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

Executive summary

• Q3 FY26 revenue grew 10% year-on-year to INR 18,603 crore, with consolidated volumes up 3% and EBITDA at INR 637 crore; edible oils led growth while Food & FMCG volumes were flat and Industry Essentials declined.

• Core brands like Fortune and Kohinoor delivered strong double-digit growth, with Fortune up 13% and Kohinoor up 32% year-on-year.

• 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.

• Market share improved sequentially in edible oils and Basmati rice, supported by new product launches and expanded distribution.

• Board approved unaudited results for Q3 and 9M FY26, with statutory auditors finding no material misstatements.

Financial highlights

• Q3 FY26 consolidated revenue was INR 18,602.67 crore, up from INR 16,838.86 crore in Q3 FY25; net profit was INR 269.03 crore, down 35% YoY due to one-off gains in the prior year.

• Q3 EBITDA reached INR 637 crore, with EBITDA per MT at INR 3,833, down 22% YoY; gross profit for Q3 was INR 2,018 crore.

• Last 12-month EBITDA stands at INR 2,200 crore, with consistent quarterly EBITDA above INR 600 crore.

• GD Foods, acquired in April 2025, delivered 15% revenue growth and 18% volume growth, maintaining a 54% material margin.

• EPS for Q3 FY26 was ₹2.08, and for nine months was ₹5.80.

Outlook and guidance

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

• Food business is in investment phase, targeting 20-25%+ ROCE as it matures, with meaningful EBITDA margins (5-7%) expected in 2-3 years.

• Stable and affordable wheat and rice prices anticipated due to strong crop outlook, supporting positive consumption trends.

• Single-digit growth expected in edible oil and double-digit in food for FY 2027.

• Results are not fully comparable year-over-year due to acquisitions and ownership changes.