AWL Agri Business Q3 FY26 profit falls 35%, revenue up 10%

Key takeaway from the quarter

AWL Agri Business Limited reported a sharp decline in profitability in Q3 FY26 even as sales continued to expand. The company posted a 35% year-on-year drop in consolidated net profit to ₹269 crore in Q3 FY26, down from ₹411 crore in Q3 FY25. At the same time, revenue from operations increased 10% year-on-year to ₹18,603 crore. The combination points to a quarter where volumes and pricing supported topline growth, but profit conversion weakened.

Q3 FY26 numbers in focus

The headline figure for investors was the fall in consolidated net profit to ₹269 crore in Q3 FY26. The year-ago comparison was materially higher at ₹411 crore, implying a meaningful contraction in earnings despite higher revenue. Revenue from operations for the quarter was reported at ₹18,603 crore, up 10% year-on-year. With only these two Q3 FY26 metrics disclosed in the provided data, the key factual conclusion is that profitability did not track revenue growth in the period. Investors typically watch whether this divergence is driven by higher input costs, finance costs, or changes in product mix, but the dataset here does not specify those drivers.

Q4 FY25 performance provided a contrast

AWL Agri Business reported stronger earnings in the fourth quarter of FY2024-25 (January to March). Consolidated net profit rose 21% to ₹190.28 crore in Q4 FY25, compared with ₹156.75 crore in Q4 FY24, as per a stock exchange filing referenced in the material. Revenue from operations increased 37.9% to ₹18,229.6 crore in Q4 FY25. On operating metrics, EBITDA grew 25.6% to ₹448 crore, while EBITDA margin fell from 2.7% to 2.5% and was also below an estimated 3%. The same dataset also notes that analysts’ consensus estimates compiled by Bloomberg had projected a bottom line of ₹219.5 crore for the quarter.

Quarter-on-quarter dataset: revenue and profit movement

A separate set of quarterly figures in the material shows revenue at ₹17,058.65 crore, reflecting a quarter-on-quarter decrease of 6.42% from ₹18,229.59 crore. The same comparison indicates year-on-year growth of 20.52% for that revenue figure. Operating profit is listed at ₹364.72 crore, up 58.36% quarter-on-quarter from ₹230.31 crore and up 66.11% year-on-year. PBDT is shown at ₹181.58 crore, up 16.67% quarter-on-quarter from ₹155.63 crore, but down 10.53% year-on-year. Profit before tax is ₹316.78 crore, up 27.49% quarter-on-quarter from ₹248.48 crore and down 24.53% year-on-year. Net profit is ₹236.43 crore, up 24.25% quarter-on-quarter from ₹190.28 crore, and down 24.51% year-on-year.

FY25 closing numbers and segment datapoint

The material states that AWL Agri Business closed fiscal 2025 with a 9% volume growth in the fourth quarter. It also attributes performance over the prior two quarters to sustained pressure from elevated raw material prices. Profit for the year is stated at ₹1,226 crore, and another table line item shows profit/loss for the period at ₹1,215.63 crore for Mar 2025. Food and FMCG revenue reached ₹6,273 crore during the fiscal year, up 26%, driven by 26% underlying volume growth.

Longer-term profit and EPS trend (Mar 2021 to Mar 2025)

The annual snapshot provided shows volatility in net profit across the last five financial years. Net profit (₹ crore) is listed as 654.56 in Mar 2021, 807.94 in Mar 2022, 607.23 in Mar 2023, 278.16 in Mar 2024, and 1,215.63 in Mar 2025. Adjusted EPS (₹) is shown at 5.73 in Mar 2021, 6.22 in Mar 2022, 4.67 in Mar 2023, 2.14 in Mar 2024, and 9.38 in Mar 2025. The reported pattern suggests FY25 was a strong rebound year versus FY24, at least on net profit and EPS.

Stock snapshot and peer positioning (as provided)

The dataset includes a market snapshot for AWL Agri Business: market cap ₹32,687 crore and current price ₹252, with a 52-week high/low of ₹380/₹232. It also lists stock P/E of 29.3, book value of ₹72.1, dividend yield of 0.00%, ROCE 21.0%, and ROE 13.8%. In the peer comparison table shared, AWL Agri Business is shown with CMP ₹251.50 and P/E 29.27, and quarterly net profit (NP Qtr) ₹224.70 crore with quarterly sales ₹16,745.99 crore. The same peer table lists Marico and Patanjali Foods among comparables, alongside several agri and edible oil-linked names.

Quarterly profit bridge: operating and financing lines

A quarterly table for AWL Agri Business (₹ crore) provides additional context on operating and financing costs across recent quarters. For Jun’25, EBIT is listed at ₹445.77 crore, interest at ₹144.30 crore, EBT at ₹301.47 crore, taxes at ₹76.77 crore, and profit for the year at ₹224.70 crore. For Mar’25, EBIT is ₹374.48 crore, interest ₹166.07 crore, EBT ₹208.41 crore, taxes ₹51.41 crore, and profit ₹157.00 crore. For Dec’24, EBIT is ₹748.46 crore, interest ₹188.87 crore, EBT ₹559.59 crore, taxes ₹150.24 crore, and profit ₹409.35 crore. These line items help explain how changes in operating earnings, interest, and taxes can translate into quarter-to-quarter movement in profit.

Summary table of key disclosed metrics

Why the Q3 FY26 result matters for investors

The Q3 FY26 print highlights a familiar market question in packaged foods and staples: whether topline growth can consistently translate into profit growth. Here, revenue grew 10% year-on-year, but net profit fell 35% year-on-year, making margins and cost structure the immediate area of focus. The Q4 FY25 data in the material provides a useful reference point because it shows strong revenue growth and higher EBITDA, but also margin compression from 2.7% to 2.5%. The FY25 annual profit figure (₹1,226 crore) and the Mar 2025 net profit line (₹1,215.63 crore) also underline that earnings can be lumpy across years, as shown by the dip in Mar 2024 profit to ₹278.16 crore and rebound in Mar 2025.

Company background noted in the dataset

The company, incorporated in 1999, operates in edible oil, food, and other FMCG products, with staples such as edible oils, wheat flour, rice, pulses, and sugar mentioned in the provided text. The material also notes that AWL Agri Business was earlier known as Adani Wilmar, and that Adani exited the joint venture in FY24, with the new name adopted through online voting.

Conclusion

AWL Agri Business entered Q3 FY26 with revenue growth intact but reported a significantly weaker profit outcome, with consolidated net profit down 35% year-on-year to ₹269 crore even as revenue rose 10% to ₹18,603 crore. Recent disclosures also show that Q4 FY25 delivered strong revenue growth alongside margin compression, and FY25 profit was stated at ₹1,226 crore with Food and FMCG revenue at ₹6,273 crore. The next set of quarterly disclosures will be key to tracking whether profitability stabilises while revenue growth continues.