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AWL Agri Business

AWL NSE
₹163.85 −0.44 (−0.27%)
P/E
18.41
View as Markdown
MCP
Close 4 Nov 2026 ₹163.85 −107.40 −39.6% 1Y
Start ₹271.25

Key Fundamentals

SmallcapConsumer GoodsFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.30%
Debt to Equity
0.11
EPS (TTM)
₹8.90
Book Value
₹83.80
Market Cap
—
P/E (TTM)
18.41
P/B
1.96
ROE
10.70%
Dividend Yield
0.61%
EBITDA
₹2,549 Cr
52W High
₹282.90
52W Low
₹159.65
Day Range
₹162.90 – ₹165.52
Volume
21,08,236

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
65
Good
Sales & profit trajectory 9% weight
Financial Health
46
Average
Solvency, leverage, coverage 9% weight
Momentum
27
Poor
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

3
  • Company has a low return on equity of 9.05% over last 3 years.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -31.0%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1243
OscillatorsBullish243
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
31.63
Neutral
MACD (12,26,9)
−5.53
Bearish
SMA (50)
183.00
Bearish
SMA (200)
190.49
Bearish

As of

Analyst Rating

Based on 5 analysts
BUY60%

3 of 5 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
3
60%
HOLD
1
20%
SELL
1
20%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+15.04%
3Y+8.70%
1Y+17.37%
TTM+16.72%

Net profit

Net profit growth by window
5Y+7.47%
3Y+21.54%
1Y−14.76%
TTM+0.61%

Operating cash flow

Operating cash flow growth by window
5Y+40.17%
3Y+80.95%
1Y+82.70%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−0.73 pp
3Y+1.20 pp
1Y−1.05 pp
TTM−0.18 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹28,797 Cr
Mar 2020₹29,657 Cr
Mar 2021₹37,090 Cr
Mar 2022₹54,155 Cr
Mar 2023₹58,185 Cr
Mar 2024₹51,225 Cr
Mar 2025₹63,672 Cr
Mar 2026₹74,731 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹376 Cr
Mar 2020₹461 Cr
Mar 2021₹729 Cr
Mar 2022₹804 Cr
Mar 2023₹582 Cr
Mar 2024₹148 Cr
Mar 2025₹1,226 Cr
Mar 2026₹1,045 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹2,541 Cr −0.3% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

AWL Agri Business Ltd trades at ₹163.85 as of 2026-11-04 with a market cap of ₹21,447.3 Cr and a P/E (TTM) of 18.41x. The stock sits near its 52-week low of ₹159.65, having declined 28% over the past year, while the company maintains a low debt-to-equity ratio of 0.11 and has delivered 17% TTM sales growth alongside a modest 2% TTM profit growth.

Bull Case 7
  • Very low debt-to-equity ratio of 0.11, indicating a strong balance sheet with minimal leverage and the company has been actively reducing debt
  • TTM revenue growth of 17% signals healthy top-line momentum, supported by a 5-year compounded sales growth of 15%
  • ROCE of 16.82% is meaningfully above cost of capital for most FMCG businesses, suggesting efficient deployment of total capital employed
  • 3-year compounded profit growth of 22% demonstrates the company's ability to scale earnings over a medium-term horizon
  • P/E (TTM) of 18.41x is relatively moderate for an FMCG-adjacent business, with the stock trading just 2.6% above its 52-week low of ₹159.65, compressing the valuation significantly from higher levels
  • Price-to-book ratio of 1.96x implies the stock is trading close to its book value, which may offer a margin of comfort compared to peers trading at higher multiples
  • ROE has improved from a 3-year average of 9% to 11% in the last year, showing a positive trajectory in shareholder returns
Bear Case 8
  • Stock has declined 28% over the past 1 year and shows a 3-year CAGR of -18%, reflecting sustained negative price momentum and investor scepticism
  • Promoter holding has decreased by 31.0 percentage points over the last 3 years, a significant reduction that may signal reduced promoter confidence or dilution concerns
  • 3-year average ROE of just 9.05% is modest for an FMCG business, indicating the company has not consistently generated strong returns on shareholder equity
  • TTM profit growth has decelerated sharply to just 2% compared to 22% compounded over 3 years, suggesting margin pressure or rising costs are eroding earnings momentum
  • The company's cost of borrowing appears elevated, which can weigh on net margins even though absolute debt levels are low
  • 5-year compounded profit growth of only 8% against 15% sales growth over the same period implies declining or stagnant profit margins over the longer term
  • Dividend yield of 0.61% is low, offering limited income support to investors during a period of significant capital depreciation
  • The wide gap between the 52-week high of ₹282.90 and the current price of ₹163.85 — a 42% drawdown from peak — underscores elevated volatility and downside risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: AWL Agri is executing well on its Food & FMCG diversification strategy, with Q2 revenue hitting a record ₹2,000+ crore on 24% growth and emerging categories like Pulses scaling rapidly past ₹100 crore quarterly. However, the core Edible Oil business (80% of revenue) is underperforming on volumes at 3% vs 5-6% guidance, and Q2 EBITDA margins are expected to contract to 2.9%. The stock remains under pressure at -30% over the past year, and the key question is whether the fast-growing food portfolio can offset margin headwinds in edible oil and deliver sustained profitability improvement.

