AWL Agri Business (AWL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue grew 10% YoY to INR 18,603 crore, with volume up 3% YoY to 1.7 million MT; EBITDA was INR 637 crore, down 19% YoY due to prior year one-offs, and PAT was INR 269 crore.

• Core brands like Fortune and Kohinoor delivered strong growth, with Fortune up 13% and Kohinoor up 32% YoY.

• Alternate channels and branded exports showed robust momentum, with alternate channel revenue reaching INR 4,800 crore over the last 12 months and 42% YoY volume growth.

• Board approved unaudited results for Q3 and 9M FY26, including recent acquisitions and Wilmar's majority stake.

Financial highlights

• Standalone volume grew 2% and revenue 8% for the quarter; consolidated volumes up 3% and revenue up 10% YoY.

• Q3 EBITDA stood at INR 637 crore, with last 12-month EBITDA at INR 2,200 crore; consistent delivery of 600+ crore EBITDA per quarter.

• Net profit for Q3 FY26 was INR 269.03 crore, compared to INR 410.93 crore in Q3 FY25; EPS for Q3 FY26 was INR 2.08.

• 9M FY26 revenue was INR 53,266 crore and net profit was INR 751.83 crore.

• Exceptional item of INR 25.83 crore related to regulatory-driven labour code changes impacted results.

Outlook and guidance

• Management maintains EBITDA per ton guidance of INR 3,500-3,600, supported by strong risk management practices.

• Food business expected to deliver meaningful EBITDA margins (5-7%) in 2-3 years as it transitions from investment to growth phase.

• FY27 INR 10,000 crore food business target may be delayed to FY28, but company expects to be within striking distance.

• Food business targets 20-25%+ ROCE as it matures.