Awl Agri Business Ltd · NSE:AWL
Awl Agri Business — Q2 FY2026 Earnings Presentation
131 slides from Awl Agri Business's earnings presentation, Nov 4, 2025
Slide 1: Investor Presentation: Q2'26
Investor Presentation: Q2’26 Nov 4, 2025
Slide 2: Safe Harbour Statement
Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar
Slide 3: Result Summary
; =O 388 “A 5 S88 un} o 6 € = | an = in gy ce | OJ fortune
Slide 4: AWL - P&L Highlights: Q2'26
AWL - P&L Highlights: Q2’26 Consolidated Financials INR Cr. Q2'26 Q1'26 Q2'25 QoQ % YoY % Volume (in Million MT) 1.68 1.58 1.64 7% 2% Revenue 17,605 17,059 14,450 3% 22% Gross Profit 1,920 1,757 1,807 9% 6% EBITDA (incl. Other Income) 609 572 671 7% -9% PBT 313 311 402 1% -22% PAT 245 238 311 3% -21
Slide 5: AWL - P&L Highlights: H1'26
AWL - P&L Highlights: H1’26 Consolidated Financials INR Cr. H1'26 H1'25 YoY % Volume (in Million MT) 3.26 3.31 -1% Revenue 34,663 28,604 21% Gross Profit 3,677 3,606 2% EBITDA (incl. Other Income) 1,181 1,351 -13% PBT 623 820 -24% PAT 483 624 -23% Per Ton: Gross Profit per MT 11,271 10,904 3% EBITDA
Slide 6: Market Context
SUN}I04 5 iJ ¢ fe) U J i, {= we) = fortune 6
Slide 7: Edible Oil Imports trend
Edible Oil Imports trend Total Imports (excl. Nepal) In Million MT Imports reduced by 3% in Oil Year 2025 OY'25 OY'24 2.0 1.5 1.0 0.5 0.0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Imports from Nepal Imports from Nepal now contribute 12% of overall Soya imports to India 100,000 75,000 50,000 25,000
Slide 8: Crude Edible Oil Price Trend (excl. Custom Duty)
Crude Edible Oil Price Trend (excl. Custom Duty) Palm oil prices have fallen below soya oil levels; however, the price differential between the two remains narrow USD per MT Palm Soya Sun Palm prices higher than Soya 1,300 1,200 1,100 Palm prices again firmed up 1,000 Nov 24 Dec 24 Jan 25 Feb 25 Mar
Slide 9: Industry Volume Growth Trends: Retail Sales
Industry Volume Growth Trends: Retail Sales 8% 5% Edible Oil 1% 1% 1% 1% 1% 1% -2% FY22 FY23 FY24 FY25 H1'26 Q3'25 Q4'25 Q1'26 Q2'26 7% 8% 7% 5% Wheat Flour 2% 2% 4% 2% -1% FY22 FY23 FY24 FY25 H1'26 Q3'25 Q4'25 Q1'26 Q2'26 9% 10% 7% Basmati Rice 5% 8% 4% 4% 6% FY23 FY24 FY25 H1'26 Q3'25 Q4'25 Q1'26
Slide 10: Consumer demand has been sluggish in edible oils
Consumer demand has been sluggish in edible oils Inflation is Redefining Consumption * Manufacture of food products – Growth rates # • High inflation in Palm oil on YoY basis 3.40% • Cooking media (edible oils, ghee, vanaspati) - Growth 1.40% remains tepid. Shoppers seemed to have reduced their cons
Slide 11: Business Updates
SUN}I04 ny £ a [3 a) Business fortune ll
Slide 12: Company Highlights: Q2'26 (1/2)
Company Highlights: Q2’26 (1/2) Consolidated figures Reported Category – Volume Mix Volume Revenue Segment YoY % YoY % PBT * YoY % (Mn MT) (INR Cr.) Edible Oil 1.02 2% 13,828 26% 171 (55%) Industry Essential, 21% Edible Oil, 60% Food & FMCG 0.32 (10%) 1,681 (2%) 56 20x Industry Essentials 0.35 20% 2
Slide 13: Company Highlights: Q2'26 (2/2)
Company Highlights: Q2’26 (2/2) ▪ Alternate channels revenue at INR 4,400+ cr. (LTM Sep ‘25); maintained strong momentum o Quick commerce sales volume increased by 86% YoY in Q2 and 88% YoY on LTM basis o Q-com performance driven by continued adoption of the channel by customers and strong brand equ
Slide 14: Edible Oil Highlights: Q2'26
Edible Oil Highlights: Q2’26 Segment Performance: Q2’26 ▪ Total volume growth of 2% YoY in Q2. Branded volume grew in low-single digit Value YoY % 3-Yr CAGR o Revenue of INR 13,828 crores is Q2, up 26% YoY driven by higher realization led by Volume 1.02 Mn MT 2% 7% increase in underlying commodity p
Slide 15: Food & FMCG Highlights: Q2'26 (1/2)
Food & FMCG Highlights: Q2’26 (1/2) Segment Performance: Q2’26 Excluding G2G Rice Business Reported Figure YoY % Figure YoY % 3-Yr CAGR Volume 0.32 Mn MT (1%) Volume 0.32 Mn MT (10%) 13% Revenue INR 1,681 Cr. 4% Revenue INR 1,681 Cr. (2%) 18% ▪ Food & FMCG revenue (excl. G2G business) grew by 4% YoY
Slide 16: Food & FMCG Highlights: Q2'26 (2/2)
Food & FMCG Highlights: Q2’26 (2/2) ▪ Branded Pulses & Besan sales continued to grow at healthy rate o Pulses & Besan growth was supported by strong growth in online channel o Recorded nearly highest-ever volume in Q2 o Revenue growth impacted by fall in underlying commodity prices ▪ Branded Soya nu
