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AWL Agri Business Ltd

AWL

NSE

₹180.62-3.57%19 Oct 2026

Reports

Edible Oils Agro Processing

AWL Agri Business Ltd

AWL

NSE

₹180.62

-3.57%

19 Oct 2026

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Edible Oils Agro Processing

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹23,394Cr

Close Price

₹180.00

Industry

Edible Oils Agro Processing

Price To Earnings

20.13

Price To Sales

0.30

Revenue

₹77,720Cr

Rev Gr TTM

Revenue Growth TTM

16.72%

PAT Gr TTM

PAT Growth TTM

4.06%

Upcoming Results on

27 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	12,267	12,828	13,223	14,154	14,460	16,839	18,230	17,059	17,605	18,603	21,465	20,048
Growth YoY Revenue Growth YoY%	-13.3	-16.9	-4.7	9.5	17.9	31.3	37.9	20.5	21.7	10.5	17.8	17.5
Expenses ExpensesCr	12,123	12,324	12,866	13,528	13,845	16,047	17,781	16,693	16,916	18,050	20,941	19,355
Operating Profit Operating ProfitCr	144	505	357	626	615	792	448	366	688	553	524	693
OPM OPM%	1.2	3.9	2.7	4.4	4.3	4.7	2.5	2.1	3.9	3.0	2.4	3.5
Other Income Other IncomeCr	11	59	104	54	56	67	62	212	-79	106	182	88
Interest Expense Interest ExpenseCr	220	187	171	166	177	204	178	159	189	185	174	186
Depreciation DepreciationCr	96	95	79	96	92	108	98	103	107	111	128	117
PBT PBTCr	-162	281	211	418	402	546	234	317	313	363	404	478
Tax TaxCr	-32	75	56	107	120	153	58	79	85	102	111	127
PAT PATCr	-130	206	155	312	282	393	177	238	228	262	293	351
Growth YoY PAT Growth YoY%	-508.6	-11.0	67.3	621.9	316.5	90.8	14.2	-23.6	-19.3	-33.4	66.0	47.7
NPM NPM%	-1.1	1.6	1.2	2.2	1.9	2.3	1.0	1.4	1.3	1.4	1.4	1.8
EPS EPS₹	-1.0	1.6	1.2	2.4	2.4	3.2	1.5	1.8	1.9	2.1	2.3	2.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	12,267	12,828	13,223	14,154	14,460	16,839	18,230	17,059	17,605	18,603	21,465	20,048
Growth YoY Revenue Growth YoY%	-13.3	-16.9	-4.7	9.5	17.9	31.3	37.9	20.5	21.7	10.5	17.8	17.5
Expenses ExpensesCr	12,123	12,324	12,866	13,528	13,845	16,047	17,781	16,693	16,916	18,050	20,941	19,355
Operating Profit Operating ProfitCr	144	505	357	626	615	792	448	366	688	553	524	693
OPM OPM%	1.2	3.9	2.7	4.4	4.3	4.7	2.5	2.1	3.9	3.0	2.4	3.5
Other Income Other IncomeCr	11	59	104	54	56	67	62	212	-79	106	182	88
Interest Expense Interest ExpenseCr	220	187	171	166	177	204	178	159	189	185	174	186
Depreciation DepreciationCr	96	95	79	96	92	108	98	103	107	111	128	117
PBT PBTCr	-162	281	211	418	402	546	234	317	313	363	404	478
Tax TaxCr	-32	75	56	107	120	153	58	79	85	102	111	127
PAT PATCr	-130	206	155	312	282	393	177	238	228	262	293	351
Growth YoY PAT Growth YoY%	-508.6	-11.0	67.3	621.9	316.5	90.8	14.2	-23.6	-19.3	-33.4	66.0	47.7
NPM NPM%	-1.1	1.6	1.2	2.2	1.9	2.3	1.0	1.4	1.3	1.4	1.4	1.8
EPS EPS₹	-1.0	1.6	1.2	2.4	2.4	3.2	1.5	1.8	1.9	2.1	2.3	2.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	28,797	29,657	37,090	54,155	58,185	51,225	63,672	74,731	77,720
Growth Revenue Growth%		3.0	25.1	46.0	7.4	-12.0	24.3	17.4	16.7
Expenses ExpensesCr	27,666	28,348	35,765	52,419	57,226	50,090	61,191	72,600	75,262
Operating Profit Operating ProfitCr	1,131	1,310	1,325	1,736	959	1,135	2,482	2,131	2,458
OPM OPM%	3.9	4.4	3.6	3.2	1.6	2.2	3.9	2.9	3.2
Other Income Other IncomeCr	122	110	104	172	964	240	238	392	298
Interest Expense Interest ExpenseCr	487	569	407	541	775	749	724	707	734
Depreciation DepreciationCr	199	241	268	309	358	364	395	449	463
PBT PBTCr	567	609	755	1,059	789	262	1,601	1,367	1,559
Tax TaxCr	212	206	103	284	235	92	437	377	425
PAT PATCr	355	403	652	774	554	171	1,163	990	1,134
Growth PAT Growth%		13.6	61.8	18.8	-28.5	-69.2	581.6	-14.8	4.1
NPM NPM%	1.2	1.4	1.8	1.4	0.9	0.3	1.8	1.3	1.5
EPS EPS₹	32.9	40.3	6.4	6.9	4.5	1.1	9.4	8.1	8.9

