AWL Agri Business is India’s largest branded edible oil company, built on a 1999 joint venture that paired the Adani Group’s local reach with Singapore-based Wilmar International’s global commodity intelligence. What began with a single refinery and the launch of the Fortune brand in 2000 has grown into an integrated food and FMCG platform that now reaches one in three Indian households - over 131 million families - with cooking oils, packaged staples, and industrial ingredients. The recurring approach is to use the edible oil business as both a cash engine and a distribution backbone, then extend into adjacent kitchen essentials and industrial by-products, capturing value at every step from raw material sourcing to the branded pack on a retailer’s shelf. # Business segments Three engines at different stages - a dominant edible oil franchise that funds the rest, a fast-scaling food and FMCG platform built on the same distribution network, and an industrial essentials business that turns refining by-products into margin-accretive exports. ## 1. Edible Oil: the kitchen anchor that pays for everything else **India’s largest branded edible oil company, with a 51% share of the branded market, processes and sells every major cooking oil Indian households use - and its scale, multi-oil portfolio, and global sourcing intelligence make it the gravitational centre of the business.** - **A portfolio that catches every shift** - the company holds the #1 market position in soybean oil, mustard oil, and rice bran oil, and #2 in palm oil, so when a supply crisis hits one oil and consumers switch to another, it captures the demand rather than losing it. Overall edible oil market share stood at 18.8% in Q4 FY26, with branded share at 51% - roughly 1.5 times the next competitor. - **Imports at scale, refined in-house** - it manages nearly 20% of India’s crude edible oil imports and is the country’s largest importer, buying directly from producers in Southeast Asia, South America, and Eastern Europe, then refining the crude oil in its own port-based refineries rather than paying someone else to do it. The flagship Mundra refinery is India’s largest single-location edible oil refinery, with a designed capacity of 5,000 metric tonnes per day. - **Information as a moat** - the Wilmar partnership provides real-time global supply-and-demand intelligence and access to international hedging tools (CBOT, MDEX), creating what management calls a 10-15 minute information advantage over smaller domestic players who lack that global view. The company hedges nearly all its foreign exchange exposure and uses hedging instruments to offset commodity price swings. - **Three-tier brand architecture** - Fortune anchors the premium and flagship tier (₹30,000+ crore in revenues), Fortune Xpert and Fortune Premio serve health-conscious and super-premium buyers, while Kings, Aadhar, and Raag act as fighter brands against regional and price-driven competitors, with Kings volume growing 18% year-on-year in Q4 FY26. - **Capacity with headroom** - with over 6.0 million metric tonnes of refining capacity (roughly 25% of India’s total) running at 60-65% utilisation, the segment can grow volumes without large new capital expenditure, and it delivered a 20% ROCE in FY26. ## 2. Food & FMCG: the kitchen-essentials platform riding the oil network **A still-investing but fast-scaling portfolio of packaged staples - wheat flour, rice, pulses, besan, soya nuggets, and now sauces, pickles, and sugar - that uses the edible oil distribution engine to reach outlets and add products at low incremental cost.** - **Cross-sold on the same truck** - the food business leverages the edible oil network of over 10,000 distributors and 2.6 million retail touchpoints, and in rural markets a single distributor carries both oil and food products, making the addition of new categories viable without building a separate route to market. - **Brands bought, not just built** - the company acquired the Kohinoor brand (premium basmati rice) in 2022, GD Foods and its Tops brand (sauces, pickles, noodles) in 2025, and in 2026 struck a licensing arrangement to sell Madhur sugar, one of India’s largest packed sugar brands, through its own pan-India distribution. Kohinoor volume grew 39% year-on-year in Q4 FY26. - **A kitchen basket covering two-thirds of the market** - the product range addresses roughly 66% of the Indian kitchen essentials market, spanning atta, basmati rice (9.1% market share), besan, soya nuggets, and ready-to-cook items, with non-rice-and-wheat products growing 30% year-on-year in Q4 FY26. - **Production headroom at Gohana** - the integrated food complex in Haryana, a ₹1,300 crore greenfield facility funded largely by IPO proceeds, became fully operational in FY26 with lines for rice, wheat flour, and mustard oil, yet the segment ran at only \~47% capacity in Q4 FY26, meaning volume can scale without significant fresh capex. - **E-commerce dominance in niche staples** - on quick-commerce and e-commerce platforms, Fortune holds over 43% market share in soya nuggets, over 28% in besan, and over 17% in sugar, giving it a digital shelf presence that small and regional brands struggle to match. ## 3. Industry Essentials: the by-product engine that turns waste into exports **A forward-integration play that takes palm stearin and other refining by-products and converts them into oleochemicals, castor derivatives, and specialty chemicals - sold to industrial customers in India and abroad at healthy margins.** - **Among India’s top five oleochemical players** - the company produces 25% of India’s glycerine and 32% of its stearic acid, with market shares of 34% in stearic acid, 18% in glycerine, and 12% in soap noodles, making it the #1 player in the domestic oleochemicals industry. - **One plant’s output is another’s input** - palm stearin left over from edible oil refining becomes feedstock for oleochemicals, vanaspati, and soap bars within the same Mundra complex, eliminating the logistics cost of moving intermediate products between facilities. A new oleochemical complex doubled Mundra’s capacity to 800 tonnes per day, making it one of the largest single-location oleochemical sites in the country. - **Moving up the value chain into specialties** - the 2024 acquisition of a 67% stake in Omkar Chemical Industries added 20,000 metric tonnes of surfactant capacity and shifted the portfolio from basic oleochemicals into higher-margin specialty chemicals, which now contribute 7-8% of the segment. - **Castor exports with a global footprint** - the company is India’s #1 castor oil exporter, holding a 27.5% share of the country’s castor oil exports, and produces pharmaceutical-grade and low-moisture castor oil for customers in pharmaceuticals, personal care, lubricants, and coatings. - **Margin-accretive and synergic** - the segment generated a 16% ROCE in FY26, with oleochemicals consistently delivering high-single-digit EBITDA margins, and a new installation at Krishnapatnam is expected to add further volume by early Q4 FY27. # Group structure and partners **The company is now majority-owned and strategically guided by Wilmar International, Asia’s leading agribusiness group, after the Adani Group fully exited in late 2025 - giving it access to global sourcing intelligence, R&D, and a multinational distribution network while operating as an independent listed entity.** - Wilmar International, headquartered in Singapore, operates over 1,000 manufacturing plants across 32 countries, employs about 100,000 people, and generated US$70.42 billion in revenue in CY2025 - it provides AWL with technical manufacturing guidance, R&D insights, global sourcing intelligence, and product development expertise. - In November 2025, Adani Commodities LLP sold its entire remaining 7% stake, and the Adani Group’s 218 entities were reclassified from promoter to public category by BSE and NSE in March 2026; the promoter is now Lence Pte. Ltd., a wholly owned Wilmar subsidiary holding 56.94%. - Wilmar also holds a 62.48% stake in Shree Renuka Sugars Ltd., and in May 2026 AWL entered a strategic arrangement with SRSL to license the Madhur sugar brand - AWL handles sales, marketing, and distribution of Madhur refined sugar through its own network, creating a related-party synergy without acquisition cost. - The company has a wholly owned step-down subsidiary in Bangladesh (Bangladesh Edible Oil Limited), a 100% acquisition of GD Foods (Tops brand) completed in tranches with the remaining 20% due by FY 2028-29, and a 67% stake in Omkar Chemical Industries for specialty chemicals.