Slide 17: Industry essentials Q2'26
Industry essentials Q2’26 Segment Performance: Q2’26 Value YoY % 3-Yr CAGR Volume 0.35 Mn MT 20% 8% Revenue INR 2,096 Cr. 19% 3% PBT INR 131 Cr. 135% 46% Q2 volume increased by 20% YoY • Volume growth driven by oleochemicals and de-oiled cake business and both businesses delivered highest-ever quart
Slide 18: Subsidiaries
| SUN}I04 8 G Subsi 18
Slide 19: GD Foods: Q2'26
GD Foods: Q2’26 Segment Performance: Q2’26 Q2 revenue up by 4% YoY, driven by underlying volume growth of 8% YoY % • Growth was broad-based across both general trade and alternate channels, as Volume 8% well as across product categories Revenue 4% • Product gross margins stable; realization impacted
Slide 20: Bangladesh Edible Oil Limited: H1'26
Bangladesh Edible Oil Limited: H1’26 H1’26 Performance Revenue: INR 1,059 Crores, up 13% YoY (10%) YoY volume decline BEOL Update ▪ Branded volume grew in double digits, while decline in non-branded sales weighed on overall growth ▪ Strong recovery in branded sales as macroeconomic conditions gradua
Slide 21: Channels
SUN}I04 a 7] ¢ < < UO fortune 21
Slide 22: Q-commerce growing at rapid rate
Q-commerce growing at rapid rate Volume Growth YoY % High market share of AWL in Q-com * Alternate Channels Quick Com Soya oil ~50% Executed a project to strengthen internal capabilities 113% Mustard Oil ~40% 86% 81% Alternate 66% 74% 73% Besan ~30% 50% 51% 44% 46% Channel 31% 18% 22% 19% 41% 14% 16
Slide 23: Deepening sales penetration in smaller towns
Deepening sales penetration in smaller towns Urban Towns Rural Towns AWL: Direct Reach (in Lacs outlets) (1 Lakh+ Population) (below 1-lakh population) Increasing Rural Town Coverage 3x 58,000 8.6 9.0 50,290 7.2 504 Towns 5.9 30,600 5.0 100% coverage x 3.5 13,621 3.0 3,256 4,117 5,286 Mar'20 Mar'21
Slide 24: Annexure
Annexure an fortune
Slide 25: Segment Results: Q2'26 and H1'26
Segment Results: Q2’26 and H1’26 Consolidated Financials Volume in Million MT Q2'25 Q1’26 Q2’26 QoQ % YoY % H1'25 H1'26 YoY % Edible Oil 1.00 0.96 1.02 6% 2% 2.00 1.98 (1%) Food & FMCG 0.35 0.26 0.32 21% (10%) 0.68 0.58 (15%) Industry Essentials 0.29 0.36 0.35 (2%) 20% 0.63 0.71 13% Total 1.65 1.58
Slide 26: Segment financials
Segment financials Consolidated Financials Volume (Consol) in Million MT Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’25 Q1’26 Q2’26 Edible Oil 0.70 0.82 0.96 0.88 0.89 0.85 0.94 0.98 1.00 1.00 0.98 1.04 0.96 1.02 Food & FMCG 0.19 0.22 0.22 0.25 0.23 0.26 0.26 0.28 0.33 0.35
Slide 27: Segment-wise Profitability
Segment-wise Profitability Quarter H1 Annual INR in Crores Q2'25 Q2'26 H1'25 H1'26 FY22 FY23 FY24 FY25 Segment EBITDA (Excluding Other Income) Edible Oil 602 367 1,201 731 1,532 1,356 1,078 2,322 Food & FMCG 18 79 50 161 4 98 172 63 Industry Essentials 73 142 120 254 419 389 140 324 Unallocable (71)
Slide 28: AWL - EBITDA Trend
AWL - EBITDA Trend Consolidated Financials in INR Crores Quarterly Trend LTM Trend 792 Impact of 2,491 Hedge Dis- 2,390 2,384 2,328 605 alignment 626 615 2,103 559 504 505 519 1,802 458 1,664 1,736 1,626 1,728 1,661 1,631 426 443 359 1,348 357 1,238 1,137 1,136 254 130 144 Sept 23 Sept 24 Sept 24 Ma
Slide 29: AWL - EBITDA per ton Trend
AWL - EBITDA per ton Trend Consolidated Financials in INR Quarterly Trend LTM Trend 4,134 4,136 4,023 5,308 3,902 3,984 3,977 3,905 Impact of 3,756 3,725 3,611 3,515 4,647 Hedge Dis- alignment 4,213 4,163 4,089 4,081 3,087 3,782 3,669 2,814 3,621 3,621 2,568 3,005 3,092 2,340 2,372 2,895 2,372 1,319
Slide 30: Installed capacity and utilization
Installed capacity and utilization Edible Oil Food Installed Capacity / Utilization % * Installed Capacity / Utilization % in Million MT in Million MT 54% 53% 44% 60% 62% 63% 52% 1.15 1.50 6.01 0.92 5.48 5.51 5.85 FY'23 FY'24 FY'25 H1 FY'26 FY'24 FY'25 H1'26 Production Mix Production Mix Third Party
Slide 31: ROCE
SUN}I04 iT) U O oc fortune 31
Slide 32: Segment ROCE: LTM Sep 2025
Segment ROCE: LTM Sep 2025 Standalone Figures Segment ROCE: LTM Sep 2025 Edible Oil Food & FMCG Industry Essentials Unallocable# Total Rev / Capital Employed [A] 4.9x 1.8x 3.9x n.a. 3.9x Food business is in EBIT % [B] 3.1% 2.2% 5.0% n.a. 2.7% investment phase ROCE % [A x B] 15% 4% 20% n.a. 11% EBIT
