AWL Agri Business Q1 FY26 Update: Revenue Climbs 21% Despite Volume Decline; Quick Commerce and Castor Oil Exports Shine

AWL Agri Business Ltd (formerly Adani Wilmar Ltd) reported a 21% year-on-year surge in revenue for the first quarter of FY26, despite a 4% drop in overall volumes caused by softer consumer demand and operational adjustments.

The company’s Q1 revenue growth was largely supported by higher edible oil realisations, even as edible oils volumes slipped 2% year-on-year. The fall in palm oil sales weighed on total volumes, but branded edible oil volumes excluding palm oil saw modest single-digit growth, helped by steady demand for mustard oil.

In the branded food and FMCG segment, revenue—excluding government-to-government (G2G) rice sales—declined 2% from a year earlier. The company had already phased out most G2G rice sales after the third quarter of FY25. Meanwhile, wheat flour volumes came under pressure from softer demand and competitive pricing, although AWL Agri Business managed to expand its market share by 30 basis points over the year.

To strengthen its food portfolio, the company continued diversifying into value-added variants, with SRM (specialty refined milling) products gaining traction. During the quarter, it also introduced double-roasted semolina in the South Indian market, aiming to capture premium consumer segments.

A notable highlight for the quarter was the company's performance in alternate channels—including modern trade, e-commerce, quick commerce, and e-B2B—where revenue for the trailing twelve months surpassed ₹3,900 crore. Quick commerce in particular saw exceptional momentum, recording over 75% year-on-year growth.

Branded export volumes grew 22% on a trailing twelve-month basis, taking export revenue past ₹300 crore, reflecting AWL Agri Business’s efforts to expand its footprint beyond domestic markets.

In the Industry Essentials segment, Q1 revenue crossed ₹2,000 crore, supported by nearly 9% volume growth, led by strong performance in the de-oiled cake category. The company also retained its position as India’s leading exporter of castor oil, expanding into new international markets.