Headwinds 4
  • Q2 EBITDA margin under pressure Oct 5

    Q2 EBITDA expected to decline ~8% YoY with margin falling 100 bps to 2.9%, a sharp reversal from Q1's 90% YoY EBITDA increase and ~34% normalized EBITDA rise.

  • Stock down ~30% in one year Oct 5

    AWL shares have fallen around 30% over the past year to ₹183, reflecting persistent investor concerns around edible-oil volatility and margin sustainability.

  • Edible oil volume growth lags Oct 5

    Edible Oil volumes grew just 3% YoY in Q2, below the 5-6% management guidance for the year, attributed to volatility, supply-chain disruptions and a dried-up primary pipeline.

Positives 6
  • Q2 revenue crosses ₹2,000 crore Oct 5

    Food & FMCG quarterly revenue crossed ₹2,000 crore for the first time, with 33% YoY revenue growth and overall company revenue up 24% YoY on 12% volume growth.

  • Emerging food categories surging Oct 5

    Besan, Pulses, Soya Nuggets, Sugar, Sattu and Poha — now 35%+ of the Food portfolio — recorded ~50% YoY revenue growth, with Fortune Pulses crossing ₹100 crore in quarterly revenue.

  • Quick commerce up 40% YoY Oct 5

    E-Commerce and Quick Commerce channels collectively delivered 40% YoY growth, while Branded Exports grew 59% and HoReCa grew 21% in Q2.

Neutral 2
  • Standardized edible oil pack sizes Oct 5

    The government mandated standardized pack sizes for edible oils effective September 2026, phasing out grammage-based pricing — a structural change enhancing transparency and leveling the competitive field.

  • Revenue mix still oil-heavy Oct 5

    In FY26, edible oil contributed 80% of AWL's overall revenue, while Food & FMCG and Industry Essentials contributed 9% and 11% respectively, with Food & FMCG targeting 18-20% revenue growth.

Quarterly Results

₹ Cr
AWL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
12,928
12,267
12,828
13,223
14,154
14,460
16,839
18,230
17,059
17,605
18,603
21,465
20,048
22,202
Expenses
12,798
12,123
12,324
12,866
13,528
13,845
16,047
17,781
16,693
16,916
18,050
20,941
19,355
21,579
Operating Profit
130
144
505
357
626
615
792
448
366
688
553
524
693
623
OPM %
1%
1.2%
3.9%
2.7%
4.4%
4.3%
4.7%
2.5%
2.1%
3.9%
3%
2.4%
3.5%
2.8%
Other Income
66
11
59
104
54
56
67
62
212
−79
106
182
88
81
Interest
171
220
187
171
166
177
204
178
159
189
185
174
186
241
Depreciation
94
96
95
79
96
92
108
98
103
107
111
128
117
118
PBT
−68
−162
281
211
418
402
546
234
317
313
363
404
478
344
Tax %
−12%
−19%
27%
27%
25%
30%
28%
25%
25%
27%
28%
27%
27%
30%
Net Profit
−79
−131
201
157
313
311
411
191
238
245
269
293
351
239
EPS (₹)
−0.61
−1.01
1.55
1.21
2.41
2.39
3.16
1.46
1.82
1.88
2.07
2.25
2.7
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
AWL profit and loss, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
28,797
29,657
37,090
54,155
58,185
51,225
63,672
74,731
77,720
Expenses
27,666
28,348
35,765
52,418
57,223
50,090
61,186
72,600
75,262
Operating Profit
1,131
1,310
1,326
1,736
962
1,135
2,486
2,131
2,458
OPM %
3.9%
4.4%
3.6%
3.2%
1.6%
2.2%
3.9%
2.9%
3.2%
Other Income
122
110
104
172
961
240
233
392
298
Interest
487
569
407
541
775
749
724
707
734
Depreciation
199
241
268
309
358
364
395
449
463
PBT
567
609
755
1,059
789
262
1,601
1,367
1,559
Tax %
37%
34%
14%
27%
30%
35%
27%
28%
—
Net Profit
376
461
729
804
582
148
1,226
1,045
1,158
EPS (₹)
3.29
4.03
6.37
6.18
4.48
1.14
9.43
8.04
8.9
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
12%
—

