AWL Agri Business Limited (formerly Adani Wilmar Limited) has received a penalty order from GST authorities, as disclosed in a regulatory filing dated February 27, 2026. The company made this disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Penalty Details

The Additional Commissioner of CT & GST (Appeal), Central Zone- I, Cuttack has issued an appellate order under Section 107 of the CGST Act, 2017 and OGST Act, 2017. The order confirms a penalty of ₹28,72,625 pertaining to a refund claimed under Section 54(3) relating to Inverted Duty Structure.

Nature of Violation

The penalty has been imposed on account of a refund claimed under the Inverted Duty Structure Category under Section 54(3) of the GST Act. The appellate order was passed under Section 107 of the GST Act, 2017 and OGST Act, 2017, confirming the penalty amount.

Company's Response and Impact Assessment

AWL Agri Business Limited has indicated that it is taking appropriate steps to appeal against the penalty order before the appropriate authority. The company has assessed that it does not foresee any material impact on its financial, operational or other activities due to this penalty.

Regulatory Compliance

The disclosure was made in compliance with SEBI Listing Regulations and SEBI Circular No. SEBI/HO/CFO/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023. The company secretary Darshil Lakhia signed the disclosure document digitally on February 27, 2026.

AWL Agri Business Limited has delivered its highest-ever quarterly revenue of ₹18,603 crores in Q3FY26, marking a 10% year-on-year growth despite challenging market conditions. The company announced its unaudited consolidated financial results for the quarter ended December 31, 2025, with the Board of Directors approving these results at their meeting held on February 3, 2026.

Financial Performance Overview

The company achieved record quarterly performance with consolidated revenue from operations reaching ₹18,603 crores, compared to ₹16,839 crores in Q3FY25. However, profitability faced headwinds with net profit declining to ₹269 crores from ₹411 crores in the corresponding quarter last year.

Regulatory Compliance and Board Approval

The unaudited financial results were prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 10:00 AM (IST) and concluded at 11:15 AM (IST) on February 3, 2026. The results have been submitted to both BSE Limited (Scrip Code: 543458) and National Stock Exchange of India Limited (Scrip Code: AWL).

Segment-wise Performance Analysis

The company's diversified portfolio showed mixed results across its three key business segments. The Edible Oil segment maintained its position as the largest revenue contributor, while Food & FMCG and Industry Essentials segments also delivered substantial contributions.

Exceptional Items and Labour Code Impact

The company reported exceptional items of ₹25.83 crores in Q3FY26, primarily due to the implementation of new Labour Codes notified by the Government of India on November 21, 2025. These codes consolidate 29 existing labour laws and include the Code on Wages 2019, Industrial Relations Code 2020, Code on Social Security 2020, and Occupational Safety, Health and Working Conditions Code 2020.

Nine Months Performance and Strategic Developments

For the nine months ended December 31, 2025, AWL Agri Business reported consolidated revenue of ₹53,266 crores compared to ₹45,443 crores in the previous year, representing 17% growth. Net profit for the nine-month period stood at ₹752 crores versus ₹1,035 crores in the corresponding period last year.

The company completed the operationalization of its integrated food complex at Gohana, built with an investment of approximately ₹1,500 crores. This facility houses integrated capacities across multiple products including paddy-to-rice processing, wheat flour production, mustard crushing, and edible oil refining.

Management Commentary and Future Outlook

Commenting on the results, Mr. Shrikant Kanhere, MD & CEO of AWL Agri Business Limited, stated: "Despite a challenging macro demand environment, AWL Agri Business maintained modest single-digit volume growth in Q3 FY26, led by resilient performance in edible oils and a continued rebound in our Food & FMCG portfolio. We remain focused on strengthening our integrated value chain and go-to-market capabilities while scaling alternate, digital and quick-commerce channels."