AWL Agri Business financials and balance sheet

NSE: AWLBSE: 543458Agricultural Food & other ProductsSmall Cap

Formerly Adani Wilmar

₹173.10₹5.41 (3.03%)BSE ₹172.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹178.51.

52-week range of traded prices to 23 Oct 2026

₹171.19Low, 16 Mar 2026₹282.90High, 21 Nov 2025

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹22,497 Cr300th largest listed
P/E: 19.5
P/B: 2.2
Dividend yield: 0.58%
ROE: 11.6%
ROCE: 17.7%
Debt to equity: 0.08
Volume, NSE: 12,69,45650.5% delivered

5 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.AWL Agri Business annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹74,731 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue74,731
Materials and goods−66,908
Employee costs−676
Other expenses−5,016
Operating profit2,131
Depreciation−449
Other income+418
One-off items−26
Finance costs−707
Profit before tax1,367
Tax−377
Joint ventures+54
Net profit1,045

What the company owns

Plant, investments and other assets₹11,571 Cr
Inventory₹8,191 Cr
Receivables₹2,624 Cr
Cash and bank₹1,719 Cr
Current investments₹653 Cr

What pays for it: net worth and liabilities

Net worth₹10,444 Cr
Other liabilities₹10,228 Cr
Owed to suppliers₹3,269 Cr
Borrowings₹818 Cr

AWL Agri Business business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.AWL Agri Business segment results by quarter

Revenue by segment

₹74,731 CrTotal

Edible Oil₹59,787 Cr80.0% of total
Industry Essentials₹8,470 Cr11.3% of total
Food & FMCG₹6,473 Cr8.7% of total

Profit by segment

Edible Oil₹1,063 Cr65.4% of total
Industry Essentials₹352 Cr21.6% of total
Food & FMCG₹212 Cr13.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Edible Oil
Revenue, ₹ crore
45,401
46,104
38,788
49,736
59,787
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,289
440
241
1,526
1,063
Mar 22Mar 23Mar 24Mar 25Mar 26
Industry Essentials
Revenue, ₹ crore
6,192
8,028
7,479
7,663
8,470
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
409
323
47
239
352
Mar 22Mar 23Mar 24Mar 25Mar 26
Food & FMCG
Revenue, ₹ crore
2,621
4,053
4,994
6,273
6,473
Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−22
96
149
10
212
Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	54,214	58,185	51,262	63,672	74,731
Company revenue, as in its results	54,214	58,185	51,262	63,672	74,731
Revenue	45,401	46,104	38,788	49,736	59,787
Revenue growth	–	1.5%	−15.9%	28.2%	20.2%
Profit	1,289	440	241	1,526	1,063
Profit growth	–	−65.9%	−45.2%	533.4%	−30.3%
Margin	2.8%	1.0%	0.6%	3.1%	1.8%
Return on capital	44.3%	30.7%	12.0%	45.0%	35.8%
Assets	13,528	12,775	11,104	13,679	14,277
Liabilities	10,622	11,342	9,104	10,291	11,303
Capital employed	2,906	1,432	2,000	3,388	2,973
Revenue	6,192	8,028	7,479	7,663	8,470
Revenue growth	–	29.7%	−6.8%	2.5%	10.5%
Profit	409	323	47	239	352
Profit growth	–	−21.0%	−85.3%	404.2%	47.1%
Margin	6.6%	4.0%	0.6%	3.1%	4.2%
Return on capital	30.4%	19.2%	4.0%	20.4%	17.9%
Assets	2,033	1,977	1,882	2,256	3,059
Liabilities	686	298	682	1,083	1,098
Capital employed	1,348	1,680	1,200	1,174	1,961
Revenue	2,621	4,053	4,994	6,273	6,473
Revenue growth	–	54.6%	23.2%	25.6%	3.2%
Profit	−22	96	149	10	212
Profit growth	–	–	56.3%	−93.2%	1,996.6%
Margin	−0.9%	2.4%	3.0%	0.2%	3.3%
Return on capital	−2.4%	5.5%	5.3%	0.4%	7.0%
Assets	1,152	1,973	3,239	2,815	3,841
Liabilities	227	227	421	527	814
Capital employed	925	1,746	2,818	2,288	3,027

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.AWL Agri Business quarterly results

