1. Opening Hook
Just when you thought edible oil drama couldn’t get spicier, Nepal decided to export oil cheaper than chai in Bihar. AWL’s management spent half the call politely screaming, “It’s not us, it’s SAFTA.” Meanwhile, Indian consumers continue to buy 720g pouches and pretend it’s still a litre.
As theBhagavad Gitareminds us, “You have the right to work, not to the fruits thereof”—AWL took that very seriously this quarter.Stick around; the real masala begins now. 🌶️
2. At a Glance
- Revenue +20%– Commodity prices did all the heavy lifting while volumes sipped chai.
- EBITDA ₹600 cr– Up 7% QoQ; “See, we can grow… sequentially.”
- Margins steady-ish– ₹11,000/t gross, ₹3,500/t EBITDA: the holy numbers.
- PAT ₹245 cr– Down 21% YoY; last year’s “commodity jackpot” didn’t repeat.
- Volume 1.68 MT– A heroic 2% YoY rise (4% if you delete the parts they don’t like).
- Market Share– Down ~50 bps thanks to Nepal’s 0% duty and 720g pouches.
- Q-Comm– Up 86%, because India now buys everything in 10 minutes.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
“We delivered 1.68 million tonnes, 2% growth YoY.”(Translation: Please clap. 🫠)
“Last year had exceptional commodity gains; that’s why margins look lower YoY.”(Translation: We didn’t mess up—last year’s luck just expired.)
“Nepal imports now form 12% of India’s soya oil imports.”(Translation: Nepal is basically our new edible-oil superpower.)
“GST cuts slowed September as everyone waited for cheaper stock.”(Translation: Customers ghosted us for a better deal.)
“Food business is now EBITDA positive.”(Translation: After years of saying ‘next year’, we finally did it.)
“Alternate channel grew 35%, Q-commerce grew 86%.”(Translation: Blinkit > Your local kirana.)
“Working capital spiked due to demand mismatch.”(Translation: We bought more than we could sell. Oops.)
“We should hit ₹10,000 crore in Foods by FY27… very
close at least.”(Translation: Don’t tattoo that guidance yet.)
4. Numbers Decoded
Metric | Value Q2 FY26 | YoY Change | One-Line Analysis
------------------------|----------------------|------------------|----------------------------
Volume | 1.68 MT | +2% | Growth so small it needed a microscope.
Revenue | +20% | Mainly price-led | Commodity prices: the real CEO.
EBITDA | ₹600 cr | -9% | Last year’s gains left the chat.
PAT | ₹245 cr | -21% | Gravity works on profits too.
Gross Margin/t | ₹11,000 | Stable | The holy grail number maintained.
EBITDA/t | ₹3,500 | Stable | Their favourite KPI stayed alive.
Food Volumes | 0.32 MT | -10% | Normalized = “not actually down”.
Industry Essentials Vol | +20% | Strong | Oleo saved the day.
Q-Comm Revenue | +86% | Insane | Quick commerce = free rocket fuel.5. Analyst Questions (Summarised & Mock-Translated)
Q: Are margins bottoming out?A: Look at per-tonne metrics, not revenue.(Translation: Please stop calculating percentages.)
Q: What’s driving Industry Essentials?A: Oleo, glycerine, soap noodles—commodity fairy dust.(Translation: It’s volatile. Don’t model it too confidently.)
