AWL Q2 FY27 Results Analysis: Revenue Surges 26%, Food & FMCG Margin Halves
AWL's Q2 FY27 numbers came in soft, with revenue of Rs. 22,201.93 Cr (+26.11% YoY) and PAT growth of -2.23% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 22,201.93 Cr (+26.11% YoY) |
| PAT (Q2) | Rs. 239.39 Cr (-2.23% YoY) |
| EBITDA margin | 2.92% (-25 bps YoY) |
| EPS (Q2) | Rs. 1.85 (-2.12% YoY) |
| Market cap | Rs. 22,869.53 Cr |
| CMP | Rs. 176.35 |
Quarter Snapshot
Revenue grew 26.11% YoY, above management's 18-20% guidance, with all three segments growing double digits, but PAT fell 2.31% YoY and ex-MTM EBITDA fell 9.52% as Food & FMCG margin halved to 1.72% against the 3-4% guided band. H1 operating cash flow was negative Rs.2,589.74 Cr on an Rs.6,649 Cr inventory build, swinging the company to net debt of Rs.433.50 Cr. The H2 swing factor is profitability — holding the Food & FMCG margin band while scaling and restoring Edible Oil per-ton economics — not revenue.
Key Investment Insights
Key Positives
- Consolidated revenue grew 26.11% YoY to Rs.22,201.93 Cr, above management's 18-20% FY27 guidance band
- All three segments grew revenue double-digit YoY: Edible Oil +23.43%, Food & FMCG +31.83%, Industry Essentials +39.25%
- Industry Essentials result grew 25.38% YoY with margin up QoQ to 5.62% from 5.21%
- Food & FMCG revenue crossed Rs.2,000 Cr quarterly for the first time per the company's Oct 5 update
- H1 PAT grew 22.37% YoY to Rs.590.78 Cr
- Total volume grew 12% YoY per the Oct 5 update, vs +7% in Q1; branded exports +59%, HoReCa +21%
- Capex of Rs.452.20 Cr in H1 annualises to ~Rs.904 Cr, above the ~Rs.700 Cr/yr plan pace
- First dividend paid: Rs.129.11 Cr in H1, 12.39% of FY26 PAT-to-owners
Risk Factors
- Food & FMCG segment result fell 32.64% YoY and 47.29% QoQ to Rs.38.03 Cr with margin halving to 1.72% from 3.36%
- Edible Oil volume grew only 3% per the company's Oct 5 update, below the 5-6% guidance
- Ex-MTM EBITDA fell 9.52% YoY and ex-MTM PBT fell 30.99% YoY (Rs.317.30 vs Rs.459.80)
- H1 operating cash flow was negative Rs.2,589.74 Cr driven by a Rs.6,649.28 Cr inventory build; FCF was negative Rs.3,041.94 Cr
- Net position swung from net cash of Rs.1,689.25 Cr to net debt of Rs.433.50 Cr in six months; finance costs rose 27.53% YoY
- Effective tax rate rose to 30.34% from 25.85% YoY, a PAT drag
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.