AWL Agri Business Limited — Investor Meet, 07-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

AWL Agri Business reported Q2 FY26 volumes up 2% YoY to 1.68 million tonnes, with EBITDA at INR 600 Cr (-9% YoY) and PAT at INR 245 Cr (-21% YoY). H1 volumes were largely flattish, with EBITDA at INR 1,200 Cr (-13% YoY) and PAT at INR 483 Cr (-23% YoY). Management noted H1 was impacted by commodity cycles last year. Normalized gross margins are targeted at INR 11,000/tonne, with EBITDA at INR 3,500/tonne, which AWL Agri Business achieved in Q2/H1 and expects for H2.

The company anticipates H2 to be stronger due to festive demand and improved agri production. Edible oil volume growth targets mid-single digits, expecting 5-6% for H2. Food & FMCG, despite a 10% volume decline in Q2 (or flattish excluding one-time government-to-government sales), is now EBITDA positive. Strategic plans include capacity expansion, aiming to get "very close" to INR 10,000 Cr revenue for the food business by FY27. Alternate channels, especially quick commerce, show robust growth.

Key challenges include Nepal's duty-free edible oil imports impacting market share in northern states, and pressure on e-commerce margins. Management maintains a confident outlook for H2.