₹ crore	Mar 2022Filed 11 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue from operations	54,214	58,185	51,262	63,672	74,731
	52,477	56,524	50,126	61,191	72,600
Materials and goods bought	48,791	52,183	45,275	56,137	66,908
Employee costs	392	394	421	566	676
Other expenses	3,294	3,947	4,431	4,487	5,016
Operating profit before depreciation	1,736	1,661	1,135	2,482	2,131
Operating margin	3.2%	2.9%	2.2%	3.9%	2.9%
Materials, % of revenue	90.0%	89.7%	88.3%	88.2%	89.5%
Employee costs, % of revenue	0.7%	0.7%	0.8%	0.9%	0.9%
Other expenses, % of revenue	6.1%	6.8%	8.6%	7.0%	6.7%
Depreciation and amortisation	309	358	364	395	449
Operating profit after depreciation	1,427	1,302	771	2,087	1,682
Other income	172	261	294	238	418
Finance costs	541	775	749	724	707
Profit before one-off items and tax	1,059	789	316	1,601	1,393
One-off items	0	0	−54	0	−26
Profit before tax	1,059	789	262	1,601	1,367
	284	235	92	437	377
Current tax	246	95	178	418	325
Deferred tax	39	141	−86	19	52
Share of profit of joint ventures and associates	29	29	−23	63	54
	804	582	148	1,226	1,045
Belonging to the company's shareholders	804	582	148	1,225	1,042
Belonging to outside owners of subsidiaries	–	0	0	1	3
Other comprehensive income	−3	−23	−4	−2	−16
Total comprehensive income	800	559	144	1,224	1,029
Net margin	1.5%	1.0%	0.3%	1.9%	1.4%
Net margin without joint ventures and associates	1.4%	1.0%	0.3%	1.8%	1.3%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2022Filed 11 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
	7,606	8,166	8,316	9,424	10,444
	7,606	8,166	8,316	9,424	10,441
Share capital	130	130	130	130	129
Reserves	7,476	8,036	8,186	9,294	10,311
Belonging to outside owners of subsidiaries	–	–	0	0	3
	2,568	2,226	2,415	1,712	818
Repayable after a year	45	0	0	186	392
Repayable within a year	2,523	2,226	2,415	1,526	426
	12,813	11,687	10,411	11,727	12,428
Trade payables	9,242	8,538	6,999	8,688	3,269
Other financial liabilities	293	719	769	1,127	8,090
Other liabilities	723	184	191	303	588
Provisions	6	9	9	10	23
Tax owed	25	11	26	73	32
	898	1,127	1,080	1,287	1,887
Other financial liabilities	546	119	149	178	382
Provisions	54	613	593	571	648
Deferred tax	253	395	338	352	465
	21,317	20,980	19,807	22,438	24,759
Held for sale or for a demerger	–	5	31	23	23
	5,391	6,443	7,058	7,799	9,080
Plant in use, after depreciation	4,288	4,327	4,426	4,969	5,973
Plant being built	376	324	870	1,056	443
Intangible assets	256	417	446	457	844
Goodwill	57	50	49	54	325
Intangible assets being developed	–	–	9	3	–
Investments	312	342	312	374	0
Stakes in joint ventures and associates	–	–	–	0	428
Loans given	0	49	0	49	31
Other financial assets	46	73	77	64	78
Deferred tax	3	1	92	25	23
Other assets	53	860	778	747	934
	15,926	14,532	12,718	14,616	15,656
Inventories	7,717	7,681	7,204	8,641	8,191
Trade receivables	2,219	1,931	1,783	2,416	2,624
Cash and cash equivalents	127	395	259	544	1,677
Other bank balances	4,367	3,329	2,551	1,781	42
Current investments	50	50	0	250	653
Loans given	43	3	52	4	3
Other financial assets	300	656	384	322	1,707
Other assets	1,104	487	485	658	758
Net debt	−1,976	−1,548	−394	−864	−1,554

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2022Filed 11 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
	1,059	663	289	2,150	3,928
	1,059	826	451	2,449	4,287
	–	−681	−622	−46	1,822
Receivables	–	269	143	−637	−179
Inventories	–	−5	467	−1,454	576
Payables	–	−570	−1,512	1,837	1,198
Other working capital	–	−376	280	208	227
Tax paid	–	−163	−162	−299	−359
Capital spending	–	679	932	996	833
Free cash flow	1,059	−16	−643	1,154	3,095
	–	533	142	−270	−1,066
Plant and property sold	–	5	2	36	9
Companies bought	–	0	0	−16	−415
Interest received	–	195	219	175	123
	–	−919	−563	−1,544	−1,678
Borrowings raised	–	−203	178	157	251
Borrowings repaid	–	−174	0	−889	−1,260
Interest paid	–	−467	−676	−618	−550
Lease payments	–	−56	−65	−71	−84
Dividends paid	–	0	0	0	0
Shares bought back	–	0	0	0	0
Shares issued	–	0	0	0	0
Net change in cash	1,059	277	−132	336	1,184

