AWL Agri Business Revenue Surges 18% to Over ₹20,000 Cr in Q1 FY27

BY ADMIN • FILED 05 Aug 2026, 8:41 AM

AWL Agri Business Ltd. (formerly Adani Wilmar Ltd.) began FY27 with a strong first quarter, delivering robust revenue growth, improved profitability, and continued momentum in its transformation into a diversified food and FMCG company.

During the company’s Q1 FY27 earnings conference call, management highlighted broad-based growth across business segments, expansion in packaged foods, and confidence in achieving its long-term strategic objectives.

Q1 FY27 Financial Highlights

The company reported a strong set of financial results for the quarter:

Revenue: ₹20,048 crore, up 18% YoY
Underlying volume growth: 7%
Operating EBITDA: ₹693 crore, up 34% YoY
Profit Before Tax (PBT): Up 48% YoY
Profit After Tax (PAT): Up 40% YoY

Management attributed the improved profitability to:

Better business execution
Improved product mix with a higher contribution from Food & FMCG
Pricing discipline
Operational efficiencies
Growth across all business segments

Food & FMCG Continues to Lead Growth

The Food & FMCG business remained the biggest growth driver during the quarter.

Key Highlights

Revenue increased 22% YoY to ₹1,726 crore
Segment EBITDA stood at ₹104 crore
EBITDA margin reached 6%

Management clarified that the 6% margin should not be considered the new normal, as the company continues investing aggressively in brand building, distribution expansion, and category development.

Instead, investors should expect margins to remain around the average of recent quarters while the company prioritizes long-term growth.

Strong Category Performance

Multiple categories delivered healthy growth, including:

Rice (over 40% YoY growth)
Wheat flour
Pulses
Besan
Poha
Other packaged foods

The Tops portfolio also performed well:

Sauces
Pickles
Convenience foods

The Tops business recorded 23% YoY growth.

Madhur Sugar Brand Added to Portfolio

One of the major developments during the quarter was the addition of the Madhur sugar brand.

Management described Madhur as one of India’s strongest sugar brands and expects AWL’s extensive distribution network to significantly increase its scale.

Management Expectations

Current sales: around 15,000 tonnes per month
Target by FY27-end: 20,000 tonnes per month
Expected annual revenue: ₹700–800 crore

AWL will market the brand under a licensing agreement with Shree Renuka Sugars, paying a 0.5% royalty on sales.

The focus will remain on expanding market share rather than maximizing margins.

Edible Oil Business Remains Resilient

Although the edible oil business recorded only 2% volume growth, management emphasized that consumer demand remained healthy.

Growth was temporarily affected by:

Sharp volatility in global edible oil prices
Channel de-stocking
Supply chain disruptions
Trade inventory correction

Despite these challenges:

Revenue increased 15% YoY
EBITDA per tonne improved 33% YoY

Management expects conditions to normalize in the coming quarters, particularly during the festive season.

FY27 Guidance for Edible Oils

The company expects:

Volume growth of 5–6%
EBITDA between ₹4,000–4,500 per metric tonne

Industry Essentials Business Delivers Another Strong Quarter

The Industry Essentials segment continued to perform well.

Highlights include:

Volume growth: 13%
Revenue growth: 28%
EBITDA growth: 47%

The Oleochemicals and Specialty Chemicals business now contributes over 40% of segment revenue.

AWL is expanding manufacturing capacity in southern India to increase production of higher-value specialty chemical products.

Quick Commerce Becomes a Major Growth Engine

Alternate sales channels continued to outperform traditional retail.

Growth during Q1 included:

Modern Trade
E-commerce
Quick Commerce

Combined alternate channels grew 27% YoY.

Quick Commerce alone grew an impressive 56% YoY.

Management believes quick commerce represents a structural change in consumer buying behaviour rather than simply another sales channel.

The company continues investing in:

Digital capabilities
Technology
Channel-specific assortment
Product innovation
Partnerships with leading quick commerce platforms

Distribution Network Continues to Expand

AWL’s distribution network has reached significant scale.

Current reach includes:

Nearly 970,000 direct outlets
2.6 million total outlets (Nielsen estimate)
Presence across more than 63,000 towns

Going forward, management plans to focus more on improving sales productivity instead of merely adding new retail outlets.

FY27 Business Outlook

Management reaffirmed its operating guidance across business segments.

Food & FMCG

Revenue growth: Mid-to-high teens (management indicated 18–20% revenue growth)
Continued investment in brands and distribution
Margin focus remains secondary to long-term expansion

Edible Oils

Volume growth: 5–6%
EBITDA: ₹4,000–4,500 per tonne

Industry Essentials

Volume growth: 8–9%
EBITDA: ₹3,000–3,500 per tonne

2030 Vision Remains Intact

Management reiterated its long-term ambition to become one of India’s largest food FMCG companies.

By 2030, AWL aims to achieve:

₹1 lakh crore revenue
₹4,000 crore EBITDA

To support this growth, annual capital expenditure of approximately ₹700 crore is expected over the coming years.

Investments will primarily focus on:

Food manufacturing capacity
Reducing dependence on third-party manufacturing
Expanding edible oil refining capacity
Building value-added food businesses

Leveraging Wilmar’s Global Strength

Management said the increased association with Wilmar will continue providing strategic advantages.

Key benefits include:

Global sourcing expertise
Strong market intelligence
Research & Development capabilities
Technical expertise
Value-added product innovation

The company clarified that transactions with Wilmar continue to be conducted strictly on an arm’s-length basis.

Domestic Oilseed Development

India still imports over 70% of its edible oil requirements.

AWL believes import dependence will remain significant for many years, but the company is actively supporting domestic oilseed production.

Initiatives include:

Expanding mustard sourcing
Direct procurement from farmers
Mustard farming programmes with Solidaridad and industry bodies
Improving productivity across thousands of model farms

Management believes these efforts can gradually reduce India’s dependence on imported edible oils.

Food Business Predominantly Consumer Focused

The Food business currently consists of:

Over 80% B2C
Around 20% B2B

However, management sees considerable opportunity to expand institutional food sales by leveraging its strong edible oil relationships with hotels, restaurants, and industrial customers.

Management Commentary

CEO & Managing Director Shrikant Kanhere said the company’s transformation into a diversified food and FMCG player continues to gain momentum, with multiple product categories emerging as independent growth engines.

Management remains focused on:

Expanding the packaged foods portfolio
Improving execution across all channels
Strengthening profitability
Building one of India’s largest and most trusted food FMCG companies

AWL Agri Business has started FY27 on a strong note with double-digit revenue growth, expanding profitability, and continued momentum across its Food & FMCG business. While temporary volatility affected edible oil volumes, management remains optimistic about demand recovery in the coming quarters.

The company’s continued investment in branded foods, quick commerce, distribution expansion, specialty chemicals, and long-term manufacturing capacity reinforces its strategy of reducing dependence on edible oils and building a diversified, high-growth food and FMCG business. With ambitious 2030 targets and multiple growth drivers in place, AWL appears well-positioned for sustained long-term expansion.