AWL Agri Business Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript AWL Agri Business Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
AWL Agri Business reported Q4 FY26 volume growth of 14% to 1.9 million metric tons, with revenue rising 18% year-on-year to over Rs 21,000 crores, and EBITDA and PAT growing 40% and over 50% respectively. For the full year, the company reported 6.8 million metric tons of volumes (4% growth), revenue above Rs 74,000 crores (17% growth), operational EBITDA of over Rs 2,300 crores, and PAT of over Rs 1,000 crores. Management discussed the impact of the Iran conflict on edible oil prices, input costs, and rupee depreciation, and described segment performance across Edible Oil, Food and FMCG, and Industry Essentials.
Numbers mentioned
Volume growth: 14% (Q4 FY26)
p. 4
“We have been able to deliver 14% volume growth and delivered close to 1.9 million metric tons volume.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Revenue: plus of INR 21,000 crores (Q4 FY26)
p. 4
“We also were able to register our highest ever quarterly revenue of plus of INR 21,000 crores, which is 18% year-on-year growth.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
EBITDA growth: 40% (Q4 FY26)
p. 4
“Both on operational EBITDA and PAT also company was able to deliver better numbers with EBITDA growing by 40% and PAT growing by more than 50% year-on-year on a quarterly basis.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Gross margin per ton: plus of INR12,000 (Q4 FY26)
p. 4
“We have been able to maintain the gross margins per ton plus of INR12,000 and EBITDA closer to INR3,400 a ton for the quarter, which is again a growth of 19% and 23% year-on-year for both the metrics.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Full year volume: 6.8 million metric tons (FY26)
p. 4
“happy to share that we finally closed the full year with 6.8 million metric tons of volumes, which is 4% growth.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Full year revenue: INR74,000 crores plus (FY26)
p. 4
“We are happy to share that the company crossed the highest ever turnover of INR74,000 crores plus in the year FY26 with 17% year-on-year growth.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Operational EBITDA: plus of INR2,300 crores (FY26)
p. 4
“Operational EBITDA at plus of INR2,300 crores and PAT, we delivered PAT of plus of INR1,000 crores, which is in line with the expectation by the Street and the guidance, which we have been giving to the analysts for past couple of quarters.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Fortune brand growth: 11% (Q4 FY26)
p. 4
“Fortune as a brand in oil and food put together grew by 11% year-on-year, which is quite encouraging.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Kohinoor brand growth: 39% (Q4 FY26)
p. 4
“Kohinoor brand, again, for the quarter grew by 39% year-on-year.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Alternate channel growth: 43% (Q4 FY26)
p. 4
“On channel, we remain very optimistic about the alternate channel, which is growing very fast for us, which grew by 43% year-on-year for the quarter.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
HoReCa growth: 64% (Q4 FY26)
p. 4
“HoReCa as a channel on which we are putting focus for the last couple of years grew by 64% year-on-year.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Branded exports growth: 48% (Q4 FY26)
p. 4
“And the branded exports, which is again also a focus area for the company, grew by 48% year-on-year when we talk about the Q4 numbers.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Standalone revenue: plus of INR20,000 crores (Q4 FY26)
p. 4
“On a stand-alone basis, we did a revenue of plus of INR20,000 crores with an EBITDA of INR638 crores, which is 38% plus, PAT of INR268 crores for the quarter.”
Shrikant Kanhere, page 4 of the filed PDF · View the filing
Consolidated PAT: INR293 crores (Q4 FY26)
p. 5
“As I said earlier, we could achieve highest ever revenue of INR21,000-plus crores in the quarter with a PAT of INR293 crores, which is 54% plus.”
Shrikant Kanhere, page 5 of the filed PDF · View the filing
Edible Oil revenue: INR17,520 crores (Q4 FY26)
p. 5
“We crossed a revenue of INR17,520 crores for edible oil in Q4, which is 19% year-on-year growth.”
