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Investor Presentation: Q3’26 Tuesday Feb 03, 2026| 05.30pm IST A L Agribusiness
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│ 2 Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof. AWL Agribusiness
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│ 3 Macro Context Q3’26 rtune· edibleollscndfoods
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│ 4 Operating Macro Context: Q3 FY’26 Ukraine war & Sunflower Oil ▪ Russia-Ukraine war intensified, impacting higher sun oil prices ▪ Russia is now the largest supplier to India Edible Oil: Rangebound Prices ▪ Edible Oil remained more or less rangebound during the quarter ▪ Sun oil prices increased marginally Grammage play in Packed Oils continues ▪ Industry continues to downsize grammage of consumer pack oils ▪ Currently, most players have shifted to 750gm packs Indonesia B50 Mandate: Delayed ▪ Indonesia’s B50 mandate delayed SAFTA Soya Imports continue… ▪ SAFTA imports continue to hurt pricing Indonesia delays 850 rollout and raises palm oil export duties AWL Agribusiness
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│ 5 Edible Oil: Imports Total Oil Imports (in Million MT) Annual: Imports have remained flattish in the past 2 years 0.00 0.25 0.50 0.75 1.00 1.25 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Palm Soya Sun In Million MT Oil-wise Imports (Million MT) Import of all 3 oils were low on a YoY basis 14.0 16.5 16.0 16.0 2.5 OY22 OY23 OY24 OY25 OY26 Annual Import Trend: Edible Oil (MMT) 0.9 1.3 1.6 1.6 1.7 1.7 1.3 1.2 1.4 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sept 25 Oct 25 Nov 25 Dec 25 Monthly Import Trend: Edible Oil (MMT) Source: Solvent Extractor’s Association | OY: Oil Year (from Nov to Oct) - I I I I I --- --- --- AWL Agribusiness
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│ 6 Crude Edible Oil: Price Trend 900 1,000 1,100 1,200 1,300 1,400 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sept 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Palm Soya Sun USD per MT Sunflower Oil continued to maintain premium over Soya & Palm Source: Solvent Extractor’s Association ....... AWL Agribusiness
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│ 7 25,776 26,469 27,248 28,023 28,700 28,974 31,022 31,718 31,860 33,002 31,910 27,250 27,119 27,500 27,650 28,163 29,050 28,756 28,540 28,010 28,828 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY24 FY25 FY26 Raw Material Price Trend: Wheat Wheat Prices (INR per MT) Minimum Support Price (MSP): FY2023-24: INR 21,250 PMT | FY 2024-25: INR 22,750 PMT | FY 2025-26: INR 24,250 PMT | FY 2025-27: INR 25,850 PMT SND Shortage Govt. OMSS Qty Increase New Crop Arrival Wheat prices remained rangebound between INR 27-29 per KG, with negligible benefit of carry on the prices this year Source: Internal - Indore Mandi Prices (from Wheat sourcing desk)AWL Agribusiness
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│ 8 Performance Q3’26 rtune· edibleollscndfoods
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│ 9 Result Snapshot: Q3 FY’26 Topline Modest growth in volumes, with per MT margins in line with management estimates. Dip in profitability is due to one-off gains in the previous Year (base year) 1.7 Million MT +3% YoY Growth ₹ 18,603 Crore +10% YoY Growth ₹ 637 Crore -19% YoY (reported) ₹ 269 Crore -35% YoY (reported) Absolute Margins Volume Revenue Operational EBITDA PAT ₹ 12,141 per MT -9% YoY (reported) ₹ 3,832 per MT -22% YoY (reported) Per MT Margins Gross Profit per Ton EBITDA per Ton Consolidated Financials AWL Agribusiness
