AWL Agri Business (AWL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue rose 21% YoY to over INR 17,000 crore, driven by edible oils and industry essentials, despite a 5% volume decline due to the absence of G2G rice business and sluggish palm oil sales.

• EBITDA stood at INR 572 crore, down 16% YoY due to a high base and inventory pressures, while PAT was INR 238 crore, up 25% QoQ but down 24% YoY.

• Alternate channels, especially quick commerce and e-commerce, showed strong growth, with e-commerce up 73% and branded exports up 22% YoY.

• Recent acquisition G.D. Foods delivered INR 96 crore revenue, up 9% YoY, with operational synergies and integration underway.

• Board approved and released unaudited standalone and consolidated financial results for the quarter ended June 30, 2025.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was INR 17,058.65 crore, up from INR 14,153.85 crore in Q1 FY25.

• Gross margin per ton at INR 11,121 and EBITDA per ton at INR 3,623; gross profit (normalized) for Q1'26 was INR 1,757 crore.

• Edible oil revenue up 26% YoY to INR 13,415 crore, food and FMCG revenue at INR 1,414 crore+, and industry essentials revenue at INR 2,230 crore, all showing YoY growth.

• Consolidated net profit for Q1 FY26 stood at INR 237.95 crore, compared to INR 190.66 crore in Q1 FY25.

• Other income and commodity derivative gains contributed positively to results.

Outlook and guidance

• Expectation of improved edible oil volumes as palm oil prices normalize and import duty changes favor domestic refiners.

• Food and FMCG business expected to deliver better EBITDA than last year, with continued investment and growth focus.

• Targeting INR 10,000 crore food and FMCG revenue by FY27, with new capacities and product lines supporting growth.

• CapEx guidance of INR 500-600 crore annually, with sufficient capacity post-Gohana plant commissioning.

• Management notes that recent acquisitions make current quarter results not directly comparable to previous periods.