Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Ador Welding Ltd.
NSE: AWLConsumer DefensivePackaged Foods
- Last close
- ₹173.10
- Day change
- −₹5.41 (−3.03%)vs
- Market cap
- ₹24,614 crIndian rupees
- Research updated
- 1 report
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About Ador Welding
Ador Welding Ltd. is a prominent player in the welding equipment and consumables industry in India. Established in 1951, it primarily focuses on the manufacturing and distribution of welding products including electrodes, wires, fluxes, and welding accessories. The company caters to a diverse range of sectors such as infrastructure, power, oil and gas, shipbuilding, and transportation, providing essential tools and materials for fabrication and construction projects. Ador Welding Ltd. is dedicated to enhancing the quality and efficiency of welding operations through cutting-edge technology and innovation. The firm also offers a suite of customized welding solutions and training programs aimed at improving technical proficiency in welding practices. In the financial market, Ador Welding Ltd. holds a significant position as one of the oldest entities in its sector, and it continuously contributes to advancements in industrial manufacturing processes. Its role extends beyond product supply to providing crucial support to industries in need of reliable and sustainable welding solutions, emphasizing safety and quality assurance.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: AWL
- Next results
- Chief executive
- Mr. Shrikant Kanhere
- Employees
- 2,881
- Headquarters
- Ahmedabad, India
- ISIN
- INE699H01024
- Website
- awl.in
Public research · Report of
Business model & financial foundation
AWL Agri Business (NSE: AWL), Edible oils, packaged foods and oleochemicals: revenue of ₹74,731 crore in FY26 (+17.4% on FY25), an EBITDA margin of 3.1% and net profit of ₹1,042 crore.
- Revenue, FY26 (₹ crore)
- 74,731
- consolidated
- Revenue growth, FY26
- +17.4%
- on FY25
- EBITDA margin, FY26
- 3.1%
- EBITDA excl. treasury other income (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 1,042
- to owners
- Return on equity, FY26
- 10.5%
- on average equity
- Market capitalisation (₹ crore)
- 23,503
- at the close of 16 Oct 2026
Company profile
AWL Agri Business, formerly Adani Wilmar, is India's largest edible-oil processor. It sells Fortune and other brands of oils, plus wheat flour, rice, pulses and sugar, through a direct reach of more than 9.7 lakh outlets. It also sells oleochemicals, castor and de-oiled cake as Industry Essentials. The company imports about 70% of its oil, and roughly a third of that comes from its parent Wilmar.
| Item | Value |
|---|---|
| Legal name | AWL Agri Business Limited (formerly Adani Wilmar Limited) |
| Exchange and ticker | NSE: AWL; BSE: 543458 |
| ISIN | INE699H01024 |
| Sector | Fast Moving Consumer Goods |
| Industry | Edible oils, packaged foods and oleochemicals |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Market capitalisation | ₹23,503 crore (16 Oct 2026) |
| Shares outstanding | 129.52 crore shares (FY26) |
| Price | ₹190.5 (close, 16 Oct 2026) |
| 52-week range | ₹171.2 - ₹282.9 (to 16 Oct 2026) |
| Website | https://www.awl.in |
Corporate structure and shareholding
Parent: Lence Pte Ltd (Wilmar International group).
No subsidiary is recorded.
The run was queued under the name Ador Welding Ltd. Its identifiers (NSE: AWL, ISIN INE699H01024) belong to AWL Agri Business, and so do the market snapshot and vendor statements. This dossier covers that security. Ador Welding is a different company (NSE: ADOR, ISIN INE045A01017).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 56.94% | 56.94% | 56.94% | 56.94% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.15% | 21.86% | 21.09% | 19.50% |
| Domestic institutions | 9.28% | 8.37% | 8.46% | 10.24% |
| of which mutual funds | 9.01% | 8.17% | 8.25% | 10.03% |
| Retail | 10.29% | 10.40% | 10.78% | 10.80% |
| Other | 2.73% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
AWL Agri Business, formerly Adani Wilmar, refines and brands edible oils under Fortune and other brands; this segment is about 80% of FY26 revenue of 74,731 cr. It also sells food and FMCG staples (atta, rice, pulses, sugar, Tops sauces) and industry essentials (oleochemicals, castor, de-oiled cake). It earns a spread per tonne over imported crude oil; about 70% of its oil is imported, roughly a third of that from Wilmar. It controls brands and distribution (9.7 lakh direct outlets) and refining capacity. It does not control global oil prices or Indian duty policy. Wilmar (Lence Pte) has been the sole promoter at 56.94% since Adani's exit in Nov 2025. Note on identity: the run's trigger names "Ador Welding Ltd." but carries the AWL symbol and ISIN, which belong to AWL Agri Business; this dossier covers the security the symbol and ISIN identify (see gaps GP1).