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│ 10 Result Snapshot: Q3 FY’26 – Operational Metrics Fortune brand: Oil & Foods Kohinoor brand Kings: Oil & Foods Growth across key brands Growth across Key Channels 13% YoY Volume Growth 32% YoY Volume Growth 7% YoY Volume Growth 42% YoY Volume Growth in Alternate Channel (E-Com, Q-Com, MT) 52% YoY Volume Growth in HoReCa Channel 43% YoY Volume Growth in Branded Exports Channel Standalone Financials AWL Agribusiness Ghor ko khono when cooked tastes best with Fortune
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│ 11 AWL - P&L Highlights: Q3 & 9M FY’26 • Profitability is in line with management estimated EBITDA of INR 3,500 per MT • Dip in profitability is due to one-off gains in the previous Year (base year) Standalone Financials INR Cr. *Note: Gross Profit and EBITDA have been normalized ***Note: PBT excluding extraordinary item of INR 25 crore (one-off for labour code) Q3'26 Q2'26 Q3'25 QoQ % YoY % 9M'26 9M'25 YoY % FY'25 FY'24 YoY % Volume (MMT) 1.6 1.6 1.6 -2% 2% 4.8 4.8 1% 6.4 5.8 10% Revenue 17,854 17,126 16,470 4% 8% 51,726 44,189 17% 61,677 49,243 25% Gross Profit* 1,871 1,799 2,098 4% -11% 5,294 5,609 -6% 7,221 5,381 34% EBITDA (incl. OI) 644 584 847 10% -24% 1,764 2,194 -20% 2,656 1,431 86% EBITDA (excl. OI) * 596 533 782 12% -24% 1,614 2,022 -20% 2,423 1,141 112% PBT** 374 309 560 21% -33% 984 1,432 -31% 1,640 435 277% PAT 260 229 409 13% -37% 714 1,059 -33% 1,216 278 337% Per Ton: Gross Profit per MT 11,632 10,920 13,296 7% -13% 10,989 11,725 -6% 11,325 9,275 22% EBITDA per MT (incl. OI) 4,006 3,544 5,367 13% -25% 3,662 4,586 -20% 4,165 2,466 69% EBITDA per MT (excl. OI) 3,708 3,234 4,956 15% -25% 3,349 4,227 -21% 3,800 1,966 93% PBT per MT 2,324 1,873 3,547 24% -34% 2,042 2,993 -32% 2,572 749 243% AWL Agribusiness
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│ 12 AWL - P&L Highlights: Q3 & 9M FY’26 • Profitability is in line with management estimated EBITDA of INR 3,500 per MT. Dip in profitability is due to one-off gains in the previous Year (base year) • Better EBITDA on account of gradual improvement in profits of Bangladesh subsidiary INR Cr. Consolidated Financials *Note: Gross Profit and EBITDA have been normalized ***Note: PBT excluding extraordinary item of INR 26 crore (one-off for labour code) Q3'26 Q2'26 Q3'25 QoQ % YoY % 9M'26 9M'25 YoY % FY'25 FY'24 YoY % Volume (MMT) 1.7 1.7 1.6 -1% 3% 4.9 4.9 0% 6.6 6.0 9.2% Revenue 18,603 17,605 16,839 6% 10% 53,266 45,443 17% 63,672 51,225 24% Gross Profit* 2,018 1,920 2,149 5% -6% 5,695 5,755 -1% 7,423 5,240 42% EBITDA (incl. OI) 685 609 858 12% -20% 1,866 2,209 -16% 2,720 1,429 90% EBITDA (excl. OI) * 637 559 792 14% -19% 1,715 2,033 -16% 2,482 1,135 119% PBT** 389 313 546 24% -29% 1,013 1,366 -26% 1,601 316 407% PAT 269 245 411 10% -35% 752 1,035 -27% 1,226 148 729% Per Ton: Gross Profit per MT 12,141 11,411 13,289 6% -9% 11,565 11,688 -1% 11,294 8,706 30% EBITDA per MT (incl. OI) 4,121 3,621 5,308 14% -22% 3,790 4,487 -16% 4,138 2,374 74% EBITDA per MT (excl. OI) 3,833 3,320 4,895 15% -22% 3,483 4,130 -16% 3,776 1,886 100% PBT per MT 2,341 1,860 3,378 26% -31% 2,057 2,775 -26% 2,436 525 364% AWL Agribusiness
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│ 13 Quarterly: AWL – GP / EBITDA Trend Quarterly – GP Trend Consolidated Financials in INR Crores Quarterly – EBITDA Trend 504 426 443 254 605 359 130 144 505 357 626 615 792 458 519 559 559 637 Dec 21 Mar 22 Jun 22 Sept 22 Dec 22 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 Jun 25 Sep 25 Sep 25 Dec 25 Impact of Hedge Dis- alignment • Both Gross profit and EBITDA continue to remain strong as compared to previous quarters 1,402 1,461 1,492 1,348 1,722 1,439 1,178 1,223 1,653 1,563 1,799 1,807 2,149 1,724 1,757 1,920 2,018 Dec 21 Mar 22 Jun 22 Sept 22 Dec 22 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 AWL Agribusiness ,------------, I I I I I I I I I L------------ I --------------' _) II
