Analysts/Institutional Investor Meet/Con. Call Updates

Agri business Ref No: AWL/SECT/2026-27/58 November 3, 2026 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 543458 Scrip Code: AWL Dear Sir / Madam, Sub: Transcript of Earnings Call of Q2 FY27 of AWL Agri Business Limited (formerly known as Adani Wilmar Limited - “the Company’) This is in continuation to our earlier letter dated 27th October, 2026 regarding audio recording of Q2 FY27 earnings call held on 27th October, 2026. Please find attached transcript of the said Earnings Call. You are requested to take the same on your record. Thanking you, Yours faithfully, For AWL Agri Business Limited (formerly known as Adani Wilmar Limited) Darshil Lakhia Company Secretary Memb. No:A20217 AWL Agri Business Ltd. Formerly known as Adani Wilmar Ltd. Fortune House Tel +91 79 2645 5650 Nr Navrangpura Railway Crossing, Fax +91 79 2645 5621 Ahmedabad 380 009, Gujarat, India info@awl.in CIN: L15146GJ1999PLC035320 www.awl.in For a healthy growing nation Registered Office: Fortune House, Nr Navrangpura Railway Crossing, Ahmedabad 380 009, Gujarat, India Agribusiness “AWL Agri Business Limited Q2 FY27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MR. SHRIKANT KANHERE – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – AWL AGRI BUSINESS LIMITED MR. PANKAJ GOYAL – CHIEF FINANCIAL OFFICER – AWL AGRI BUSINESS LIMITED MODERATOR: MR. ASHUTOSH JOYTIRADITYA – ICICI SECURITIES Page 1 of 12 AWL Agri Business Limited Agribusiness October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to the AWL Agri Business Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashutosh Joytiraditya from ICICI Securities. Thank you and over to you, sir. Ashutosh Joytiraditya: Thank you, Steeve. Hello and good evening everyone present on the call. I, on behalf of ICICI Securities, welcome you on AWL Agri Business Limited’s Q2 FY27 earnings call. I would like to thank the management for giving this opportunity of hosting the call to us. From the management, we have Mr. Shrikant Kanhere, CEO and MD and Mr. Pankaj Goyal, CFO. I will now hand the call over to the management for any opening remarks. Thank you and over to you, sir. Pankaj Goyal: Hi. Good evening, everyone and thank you for joining us for AWL’s Q2 FY27 earnings conference call. On behalf of AWL, I extend a warm welcome to all of you for our Q2 FY27 earnings conference call. Joining me today are members of our leadership team, who will also be available to address your questions during the Q&A session following my remarks. We have delivered a strong performance in Q2 FY27 with consolidated revenue growing 26% year-on-year to INR22,202 crores, supported by underlying volume growth of 14%. Importantly, this growth was accompanied by healthy operating profitability, reflecting the strength of our diversified portfolio and continued execution across businesses. Our food and FMCG business remains a key growth driver, delivering 32% revenue growth and crossing INR2,200 crores in quarterly revenues. Let me begin with our food and FMCG business, which remains at the center of our long-term growth strategy. Our strategy remains clear to build one of India’s largest and most trusted food platform, and Daily Essentials and Center of the Plate categories. We see significant opportunities as consumption increasingly shifts towards branded and packaged foods, particularly across staples such as rice, wheat flour, pulses, besan and sugar. During the quarter, growth remained broad-based across our food portfolio. Our rice and flour businesses maintained double-digit revenue growth. Within rice, our basmati portfolio continued to gain market share while Kohinoor also delivered double-digit revenue growth. We are particularly encouraged by the performance of Fortune pulses, which grew over 40% year-on-year with quarterly revenue crossing INR100 crores. Pulses remain a largely unorganized category with significant headroom for branded penetration. We are strengthening our regional assortment and expanding distribution, including through quick commerce to capture this opportunity. Our health and convenience portfolio is also gaining meaningfully with LTM revenues exceeding INR1,400 crores. We continue to expand our offering across premium, health-oriented and convenient food products supported by Page 2 of 12 AWL Agri Business Limited Agribusiness October 27, 2026 innovations such as multigrain atta, olive oil, cold-pressed mustard oil and other differentiated products. The larger opportunity for AWL is to build multiple scalable food categories, leveraging our trusted brands, integrated manufacturing capabilities and extensive distribution network. Moving to edible oils, the business delivered a 5% volume growth during the quarter. Despite a challenging operating environment, we maintained our market share supported by growth in domestic oils, particularly mustard, groundnut and cottonseed oil. Our focus remains on protecting our market leadership, strengthening our branded and premium portfolio and maintaining disciplined execution in a dynamic commodity environment. Industry Essentials delivered another strong quarter with volume growth of 25% supported by continued momentum in oleochemicals and specialty chemicals. Oleochemicals and specialty chemicals now contribute around 45% of segment revenue, reflecting the increased importance of this business. Our focus is on scaling the value-added specialty chemical portfolio, leveraging our backward integration, manufacturing scale and access to Wilmar Group’s global R&D and formulation capabilities. We see this as an important long-term growth and profitability driver of AWL. Coming to our distribution and channel strategy, our direct retail reach now stands at 9.7 lakhs outlets, while our total retail reach remains at around 26 lakhs outlet. Our focus is increasingly shifting towards improving throughput, outlet productivity and distribution efficiencies. Within our alternate channel, quick commerce continued to deliver strong growth of 40% year- on-year. We remain focused on improving assortment, visibility and availability across leading platforms, particularly for our packaged food portfolio. Our HoReCa business grew 22% with LTM revenue crossing INR800 crores, while branded export delivered strong growth of 72% year-on-year. These channels are becoming increasingly important in expanding the reach of our brands and creating additional growth opportunities for our food and FMCG portfolio. Before discussing our financial performance, I would like to briefly reiterate our approach to reporting profitability. We have been disclosing normalized gross profit and EBITDA to better reflect our underlying operating profitability. Under the Indian Accounting Standards, gain or losses on commodity derivatives used to hedge underlying raw material exposures are classified under other income or other expenses, although they form an integral part of our operating profitability. Accordingly, our normalized gross profit and EBITDA are calculated after incorporating these derivative gain and losses. Coming to our financial performance for Q2 FY27, consolidated revenue grew 26% year-on- year to INR22,202 crores, supported by underlying volume growth of 14%. Normalized operating EBITDA grew 11% year-on-year to INR623 crores, reflecting continued profitable growth across our diversified businesses. Page 3 of 12 AWL Agri Business Limited Agribusiness October 27, 2026 Profit before tax grew 4% year-on-ye [Showing first 8,000 characters — download PDF for full document]