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Stock Analysis

Description

AWL Agri Business Ltd. is one of India’s largest Food & FMCG companies, offering a diverse portfolio of essential kitchen staples, including edible oils, wheat flour, rice, pulses, and sugar. It also serves HoReCa and institutional consumers.

Key Growth Triggers

Signed a two-year MoU for the National Mustard Model Farm Initiative to establish 3,000 model farms across key states.
Continued expansion of distribution network, aiming for improved efficiency and penetration.
Strong momentum in alternate channels like e-commerce and quick commerce.
Focus on HoReCa and branded exports segments.

Order Book

Currently no data available for Order Book.

Key Red Flags

Received multiple penalty orders from various GST authorities for input tax credit issues, with planned appeals.
Subdued festive demand impacting overall volumes, with trade operating on lean inventory levels.
De-growth in Industry Essentials segment volumes due to weak sales of castor and de-oiled cake.

Key Dates To Watch

Board meeting scheduled to approve Q3 FY26 financial results (date to be announced).
Trading window closed from January 1, 2026, for Q3 results.

Corporate Announcements

30th Mar 26

Impact Rating: 4

AWL Agri Business Limited will close its trading window for dealing in securities starting April 1, 2026, a move mandated by SEBI regulations on insider trading.

24th Mar 26

Impact Rating: 7

AWL Agri Business launches 'Fortune Atta with Multigrains', an eight-grain blend for health-conscious households, initially available on e-commerce platforms with wider expansion planned.

23rd Mar 26

Impact Rating: 5

AWL Agri Business's subsidiary, AWL Edible Oils and Foods Private Limited, has been dissolved. The Ministry of Corporate Affairs approved its strike-off on March 23, 2026. It had zero revenue and a net worth of ₹6,80,819.

23rd Mar 26

Impact Rating: 4

AWL Agri Business Limited (formerly Adani Wilmar Limited) has intimated its plan to engage in one-on-one meetings with analysts and investors in Mumbai on March 24, 2026, with no price-sensitive information to be disclosed.

14th Mar 26

Impact Rating: 6

AWL Agri Business Limited, formerly Adani Wilmar, announced a ₹2.75 lakh (₹0.03 cr) penalty from the Ahmedabad Customs office for MEIS scrip misutilization. The company will appeal the order, asserting no material financial or operational impact.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Marico	779.05	60.70	101127.52	1.35	432.00	-0.71	3482.00	30.71	45.16	12265.00	17.99	1666.00	420.00	24.95	21.01	0.14
2.	Patanjali Foods	574.50	43.81	62495.73	0.58	516.70	67.23	9798.84	20.95	15.55	37377.35	5.21	1426.56	516.70	5.16	9.04	0.24
3.	AWL Agri Busine.	230.80	29.41	29996.58	0.00	229.04	-29.68	17125.72	22.38	21.03	67829.25	3.21	1020.09	229.04	3.05	6.03	0.09
4.	Gokul Agro	172.00	17.27	5075.49	0.00	101.15	41.51	6638.19	38.01	34.20	22012.91	2.64	293.97	101.15	4.18	6.74	0.48
5.	CIAN Agro	1364.00	33.99	3817.28	0.00	19.00	63433.33	421.41	237.10	6.82	1818.73	17.30	112.30	19.00	1.88	1.78	0.64
6.	Sundrop Brands	704.25	70.08	2654.80	0.00	-2.09	-4280.00	383.30	86.01	0.22	1267.59	2.49	37.88	-2.09	1.83	3.08	0.01
7.	Shri Venkatesh	288.35	25.24	637.81	0.35	14.40	99.72	555.87	80.29	14.57	949.19	5.15	25.27	14.40	5.80	6.35	2.11
–	Median: 17 Co.	194.02	25.24	398.97	0.0	6.36	-2.3	421.41	24.84	14.66	1412.92	3.26	25.27	6.62	2.48	6.54	0.24

