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AWL Agri Business (AWL) investor relations material

AWL Agri Business Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary4 Nov, 2025

Executive summary

  • Q2 FY26 consolidated revenue rose 22% year-on-year to INR 17,605 crore, with volume up 2% year-on-year and 7% sequentially; H1 FY26 revenue was INR 34,663 crore, up 21% year-on-year.

  • PAT for Q2 FY26 was INR 245 crore, down 21% year-on-year; H1 PAT at INR 483 crore, down 23% year-on-year, impacted by last year's exceptional gains.

  • Alternate channels and branded exports showed strong growth, with quick commerce up 80-86% and branded exports up 37% LTM; alternate channel revenue exceeded INR 4,400 crore LTM.

  • Food & FMCG segment revenue (ex-G2G) grew 4% year-on-year in Q2 FY26, with strong branded Basmati rice and sugar growth, but overall volumes impacted by weak wheat flour demand and non-branded rice decline.

  • Board approved unaudited financial results for Q2 and H1 FY26, with auditor review confirming no material misstatements.

Financial highlights

  • Q2 FY26 EBITDA (incl. other income) was INR 609 crore, down 9% year-on-year; H1 FY26 EBITDA at INR 1,181 crore, down 13% year-on-year.

  • Gross profit per MT in Q2 FY26 was INR 11,411, up 4% year-on-year; EBITDA per MT at INR 3,621, down 11% year-on-year.

  • Net debt to equity at 0.4x as of H1 FY26; net fixed asset turnover at 9.8x.

  • Inventory days at 54, receivable days at 12 for H1 FY26.

  • Basic and diluted EPS for H1 FY26 was ₹3.73 (consolidated), both lower year-over-year.

Outlook and guidance

  • Management expects to maintain gross margin of INR 11,000/ton and EBITDA of INR 3,500/ton in H2, with H2 expected to be stronger due to festive season, improved agri production, and GST cuts boosting out-of-home consumption.

  • Food segment growth is expected to return to mid-teens in H2, with no G2G business distorting numbers.

  • Company remains committed to reaching close to INR 10,000 crore in food segment revenue by FY27.

  • Food business in investment phase, targeting 20-25%+ ROCE as it matures.

  • Expectation of healthy growth in Bangladesh subsidiary as macroeconomic and FX conditions stabilize.

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