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Revenue
₹18,603 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
AWL Agri Business reported a mixed Q3 FY26 with consolidated volume growth of 3% YoY and revenue growth of 10% YoY, driven by edible oil volumes rising 8% and strong alternate channel growth of 42%. Core brand Fortune grew 13% YoY, while Kohinoor surged 32%. However, food volumes were flat excluding government sales, impacted by pricing actions in wheat and non-basmati rice consolidation. Management maintained EBITDA per ton guidance of ₹3,500-3,600, with Q3 EBITDA at ₹637 crore. The company sees stable commodity prices aiding demand recovery, with single-digit edible oil and double-digit food growth expected. Risks include continued Nepal soya imports and delayed achievement of the ₹10,000 crore food revenue target (now likely FY28).
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated sustainable EBITDA per ton range of ₹3,500-3,600, supported by risk management and non-speculative positions.
- Food business EBITDA margins expected to reach 5-7% but only after 2-3 years of continued investment.
- The earlier aspiration of ₹10,000 crore food revenue by FY27 may slip to FY28, though the company expects to be in striking distance.
- Management expects single-digit volume growth in edible oils and double-digit growth in food going forward, supported by stable prices and improving demand.
Risks flagged
- Nepal soya imports under SAFTA, though reduced 30-40% to ~125,000 tons/quarter, still impact key northern markets where AWL has >50% share.
- Flat wheat prices (₹27-29/kg) disadvantage AWL's procurement model versus smaller players operating on hand-to-mouth inventory, impacting chakki atta volumes.
- The ₹10,000 crore food revenue target for FY27 is now likely to slip to FY28, indicating slower-than-expected scaling in non-basmati rice and atta.
- Demand pressure persists in metro cities, possibly due to alternate channel shift away from general trade, impacting overall growth.
Key quotes
- Our core brands continued to perform well with Fortune oils and food delivering a very healthy growth of 13% year on year.
- We are confident that going forward things would be better as we see now January also we have seen both non-basmati rice and chakki atta started showing better results.
- If not 10,000 I think we would be in a striking distance that we are trying to work out. Yes but FY27 10,000 seems to be now kind of number which we may not be able to achieve maybe it may go up to FY28.
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