AWL Agri Business Limited (formerly Adani Wilmar Limited) has successfully concluded its postal ballot process with shareholders approving all 11 proposed resolutions. The company announced the results on January 20, 2026, following the completion of e-voting that concluded on January 16, 2026.

Voting Process and Participation

The postal ballot process was conducted entirely through electronic voting via Central Depository Services (India) Limited. The e-voting period commenced on December 18, 2025, at 9:00 AM IST and concluded on January 16, 2026, at 5:00 PM IST. The process was overseen by scrutinizer Raimeen Maradiya, a practicing company secretary from Chirag Shah & Associates.

Key Leadership Appointments

The most significant resolutions involved critical leadership appointments that received overwhelming shareholder support:

Executive Appointments:

• Shrikant Kanhere (DIN: 07185218) was appointed as Director with 99.75% approval and as Managing Director & CEO with 99.64% approval
• Saumin Sheth (DIN: 03586740) was appointed as Director with 99.75% approval and as Executive Director & COO with 99.62% approval

Independent Director Re-appointments

Shareholders also approved the re-appointment of several independent directors, along with provisions for continuation beyond age 75:

Independent Director Approvals:

• Dorab E. Mistry (DIN: 07245114): Re-appointed with 94.92% approval; continuation beyond 75 years approved with 95.18%
• Madhu Ramachandra Rao (DIN: 02683483): Re-appointed with 95.11% approval; continuation beyond 75 years approved with 95.18%
• Dipali Sheth (DIN: 07556685): Re-appointed with 99.61% approval
• Dr. Anup P. Shah (DIN: 00293207): Re-appointed with 99.92% approval

Corporate Governance Enhancement

The final resolution involved the adoption of amended Articles of Association, which received near-unanimous approval at 100.00%. This resolution garnered 1,080,836,792 votes in favour with minimal dissent of just 33,450 votes.

Voting Pattern Analysis

The voting results demonstrated strong confidence across all shareholder categories:

All resolutions were passed as either ordinary or special resolutions based on their nature, with the company maintaining compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The successful completion of this postal ballot process positions AWL Agri Business Limited for its next phase of growth under new leadership while maintaining strong governance standards.

AWL Agri Business Limited has released its preliminary quarterly business update for Q3FY26, revealing mixed performance across different business segments. The company recorded low single-digit volume growth during the quarter ended December 31, with growth primarily driven by uptick in both Edible Oil and Food & FMCG segments, though overall volumes were impacted by declining Industry Essentials performance. The company noted that festive demand remained muted during the quarter as trade operated with lean inventory levels.

Q3FY26 Financial Highlights

The company demonstrated resilient value growth despite volume challenges during the quarter:

Segment-Wise Performance Analysis

The company's performance varied significantly across business segments during Q3FY26:

The Edible Oil segment demonstrated resilience with close to 3.00% YoY growth, led by strong performance in mustard oil and improved traction in palm oil. However, sunflower oil sales remained flat amid elevated inflationary pressures. The segment benefited from relatively lower price volatility during the quarter, with palm oil prices correcting to levels similar to soybean oil.

Food & FMCG Segment Recovery

The Food & FMCG business showed gradual recovery with 3.00% YoY growth (excluding G2G sales), supported by improved offtake and multiple interventions in the rice business:

Food & FMCG products other than rice and wheat, contributing over one-third of the segment, recorded strong growth exceeding 30.00% YoY. Wheat flour consumer packs remained flat amid subdued demand, though the company implemented multiple interventions including pricing adjustments and consumer promotions to improve profitability.

Digital Channels Drive Growth

Alternate channels continued their strong momentum, with impressive performance metrics:

The strong performance in e-commerce and quick commerce platforms reflects changing consumer preferences and the company's successful digital strategy adaptation.

Distribution and Marketing Initiatives

The company's distribution footprint expanded to close to 9.50 lakh outlets, representing 18.00% YoY growth. Having scaled distribution significantly over the past 3-4 years, particularly in rural markets, the focus has shifted toward consolidation and efficiency improvements.

During the quarter, AWL Agri Business stepped up marketing intensity with five new television campaigns, including a refreshed pan-India campaign featuring Akshay Kumar and region-specific campaigns for East and South India. The company also launched "Pakko Gujarati" campaign for Fortune Cottonlite Refined Cottonseed Oil featuring prominent regional actors.

Industry Essentials Face Headwinds

The Industry Essentials segment faced significant headwinds with 7.00% YoY volume decline, primarily due to weak sales of castor and de-oiled cake products. This decline partially offset the positive performance in other segments and contributed to the overall modest growth trajectory.

GD Foods, focusing on sauces and condiments, delivered strong 18.00% YoY growth driven by improved execution and leveraging AWL Agri Business's distribution infrastructure. The company continued bundling 'Tops' products with 'Fortune' products to drive trials and achieve cost efficiencies.