AWL Agri Business Limited: 1QFY27 earnings review

研报英文原文证据摘录

AWL Agri Business Limited: 1QFY27 earnings review

J P M O R G A N Asia Pacific Equity Research

01 August 2026

AWL Agri Business Limited Underweight

AWLA.NS, AWL IN

1QFY27 earnings review Price (31 Jul 26):Rs189.44

▼Price Target (Mar-27):Rs185.00

Prior (Mar-27):Rs190.00

AWL’s Q1 EBITDA print was ahead of expectations on account of better-than-

anticipated margins across all segments, even as revenue was in line. Revenue Consumer, Retail, Media

grew 18% with UVG of 7%. Edible Oils revenue growth (+15%) was largely price- Latika Chopra, CFA AC

led, as volumes rose a modest 2% (albeit off a weak base). Food & FMCG delivered (91-22) 6157-3584

22% revenue growth with 18% volume growth (two-year CAGR: 6%), aided by latika.chopra@jpmorgan.com

an easy base and strong growth in rice (+40% y/y; ~25% salience, per JPMe). Himanshu Singh

Industry Essentials grew 28% (vol:+13%), led by a rising contribution from the (91-22) 6157-3610

himanshu.x6.singh@jpmorgan.com

value-added portfolio (specialty chemicals). Margins were healthy, led by mix

Saransh S Gokhale

improvement and premiumization, though management’s limited confidence in

(91-22) 6157 3578

sustaining the current margin trajectory dampens our outlook. While we are saransh.gokhale@jpmchase.com

encouraged by the Q1 results, we prefer to stay on the sidelines, given edible-oil J.P. Morgan India Private Limited, J.P. Morgan

volatility and the need for sustained margin delivery in Foods. Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

• Edible Oil. Q1 revenue was up 15%, even as volume growth was tepid, at 2%,

weighed on by temporary trade destocking amid volatile commodity prices. Style Exposure

Underlying consumer demand remained resilient (normalized trends in July),