AWL Agri Business
AWL Agri Business
FMCGKey Fundamentals
SmallcapFMCG ProductsFMCGTapetide Score
Data-driven rating, 0–100. How it works →
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%
Growth Rate
AI Analysis — Bull vs Bear
AWL Agri Business Ltd trades at a market cap of ₹23,731 Cr with a P/E of 20.8x and P/B of 2.31x. The company has delivered 17% TTM sales growth and 22% three-year compounded profit growth, but ROE remains modest at 11% (last year) and the stock has declined 29% over the past year.
- TTM revenue growth of 17% indicates accelerating top-line momentum compared to the 3-year sales CAGR of 9%
- Compounded profit growth of 22% over 3 years outpaces the 9% sales CAGR over the same period, suggesting margin expansion
- Company has actively reduced debt, improving balance sheet health and lowering financial risk
- P/E of 20.8x is reasonable for an FMCG-adjacent business where sector peers often trade at 30-50x earnings
- ROE has improved from a 3-year average of 9% to 11% in the last year, showing an upward trajectory in capital efficiency
- 5-year compounded sales CAGR of 15% demonstrates a sustained long-term growth track record
- Dividend yield of 0.54% provides a modest income component, which is uncommon for mid-cap FMCG-sector companies in growth mode
- Stock price has declined 29% over the past 1 year and 19% CAGR over 3 years, reflecting sustained negative market sentiment
- Promoter holding has decreased by 31 percentage points over the last 3 years, a significant reduction that raises governance and confidence concerns
- 3-year average ROE of just 9.05% is well below the 15%+ threshold typically expected for quality FMCG businesses
- TTM profit growth of only 2% sharply lags the 17% TTM revenue growth, indicating recent margin compression or rising costs
- Company's cost of borrowing is flagged as high, which pressures net margins and reduces earnings quality despite debt reduction
- P/B of 2.31x combined with sub-10% historical ROE implies the market is pricing in growth that has not yet materialized in returns on capital
- 5-year compounded profit CAGR of 8% significantly trails the 5-year sales CAGR of 15%, suggesting the business struggles to convert revenue growth into bottom-line gains over longer periods
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Fortune Yellow Mustard Oil launch Aug 25
AWL Agri Business expanded its edible oil portfolio with Fortune Yellow Mustard Oil, targeting health-conscious consumers in North India with a focus on traditional taste and nutritional benefits.
- Analyst meet at Jefferies Forum Sep 11
AWL Agri Business will host one-on-one and group sessions at the Jefferies India Forum 2026 on September 17 in Gurgaon, disclosed under SEBI LODR Regulation 30.
TL;DR: AWL Agri Business is actively expanding its FMCG edible oil portfolio with the Fortune Yellow Mustard Oil launch targeting North India, signaling continued brand-building efforts. No material headwinds emerged in the recent news cycle. The upcoming Jefferies analyst meet on Sep 17 could improve institutional visibility. Near-term outlook depends on execution of the new product launch and any forward guidance shared at the forum.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
| 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 |
| Operating Profit | 130 | 144 | 505 | 357 | 626 | 615 | 792 | 448 | 366 | 688 | 553 | 524 | 693 |
| 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% |
| Other Income | 66 | 11 | 59 | 104 | 54 | 56 | 67 | 62 | 212 | -79 | 106 | 182 | 88 |
| Interest | 171 | 220 | 187 | 171 | 166 | 177 | 204 | 178 | 159 | 189 | 185 | 174 | 186 |
| Depreciation | 94 | 96 | 95 | 79 | 96 | 92 | 108 | 98 | 103 | 107 | 111 | 128 | 117 |
| PBT | -68 | -162 | 281 | 211 | 418 | 402 | 546 | 234 | 317 | 313 | 363 | 404 | 478 |
| Tax % | -12% | -19% | 27% | 27% | 25% | 30% | 28% | 25% | 25% | 27% | 28% | 27% | 27% |
| Net Profit | -79 | -131 | 201 | 157 | 313 | 311 | 411 | 191 | 238 | 245 | 269 | 293 | 351 |
| EPS in Rs | -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 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 32.86 | 40.32 | 63.74 | 6.18 | 4.48 | 1.14 | 9.43 | 8.04 | 8.9 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 12% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 162 | 69 | 77 | 83 | 86 | 40 | 98 | 201 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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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.[1]
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