AWL Agri Business (AWL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹22,201.93 crore, up 26% YoY, with 14% underlying volume growth; normalized operating EBITDA rose 11% to ₹623 crore.

• H1 FY27 revenue grew 22% to ₹42,250.07 crore on 11% volume growth; normalized operating EBITDA was ₹1,378 crore, while EBITDA excluding other income was ₹1,347 crore.

Financial highlights

• Q2 PBT was ₹343.65 crore, up 4% YoY; net profit was ₹239.39 crore, down 2%, and EPS was ₹1.85 versus ₹1.89.

• H1 PBT grew 27% to ₹822 crore and net profit rose 22% to ₹590.78 crore; EPS was ₹4.57 versus ₹3.73.

• Q2 gross profit was ₹2,138 crore, up 11%; EBITDA including other income was ₹692 crore, up 14%. H1 gross profit rose 16% to ₹4,272 crore.

• Bangladesh subsidiary minimum corporate tax, calculated on revenue under local rules, increased consolidated tax expense.

Outlook and guidance

• FY27 Food & FMCG EBITDA margin guidance remains 3%-4%; a high-single-digit margin is a medium-term aspiration from FY28 as scale, mix and efficiency improve.

• Edible Oil guidance is mid-single-digit volume growth and EBITDA of ₹4,000-₹4,500/MT; Industry Essentials growth is expected at 10%-11% in coming quarters after an exceptional Q2.

• H2 volume growth outlook was 8%-9%; food growth is expected to remain double digit, with food revenue growth above 25%.

• CFO indicated a full-year revenue run rate near ₹85,000 crore and EBITDA near ₹2,600 crore, implying a margin close to 3% if the current run rate continues.