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 (formerly Adani Wilmar) has a market cap of about ₹23,653 Cr and trades at a P/E of 20.7x and a P/B of 2.29x. Sales have grown at 17% TTM and at a 15% CAGR over 5 years, but TTM profit growth is only 2%, and ROE has stayed in the 9-11% range. The stock has fallen 29% over the past year and 18% a year over 3 years, while promoter holding has dropped by 31% over the same 3 years.
- Revenue growth has picked up. TTM sales growth is 17%, well above the 3-year sales CAGR of 9%, which suggests stronger volumes or price realisation in its edible oil and food portfolio.
- Profit has compounded at 22% a year over 3 years, much faster than the 9% sales CAGR. This points to better operating leverage and a recovery from a weak base.
- The 5-year sales CAGR of 15% shows the company can keep growing its top line in a large consumer staples category.
- The company has reduced debt. This matters because its cost of borrowing looks high, so lower debt should cut interest costs and support earnings.
- ROE rose to 11% last year from a 3-year average of 9%. That is a modest improvement in capital efficiency.
- After a 29% fall over one year, the stock trades at 20.7x earnings. That is a lower multiple than many large Indian FMCG companies, which often trade at 40x or more.
- A P/B of 2.29x against an ROE of about 11% suggests the market is not pricing in much premium growth. Any sustained margin improvement could change that.
- The company pays a dividend yielding 0.54%, which gives shareholders a small cash return.
- TTM profit grew only 2% while sales grew 17%. That is a clear squeeze on margins, which is typical of a commodity-linked edible oil business with volatile input costs.
- ROE is low: 9.05% on average over 3 years and 10% over 5 years. That is likely below the cost of equity and well short of FMCG peers that often earn 20% or more.
- Promoter holding has fallen by 31% over 3 years. This changes the ownership structure and could mean more shares come to market or strategic priorities shift.
- The stock has lost 29% over one year and 18% a year over 3 years. Shareholders have lost value despite the company's revenue growth.
- The cost of borrowing looks high. That puts pressure on net margins in a business with already thin margins.
- Profit growth has been uneven: 22% CAGR over 3 years, but only 8% over 5 years and 2% TTM. That makes it hard to be confident about future earnings.
- At a P/E of 20.7x, the stock is valued as a branded FMCG company, but its ROE of 9-11% looks more like a commodity processor. The valuation may not fit the returns.
- The dividend yield of 0.54% gives little income support if the share price stays weak.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- SEBI disclosure case settled Sep 22
AWL Agri Business paid ₹9.75 lakh to settle SEBI proceedings over a disclosure violation. The company says the settlement order has no material financial impact.
- Jefferies India Forum analyst meet Sep 11
AWL will meet analysts and investors in person at the Jefferies India Forum 2026 in Gurgaon on September 17, 2026. The company confirmed it will not share any price-sensitive information or forward-looking statements.
TL;DR: Both news items for AWL Agri Business this period are routine, with no operational or financial catalysts. The ₹9.75 lakh SEBI settlement closes a regulatory matter at negligible cost, though it is a minor mark against the company's disclosure record. The Jefferies investor meet keeps AWL in front of institutional investors but promises no new guidance. With no news on fundamentals, the stock's direction will likely depend on edible oil price trends, quarterly volume growth and margin performance in upcoming results.
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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