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	28,797	29,657	37,090	54,155	58,185	51,225	63,672	74,731	77,720
Growth Revenue Growth%		3.0	25.1	46.0	7.4	-12.0	24.3	17.4	16.7
Expenses ExpensesCr	27,666	28,348	35,765	52,419	57,226	50,090	61,191	72,600	75,262
Operating Profit Operating ProfitCr	1,131	1,310	1,325	1,736	959	1,135	2,482	2,131	2,458
OPM OPM%	3.9	4.4	3.6	3.2	1.6	2.2	3.9	2.9	3.2
Other Income Other IncomeCr	122	110	104	172	964	240	238	392	298
Interest Expense Interest ExpenseCr	487	569	407	541	775	749	724	707	734
Depreciation DepreciationCr	199	241	268	309	358	364	395	449	463
PBT PBTCr	567	609	755	1,059	789	262	1,601	1,367	1,559
Tax TaxCr	212	206	103	284	235	92	437	377	425
PAT PATCr	355	403	652	774	554	171	1,163	990	1,134
Growth PAT Growth%		13.6	61.8	18.8	-28.5	-69.2	581.6	-14.8	4.1
NPM NPM%	1.2	1.4	1.8	1.4	0.9	0.3	1.8	1.3	1.5
EPS EPS₹	32.9	40.3	6.4	6.9	4.5	1.1	9.4	8.1	8.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	114	114	114	130	130	130	130	129
Reserves ReservesCr	1,997	2,456	3,185	7,476	8,036	8,186	9,294	10,311
Current Liabilities Current LiabilitiesCr	7,923	7,323	8,323	12,691	11,687	10,424	11,727	12,428
Non Current Liabilities Non Current LiabilitiesCr	1,568	1,892	1,706	1,020	1,127	1,067	1,287	1,887
Total Liabilities Total LiabilitiesCr	11,603	11,786	13,328	21,317	20,980	19,807	22,438	24,759
Current Assets Current AssetsCr	7,631	7,331	8,707	15,382	14,532	12,718	14,616	15,656
Non Current Assets Non Current AssetsCr	3,971	4,454	4,620	5,935	6,448	7,089	7,822	9,103
Total Assets Total AssetsCr	11,603	11,786	13,328	21,317	20,980	19,807	22,438	24,759

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	114	114	114	130	130	130	130	129
Reserves ReservesCr	1,997	2,456	3,185	7,476	8,036	8,186	9,294	10,311
Current Liabilities Current LiabilitiesCr	7,923	7,323	8,323	12,691	11,687	10,424	11,727	12,428
Non Current Liabilities Non Current LiabilitiesCr	1,568	1,892	1,706	1,020	1,127	1,067	1,287	1,887
Total Liabilities Total LiabilitiesCr	11,603	11,786	13,328	21,317	20,980	19,807	22,438	24,759
Current Assets Current AssetsCr	7,631	7,331	8,707	15,382	14,532	12,718	14,616	15,656
Non Current Assets Non Current AssetsCr	3,971	4,454	4,620	5,935	6,448	7,089	7,822	9,103
Total Assets Total AssetsCr	11,603	11,786	13,328	21,317	20,980	19,807	22,438	24,759

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,693	781	726	1,198	663	289	2,150	3,928
Investing Cash Flow Investing Cash FlowCr	-934	-506	-484	-3,861	533	142	-270	-1,066
Financing Cash Flow Financing Cash FlowCr	-762	-8	-531	2,658	-919	-847	-1,544	-1,678
Net Cash Flow Net Cash FlowCr	-3	267	-289	-5	277	-416	336	1,184
Free Cash Flow Free Cash FlowCr	785	151	265	663	-11	-641	1,191	3,105
CFO To PAT CFO To PAT%	477.0	193.8	111.4	154.7	119.8	169.4	184.8	396.6
CFO To EBITDA CFO To EBITDA%	149.7	59.7	54.8	69.0	69.2	25.5	86.6	184.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,693	781	726	1,198	663	289	2,150	3,928
Investing Cash Flow Investing Cash FlowCr	-934	-506	-484	-3,861	533	142	-270	-1,066
Financing Cash Flow Financing Cash FlowCr	-762	-8	-531	2,658	-919	-847	-1,544	-1,678
Net Cash Flow Net Cash FlowCr	-3	267	-289	-5	277	-416	336	1,184
Free Cash Flow Free Cash FlowCr	785	151	265	663	-11	-641	1,191	3,105
CFO To PAT CFO To PAT%	477.0	193.8	111.4	154.7	119.8	169.4	184.8	396.6
CFO To EBITDA CFO To EBITDA%	149.7	59.7	54.8	69.0	69.2	25.5	86.6	184.4