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│ 14 Business Updates rtune· edibleollscndfoods
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│ 15 Company Highlights: Q3 FY’26 Consolidated figures Reported Excluding G2G Rice Business Category – Volume Mix Category – Value Mix Excluding G2G Rice business ▪ Q3 topline: - Volume growth led by strong offtake in edible oil business - Volume growth in low single digit due to flat growth in foods and drag by castor business ▪ Q3 revenue at INR 18,603 crores: Reported revenue grew by 10% YoY, driven primarily by edible oils. Food & FMCG segment remained flat due to consolidation of regional rice and challenging macros for castor G2G business - 0.013 MMT and INR 44 crores in Q3 ’25; discontinued after Q3 ‘25 Edible Oil, 64% Food & FMCG, 18% Industry Essential, 18% Edible Oil, 81% Food & FMCG, 9% Industry Essential, 10% Segment Volume (Mn MT) YoY % Revenue (INR Cr.) YoY % PBT * YoY % Edible Oil 1.06 8% 15,025 12% 344 -41% Food & FMCG 0.30* -4% 1,648 6% 44 n.m. Industry Essentials 0.30 -8% 1,930 1% 72 -12% Total 1.66 3% 18,603 10% 460 -26% Segment Volume (Mn MT) YoY % Revenue (INR Cr.) YoY % Edible Oil 1.06 8% 15,025 12% Food & FMCG 0.30* 0% 1,648 9% Industry Essentials 0.30 -8% 1,930 0% Total 1.66 4% 18,603 9% *Food volumes are exclusive of GD foodsAWL Agribusiness
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│ 16 ▪ Alternate channels continued the strong growth momentum, with LTM revenues crossing INR 4,800+ crores o Alternate channel (E-Com, Q-Com, MT) delivered a robust volume growth of 42% YoY. Within Alternate channel, Quick commerce sales volume grew by 65% YoY in Q3 FY26 o Within the Edible Oil segment, the saliency of alternate channels has increased from ~5% to 9%, while in Food & FMCG, saliency has grown from 11% to 25% over the past 15 quarters. ▪ Strong growth in HoReCa and Branded exports, with combined LTM revenues exceeding INR 1,000 Crore: ▪ HoReCa channel delivered strong volume growth of 54% YoY in Q3 FY26. Growth was supported by ongoing expansion of distribution network, with presence in more than 80 cities ▪ Branded exports channel recorded a volume growth of 43% YoY in Q3 FY26, led by market expansion into new countries, new listings and partnerships with export distributors ▪ Q3 EBITDA at INR 637 crores, down by 19% YoY due to one -off cycle gain in base quarter o All 3 segments delivered well on profitability front, with per MT margins in line with management estimates o LTM Dec ‘25 operating EBITDA at INR 2,163 crores Company Highlights: Q3 FY’26 AWL _. ~Jtmm~,il'il'm~t:Rt. f rtun Agri business suji AWL Agribusiness rtune ........... __ fo rtu~ .. - ; Check off all your Festive Delicosies
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│ 17 ▪ Demand scenario o Moderate demand environment during the quarter, with improved offtake in the second half Q3’26, reflecting gradual recovery in consumer demand ▪ Volume increased by 8% YoY in Q3 o In Q3 FY26, the edible oil segment recorded a volume growth of 8% o Packed oils grew at a faster pace compared to institutional sales during the quarter o Revenue of INR 15,025 crores is Q3, up 12% YoY on the back of higher prices o Broad-based growth in edible oils, with mustard growing in double digits o Volumes in edible oils