Shrikant Kanhere, page 5 of the filed PDF · View the filing
Edible oil market share improvement: 60 basis points (Q4 FY26)
p. 5
“On market share, we have been able to see consolidation in market share of edible oil for the quarter where it improved by 60 basis points.”
Shrikant Kanhere, page 5 of the filed PDF · View the filing
Basmati rice market share improvement: 330 basis points (Q4 FY26)
p. 6
“But one significant improvement, which we saw in the basmati rice where our market share improved by 330 basis points, and now we are closer to 9% kind of market share from what we had earlier.”
Shrikant Kanhere, page 6 of the filed PDF · View the filing
Food segment result: plus of INR200 crores (FY26)
p. 6
“And for the full year, we had a segment result of plus of INR200 crores.”
Shrikant Kanhere, page 6 of the filed PDF · View the filing
GD Foods volume growth: 24% (Q4 FY26)
p. 6
“In Q4, the volume grew by 24%, but -- and full year volume grew by 15%, revenue growth of 21% for the quarter and 12% for the full year.”
Shrikant Kanhere, page 6 of the filed PDF · View the filing
Direct outlet reach: more than 900,000 outlets, 970,000
p. 6
“Now we reach more than 900,000 outlets directly, 970,000 rather, I would say.”
Shrikant Kanhere, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Food volume growth — double digit, mid-teens · FY27
stated firmly by Shrikant Kanhere
p. 11
“But what we are actually trying to communicate is that we will have priority on the volume because we would certainly want in FY '27 food volumes to grow in double digit, at least in mid-teens kind of number, which we are looking at.”
Shrikant Kanhere, page 11 of the filed PDF · View the filing
Food business EBITDA priority — FY27
stated firmly by Shrikant Kanhere
p. 9
“And we have been saying this that at least till end of FY '27, the priority will always be our top line and not the bottom line.”
Shrikant Kanhere, page 9 of the filed PDF · View the filing
Food EBITDA per ton — INR1,500 per ton to INR2,000 a ton · from FY28
stated as an aspiration by Shrikant Kanhere
p. 12
“we have always been saying that food will remain an EBITDA neutral till FY '27. And after that, we will try and build INR1,500 per ton to INR2,000 a ton kind of EBITDA in the food from FY '28.”
Shrikant Kanhere, page 12 of the filed PDF · View the filing
Food volumes for margin consolidation — beyond 1.5 million tons, 1.6 million tons · next year
stated as an aspiration by Shrikant Kanhere
p. 13
“This year, we closed at 1.2 million tons. I am hopeful that next year, we will go beyond 1.5 million tons, 1.6 million tons as far as the food is concerned.”
Shrikant Kanhere, page 13 of the filed PDF · View the filing
Priority on top line over margins — FY27 and part of FY28
stated firmly by Shrikant Kanhere
p. 13
“Yes, at least for FY '27 for sure and maybe some part of FY '28 also. We will certainly give priority to the top line rather than margins.”
Shrikant Kanhere, page 13 of the filed PDF · View the filing
Steady-state EBITDA per ton — INR3,600 a ton or INR3,500
stated as an aspiration by Shrikant Kanhere
p. 15
“So steady-state range, you can build around INR3,600 a ton or INR3,500 for a safer side, you take it, I think we should be able to deliver within that range.”
Shrikant Kanhere, page 15 of the filed PDF · View the filing
Alternate channel share of volumes — close to 30%, 35% · years to come
stated as an aspiration by Shrikant Kanhere
p. 14
“But I'm sure in the years to come, we will have close to 30%, 35% of our volumes coming in from the alternate channel, which is today at 15%.”
Shrikant Kanhere, page 14 of the filed PDF · View the filing
Edible oil and foods consumption growth — single-digit growth · Q1 FY27
stated conditionally by Angshu Mallick
p. 17
“Not possibly double digit, but surely a single-digit growth.”