Slide 33: Segment ROCE & Capital Employed: 5 Year trend
Standalone Figures Segment ROCE & Capital Employed: 5 Year trend ROCE % Capital Employed INR Crores FY22 FY23 FY24 FY25 LTM Sep 25 INR Crores FY22 FY23 FY24 FY25 LTM Sep 25 Edible Oil 14% 13% `13% 23% 15% Edible Oil 9,225 8,541 6,647 9,050 10,879 Food & FMCG -2% 4% 5% 1% 4% Food & FMCG 886 1,684 `2,
Slide 34: Others
SUN}I04 a od £ fe) fortune 34
Slide 35: AWL - P&L Highlights: Q2'26 and H1'26 Standalone
AWL - P&L Highlights: Q2’26 and H1’26 Standalone Financials INR Cr. Q2'26 Q1'26 Q2'25 QoQ % YoY % Revenue 17,126 16,746 13,984 2% 22% Gross Profit 1,799 1,624 1,770 11% 2% EBITDA (incl. Other Income) 584 536 678 9% -14% PBT 309 301 438 2% -30% PAT 229 225 326 2% -30% H1'26 H1'25 YoY % Revenue 33,872
Slide 36: Reconciliation of Normalized Gross Profit and EBITDA
Reconciliation of Normalized Gross Profit and EBITDA Consolidated figures Since Q4’24 results, there has been a reclassification of Derivative gain / loss Earlier Classification Revised Classification Derivative gain / loss were classified under Derivative gain / loss is now classified under “Cost o
Slide 37: Custom Duty in Edible oils
Custom Duty in Edible oils Effective Duty w.e.f. 14th Sept’24 w.e.f. 31st May'25 Difference % Crude Palm Oil 27.50% 16.50% -11.00% Crude Edible Oil Crude Soyabean Oil 27.50% 16.50% -11.00% Crude Sunflower Oil 27.50% 16.50% -11.00% RBD Palmolein 35.75% 35.75% 0.00% Refined Edible Oil Refined Soyabean
Slide 38: Shareholding
Shareholding Category FY ’22 FY ’23 FY ’24 FY ‘25 June ’25 Sep ’25 Lence Pte Ltd (Wilmar International) 44% 44% 44% 44% 44% 44% Adani Commodities LLP (Adani Enterprises) 44% 44% 44% 30% 30% 20% Promoters – Total 88% 88% 88% 74% 74% 64% FII 0% 1% 1% 4% 5% 14% DII 2% 0% 0% 9% 9% 9% Public and Others 1
Slide 39: Growth vectors
Growth vectors
Slide 40: Underserved markets being addressed by few players
Underserved markets being addressed by few players Market Share in Consumer Packs Edible Oil (ROCP) Packaged Wheat Flour Packaged Basmati Rice Local Players Local Players 6.2% 51% 17.6% 5.5% 31% 52% Local Players MS% of top 5 players is 49% MS% of top 5 players is 48% MS% of top 3 players is 69% Sou
Slide 41: Edible oils – Potential to consolidate market share
Edible oils – Potential to consolidate market share With strong national footprint and diversified edible oil portfolio, AWL is well-positioned Local players 17.6%* (2000+ labels) 51% Potential to consolidate market share, since ~50% share is held by regional/ local players Only few players (primari
Slide 42: Foods – Scaling up the business leveraging existing capabilities
Foods – Scaling up the business leveraging existing capabilities Center of Plate categories Food and FMCG segment Multi-fold Revenue growth Edible Oil Wheat Rice INR Crores TAM: 2 Lacs TAM: 1.5 Lacs TAM: 2.1 Lacs 6,073 4,936 5,957 4,053 2,611 1,508 1,937 1,906 FY19 FY20 FY21 FY22 FY23 FY24 FY25 LTM
Slide 43: Food business to outgrow edible oil in volume
Food business to outgrow edible oil in volume Food volume has been growing faster than edible oil across channels in last decade Q-com E-com HORECA Branded General Modern Trade Exports Trade (Retail chains) Food volumes have already surpassed edible oil volumes in new Increasing food penetration in
Slide 44: Expanding distribution network and product penetration
Expanding distribution network and product penetration Opportunity to increase direct reach in both edible oils & foods FMCG universe 1.2 crores 43 Lacs Total edible oil Outlets Total reach of AWL 23 Lacs (edible oil & food) 9 Lacs Direct reach of AWL Direct reach of AWL’s single product category (w
Slide 45: Significant scope of product penetration in all categories
Significant scope of product penetration in all categories ROCP (edible Oil) Packaged Wheat Flour Packaged Basmati Rice Outlets universe: 43 Lacs Outlets universe: 19 Lacs Outlets universe: 9 Lacs AWL Presence AWL Presence AWL Presence ▪ Further, throughput will increase with improving brand equity
Slide 46: Enhancing product penetration in retail outlets