have improved sequentially, and with sequential market share gains across major categories, including soybean, sunflower, and palm oil o The grammage play continues to be a key issue in the edible oil industry, with most players shifting to the 750g pack size ▪ Market share ▪ On MAT basis, market share declined by 20 bps due to market share lost in palm oil in previous quarters ▪ However, on quarterly basis, market shares improved by 20 bps ▪ In E-commerce (including Q-com), edible oil market shares exceed 30%, with some improvement during the quarter ▪ Marketing & branding: Company launched new TVCs for oils during the quarter ▪ Region-specific TVC for East India highlighting usage of 2 oils across every household in India (Soyabean oil & Mustard Oil) ▪ Region-specific New TVC for South India emphasizing on lower oil absorption benefits ▪ New regional campaign “Pakko Gujarati” for Fortune Cottonlite Refined Cottonseed Oil Edible Oil Highlights: Q3 FY’26 Edible Oil Market Share: Q3,MAT Segment Performance: Q3’26 Figure YoY % Volume 1.06 Mn MT 8% Revenue INR 15,025 Cr. 12% PBT INR 344 Cr. -41% 18.0% 18.2% 17.9% 17.7% Q3'25 Q3'26 Dec'24 Dec'25 (-20 bps)20 bps AWL Agribusiness
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│ 18 ▪ Food & FMCG volumes (excl. G2G business) was flat YoY in Q3 o Volumes in wheat & rice were impacted o Volumes in wheat business were impacted due to multiple pricing actions undertaken during the year across markets o Rice business has been stabilizing gradually and has made good progress after multiple interventions and improvements across GT distribution, SKU rationalization, consolidation of regional rice business o The branded domestic rice business delivered a robust growth during the quarter o GD Foods revenues grew by 15% YoY ▪ Market share: ▪ Wheat flour maintained its market share of 5.5% in MAT Dec 25. However, market share improved by 20 bps on QoQ basis. ▪ Rice market share improved by 160 bps, from 6.4% to 8.0% in MAT Dec 25. With robust growth in domestic branded rice business, quarterly market shares saw a sharp increase from 5% in Q3 FY25 to 11.9% in Q3 FY26 ▪ Profitability o Food Profitability continued to remain at decent levels, with PBT of INR 44 Crore (3%), which was impacted in the corresponding quarter last year due to inventory losses in Rice business ▪ Other food products: o Volume share of categories such as besan, pulses, soya nuggets, soap & handwash, sugar, and poha has risen from 20% in FY23 to ~30% in 9M FY26 o These categories continue to deliver strong double-digit growth, benefiting from the established distribution network of oils, wheat, and rice. Food & FMCG Highlights: Q3 FY’26 Segment Performance: Q3’26 Market Share: MAT Wheat Flour Basmati Rice Wheat Rice Besan & Pulses; Soya Others Product Volume Mix% Excluding G2G Rice Business Reported Figure YoY % Volume 0.30* Mn MT -4% Revenue INR 1,648 Cr. 0% PBT INR 44 Cr. n.m. Figure YoY % Volume 0.30* Mn MT 0% Revenue INR 1,648 Cr. 9% 5.5% 5.5% Dec'24 Dec'25 6.4% 8.0% Dec'24 Dec'25 160 bps Flat *Food volumes are exclusive of GD foods l AWL Agribusiness
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│ 19 Q3 volume decreased by 8% YoY • Oleochemicals volumes were flat during the quarter, due to optimum capacity utilization • Segment declined due to macro challenges in the Castor business Oleochemicals: • Oleochemicals business contributes ~30% of overall segment volumes and has consistently generated healthy EBITDA margins in the high single digits • AWL continues to lead in basic oleochemicals (soap noodles, stearic acid, and glycerin) • Gradually diversifying into specialty chemicals, which now contribute ~7–8% of the portfolio and are growing at a fast pace Moderate profits during Q3 with PBT of INR 72 crores o While oleochemicals continued to maintain decent margins, overall profitability was moderate due to drag in performance by castor business Industry essentials: Q3 FY’26 19 Segment Performance: Q3’26 Figure YoY % Volume 0.30 Mn MT -8% Revenue INR 1,930 Cr. 0% PBT INR 72 Cr. -12% AWL Agribusiness
