced a minor year-on-year decline due to minimum corporate tax calculations applied to the Bangladesh subsidiary's revenue under local regulations.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Regulatory Scrutiny Context
Heightened government inspections and sampling across edible oils and spices are noted by management as favorable for organized market participants like AWL through the displacement of unbranded share.
12 · Previous-quarter changes
What changed since the previous quarter
Direct general trade distribution reach expanded by over 7,000 outlets sequentially from the preceding quarter.
13 · Key Q&A
The quarter, answered directly
What does AWL Agri Business do?
AWL Agri Business Limited (formerly known as Adani Wilmar Limited) operates as one of India's largest Food and FMCG enterprises, offering a broad portfolio of essential kitchen staples such as edible oils, wheat flour, rice, pulses, and sugar alongside specialized industry inputs.
What is the clearest takeaway from Quarter Ended September 30, 2026?
AWL Agri Business Limited reported a consolidated revenue of INR 22,202 crore for the quarter ended September 30, 2026, marking a 26% year-on-year expansion underpinned by robust underlying volume growth of 14%.
What drove revenue or demand?
Segment revenue advanced 32% year-on-year to INR 2,216 crore, propelled by double-digit revenue gains across flagship brands Fortune and Kohinoor as well as a 40%+ surge in Fortune Pulses.
What mattered most for margins or profitability?
Edible oil EBITDA per metric ton stood at INR 4,091, remaining aligned with management guidance of INR 4,000 to INR 4,500 per MT.
What changed operationally beyond the headline numbers?
Production infrastructure comprises 24 manufacturing facilities spread across 11 states, anchored by the Mundra refinery operating at a 5,000 tons per day capacity.
What are the main pressure points disclosed for the quarter?
Consolidated PAT experienced a minor year-on-year decline due to minimum corporate tax calculations applied to the Bangladesh subsidiary's revenue under local regulations.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Food Segment Margin Progression: Monitor the trajectory of Food & FMCG EBITDA margins relative to the stated 3% to 4% guidance band as scale increases.
- 02
Volume Growth Sustainability: Track volume off-take across both edible oils and emerging food categories amid ongoing macro food inflation trends.
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