AWL Agri plans to scale food business to ₹10,000 crore by FY27: CEO Angshu Mallick

AWL Agri Business, formerly known as Adani Wilmar , has set an ambitious target of scaling its food business to ₹10,000 crore by March 2027, said MD & CEO Angshu Mallick. “We plan to scale the food business to ₹10,000 crore by FY27. Growth will come from rice, wheat flour, pulses, sugar, and other food categories. With GST reduction supporting affordability, we also see opportunities in new product lines,” Mallick told Fortune India in an exclusive interaction.

In the current fiscal, the FMCG company, with a market value of ₹33,980 crore, registered its highest-ever Q1 consolidated revenue of ₹17,059 crore, marking a year-on-year (YoY) growth of 21%. However, the net profit fell 24% YoY to ₹238 crore, primarily due to the consolidation of regional rice operations and muted consumer demand.

Segment-wise, the edible oil business posted a 26% YoY revenue growth to ₹13,415 crore, despite a 4% YoY volume decline. In contrast, the food & FMCG segment saw revenue decline 8% YoY to ₹1,414 crore.

On the Goods and Services Tax (GST) and festive demand, Mallick said the reform has created a highly favourable environment for consumers. “With only two slabs and most daily essentials under the 5% bracket, prices have become more affordable. This will not only boost consumption but also encourage large players to expand in the processed food industry. At 5% GST, the opportunity for growth is significant, both for consumers and businesses.”

On the company’s performance, Mallick noted that AWL Agri Business has been growing in double digits in food and single digits in oil. The outlook for the next six months, he said, is positive. “While the GST cut doesn’t impact edible oil directly, consumer sentiment has improved, which always benefits food and staples. Out-of-home consumption will rise with the wedding season and growth in tourism, which is positive for our business.”

On ownership and management changes, Mallick emphasised stability. Adani Wilmar, he explained, has been a 50:50 joint venture for the past 25 years, with both partners maintaining a balanced approach. “The Adanis never interfered in the day-to-day business, so even after Wilmar became the largest stakeholder, nothing has changed operationally. We continue with the same strategy and remain equally aggressive in driving growth.” In December 2024, Adani Enterprises, the Adani Group’s flagship, announced plans to fully exit Adani Wilmar, divesting its entire 44% stake in the FMCG joint venture through a structured stake sale to Lence Pte. Ltd, a wholly owned subsidiary of Singapore-based Wilmar International.

Mallick called the Basmati rice brand Kohinoor, which it recently acquired, a flagship brand in AWL Agri’s portfolio. “Kohinoor is a legacy brand with over 45 years of history. No other Basmati rice brand commands the same respect. We are committed to carrying this legacy forward and reaching consumers at every possible touchpoint.”