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│ 20 GD Foods: Sauces & Condiments business – Q3 FY26 Double digit revenue growth, led by growth in GT outlets and improvements in servicing Alternate channels 18% YoY Volume Growth 15% YoY Revenue Growth ~54% Material Margins ▪ Topline Performance in Q3 FY26 o GD Foods delivered a revenue growth of 15% YoY in Q3 FY26, with an underlying volume growth of 18% YoY o Growth was broad based across key categories. Key volume drivers were: sauces, pickles, instant noodles and vinegar o Sales through General Trade (GT) grew in double digits, with increased outlet penetration o Alternate channel (Ecom, MT) grew by strong 50% YoY ▪ GTM & Distribution: Outlet coverage increased in double digits, with improved reach ▪ Leveraging AWL strength: o GD Foods is leveraging AWL infra for faster ramp up in distribution o Consumer promos planned for bundling with Fortune products Q3 FY26 Performance AWL Agribusiness
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│ 21 GD Foods: Key Priorities GTM & Distribution Faster distribution ramp up Leverage AWL infra AWL’s Distribution, stock points Channels beyond GT HoReCa, Exports Tail-end Products Develop & grow large range of tail end products AWL Agribusiness $OMNOll,IGG,(IT10N IMAGl!fOIIIMl'l'll!IENlAllONOMt.Y AWL Agribusiness
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│ 22 Business Updates rtune· edibleollscndfoods
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│ 23 Stepped up Brand Investments during the quarter: Multiple Ad campaigns TVC’s launched during the quarter Bhojon Bahini – Bengal’s Favourite Jodi The Bhojon Bahini campaign positioned Fortune Mustard Oil and Fortune Soyabean Oil as the perfect duo for authentic Bengali cuisine. Cooking Lighter with Fortune Sunflower Oil A regional launch campaign spotlighting Fortune Sunflower Oil’s innovation of 17% less oil absorption for everyday healthier cooking. Bhojon Bahinir Kotha Mano, Indiar No.1 Jodi Aano | Fortune Mustard Oil Fortune Soyabean Oil A new case has been filed and this time, it’s in the kitchen. The Bhojon Bahini is on duty! Sourav and Abir are inspecting every pan, plate and paratha for signs of gondogol. Their verdict? The perfect pair of Fortune Kachi Ghani Mustard Oil and Fortune Refined Soyabean Oil that makes every dish pass inspection. Listen to the Bhojon Bahini and bring home India’s No.1 Jodi. Jab Sehat Badhiya, Toh Sab Badhiya The campaign positioned Fortune Soyabean Oil as a trusted daily choice, delivering Nutri-5 powered health benefits for families. Jab Khao Fresh Khao Powered by natural tokkopherol, Fortune Plus Soyabean Oil helps retain freshness, aroma and nutrition in everyday meals. AWL Agribusiness
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│ 24 Stepped up Brand Investments during the quarter: Multiple Ad campaigns New regional campaign “Pakko Gujarati” for Fortune Cottonlite Refined Cottonseed Oil was launched featuring Tiku Talsania, Siddharth Randeria, Apara Mehta & Puja Joshi પહેલા ઉં ધિય ં-પ રી, પછી પતંગ-દોરી | પાક્કા ગ જરાતીનીઉત્તરાયણ with Fortune Kapasiya Tel Fortune Kapasiya Tel તીખા-મીઠાં ઊં ધિયા સાથે પાક્કા ગ જરાતીકપલની ખાટીમીઠી નોકજોક Fortune Kapasiya Tel | નવ ં પેક, નવો અંદાજ પણ દર ેક પાક્કા ગ જરાતીનોમનપસંદ સ્વાદ Kohinoor by Aditya Gadhvi | Experience the Taste of Premium Basmati AWL Agribusiness