Enhancing product penetration in retail outlets 400k+ Soya Mustard 300k+ Sun Atta Nuggets 100k+ Rice Bran Rice Soap Sugar Besan Suji Maida Poha 50k+ Groundnut Oil Above figures denotes AWL’s direct reach of outlets Only Besan has outlet penetration between 200,000 and 300,000
Slide 47: Marketing
SUN}I04 ) S Market 47
Slide 48: Building consumer awareness
Building consumer awareness Television & Digital Integrations Partnered across regional award / cooking shows Integrating Brands with Television / Digital Shows Kitchen Magic Cine Star Kyunki Saas Bhi Kabhi Bahu Thi Pyar Sey Bandhe Rishte Kitchen Kwatley Amhi Saare Zee Bangla Sonar Launch │ 48
Slide 49: Festive and other campaigns
Festive and other campaigns Celebrating Regional Festivals and Events World Heart Day TVC Monsoon / Festive Campaigns Fortune Mustard Oil – Hilsa Campaign Influencer Marketing │ 49
Slide 50: Rural penetration – High-impact rural branding at scale
Rural penetration – High-impact rural branding at scale Extensive on-ground visibility in rural markets Billboard / Cart Branding Rath Yatra / Ganpati Trade Marketing Shravan Sohala │ 50
Slide 51: ESG
| @UN\IOY ESG fortune 51
Slide 52: ESG - Environment KPIs (1/2)
ESG - Environment KPIs (1/2) Resource Savings (Q2’26) Tree Count ➢ Savings driven by Lean six sigma projects 184,289 197,612 KPI Savings 133,781 Steam Savings 6.2% Power Savings 1.9% Water Savings 10.8% Mar '24 Mar '25 Sep '25 Solar Plants – Locations Solar Plants Capacity (in KWp) 17 11,661 13 14 8
Slide 53: ESG - Environment KPIs (2/2)
ESG - Environment KPIs (2/2) Rainwater Harvesting: Locations Rainwater Harvesting: Capacity (cm / year) 265,339 6 5 5 233,194 233,194 Mar' 24 Mar' 25 Sept' 25 Mar '24 Mar '25 Sept' 25 ZLD: Locations ZLD: Capacity (KL per day) 11 11 3,100 3,100 9 2,900 Mar '24 Mar '25 Sep '25 Mar '24 Mar '25 Sep '25
Slide 54: ESG - Logistic KPIs
ESG - Logistic KPIs Direct Dispatch to Customers Volume Dispatch in Multi-Modal * 23% 25% 23% 24% 55% 58% 50% 51% 18% 39% FY'22 FY'23 FY'24 FY'25 Q2'26 FY'22 FY'23 FY'24 FY'25 Q2'26 Dispatch by Green Fuel (CNG) Remarks 13% 12% 10.6% 11% • Pro-actively promoting green fuel in AWL 8% 9% 9% supply chai
Slide 55: External recognition of AWL for its sustainability practices
External recognition of AWL for its sustainability practices Indian Railways recognizes AWL for carbon emission reduction Inclusion of AWL in FTSE4Good Index Series Emission Factor (KgCO2 per Mode ton-km) Rail 0.009 Road 0.040 55
Slide 56: Company Overview
Company Overview
Slide 57: AWL: One of the largest packaged Foods Company in India
AWL: One of the largest packaged Foods Company in India Packaged Staple Foods revenue of ~INR 40,000+ Crore* Pan-India player (~75% of overall oil & food sales) Market share in #3 Household Reach consumer pack# #1 #2 123 Million ▪ Edible Oil: ~18% ▪ Wheat Flour: ~6% Households ▪ Basmati Rice: ~6% Re
Slide 58: AWL Agribusiness as of Today [1/2]
AWL Agribusiness as of Today [1/2] Market Leader with Diversified Product Portfolio with Presence across Price Points Scaled & Iconic Brand Over 2 decades of trust Edible Oil Food & FMCG Industry Essentials Edible #1 Oil player Strong Track Record of Fast Growing Foods & Addressing Multiple Oleochem
Slide 59: AWL Agribusiness as of Today [2/2]
AWL Agribusiness as of Today [2/2] End to End Integration Leading to Superior Efficiencies and Quality Control Extensive World-Class Strong Parentage Sourcing Network Manufacturing Plants An intricate network of suppliers Own Units 24 Units across continents Long standing relationship with Third Par
Slide 60: AWL has been a compounding growth story since inception in 1999
AWL has been a compounding growth story since inception in 1999 Revenue Operational EBITDA INR Crores INR Crores 24% 23% CAGR CAGR 64% 37% 38% 34% 17% 13% 17% 30% 30% 10% 69,733 6% 12% 2,328 29,657 1,310 3,393 12,043 17,887 417 1,825 141 404 15 39 112 FY 01 FY 04 FY 08 FY 12 FY 16 FY 20 LTM Sept'25
Slide 61: AWL: Addressing large opportunity in packaged staple foods
AWL: Addressing large opportunity in packaged staple foods Our Business segments Edible Oil & Foods business Chemicals & other Industrial Essentials Edible Oil Food & FMCG Industry Essentials Major Products Products Products Soap Noodles Glycerine Stearic Acid Distilled Fatty Acid Sunflower Soyabean
