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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.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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