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│ 25 5.9 6.1 6.5 6.8 7.2 7.4 7.8 8.2 8.6 8.7 8.97 9.49 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 June 25 Sep 25 Dec 25 General Trade Distribution: Direct Reach to Outlets & Towns Total Reach of AWL (As per Nielsen) > 26 Lac Outlets Direct Reach > 9.4 Lac+ Outlets Rural Coverage 60,000+ rural towns 13,621 21,722 26,551 27,562 30,633 30,354 37,604 43,610 50,290 55,000 58,000 60,000 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 June 25 Sep 25 Dec 25 Direct Reach: Outlets (in Lacs) Rural Town Coverage Rural Town Coverage: Rural coverage increased by 2,000+ towns on QoQ basisDirect Reach: Direct reach increased by 52,000+ on QoQ basis • Achieved milestone of direct reach crossing 9 Lac outlets • Company’s focus is shifting towards consolidating the distribution network, improving throughput, and enhancing overall distribution efficiency • Rollout of micro-fulfilment centers is expected to further strengthen distribution capability and enable servicing in smaller towns efficiently I D a
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│ 26 Alternate Channel: E-com, Q-comm, MT - Q3 FY26 Volume Growth YoY % 42% Volume Growth YoY Trend % 50% 31% 18% 22% 19% 14% 16% 21% 12% 35% 42% 61% 43% 27% 43% 22% 27% 41% 40% 33% 51% 50% 66% 74% 51% 44% 41% 46% 81% 113% 73% 86% 65% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Alternate Channels E-com Quick Com Executed a project to strengthen internal capabilities • Alternate channels delivered strong momentum in Q3 FY26, with volumes up 42% YoY and revenues growing 39% YoY Key Highlights Revenue Growth YoY % 39% Share of Q-comm (within Alternate Channel) 30% . . : : . . : : . . . . ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• : : . . : : . . . . . . . . ~ ~ ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ~ ~ . . : : . . ·• ...................................................................................................... •· ■ ■ ■ I l I I I I AWL Agribusiness
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│ 27 Alternate Channel: Q-comm - Q3 FY26 Volume Growth YoY % 65% Nuggets >40% Edible Oil >30% Besan >30% Sugar >20% Top 5 Products - Combined Market Share: All E-Com & Q-Com platforms Maida >20% Revenue Growth YoY % 65% • Quick commerce has emerged as a meaningful contributor, accounting for 57% of e-commerce sales ~ / ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ·. . •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• . . . ••••••••••••••••••••••••••••••••••••••••••••••• soya badi AWL Agribusiness . . . . . . ~ ~ ........................................... . . ~ ~ ........................................... . . . ••••••••••••••••••••••••••••••••••••••••••••••• fo rtune - Check off all your Festive Delicasies . . . ••••••••••••••••••••••••••••••••••••••••••••••• f: rtune - Feeling Snacky?
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│ 28 Gradually building health & convinience focused food portfolio Health & convenience portfolio growing steadily, with higher margin profile New Product Launch: Q3 FY26 ▪ Launched in December 2025 ▪ Power of 8 super grains Multi grain Atta Health & Convenience focused products Soya Nuggets Biryani Kit Kohinoor Brown Rice Premium Cold-pressed Mustard oil Fortune Xpert Pro Sugar Conscious Oil Fortune Xpert Pro Immunity Oil Fortune Xpert Total Balance Oil Rice Bran Oil AWL Agribusiness