Slide 62: Addressing opportunity through a household brand name
Addressing opportunity through a household brand name ‘Fortune’ brand size is INR 25,000+ Crores Our other brands 62
Slide 63: Business Mix
Business Mix Volume Value 12% 21% 9% 18% 79% 61% LTM Sept'25 LTM Sept'25 Edible Food Industry Oil & FMCG Essentials
Slide 64: AWL: Growing at fast-pace at scale
AWL: Growing at fast-pace at scale Sales Volume* in Million MT 7% 5.48 6.02 6.57 6.50 4.31 4.46 4.80 3.79 4.12 2.92 3.05 3.29 2.70 2.43 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 LTM Sept'25 *Sales Volume excludes pass through sales of raw sugar for FY14 to FY19 Operating Reven
Slide 65: Our strengths enabled dominant leadership in Edible Oils
Our strengths enabled dominant leadership in Edible Oils Leading in most of the markets Leadership across oils Dominant Leader 17.6%* #1 #2 #1 Mustard Oil 51% Soyabean Palm Oil #3Sunflower #1 Ricebran Oil Oil >50% MS Market share ~1.4x of No.1 No.1 30-50% MS the next competitor No.1 <30% MS Potentia
Slide 66: Edible Oils segment generating strong cash flows
Edible Oils segment generating strong cash flows Sales Revenue Trend Sales Volume Trend Standalone EBITDA* INR Crores In Million MT INR Crores 4.0 4.0 2,358 1,888 3.7 55,378 3.3 3.4 1,356 3.0 45,378 46,104 38,788 49,736 2.6 2.8 1,078 30,819 21,540 23,477 FY19 FY20 FY21 FY22 FY23 FY24 FY25 LTM FY23 F
Slide 67: Large TAM in staple foods; few large players have capabilities
Large TAM in staple foods; few large players have capabilities to benefit from formalization Edible oil & Staples together form 60-70% of the Indian kitchen / grocery spends TAM Category Branded % (in Lakh Cr.) Edible Oils 2.0 75% Wheat 1.5 12% Rice 2.1 11% Large scope to improve branded penetration
Slide 68: Replicating edible oil playbook in other food products
Replicating edible oil playbook in other food products…. at a faster rate with all capabilities in place Food and FMCG Increasing Share of Food and FMCG Improving EBITDA Margins of Multi-fold Revenue growth Business in Volume Mix Food and FMCG INR Crores % of Total Sales Volume % 6,273 6,117 20% 18%
Slide 69: Edia@ Sit Hwa H Sct ~
Edia@ Sit Hwa H 25 Sct ~
Slide 70: Bundling is accelerating trial adoption across under-served geographies
Bundling is accelerating trial adoption across under-served geographies Fortune has a unique advantage of bundling its new products with its established portfolio of Oils, Wheat Flour & Rice
Slide 71: Depth in each of our Product Categories
Depth in each of our Product Categories Wide range of Products, while focusing on few Agri-commodities Wheat Products Wheat Flour Refined Wheat Suji Rawa Whole Wheat Flour (Semolina) (Semolina) Fortune Fortune Fortune Suji Fortune Chakki Fresh Atta Maida Rawa Rice Basmati Rice Non - Basmati Rice Bir
Slide 72: Building Health & convenience focused food product portfolio
Building Health & convenience focused food product portfolio Increasing focus on value added products Health-focused Edible Oils Rice Bran Oil Pehli Dhaar Blended edible Oils Fortune Rice Bran Health Premium Mustard Oil Fortune Xpert Total Balance Oil Fortune Xpert Pro Immunity Oil Fortune Xpert Pro
Slide 73: Forward-integration of our oleo-chemical business
Forward-integration of our oleo-chemical business Immense value addition opportunities available in Oleo business Soap Multi-purpose Cleaner For HoReCa clients For Retail consumers For Surface and Utensils Cleaning Launched in FY20, sales crossed INR 100 Crores in FY23 Product was launched in Q1 FY2
Slide 74: Advanced capabilities driving profitability in packaged staple foods
Advanced capabilities driving profitability in packaged staple foods Integrated Business Model Sourcing from origins Bypassing intermediaries Customers Retail Consumers Using intelligence from Wilmar’s Commodity Risk Management global presence Capabilities High asset utilization Integrated Manufactu
Slide 75: Platform strength is visible in numerous success stories
Platform strength is visible in numerous success stories AWL Agribusiness has built a Strong Platform → Launchpad for Further Expansion Launch of Alife Soap in Kohinoor acquired HoReCa team set up Branded Wheat Flour in Chennai (GT): 2020 in May 2022 in Q1 FY23 Exports Market Share%* 13.9% 12.2% 11.