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	14,714	12,440	16,470	12,379	13,735	16,746	13,122	12,688	17,487	13,410	11,720	13,994	17,126
Expenses	14,091	11,910	15,688	12,257	13,120	16,415	13,023	12,356	17,086	13,152	11,563	13,371	16,463
Operating Profit	623	530	782	122	616	331	99	333	401	258	156	624	662
Other Income	76	58	65	65	53	205	312	103	61	58	10	54	-78
Profit before tax	381	333	560	-49	434	301	132	212	208	85	-115	438	309
Tax %	27%	26%	27%	-22%	25%	25%	26%	26%	25%	27%	-24%	26%	26%
Net Profit	277	247	409	-38	324	225	98	156	157	62	-87	326	229
EPS in Rs	2.13	1.90	3.15	-0.30	2.49	1.73	0.75	1.20	1.21	0.48	-0.67	2.51	1.76

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	14,780	22,973	26,354	28,802	29,657	37,090	52,302	55,262	49,243	61,677	67,829
Expenses	14,552	22,330	25,433	27,703	28,345	35,763	50,577	54,346	48,102	59,254	65,653
Operating Profit	228	643	921	1,100	1,312	1,328	1,726	917	1,141	2,423	2,176
Other Income	198	152	88	122	108	104	169	956	236	233	252
Interest	347	328	298	470	569	407	525	729	674	661	680
Depreciation	72	119	146	182	242	268	285	319	322	355	371
Profit before tax	8	348	566	570	609	757	1,084	825	381	1,640	1,378
Net Profit	4	230	375	365	395	655	808	607	278	1,216	1,020
EPS in Rs	0.39	20.09	32.79	31.95	34.52	57.27	6.22	4.67	2.14	9.35	7.85
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	109	114	114	114	114	114	130	130	130	130	130
Reserves	666	1,166	1,540	1,905	2,298	2,952	7,248	7,858	8,142	9,238	9,699
Borrowings	1,948	2,622	2,244	1,829	2,300	3,051	2,626	2,259	2,360	1,885	933
Other Liabilities	2,521	3,465	5,750	7,541	6,914	6,958	10,247	9,372	8,170	10,245	13,211
Total Liabilities	5,244	7,367	9,649	11,390	11,627	13,076	20,251	19,619	18,803	21,498	23,972
Fixed Assets	1,377	1,950	2,273	2,954	3,759	3,702	4,146	4,377	4,548	5,101	5,586
Gross Block	1,681	2,172	2,636	3,499	4,547	4,753	5,476	5,961	6,403	7,254	–
Accumulated Depreciation	305	222	364	545	787	1,051	1,330	1,585	1,855	2,153	–
CWIP	43	70	443	570	325	531	262	323	864	1,059	743
Investments	136	52	53	54	55	106	286	288	230	497	784
Other Assets	3,688	5,294	6,880	7,812	7,488	8,736	15,557	14,631	13,160	14,841	16,859
Total Assets	5,244	7,367	9,649	11,390	11,627	13,076	20,251	19,619	18,803	21,498	23,972

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	–	-64	1,601	1,680	793	741	1,192	514	366	1,735
Cash from Investing Activity	–	-396	-916	-935	-518	-499	-3,852	596	139	-302
Cash from Financing Activity	–	459	-645	-742	-7	-531	2,682	-919	-619	-1,235
Net Cash Flow	–	-1	39	2	268	-289	22	190	-114	198

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	18	13	17	16	11	15	15	13	13	15
Inventory Days	37	54	60	59	57	55	57	52	58	56
Days Payable	63	56	82	96	85	60	66	55	54	53
Cash Conversion Cycle	-8	12	-5	-21	-17	10	6	9	17	18
Working Capital Days	-38	17	-25	-19	-17	-8	-11	-3	0	6
ROCE %	–	–	22%	27%	28%	22%	20%	15%	10%	21%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	87.94%	87.94%	87.94%	87.94%	87.88%	87.88%	87.88%	87.88%	87.88%	74.36%	74.36%	63.94%	56.94%
FIIs	1.57%	1.27%	1.14%	0.63%	0.65%	0.77%	0.73%	0.95%	1.16%	4.31%	4.61%	14.11%	21.15%
DIIs	0.14%	0.11%	0.06%	0.06%	0.12%	0.29%	0.25%	0.07%	0.05%	8.90%	8.62%	8.82%	9.28%
Public	10.35%	10.68%	10.85%	11.36%	11.35%	11.08%	11.15%	11.11%	10.91%	12.08%	12.08%	12.78%	12.30%