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│ 29 Annexure rtune· edibleollscndfoods
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│ 30 Derivative gain / loss were classified under “Cost of Material Consumed” Derivative gain / loss is now classified under “Other Income / Other Expenses” Reconciliation of Normalized Gross Profit and EBITDA Earlier Classification Revised Classification Since Q4’24 results, there has been a reclassification of Derivative gain / loss Normalized Gross Profit Normalized EBITDA (excl. Other Income) Derivate Impact (A): Loss included in “Other Expenses”; Derivative Impact (B): Gain / (Loss) included in “Other Income” Consolidated figures in INR Crores in INR Crores Q3'26 Q2'26 Q3'25 Reported Gross Profit 1,934 2,049 2,220 Derivative Impact (A) (other Expenses) - -130 -71 Derivative Impact (B) (other Income) 84 - - Normalized Gross Profit 2,018 1,920 2,149 9M'26 9M'25 5,587 5,780 - -25 108 - 5,695 5,755 Q3'26 Q2'26 Q3'25 Reported EBITDA 553 688 792 Derivative Impact (A) (other Expenses) - -130 - Derivative Impact (B) (other Income) 84 - - Normalized EBITDA 637 559 792 9M'26 9M'25 1,607 2,033 - - 108 - 1,715 2,033 I I AWL Agribusiness
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│ 31 Edible Oil: Delivering healthy volume growth along with strong cashflows Standalone Segment EBITDA • Edible Oil volumes continue a steady uptrend, with quarterly volumes rising from ~0.89 MMT in Q3’22 to ~1.06 MMT in Q3’26 (~4% CAGR) • Strong profitability in edible oil, with EBITDA at INR 526 crore • Capacity utilization remains healthy and range-bound at ~60–65%, providing operational flexibility to absorb incremental volume growth without major capex Capacity Utilization % in INR Crores 118 84 541 371 595 549 840+ 317 364 367 526 Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 59% 57% 63% 63% 63% 64% 58% 62% 59% 66% 63% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 0.89 0.96 0.94 0.98 1.06 Q3'22 Q3'23 Q3'24 Q3'25 Q3'26 in Million MTQuarterly Volume Trend Consolidated figures Quarterly Trend Soyabean Palm Sunflower Mustard Others Product Volume Mix% 3.51 3.98 4.48 4.92 4.92 9M'22 9M'23 9M'24 9M'25 9M'26 in Million MTNine-Month Volume Trend Edible Oil: Growth % (Consolidated) fo rtune re-flfled~ol f l Sehat se bhara, Gho, Ko Khano \~~ 9%CAGR ► 4%CAGR ► - - I I I I I I I I I I I I I I I I I I I I ~- -··------------------- ----
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│ 32 Food & FMCG: Growing rapidly Quarterly Topline Growth % (Consolidated) Standalone Segment EBITDA Quarterly Trend in INR Crores Volume (in Mn MT) 42 60 18 51 31 18 (32) 46 83 79 58 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Revenue (INR Cr) 703 1,020 1,277 1,558 1,648 Q3'22 Q3'23 Q3'24 Q3'25 Q3'26 Capacity Utilization % 50% 53% 56% 55% 49% 57% 53% 50% 42% 45% 53% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Nine-Month Topline Growth % (Consolidated) Volume (in Mn MT) Revenue (INR Cr) 1,862 2,885 3,653 4,809 4,743 9M'22 9M'23 9M'24 9M'25 9M'26 Consolidated figures • Food & FMCG volumes are scaling rapidly, with quarterly volumes growing from 0.17 Mn MT in Q3’22 to 0.30 Mn MT in Q3’26 (~15% CAGR). • Revenue growth is outpacing volume expansion, with quarterly topline rising from ~₹703 crore in Q3’22 to ~₹1,648 crore over the same period (~24% CAGR) 0.17 0.22 0.26 0.31 0.30 Q3'22 Q3'23 Q3'24 Q3'25 Q3'26 0.45 0.63 0.75 0.99 0.88 9M'22 9M'23 9M'24 9M'25 9M'26 ■ I I I I I I I I I I I I I I I I I I I 1 J