Slide 76: Customers
Customers
Slide 77: Seizing opportunity in all key Customer Segments in oil & foods
Seizing opportunity in all key Customer Segments in oil & foods ~75% of sales is from branded products* Emerging Opportunities Households HoReCa Institutional Exports Branded, Branded Branded Non-branded Private Label, Non-branded Significantly Higher Provides scale Key benefits increase in the
Slide 78: Emerging Channels are growing at substantial rate
Emerging Channels are growing at substantial rate Organized HoReCa Branded Exports HoReCa sales reached close to INR 600+ Crore in LTM September 2025 Branded Exports volume growing in double digits HoReCa distribution is now present in 70+ major cities of India Alternate Channels (E-com, Modern Trad
Slide 79: Brands
| SUNyI04 WV) o = c oo
Slide 80: Presence across the price spectrum
Presence across the price spectrum Super Premium Premium Bakery & Frying Popular* A healthy mix of premium and popular brands *Note: Only the key brands have been shown above Note: Super Premium / Premium: As per relative product prices in the market
Slide 81: Portfolio of scaled up brands
Portfolio of scaled up brands Strong brands built on basis of trust and quality over last 2 decades Value Edible Oil Foods FMCG INR 25,000 Cr + INR 4,000 Cr + Palm Oil & Vanaspati * INR 1,000 Cr + INR 500+ INR 100 Cr + Branded portfolio growing steadily * Rupchanda is a brand under BEOL (100% subsid
Slide 82: Nielsen FMCG Landscape Report: Top FMCG Players
Nielsen FMCG Landscape Report: Top 10 FMCG Players 82
Slide 83: AWL – 8th largest player in India's FMCG sector
AWL – 8th largest player in India’s FMCG sector (by Market Share in Q4’25) Rank-2 in value growth and Rank-6 in volume growth amongst top players Source: Nielsen - based on the FMCG base of 88 categories. Data pertains to Q4 ‘25 period 83
Slide 84: Sales & Distribution
= © Sales & Distributi fortune
Slide 85: Enhancing distribution is another key lever of growth
Enhancing distribution is another key lever of growth Manufacturing Manufacturing Manufacturing Enhancing network designed for Focusforon network designed network designed for logistics efficiency logistics efficiency Network logistics efficiencyexpansion sales productivity Range selling Sales funct
Slide 86: Increasing digitization of Sales function to capture demand
Increasing digitization of Sales function to capture demand Manufacturing Manufacturing Manufacturing networkEveryday designed forgreat networkRural Activation designed for & networkRURAL Sales designed for Force logistics efficiency execution logistics efficiency Coverage Expansion logistics effici
Slide 87: Progressively transforming GTM capabilities; embedding technology
Progressively transforming GTM capabilities; embedding technology Total Reach* > 1.8 Mn+ Outlets Outlets in Urban & Rural Merged Oil & Food distribution in Urban Direct Reach: Outlets (in Lacs) Growth % • Food products leveraging edible oil distribution at front end as well 2.9x Urban Outlets: Growt
Slide 88: Q-commerce growing at rapid rate
Q-commerce growing at rapid rate Volume Growth YoY % High market share of AWL in Q-com * Alternate Channels Quick Com Soya oil ~50% Executed a project to strengthen internal capabilities 113% Mustard Oil ~40% 86% 81% Alternate 66% 74% 73% Besan ~30% 50% 51% 44% 46% Channel 31% 18% 22% 19% 41% 14% 16
Slide 89: Supply Chain & Production Planning
Supply Chain & Production Planning
Slide 90: Efficient logistics to lower cost and capture demand
Efficient logistics to lower cost and capture demand Manufacturing Manufacturing network network designed for Reverse designed for logistics Digitization logistics efficiency Auction efficiency Port-based refineries for imported Most of the supply chain workflow All truck hiring is done through edib
Slide 91: Proximity to markets: A depot at every 250 KM
Proximity to markets: A depot at every 250 KM ~2.42 Million Sq. Ft. 98 Depots (Depot Storage Space)
Slide 92: Tech-Enabled Lean Supply Chain Network and Integrated Logistics
Tech-Enabled Lean Supply Chain Network and Integrated Logistics Highly digitized with centralized control Efficient Logistics to Digitization of lower cost & capture Sales Function demand 01 02 Designed for structurally low-cost operations Customer Online reverse auction Engagement via for truck hir
Slide 93: Extensive use of data & analytics for supply chain efficiency
Extensive use of data & analytics for supply chain efficiency Manufacturing & Logistics Planner SnOP Warehouse AWL’s SCM Management Warehousing Sourcing Clicksense Landscape System Logistics Integrated Logistics Management System
Slide 94: Developed reliable systems to tackle supply chain complexities
Developed reliable systems to tackle supply chain complexities Forecasting Accuracy - Pan India Basis 118% 102% 101% 97% 96% 97% 91% 93% 93% 89% 86% 89% 84% 81% April May June July August September October November December January February March April May 2024 2025 "The graph highlights the accurac
