Transcript of Earnings Call held on 30th July, 2026

Agri business Ref No: AWL/SECT/2026-27/41 August 4, 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 Q1 FY27 of AWL Agri Business Limited (formerly known as Adani Wilmar Limited - “the Company’) This is in continuation to our earlier letter dated 30th July, 2026 regarding audio recording of Q1 FY27 earnings call held on 30th July, 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 “AWL Agri Business Ltd. Q1 FY’27 Earnings Conference Call” July 30, 2026 AVVL Agri business MANAGEMENT: MR. SHRIKANT KANHERE – CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR MR. SAUMIN SHETH – EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER MR. PANKAJ GOYAL – INTERIM CHIEF FINANCIAL OFFICER MODERATOR: MR. ASHUTOSH JOYTIRADITYA – ICICI SECURITIES LTD. Page 1 of 12 AVVL Agri business AWL Agri Business Ltd. July 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to AWL Agri Business Limited Q1 FY 2027 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing “*” then “0” 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 Limited. Thank you and over to you, sir. Ashutosh Joytiraditya: Yes. Thank you, Palak. Hello and good evening everyone present on the call. I, on behalf of ICICI Securities, welcome you on AWL Agri Business Limited’s Q1 FY 2027 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, Mr. Saumin Sheth – Executive Director and Chief Operating Officer, and Mr. Pankaj Goyal – the interim CFO. I will now hand the call over to the Management for any opening remarks. Thank you. Shrikant Kanhere: Thank you and good evening, everyone. Thank you for joining us. On behalf of AWL, I extend a warm welcome to all of you for our Q1 FY 2027 Earning Conference Call. Joining me today are the members of our leadership team who will take you through financial performance in greater detail before we open the floor for questions. We have made a strong start for FY 2027, delivering another quarter of broad-based growth with a meaningful step up in profitability. Revenue grew by 18% year-on-year to INR (+20,000) crore and the quality of our earning continues to improve alongside this growth. More importantly, this performance reflects the continued execution of our long-term strategy. Over last few years, we have consciously transformed AWL from being predominantly an Edible Oil company into a diversified Food and FMCG company. Today, while Edible Oil continues to remain our foundation, our growth is increasingly being driven by packaged Food, future-ready channels and wider portfolio of value-added businesses. Let me begin with our Food and FMCG business, which remains at the heart of our transition journey: Food and FMCG segment grew by 22% year-on-year during the quarter with revenue of INR 1,726 crore. The encouraging part of this growth continues to be broad-based across the portfolio. Page 2 of 12 AVVL Agri business AWL Agri Business Ltd. July 30, 2026 Rice once again delivered an outstanding performance, growing by over 40% year-on-year. While categories such as wheat flour, pulses, besan, poha and other packaged Food continued to witness healthy consumer demand. Our Tops range of sauces, pickles and convenience Food grew by a healthy 23% year-on-year and where we are pleased to welcome Madhur into our AWL family, strengthening our presence in the Packaged Sugar category alongside Fortune Sugar. Together, these additions reinforce a portfolio that now spans everyday staples, convenience format and healthy focused innovation. What gives us confidence is not just growth in one category but increasing scale of our overall Food portfolio. Multiple categories are now approaching meaningful annual revenue milestones, creating several independent growth engines. This diversification will continue to improve the resilience and the quality of our Food portfolio and remain central to how we think about AWL’s future. On Edible Oil, the business delivered low single-digit volume growth of 2% year-on-year. The industry witnessed temporary channel de-stocking following sharp volatility in global Edible Oil prices. However, underlying consumer demand remained resilient. Our integrated sourcing capabilities, pricing discipline and premiumization initiative enabled us to effectively navigate this environment while sustaining our market leadership. On Industry Essential, we delivered another healthy quarter with the segment reporting 13% volume growth and 28% revenue growth. Within this portfolio, our Oleochemical and Specialty Chemical business, which now contributes over 40% of the segment revenue, continues to perform well. We continue to see this as an important strategic business and are expanding capacity at our Southern manufacturing facility to progressively increase the contribution of higher value-added specialty products. On channel performance: Our alternate channel, modern trade, e-com, quick commerce grew 27% year-on-year during the quarter. Quick commerce continues to be particularly exciting for us, recording a growth of 56% year-on-year. We increasingly see quick commerce not merely as another sales channel, but a structural shift in consumer buying behavior. It enables faster product discovery, higher purchase frequency and quicker scale-up for innovations We have therefore continued to invest in technology, digital capabilities, assortment planning, and channel-specific execution to strengthen our partnership across leading quick commerce platforms. Page 3 of 12 AVVL Agri business AWL Agri Business Ltd. July 30, 2026 Alongside this, HoReCa and branded exports also delivered another strong quarter, reflecting the increasing diversification of our route-to-market strategy. On distribution front: Our distribution strategy is also evolving. Our direct reach now is close to 970,000 outlets this quarter, while our total reach as per Nielsen remains at 2.6 million outlets. With this expansion now substantially in place, our focus is increasingly shifting towards improving throughput and distribution productivity rather than simply adding more outlets. We continue to maintain strong rural presence across more than 63,000 towns. Overall, I would say we believe the fundamentals of the business remain strong. Our integrated sourcing and manufacturing capabilities, trusted brands, extensive distribution network, and growing presence across future-ready channels provide us a strong platform for a sustainable growth. As we move ahead, our priorities remain clear: • Strengthening our Food portfolio. • Improving execution across channels. • Enhancing profitability and continuing our journey towards building one of India’s most trusted and largest Food FMCG company. With that, I would now request our CFO – Pankaj, to take you th [Showing first 8,000 characters — download PDF for full document]