Angshu Mallick, page 17 of the filed PDF · View the filing
Q1 FY27 demand recovery — May and June
stated conditionally by Shrikant Kanhere
p. 7
“but I'm very sure that in the month of May and June, it will recover, and we will have a fairly good quarter Q1 as well.”
Shrikant Kanhere, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the Q4 impact was limited as demand recovery offset pricing issues, but cost increases would hit Q1, and April demand was showing some sluggishness.
Answered by Shrikant Kanhere
Asked by Abneesh Roy: Did the company gain or lose from the Iran crisis disruption across HoReCa and other channels in Q4, and what price hikes has it taken?
p. 7
“So this should -- will be impacting in Q1. Initially, we did saw some demand destruction because of this LPG shortage and other things.”
Shrikant Kanhere, page 7 of the filed PDF · View the filing
Management said packing material costs will start hitting from April and represent only 2-3% of overall cost, so the impact would be limited to 50 basis points.
Answered by Shrikant Kanhere
Asked by Abneesh Roy: How much price hike has been taken due to packing material cost increases?
p. 8
“But packing material for us is close to, I would say, 2%, 2.5%, 3% of our overall cost, not more than that.”
Shrikant Kanhere, page 8 of the filed PDF · View the filing
Management said alternate channel contributes about 15% of edible oil volumes and 25% of food volumes and is more profitable than general trade or export.
Answered by Shrikant Kanhere
Asked by Abneesh Roy: What proportion of business comes from alternate channels and how profitable is it versus other channels?
p. 8
“So on alternate channel, now in Edible Oil, we sell close to 15% of our volumes comes from the alternate channel.”
Shrikant Kanhere, page 8 of the filed PDF · View the filing
Management said it is difficult to forecast given current dynamism, but noted the industry sees down-trading rather than demand destruction as an essential category.
Answered by Shrikant Kanhere
Asked by Manoj Menon: What is management's view on agri inflation for the latter half of FY27?
p. 9
“So the demand discussion generally doesn't happen in our case. What in our case, happens is down trading for which we have requisite brand architecture in place”
Shrikant Kanhere, page 9 of the filed PDF · View the filing
Management said the priority remains volume growth over margin until FY27, though it may become more aggressive as opportunities emerge.
Answered by Shrikant Kanhere
Asked by Dhiraj Mistry: Is the improved Food segment margin in FY26 a sustainable new base?
p. 9
“And we have been saying this that at least till end of FY '27, the priority will always be our top line and not the bottom line.”
Shrikant Kanhere, page 9 of the filed PDF · View the filing
Management explained that trade credit and borrowings fluctuate between lines and should be viewed together with receivables against borrowings.
Answered by Shrikant Kanhere
Asked by Dhiraj Mistry: How to interpret the decline in inventory alongside an increase in trade credit on the balance sheet?
p. 10
“So basically, the trade credit and the borrowings keep exchanging between the lines.”
Shrikant Kanhere, page 10 of the filed PDF · View the filing
Management confirmed mid-teens growth is the base case with potential for better outcomes if opportunities like wheat pricing favor the company.
Answered by Shrikant Kanhere
Asked by Harsh Shah: Is mid-teens food volume growth the base case built into the AOP, with wheat price firming as a possible upside?
p. 11
“Yes, of course, the base case see certainly double-digit growth, which is mid-teens kind of growth for food.”
Shrikant Kanhere, page 11 of the filed PDF · View the filing
Management said the food business remains in an investment and growth phase and is targeting Rs 1,500-2,000 per ton EBITDA from FY28, eventually benchmarking against competitors like ITC and KRBL.
Answered by Shrikant Kanhere
Asked by Harsh Shah: What sustainable margin level does management foresee for the Foods business long term?
p. 12
“So this is what we are working on while we are delivering it today also.”
Shrikant Kanhere, page 12 of the filed PDF · View the filing
Management said this happens once food volumes cross about 1.5 million tons, expected next year, enabling margin consolidation.