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Edible Oil | 59,788 | 80.0% | 1,063 | 65.3% |
| Food & FMCG | 6,473 | 8.7% | 212.0 | 13.0% |
| Industry Essentials | 8,470 | 11.3% | 352.0 | 21.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Patanjali Foods (PATANJALI) | Largest listed edible-oil peer, with a packaged-foods arm |
| Gokul Agro Resources (GOKULAGRO) | Edible-oil refiner with a similar commodity-spread model |
| Tata Consumer Products (TATACONSUM) | Staples and foods brand peer for the Food & FMCG segment |
| Marico (MARICO) | Branded edible oil (Saffola) and FMCG distribution |
| LT Foods (LTFOODS) | Rice peer for the Kohinoor/Fortune rice business |
| Godrej Agrovet (GODREJAGRO) | Agri-commodity processor with consumer brands |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 54,068 | 58,101 | 51,155 | 63,672 | 74,731 |
| Cost of revenue (vendor classification) * | 49,201 | 53,421 | 45,847 | 56,784 | 67,550 |
| Other operating costs (vendor classification) * | 2,502 | 2,969 | 3,158 | 3,438 | 3,778 |
| EBITDA (vendor classification) * | 1,567 | 890.0 | 1,661 | 2,607 | 2,157 |
| EBIT * | 1,300 | 1,243 | 899.6 | 2,162 | 1,885 |
| Finance cost | 241.3 | 454.4 | 637.2 | 724.1 | 706.9 |
| PBT before share of JVs, after exceptional | 1,059 | 788.9 | 262.4 | 1,601 | 1,367 |
| Total tax expense | 284.4 | 235.4 | 91.8 | 437.4 | 376.6 |
| Profit for the year | 803.7 | 582.1 | 148.0 | 1,226 | 1,045 |
| Diluted EPS (₹) * | 6.89 | 4.48 | 1.14 | 9.43 | 8.05 |
| EBITDA excl. treasury other income (company definition) | 1,135 | 2,482 | 2,343 | ||
| Other income (treasury portion) | 294.0 | 238.0 | 206.0 | ||
| Depreciation and amortisation | 529.4 | 395.1 | 448.8 | ||
| Exceptional items (charge negative) | 0.00 | 0.00 | -25.8 | ||
| Share of profit of joint ventures | -22.7 | 62.6 | 54.5 | ||
| Non-controlling interests | 0.00 | 0.73 | 2.84 | ||
| Profit to owners | 148.0 | 1,225 | 1,042 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 7,606 | 8,166 | 8,316 | 9,424 | 10,444 |
| Borrowings * | 10,054 | 8,884 | 6,808 | 7,670 | 8,123 |
| Cash and cash equivalents * | 127.1 | 394.8 | 258.6 | 543.7 | 1,677 |
| Trade receivables * | 2,219 | 1,931 | 1,783 | 2,416 | 2,624 |
| Inventories * | 7,717 | 7,681 | 7,204 | 8,641 | 8,191 |
| Trade payables * | 1,889 | 2,111 | 2,920 | 3,080 | 3,380 |
| Net property, plant and equipment * | 4,049 | 4,270 | 4,739 | 5,289 | 6,452 |
| Capital work in progress * | 275.2 | 324.0 | 869.5 | 1,245 | 813.2 |
| Total assets * | 21,317 | 20,980 | 19,807 | 22,438 | 24,759 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -2,137 | 990.1 | 1,645 | 2,150 | 3,928 |
| Free cash flow (vendor definition) * | 662.2 | -16.0 | -643.4 | 1,154 | 3,095 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -534.6 | -674.1 | -930.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 116.70 | 129.97 | 129.97 | 129.87 | 129.52 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 14,450 | 16,839 | 18,230 | 17,059 | 17,605 | 18,603 | 21,465 | 20,048 |
| Cost of revenue (vendor classification) * | 12,689 | 14,619 | 16,474 | 15,455 | 16,668 | 19,229 | 17,847 | |
| Other operating costs (vendor classification) * | 1,079 | 1,241 | 1,130 | 1,088 | 1,218 | 1,497 | 1,327 | |
| EBITDA (vendor classification) * | 624.6 | 858.3 | 542.0 | 418.6 | 685.2 | 577.8 | 694.8 | |
| Profit for the period | 311.0 | 411.0 | 191.0 | 238.0 | 245.0 | 269.0 | 293.0 | 351.0 |
| EBITDA excl. other income (company definition) | 615.0 | 792.0 | 448.0 | 519.0 | 559.0 | 637.0 | 628.0 | 693.0 |
| Other income (treasury portion) | 56.0 | 66.0 | 62.0 | 53.0 | 50.0 | 48.0 | 54.0 | 69.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 46.0% | 7.5% | -12.0% | 24.5% | 17.4% |
| EBITDA margin | 2.2% | 3.9% | 3.1% | ||
| Net margin | 0.3% | 1.9% | 1.4% | ||
| Return on equity | 1.8% | 13.8% | 10.5% | ||
| Return on capital employed | 10.8% | 7.2% | 5.6% | 13.4% | 10.6% |
| Return on assets | 0.7% | 5.8% | 4.4% | ||
| Borrowings less cash (₹ crore) | 9,927 | 8,490 | 6,550 | 7,126 | 6,446 |
| Borrowings less cash / EBITDA | 5.77x | 2.87x | 2.75x | ||
| Interest cover | 5.39x | 2.74x | 1.41x | 2.99x | 2.67x |
| Asset turnover | 3.12x | 2.75x | 2.51x | 3.01x | 3.17x |
| Receivable days | 15 | 12 | 13 | 14 | 13 |
| Inventory days (on revenue) | 52 | 48 | 51 | 50 | 40 |
| Payable days (on revenue) | 13 | 13 | 21 | 18 | 17 |
| Cash conversion | 11.1x | 1.75x | 3.77x | ||
| Capex intensity | 1.0% | 1.2% | 1.8% | ||
| Free cash flow (₹ crore) | -2,672 | 316.0 | 714.9 | ||
| EPS, diluted (₹) | 6.89 | 4.48 | 1.14 | 9.43 | 8.05 |
| Book value per share (₹) | 65.18 | 62.83 | 63.98 | 72.56 | 80.63 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excl. treasury other income (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA excl. treasury other income (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Reports on Ador Welding
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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