AWL Agri Business (AWL) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 63,672 crore in FY25, up 24% year-over-year, with highest-ever EBITDA of INR 2,482 crore and PAT of INR 1,226 crore, marking the best year since inception.

• Volume grew 9% year-over-year to 6.57 million MT, with broad-based growth across Edible Oil, Food & FMCG, and Industry Essentials.

• Company rebranded from Adani Wilmar Limited to AWL Agri Business Limited in March 2025, reflecting a broader agri-business focus.

• Bangladesh operations returned to profitability, aided by improving macroeconomic conditions.

• Promoter shareholding reduced to 74.36% after Offer for Sale, meeting minimum public shareholding norms.

Financial highlights

• Q4 FY25 revenue reached INR 18,230 crore, up 38% year-over-year; full year consolidated revenue was INR 63,672 crore, up from INR 51,225 crore.

• FY25 PAT surged 729% year-over-year to INR 1,226 crore; EBITDA margin improved significantly.

• Food and FMCG business revenue crossed INR 6,000 crore for the first time, growing 26% year-over-year.

• Alternate channel revenue exceeded INR 3,600 crore, with Q4 quick commerce volume up 113% year-over-year.

• Return on Equity (ROE) reached 27% in FY25, up from 22% in FY24; debt-to-equity ratio improved to 0.4x.

Outlook and guidance

• Edible oil margins expected to remain stable, with EBITDA guidance of INR 3,500–3,600 per ton including other income.

• FY26 edible oil volume growth targeted at 7–8%, above industry average.

• Food and FMCG revenue targeted at INR 10,000 crore by FY27, with continued investment phase and EBITDA neutrality for 2–3 years.

• Focus on expanding distribution, increasing rural penetration, and leveraging bundling to drive growth in under-penetrated markets.

• Plans to increase direct outlet reach by 1.5x in FY26 for Food & FMCG.