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.AWL Agri Business dividend history

₹ per share	Mar 2022Filed 11 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Earnings per share	₹6.89	₹4.48	₹1.14	₹9.44	₹8.05
Diluted earnings per share	₹6.89	₹4.48	₹1.14	₹9.44	₹8.05
Dividend per share	–	–	–	–	₹1.00
Book value per share	₹58.53	₹62.83	₹63.98	₹72.75	₹80.73
Dividend payout	–	–	–	–	12.4%
Shareholder yield	–	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	67,180	52,747	41,772	33,573	23,104

Ratios

Consolidated, years to March.AWL Agri Business PE ratio and valuation

Ratio	Mar 2022Filed 11 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue growth	–	7.3%	−11.9%	24.2%	17.4%
Operating profit growth	–	−4.3%	−31.7%	118.6%	−14.1%
Net profit growth	–	−27.6%	−74.6%	728.3%	−14.8%
Earnings per share growth	–	−35.0%	−74.6%	728.1%	−14.7%
	10.6%	7.4%	1.8%	13.8%	10.5%
	–	−3.2 pts	−5.6 pts	12.0 pts	−3.3 pts
From the net margin	–	−3.4 pts	−5.3 pts	10.2 pts	−3.8 pts
From asset turnover	–	0.6 pts	−0.2 pts	2.4 pts	0.5 pts
From borrowing	–	−0.3 pts	−0.2 pts	−0.5 pts	0.0 pts
Return on capital employed	14.0%	12.5%	7.2%	18.7%	14.9%
Cash conversion	131.7%	113.9%	195.2%	175.4%	376.0%
Interest cover	2.6	1.7	1.0	2.9	2.4
Debt to equity	0.34	0.27	0.29	0.18	0.08
Receivable days	15	12	13	14	13
Inventory days	58	54	58	56	45
Payable days	69	60	56	56	18
Cash conversion cycle, days	4	6	14	14	40
Working capital days	7	8	14	11	6
Asset turnover	2.54	2.75	2.51	3.01	3.17
Assets per rupee of net worth	2.80	2.68	2.47	2.38	2.38
Sales per rupee of plant	12.64	13.45	11.58	12.81	12.51
Capital spending to depreciation	–	1.89	2.56	2.52	1.86
Plant being built, % of plant in use	8.8%	7.5%	19.6%	21.3%	7.4%

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.4%
Cash from operations against operating profit: 184.4%

Measure	5 years	3 years
Revenue growth, yearly rate	–	8.7%
Profit growth, yearly rate	–	21.4%
Return on equity, average	8.8%	8.7%
Return on capital employed, average	13.5%	13.6%
Operating margin, average	3.0%	3.0%
Net margin, average	1.2%	1.2%
Asset turnover, average	2.80	2.90
Cash conversion cycle, days, average	15	23
Interest cover, average	2.1	2.1
Debt to equity, average	0.23	0.18

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,089	6,367	3,928
Cash from investing	–	−1,194	−1,066
Cash from financing	–	−3,785	−1,678
Capital spending	–	2,761	833
Dividends paid	–	0	0
Shares bought back	–	0	0
Shares issued for cash	–	0	0
Borrowings raised	–	586	251
Borrowings repaid	–	2,149	1,260

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	8	6
Altman Z-scorePublished threshold 1.81	6.40	6.19	5.66	5.46	5.00
Beneish M-scorePublished threshold −1.78	–	−2.11	−2.51	−2.37	−2.77
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−2.90	−1.39	−3.09	−7.70
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	1.31	1.59	2.63
Receivables growth less revenue growthOur threshold 0 percentage points	–	−20.27	4.21	11.27	−8.72
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−7.41	7.02	−4.04	−24.40
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.45	−0.53	0.17	1.99
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.82	1.88	1.13	0.30
Effective tax ratePublished threshold 17.16 per cent	26.86	29.83	34.97	27.33	27.55
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	9.18	−26.81	8.65	1.32

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
3 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-CC/PC/Bill Discounting	CARE AA- / CARE A1+Review, Re-affirm	Stable	1,300
3 Sep 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		500
3 Sep 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AA-Review, Re-affirm	Stable	1,230
3 Sep 2026	CARE Ratings Limited (opens in a new tab)	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BG	CARE AA- / CARE A1+Review, Re-affirm	Stable	5,498.50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.