AWL Agri Business Ltd(AWL)

NSE: AWLBSE: 543458

₹ 173-3.11%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 22,484 crNext results: 27 Oct 2026Website: www.adaniwilmar.comUpdated: 24 Oct 2026

About

AWL Agri Business Ltd, formerly Adani Wilmar Limited, sells edible oils under the Fortune brand, packaged foods, and industrial essentials such as stearin, glycerine and de-oiled cake. Its ultimate holding company is Wilmar International Limited. FY26 consolidated turnover was ₹74,730.67 crore. Edible Oil made up 80% of FY26 revenue, Industry Essentials 11.3% and Food & FMCG 8.7%.^[1][2][3]

Business segments

Edible Oil: revenue of ₹59,787.47 crore in FY26, 80% of the total, vs ₹49,736 crore in FY25.^[3][4]
Industry Essentials (stearin, glycerine, other derivatives and de-oiled cake from rapeseed, castor and mustard): ₹8,469.95 crore in FY26, 11.3% of revenue, vs ₹7,663 crore in FY25.^[3][4][1]
Food & FMCG: ₹6,473.25 crore in FY26, 8.7% of revenue, vs ₹6,273 crore in FY25. Its share of revenue rose 3.9 pp over FY22-FY26, while Edible Oil's fell 3.7 pp.^[3][4]

Products and brands

Fortune is the flagship edible oil brand. Fortune Premio, a premium range of olive oil and cold-pressed mustard oil, was launched in Q4 FY26 in Delhi, Hyderabad, Mumbai and Bangalore.^[5]
Fortune Yellow Mustard Oil was launched in Q2 FY27. Sharbati Atta, Multigrain Atta and Double Roasted Suji are recent premium launches.^[6]
In Q2 FY27, adjacent categories (besan, pulses, soya nuggets, sugar and others) made up more than 35% of Food revenue and grew about 50%.^[6]
Fortune Pulses quarterly revenue crossed ₹100 crore in Q2 FY27.^[6]
Madhur packaged sugar joined the portfolio in Q1 FY27 under a brand licence from Shree Renuka Sugars, with a royalty of 0.5% of sales.^[7]
GD Foods (Tops sauces and condiments), acquired in April 2025, grew revenue 30%+ YoY in Q2 FY27 and added Chilli Oil and Choco Flakes.^[6][5]
Oleochemicals were about 40%+ of Industry Essentials revenue in Q1 FY27. Subsidiary Omkar Chemicals grew volume 16% YoY in Q2 FY27.^[7][6][1]

Key operating numbers

Q2 FY27: standalone volume up 12% YoY and revenue up 24% YoY.^[6]
Edible Oil volume grew 3% YoY in Q2 FY27, led by mustard and rice bran oil, vs 0.98 MMT (+2% YoY) in Q1 FY27.^[6][7]
Edible Oil EBITDA per MT was Rs 5,030 in Q1 FY27, up 30% YoY. Full-year FY27 guidance is Rs 4,000 - 4,500/MT with 5 - 6% volume growth.^[7]
Industry Essentials volume grew 25% YoY in Q2 FY27 across oleochemicals, castor and de-oiled cakes, vs 13% YoY in Q1 FY27.^[6][7]
Food & FMCG revenue grew 33% YoY in Q2 FY27, crossing ₹2,000 crore in a quarter for the first time, vs Rs 1,726 crore (+22% YoY) in Q1 FY27.^[6][7]
Blended gross profit per MT was Rs 12,415 in Q4 FY26 (+19% YoY) and Rs 11,735 for FY26 (+3% YoY).^[5]
Market share (MAT Mar'26): basmati rice about 9.1%, up 330 bps; wheat flour 5.4%, down 20 bps.^[5]

Operations and sourcing

Edible oil refining capacity runs at 60 - 61% utilisation (Q1 FY27).^[7]
Wilmar Trading (WTPL), a Wilmar International subsidiary, supplies raw materials and acts as counterparty for commodity derivative hedges.^[1]
Proposed FY27 transactions with WTPL equal 28.84% of consolidated turnover. They are mostly edible oil purchases on up to 180-day credit.^[1]

Distribution and customers

Total reach is 2.6 million outlets, with about 9.7 lakh outlets reached directly in Q1 FY27 (+1 lakh YoY).^[6][7]
About 63,000+ towns are reached directly in rural areas (Q4 FY26).^[5]
Alternate channels (e-commerce, quick commerce, modern trade) earned more than Rs 5,200 crore in FY26. They carry about 15% of edible oil volume and 25% of Food & FMCG volume.^[5]
Food sales on e-commerce and quick commerce grew 40% YoY in Q2 FY27. Channel shares: 10%+ in atta, 25%+ in besan, 40%+ in soya nuggets.^[6]
Branded export volume rose 59% YoY and HoReCa (hotels, restaurants and caterers) grew 21% YoY in Q2 FY27.^[6]

Expansion and capex

Gohana food complex (Haryana): rice lines with about 500 tonnes/day paddy capacity, plus a 550 TPD chakki atta and flour mill commissioned by end-November 2025.^[8]
A new oleochemical plant at Krishnapatnam is expected to be commissioned in early Q4 FY27.^[5]
New chakki atta plants are being set up in Odisha and Bihar.^[8]
Steady-state capex is modelled at about Rs 700 crore a year, for edible oil capacity and for moving food production from tolling to owned plants.^[7]

Vision 2030 targets

Targets for FY30: consolidated revenue above Rs 1 lakh crore and EBITDA of about Rs 4,000 crore.^[5]
Food & FMCG revenue is targeted to double from FY26 levels by FY30, and direct outlet reach to reach 3 million.^[5]
FY30 EBITDA targets: Edible Oil Rs 4,000 - 4,500/ton and Food & FMCG Rs 2,800 - 3,000/ton, with ROCE above 20%.^[5]

Recent developments

FY26 annual report: shareholder approval sought for related-party transactions with WTPL of up to ₹21,556 crore a year. A final dividend of Re 1 per share was proposed.^[1]
Q1 FY27: the Madhur licence is targeted at 15,000 - 20,000 tonnes/month of sales, with an estimated FY27 revenue contribution of Rs 700 - 800 crore.^[7]
Q1 FY27: Food & FMCG will now be reported on revenue, volume growth and EBITDA margin rather than per-ton figures.^[7]
September 2025: Adani Commodities LLP cut its stake from 30% to 20%, and total promoter holding fell from 74% to 64%.^[8]

Market Cap

₹22,484 Cr

High / Low

₹283 / 171

Stock P/E

19.5

Price / Book

2.1

Book Value

₹80

EPS

₹8.0

No. of Shares

129.97 Cr

ROCE

18.8%

ROE

10.5%

OPM

2.8%

Debt / Equity

0.08

Sales

₹74,731 Cr

Net Profit

₹1,045 Cr

Promoter holding

56.9%

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AWL Agri Business Ltd(AWL)

About

Business segments

Products and brands

Key operating numbers

Operations and sourcing

Distribution and customers

Expansion and capex

Vision 2030 targets

Recent developments

Signal history

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