AWL Agri Business delivered a strong set of results for Q4 FY26, reporting its highest-ever quarterly revenue of over INR 21,000 crores, representing an 18% year-on-year growth. The company achieved 14% volume growth, delivering close to 1.9 million metric tons in the quarter. Operational EBITDA grew by 40% and PAT surged by more than 50% year-on-year on a quarterly basis. The results were shared during the Q4 FY26 Earnings Conference Call held on April 29, 2026, hosted by ICICI Securities.

Q4 FY26 Financial Performance

The company reported robust financials both on a standalone and consolidated basis. On a standalone basis, revenue crossed INR 20,000 crores with an EBITDA of INR 638 crores, reflecting 38%+ growth, and a PAT of INR 268 crores for the quarter. For the full standalone year, revenue crossed INR 72,000 crores with an EBITDA of INR 2,400 crores and a PAT of INR 981 crores. On a consolidated basis, revenue exceeded INR 21,000 crores with a PAT of INR 293 crores, up 54%+. The operational EBITDA for the quarter stood at INR 628 crores, with gross profit per ton exceeding INR 12,000 and EBITDA per ton at approximately INR 3,400.

For the full year FY26, the company closed with 6.8 million metric tons of volumes, a 4% growth. The highest-ever annual turnover crossed INR 74,000 crores, up 17% year-on-year. Full-year operational EBITDA stood at over INR 2,300 crores, and PAT exceeded INR 1,000 crores. On a per-ton basis, full-year gross profit exceeded INR 11,500 per ton and EBITDA was approximately INR 3,500 per ton on a consolidated basis.

Segment-Wise Performance

All three business segments delivered volume and revenue growth in Q4 FY26. Edible Oil led with 17% volume growth and revenue of INR 17,520 crores, up 19% year-on-year. Market share in edible oil improved by 60 basis points, and e-commerce and quick commerce market share remained above 30%. Food & FMCG grew by 6% and Industry Essentials by 13% in volume terms. When normalized for a one-time government-to-government business from the prior year, full-year Food & FMCG growth stands at 3%+ and overall volume growth at 6%.

The Food segment recorded a profitability of close to INR 35 crores in Q4, and for the full year, segment result stood at over INR 200 crores. The wheat flour market share remained at approximately 5.3%–5.4%, while basmati rice market share improved by 330 basis points to close to 9%. Management noted that wheat flour faced tough competition from private labels and smaller players during FY26 due to range-bound wheat prices, but expects this to improve in FY27. The non-basmati rice (NBR) business is being consolidated on a region-by-region basis rather than a pan-India approach.

GD Foods, acquired in the prior year, reported 24% volume growth and 21% revenue growth in Q4, and 15% volume growth and 12% revenue growth for the full year, maintaining material margins of 55% and 54% for the quarter and full year, respectively. Industry Essentials recorded 13% year-on-year volume and 11% year-on-year revenue growth in Q4 FY26. The oleo chemical business contributes 30% of the Industry Essentials segment and remains a key growth driver, while specialty chemicals now contribute approximately 7%–8% of the portfolio.

Brand and Channel Highlights

The Fortune brand in oil and food combined grew by 11% year-on-year in Q4. The Kohinoor brand grew by 39% year-on-year in Q4, with full-year volumes crossing 50,000+ tons, reflecting approximately 20% growth over the prior year. Management noted that Kohinoor has strong salience in South and Western India, and AWL's distribution strength has extended the brand nationally, with good traction also emerging from Eastern India. Masstige brands including King's and Raag grew by 18% year-on-year in volume.

Alternate channel now contributes approximately 15% of edible oil volumes and around 25% of food volumes. Quick commerce accounts for close to 32% of overall alternate channel volumes. Management noted that the alternate channel carries a margin advantage of approximately 50–60 basis points over general trade. Direct outlet reach stands at 970,000 outlets, with overall direct plus indirect reach at 2.6 million outlets as per Nielsen data. Rural reach covers 63,000 towns, of which close to 55,000 outlets are serviced every three months.

New product launches during the quarter included Fortune Premio, a premium range featuring Olive Oil and Cold Press Mustard Oil, initially launched in Delhi, Hyderabad, Mumbai, and Bangalore. The company also highlighted a portfolio of health and convenience-focused foods including soya nuggets, biryani kit, Kohinoor brown rice, premium cold press oils, and a blended oil portfolio.

Macro Context and Q1 FY27 Outlook

Management highlighted that Q4 FY26 was impacted by several macro events, particularly in March, including the Iran conflict, which led to firming of edible oil prices — sunflower settling above $1,400 per ton, soya near $1,300, and palm ranging between $1,220–$1,250. Crude-linked commodity costs including chemicals, coal, and packing materials also rose, with the full cost impact expected to reflect in Q1 FY27. Rupee depreciation and export disruptions in the Middle East added further pressure. Management noted that packing material costs represent approximately 2%–2.5%–3% of overall costs, and a 10%–15% rise in packing material costs would translate to an impact of approximately 25–50 basis points.

On edible oil price sensitivity, management indicated that for every INR 10 increase in prices, demand slows by approximately 1%, and vice versa. Edible oil prices increased by approximately 10% in March, with the hike passed on to consumers. For Q1 FY27, management noted a sluggish start in April due to inventory build-up in March and seasonal factors, but expressed confidence in recovery during May and June, expecting a good quarter overall. Management also noted that Indonesia's planned increase in biodiesel blending to B50 could support palm oil prices and benefit AWL as a predominantly soft oil consumer pack company.

Strategic Shift: Volume-First Approach for FY27-28

AWL Agri Business has outlined a fundamental strategic shift, prioritizing volume growth over margin optimization for FY27 and part of FY28. The Food & FMCG segment is targeted to achieve mid-teens double-digit volume growth, while Edible Oil is expected to grow at mid-single digits. Management confirmed that key growth categories include rice, wheat flour, besan, pulses, and sugar.

Management indicated that the food business closed FY26 at 1.2 million tons and expects to surpass 1.5–1.6 million tons in FY27, after which margin consolidation is expected to begin. The company benchmarks its wheat flour business against ITC and its rice business against KRBL and LT Foods, acknowledging it is still in an investment and growth phase. The Industry Essentials segment's new installation at Krishnapatnam is expected to be operational by early Q4 FY27, adding incremental volumes. Management also confirmed there are currently no plans to enter the palm oil plantation business.

AWL Agri Business Limited (formerly known as Adani Wilmar Limited) has announced one-on-one interactions with analysts and investors scheduled for Tuesday, May 5, 2026, in Mumbai. The company informed stock exchanges about this event through a regulatory filing dated May 4, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Meeting Details and Scope

The company will engage with various analysts and investors on a one-on-one basis during the scheduled meetings. AWL Agri Business explicitly stated that no price-sensitive information or forward-looking statements will be disclosed or discussed during these interactions. The schedule remains subject to changes due to exigencies on the part of the investors or the company.

Regulatory Compliance and Documentation

The company has fulfilled its regulatory obligations by notifying both BSE Limited and National Stock Exchange of India Limited about the scheduled interactions. The regulatory filing was submitted with reference number AWL/SECT/2026-27/11 and addressed to both exchanges with their respective scrip codes.

The regulatory filing was digitally signed by Darshil Mayank Lakhia, Company Secretary (Membership No: A20217), ensuring proper compliance with disclosure requirements under SEBI Listing Regulations.

Source: Company/INE699H01024/56549452e01ca28bdf2500ced9653143.pdf