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				67,258	52,767	41,733	33,564	23,121	23,394
Price To Earnings Price To Earnings				83.7	90.6	281.7	27.3	22.0	20.1
Price To Sales Price To Sales				1.2	0.9	0.8	0.5	0.3	0.3
Price To Book Price To Book				8.8	6.5	5.0	3.5	2.2	2.2
EV To EBITDA EV To EBITDA				37.7	53.6	36.6	13.9	10.6	9.7
Profitability Ratios Profitability Ratios
GPM GPM%	9.8	11.3	9.8	7.6	6.5	8.6	9.3	8.1	8.1
OPM OPM%	3.9	4.4	3.6	3.2	1.6	2.2	3.9	2.9	3.2
NPM NPM%	1.2	1.4	1.8	1.4	0.9	0.3	1.8	1.3	1.5
ROCE ROCE%	27.4	24.9	18.3	15.5	14.8	9.2	20.5	18.0	18.0
ROE ROE%	16.8	15.7	19.8	10.2	6.8	2.0	12.3	9.5	9.5
ROA ROA%	3.1	3.4	4.9	3.6	2.6	0.9	5.2	4.0	4.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				67,258	52,767	41,733	33,564	23,121	23,394
Price To Earnings Price To Earnings				83.7	90.6	281.7	27.3	22.0	20.1
Price To Sales Price To Sales				1.2	0.9	0.8	0.5	0.3	0.3
Price To Book Price To Book				8.8	6.5	5.0	3.5	2.2	2.2
EV To EBITDA EV To EBITDA				37.7	53.6	36.6	13.9	10.6	9.7
Profitability Ratios Profitability Ratios
GPM GPM%	9.8	11.3	9.8	7.6	6.5	8.6	9.3	8.1	8.1
OPM OPM%	3.9	4.4	3.6	3.2	1.6	2.2	3.9	2.9	3.2
NPM NPM%	1.2	1.4	1.8	1.4	0.9	0.3	1.8	1.3	1.5
ROCE ROCE%	27.4	24.9	18.3	15.5	14.8	9.2	20.5	18.0	18.0
ROE ROE%	16.8	15.7	19.8	10.2	6.8	2.0	12.3	9.5	9.5
ROA ROA%	3.1	3.4	4.9	3.6	2.6	0.9	5.2	4.0	4.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AWL	GOKULAGRO	CIANAGRO	JAYAGROGN	KNAGRI	MODINATUR	GOKUL
Market CapitalizationMkt CapCr	23,394	6,153	2,637	653	495	478	381
Close PriceClose₹	180.00	208.50	942.10	217.50	197.90	358.95	38.47
IndustryIndustry	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing
Price To EarningsPE	20.13	12.35	8.18	12.01	13.89	9.07	18.41
Price To SalesPS	0.30	0.25	1.14	0.26	0.25	0.66	0.09
RevenueRevenueCr	77,720	24,435	2,310	2,530	1,945	720	4,211
Revenue Growth TTMRev Gr TTM%	16.7%	21.1%	51.8%	1.9%		7.3%	15.4%
PAT Growth TTMPAT Gr TTM%	4.1%	59.3%	245.4%	3.4%		53.5%	27.6%

	AWL	GOKULAGRO	CIANAGRO	JAYAGROGN	KNAGRI	MODINATUR	GOKUL
Market CapitalizationMkt CapCr	23,394	6,153	2,637	653	495	478	381
Close PriceClose₹	180.00	208.50	942.10	217.50	197.90	358.95	38.47
IndustryIndustry	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing	Edible Oils Agro Processing
Price To EarningsPE	20.13	12.35	8.18	12.01	13.89	9.07	18.41
Price To SalesPS	0.30	0.25	1.14	0.26	0.25	0.66	0.09
RevenueRevenueCr	77,720	24,435	2,310	2,530	1,945	720	4,211
Revenue Growth TTMRev Gr TTM%	16.7%	21.1%	51.8%	1.9%		7.3%	15.4%
PAT Growth TTMPAT Gr TTM%	4.1%	59.3%	245.4%	3.4%		53.5%	27.6%

FY2026

FY2025

FY2024

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FY2022

FY2026

Jun 26