Slide 95: Sourcing & Risk Management
Sourcing & Risk Management fortune
Slide 96: Robust Risk Management
Robust Risk Management Full proof risk management framework in place to mitigate commodity risk Board approved policy Market Intelligence Periodic Review & Monitoring Real-time intelligence on global supply & Robust policy in place to govern commodity Daily Monitoring & Reporting of Exposure & deman
Slide 97: An Intricate Network of Reliable Suppliers Across Continents
An Intricate Network of Reliable Suppliers Across Continents, Procuring at Origin Locations Soyabean Oil Key Advantages Palm Oil Sunflower Oil 1 2 Russia Favorable Bargaining commercial Power due to terms huge scale Ukraine Malaysia Indonesia Market 3 4 Top 4 Suppliers Brazil intelligence from Input
Slide 98: Manufacturing
SuNYsOs 1 ing Manufactur | aunyloy
Slide 99: Strategically Located Manufacturing Facilities Spread across the Country
Strategically Located Manufacturing Facilities Spread across the Country resulting in Higher Efficiencies | Stringent Quality Controls in place Own Units Third Party Units Total 82 units spread across 24 Units 58 Units multiple states 4 2 2 2 2 2 Focus on building Company is building Third-party uni
Slide 100: Integrated Business Model leading to Cost Efficiencies
Integrated Business Model leading to Cost Efficiencies 24 Manufacturing Plants across India (11 plants are integrated complexes manufacturing both oil & foods) Mundra Plant Vidisha Plant Gohana End-to-End Integrated Plant Integrated Plant for Soya Integrated Plant in Gohana, Haryana The Mundra plant
Slide 101: Integrated Food Complex in Gohana, Haryana
Integrated Food Complex in Gohana, Haryana: Partial Commencement of Operations Spread across 80 Acres: One of India’s largest Integrated Food Complex Aerial View Gohana project has achieved 95%+ completion, and production of Rice and Mustard has commenced 101
Slide 102: Integrated Plant in Gohana, Haryana
Integrated Plant in Gohana, Haryana Total Capex Outlay Land Area Estimated Annual Capacity ~INR 1,300 Crores ~80 Acres ~627,000 MT 3D Layout: Planned Capacities Fully Integrated Plant Product Category Estimated Annual Capacity Rice ~445,000 MT Wheat Flour, Suji, Rawa & Maida Illustrative Depiction:
Slide 103: Subsidiaries of AWL
Subsidiaries of AWL fortune
Slide 104: Acquired 'GD Foods' to further enhance our kitchen offerings
Acquired ‘GD Foods’ to further enhance our kitchen offerings 80+ products across 8 categories INR 385cr+ 50%+/8%+ FY24 Revenue FY24 Gross Margin / EBITDA margin Sauces and Condiments Meal preparation Cooking Aids 15% Growth 3 Hero products 3-Year CAGR: FY21 -FY24 Own manufacturing facilities Trusted
Slide 105: Bangladesh Business: Brief Snapshot
Bangladesh Business (100% Subsidiary of AWL) : Brief Snapshot H1’26 Sales Revenue H1’26 Sales Volume H1’26 Branded Sales % Share of Foods – H1’26 INR 1,059 Crores 0.96 MMT 85% ~12% Product Basket Brands Soyabean Oil Mustard Oil Rice Bran Oil Sunflower Oil Palm Oil De-oiled Cake Wheat Flour Refined F
Slide 106: Brand Campaigns in Bangladesh
Brand Campaigns in Bangladesh
Slide 107: Key Metrics
VN Y Key Metr fortune
Slide 108: Key Financial Metrics (1/2)
Key Financial Metrics (1/2) Consolidated figures Return on Equity (ROE %) Net Fixed Asset Turnover % X Times 27% 25% 22% 11.6x 11.3x 11.8x 10.6x 19% 20% 10.4x 10.3x 9.9x 9.2x 9.8x 9.7x 15% 8.0x 8.8x 14% 7.3x 11% 11% 6% 7% 2% 2% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 LTM FY14 FY1
Slide 109: Other Financial Metrics (2/2)
Other Financial Metrics (2/2) Consolidated Financials Total Debt to Equity Debt to Equity 6.0x 0.9x 5.4x 5.1x 0.8x 3.3x 2.8x 2.9x 3.9x 4.2x 2.4x 2.6x 3.6x 3.7x 2.2x 3.2x 0.5x3.2x 0.5x 2.8x 2.6x 2.6x 1.3x 0.4x 0.4x 1.1x 1.9x 1.0x 0.3x 0.8x 0.8x 0.2x 0x 0x 0x 0x 0x FY16 FY17 FY18 FY19 FY20 FY21 FY22 F
Slide 110: Key Financial Metrics (1/2)
Key Financial Metrics (1/2) Consolidated figures Revenue Gross Profit INR Crores CAGR INR Crores CAGR 13% 10% 7,479 7550 69,732 63,672 6,002 54,155 58,185 5,383 5,632 51,555 4,601 4,323 4,287 37,090 3,583 3,732 28,797 29,657 2,784 2,982 23,309 26,472 2,408 17,320 17,266 17,887 FY14 FY15 FY16 FY17 FY
Slide 111: Key Financial Metrics (2/2)
Key Financial Metrics (2/2) Consolidated figures Sales Volume & Volume Mix in Million MT Edible Oil Industry Essentials Food and FMCG 2.7 2.4 3.0 3.3 3.8 4.1 4.3 4.5 4.8 5.5 6.0 6.6 6.5 1% 3% 6% 6% 6% 7% 9% 11% 13% 16% 17% 19% 13% 21% 17% 27% 29% 32% 30% 26% 23% 19% 23% 22% 20% 18% 86% 79% 68% 66% 6
Slide 112: Annexure
2 =| : q fortune 112
Slide 113: Balance Sheet
Balance Sheet Consolidated figures Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Property, Plant and Equipment 3,466 4,288 4,327 4,426 4,969 Capital Work in Progress 531 275 324 870 1,056 Goodwill and other intangible assets 15 67 185 182 191 Investments 282 312 342 312 374 Other non-current assets 327 993 1,2
Slide 114: Cash Flow statement