Answered by Shrikant Kanhere
Asked by Akshay Krishnan: At what point does the food business shift from reinvesting gross margin gains to sustained EBITDA expansion?
p. 13
“I think food anywhere closer to -- or anywhere more than 1.5 million tons of volumes, I think we should be able to start consolidating the margins.”
Shrikant Kanhere, page 13 of the filed PDF · View the filing
Management said the difference is minuscule, roughly 50-60 basis points, given the overall thin margin of 1.5-2%.
Answered by Shrikant Kanhere
Asked by Akshay Krishnan: What is the margin difference between alternate channel and general trade?
p. 14
“The margin difference is like our -- it's not more than -- it's very miniscule margin difference, but maybe if in general trade, we are making x percentage, I think we -- the general trade versus this is hardly a 50, 60 bps lower than -- higher than the general trade.”
Shrikant Kanhere, page 14 of the filed PDF · View the filing
Management said 70% of revenue comes from brands, and valuation is market-driven, expressing hope investors will eventually recognize the company's potential.
Answered by Shrikant Kanhere
Asked by Nilesh Doshi: Why does the company trade at a lower valuation than peers like LT Foods and KRBL despite being a branded FMCG player?
p. 14
“First of all, AWL Agri Business is food FMCG that we classify ourselves because 70% of our revenue comes from the brands.”
Shrikant Kanhere, page 14 of the filed PDF · View the filing
Management said there is no LPG shortage currently and expects demand to pick up with the marriage season.
Answered by Shrikant Kanhere
Asked by Kenil Mehta: Is April demand slowdown linked to LPG shortage from the Iran crisis?
p. 16
“I don't think that is there now in -- on the street. We don't see any shortage of LPG across the country.”
Shrikant Kanhere, page 16 of the filed PDF · View the filing
Management said there are no current plans since parent Wilmar already operates large plantations in Indonesia and Malaysia.
Answered by Shrikant Kanhere
Asked by Kenil Mehta: Is AWL planning to enter palm oil plantation business like peers?
p. 16
“No. As we speak today, we don't have any plan because our promoter, Wilmar itself, they are into a big plantation in palm in Indonesia and Malaysia.”
Shrikant Kanhere, page 16 of the filed PDF · View the filing
Risks flagged
Rising input costs from packing material, chemicals and coal due to the Iran conflict expected to hit Q1 results
p. 3
“Although the impact of all these costs was not felt too much in the March, but I think in the coming quarter in Q1, most of the industry players will feel the heat of this increased cost.”
Shrikant Kanhere, page 3 of the filed PDF · View the filing
Rupee depreciation affecting import/export portfolio
p. 3
“Rupee depreciation is something is we watch very carefully.”
Shrikant Kanhere, page 3 of the filed PDF · View the filing
Export disruption in the Middle East due to the Iran conflict
p. 3
“Export disruption continued in the Middle East because of the Iran conflict.”
Shrikant Kanhere, page 3 of the filed PDF · View the filing
Sluggish demand in April due to inventory consumption after March stocking
p. 7
“But yes, when we got into April, we did see some of the sluggishness in the demand because a lot of people who had accumulated inventories in the month of March are now consuming it, and therefore, we see not a very encouraging demand scenario as far as April is concerned”
Shrikant Kanhere, page 7 of the filed PDF · View the filing
Competition from private labels and small players in wheat flour business when prices are range-bound
p. 5
“So we had a very tough competition from private labels and small players.”
Shrikant Kanhere, page 5 of the filed PDF · View the filing
Demand sensitivity to oil price increases
p. 14
“I think as prices goes up, every -- our experience says that at every INR10, we see demand slowing down by 1% and vice versa.”
Saumin Sheth, page 14 of the filed PDF · View the filing
Disruption in out-of-home consumption due to labor movement for elections and wheat harvest
p. 17
“Hotel workers or other workers going away either for the election or for the wheat harvest season has also disrupted entire labor force in many of the places.”
Angshu Mallick, page 17 of the filed PDF · View the filing
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