Balance Sheet

₹ Cr
AWL balance sheet, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
114
114
114
130
130
130
130
129
Reserves
1,997
2,456
3,185
7,476
8,036
8,186
9,294
10,311
Borrowings
1,829
2,300
3,051
2,701
2,396
2,628
1,937
1,109
Other Liabilities
7,662
6,915
6,978
11,010
10,417
8,833
11,051
13,186
Total Liabilities
11,603
11,786
13,328
21,317
20,979
19,777
22,412
24,736
Fixed Assets
3,027
3,758
3,702
4,601
4,793
4,921
5,481
7,143
CWIP
570
325
531
275
324
879
1,060
443
Investments
147
206
332
362
392
312
624
1,082
Other Assets
7,858
7,497
8,763
16,079
15,469
13,665
15,248
16,069
Total Assets
11,603
11,786
13,328
21,317
20,979
19,777
22,412
24,736

Cash Flow

₹ Cr
AWL cash flow, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,693
781
726
1,198
663
289
2,150
3,928
Investing
−934
−506
−484
−3,786
524
138
−278
−1,096
Financing
−762
−8
−531
2,658
−919
−847
−1,544
−1,678
Net Cash Flow
−3
267
−289
70
268
−419
328
1,154
Free Cash Flow
785
151
265
663
−11
−641
1,190
3,104
CFO/EBITDA
162
69
77
83
86
40
98
201

Ratios

AWL financial ratios, annual
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
16
11
15
15
12
13
14
13
Inventory Days
61
57
55
58
53
58
56
45
Days Payable
101
85
60
69
59
56
56
56
Cash Conversion Cycle
−24
−17
10
4
6
15
14
1
Working Capital Days
−19
−18
−8
−12
−6
−4
9
4
ROCE %
—
27%
21%
19%
15%
10%
21%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view AWL Agri Business insights

68 extracted metrics across FY01–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.94%
  • FIIs 19.50%
  • Public 12.71%
  • DIIs 10.24%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about AWL Agri Business

What does AWL Agri Business Ltd do?
Incorporated in 1999, Adani Wilmar Ltd deals in edible oil and food and other FMCG products. Adani has exited the joint venture in FY24 to focus on other segments. AWL Agri Business is the new name decided in online voting.
Where is AWL Agri Business Ltd (AWL) listed?
AWL Agri Business Ltd trades as AWL on the NSE and under code 543458 on the BSE.
Which sector does AWL Agri Business Ltd belong to?
AWL Agri Business Ltd is classified under the FMCG sector, in the FMCG Products industry.
What is the PE ratio of AWL Agri Business Ltd?
AWL Agri Business Ltd trades at a PE ratio of 18.41 as of 4 Nov 2026, on earnings per share of ₹8.9, against a book value of ₹83.8 per share.
What is the 52-week high and low of AWL Agri Business Ltd?
Over the last 52 weeks AWL Agri Business Ltd has traded between ₹159.65 and ₹282.9 as of 4 Nov 2026.
Does AWL Agri Business Ltd pay dividends?
AWL Agri Business Ltd has a dividend yield of 0.61%.
What is the Return on Equity (ROE) of AWL Agri Business Ltd?
AWL Agri Business Ltd reported a return on equity of 10.70%. Its debt-to-equity ratio is 0.11.

Company Information

Incorporated in 1999, Adani Wilmar Ltd deals in edible oil and food and other FMCG products. Adani has exited the joint venture in FY24 to focus on other segments. AWL Agri Business is the new name decided in online voting.

Website adaniwilmar.com
CEO Mr. Shrikant Kanhere
Employees 2,772
Listed 8 Feb 2022
Face Value ₹1

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