Deven Choksey's research report on AWL Agri Business
In Q2FY26, AWL delivered strong sequential momentum, with overall volumes increasing 7% QoQ (Q2 versus Q1). The company observed a sequential recovery in demand as edible oil prices began moving toward a normalized level, with crude edible oil price trends showing palm oil sitting at the lowest level.
Outlook
We have roll forwarded our valuation basis to Sept’27 estimates. We value AWL at 28.0x Sept-27 EPS, implying a target price of INR 274. We reiterate our “HOLD” rating on AWL stock, factoring in normalized edible oil margins, steady Industry Essentials performance, and improving Foods & FMCG momentum in H2FY26.
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