Cash Flow statement Consolidated figures Mar-22 Mar-23 Mar-24 Mar-25 Net Profit Before Tax 1,059 789 262 1,601 Direct Taxes Paid, net (244) (163) (162) (299) D&A 309 356 364 394 Other adjustments 330 211 133 356 Finance Cost 328 526 689 615 Interest Income (89) (211) (214) (173) OCF (Before WC Chang
Slide 115: Fortune SuPoshan: A Mission Against Malnutrition & Anaemia
Fortune SuPoshan: A Mission Against Malnutrition & Anaemia Fortune SuPoshan touches life of three Target Groups 0-5 yrs age children Adolescent Girls Women in Reproductive Age Fortune SuPoshan touches four core areas Women Sustainable Health Education Empowerment Livelihood Good Health and Zero Hung
Slide 116: Cumulative Coverage till March 2025
Cumulative Coverage till March 2025 Particulars Coverage Sites Achieved Results 1 Total sites 36 Ongoing Sites New sites 2 Total Households 5,77,081 3 Total population 24,58,591 4 Total under five children 1,73,675 5 Total adolescent girls 1,04,236 6 Total women in reproductive age 2,98,070 Zero Hun
Slide 117: Current Footprint (FY'25)
Current Footprint (FY’25) 16 Sites 707 Villages Ongoing Sites 11 States 565 Sanginis New sites 16 Districts 81,406 children Alwar 97 Slums 1,97,800 Neemuch Varanasi Women & girls Bardhaman Medadraj Vidisha-2 Nimrani Haldia-2 Umarpada Raipur Saoner-2 Zero Hunger Kakinada More than 81,406 A total of 9
Slide 118: Progress (FY'25)
Progress (FY’25) Achievement Good Health and Zero Hunger Gender Equality Well-Being Particulars FY’25 1 2 Total under five children 1 81,460 screened Family Focus Group Counselling Discussion Total complicated SAM 96626 37191 2 165 children referred to NRC Total children shifted from 3 350 SAM to MA
Slide 119: Fortune SuPoshan: Highlights
Fortune SuPoshan: Highlights Good Health and Zero Hunger Gender Equality Well-Being
Slide 120: Slide 120
Slide 121: Environment, Social & Governance
Environment, Social & Governance Spearheading Committed to Efforts towards sustainability in environmental reducing water waste Edible oils in India sustainability Green Energy Water Conservation Sustainable Palm Oil Recyclable Packaging Successful solar power Zero Liquid Discharge AWL Agribusiness
Slide 122: Backed by a Professional Management Team with Strong Execution Capabilities
Backed by a Professional Management Team with Strong Execution Capabilities Distinguished Board Kuok Khoon Hong Dorab Mistry Madhu Rao Angshu Mallick Shrikant Kanhere Non-Executive Chairman & Independent Director Independent Director Executive Deputy Chairman MD & CEO Director 40+ years of experienc
Slide 123: Key Takeaways
F . 104 oun) | y aie n auNO4) 5 © > g i: - Key { i fortune
Slide 124: AWL Agribusiness as of Today
AWL Agribusiness as of Today Over 2 decades of trust INR 69,733 Crores No. #1 Edible Oil brand Food & FMCG player offering Revenue LTM September 25 No. #2 wheat flour brand kitchen essentials across India No. #3 Basmati rice brand 123 Million 2.3 Million Retail 82 Manufacturing Household Reach units
Slide 125: Leadership Position in our Key Products
Leadership Position in our Key Products Industry Edible Oil Food & FMCG Essentials #1 Edible oil brand in India #2 in Wheat Flour (atta) #1 Player in Stearic Acid, Glycerine & Soap Noodles #1 Soyabean oil, Mustard #3 in Basmati Rice & Ricebran oil #1 Castor exporter from India #2 in Palm oil #2 in S
Slide 126: Why staple food category is attractive for AWL?
Why staple food category is attractive for AWL? Large High Growth Strong Strong Category Potential Assets Capabilities Integrated business model Center of the plate Highly unorganized ‘Fortune’ Brand from Sourcing to Sales Branded Staples 24 Own Risk Management Huge TAM growing faster Manufacturing
Slide 127: AWL Structural Advantages
AWL Structural Advantages Portfolio leverages shared agri- Packaged Staple Foods is an sourcing, co-manufacturing, attractive industry with large TAM logistics, and common customer of ~$90bn base, enabling focused, scalable, and efficient operations. Branded staples have <15% Value added products –
Slide 128: AWL's Strengths
AWL’s Strengths Proven Track record Fast-paced growth (leadership position or Large addressable at scale amongst Top-3 in multiple market categories) Leverage existing Potential for margin Large distribution setup to scale up new improvement network categories Support of Wilmar Strong Manufacturing
Slide 129: Multiple levers available to sustain fast growth and enhance margins
Multiple levers available to sustain fast growth and enhance margins Edible Oil \ Food & FMCG \ Industry Essentials \ Continue to gain market share in a Leverage edible oil distribution to In-house capacity expansion highly fragmented market (2000+ increase penetration brands), primarily in under-in
Slide 130: fortune
fortune
Slide 131: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided by Adani Wilmar Limited (together with its subsidiaries, the “Company” or “AWL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given solely for your