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│ 33 Segment Results: Q3’26 & 9M’26 All figures in INR Crores Segment Volumes in MMT Q3'26 Q2'26 Q3'25 QoQ % YoY % 9M'26 9M'25 YoY % FY'25 FY'24 YoY % Edible Oil 1.06 1.02 0.98 4% 8% 3.04 2.98 2% 4.02 3.67 10% Food & FMCG 0.30 0.32 0.31 -5% -4% 0.88 0.99 -11% 1.30 1.03 26% Industry Essentials 0.30 0.35 0.32 -14% -8% 1.01 0.95 6% 1.26 1.32 -5% Total 1.66 1.68 1.62 -1% 3% 4.92 4.92 0% 6.57 6.02 9% Segment Revenues in INR Crore Q3'26 Q2'26 Q3'25 QoQ % YoY % 9M'26 9M'25 YoY % FY'25 FY'24 YoY % Edible Oil 15,025 13,828 13,366 9% 12% 42,268 34,967 21% 49,736 38,752 28% Food & FMCG 1,648 1,681 1,558 -2% 6% 4,743 4,809 -1% 6,273 4,994 26% Industry Essentials 1,930 2,096 1,915 -8% 1% 6,255 5,667 10% 7,663 7,479 2% Total 18,603 17,605 16,839 6% 10% 53,266 45,443 17% 63,672 51,225 24% Segment Results in INR Crore Q3'26 Q2'26 Q3'25 QoQ % YoY % 9M'26 9M'25 YoY % FY'25 FY'24 YoY % Edible Oil 344 171 584 101% -41% 706 1,366 -48% 1,562 241 549% Food & FMCG 44 56 -45 -23% n.m. 176 -20 -971% 13 149 -91% Industry Essentials 72 131 82 -45% -12% 303 165 84% 239 47 404% PBT before Unallocable & exceptional items 460 358 621 28% -26% 1,184 1,510 -22% 1,815 438 315% Less: Finance Cost 11 6 16 - - 25 33 - 49 71 - Less: Unallocable Expenses [Net of Income] 60 39 59 - - 148 111 - 165 51 - Less: Exception Items 25 0 0 - - 25 0 - 0 54 - PBT 363 313 546 16% -33% 987 1,366 -28% 1,601 262 510% AWL Agribusiness
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│ 34 Segment Volumes & Revenues: Quarterly Trend Revenue (Consol) Volume (Consol) in Million MT Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’25 Q1’26 Q2’26 Q3’26 Edible Oil 0.7 0.82 0.96 0.88 0.89 0.85 0.94 0.98 1.00 1.00 0.98 1.04 0.96 1.02 1.06 Food & FMCG 0.19 0.22 0.22 0.25 0.23 0.26 0.26 0.28 0.33 0.35 0.31 0.3 0.26 0.32 0.30 Industry Essentials 0.3 0.28 0.29 0.36 0.36 0.34 0.34 0.28 0.34 0.29 0.32 0.3 0.36 0.35 0.30 Total 1.19 1.32 1.47 1.49 1.49 1.46 1.54 1.53 1.66 1.64 1.62 1.65 1.58 1.68 1.66 in INR Crores Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’25 Q1’26 Q2’26 Q3’26 Edible Oil 11,511 11,221 12,581 10,790 9,845 9,038 9,711 10,195 10,650 10,977 13,341 14,769 13,415 13,828 15,025 Food & FMCG 860 1,015 1,020 1,159 1,097 1,283 1,273 1,341 1,533 1,718 1,558 1,464 1,414 1,681 1,648 Industry Essentials 2,353 1,914 1,837 1,924 1,986 1,947 1,844 1,702 1,986 1,766 1,915 1,997 2,230 2,096 1,930 Total 14,724 14,150 15438 13,873 12,928 12267 12,828 13,238 14,168 14,460 16,814 18230 17,059 17,605 18,603 AWL Agribusiness
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│ 35 Segment-wise Profitability All figures in INR Crores Quarter 9M'26 Full Year INR in Crores Q3'26 Q3'25 9M'26 9M'25 FY25 FY24 FY23 Segment EBITDA (Excluding Other Income) Edible Oil 526 804 1,257 2,004 2,322 1,078 1,356 Food & FMCG 58 -32 220 16 63 172 98 Industry Essentials 90 97 344 217 324 140 389 Unallocable -78 -87 -207 -216 -286 -242 -227 Total 596 782 1,614 2,022 2,423 1,147 1,616 (+) Other Income 48 65 151 172 233 284 257 (-) Finance Cost 172 189 497 495 661 674 729 (-) Depreciation 99 98 284 267 355 322 319 PBT before Exceptional Items 373 560 984 1,432 1,640 435 825 (-) Exceptional Items* 25 - 25 - - 54 - PBT after Exceptional Items 349 560 959 1,432 1,640 381 825 (-) Tax 89 150 245 373 424 103 217 Standalone PAT 260 409 714 1,059 1,216 278 607 (+) Share of Subsidiary Profit 2 -16 9 -71 -54 -111 -63 (+) Share of JV Profit 7 18 31 48 63 -23 29 (-) Consolidation Adjustments 1 0 -1 -1 1 4 10 Consolidated PAT 269 411 752 1,035 1,226 148 582 AWL Agribusiness
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│ 36 Segment ROCE: LTM Sep’2025 As the Food business matures, ROCE in expected to reach 25%+ Standalone Figures *Capital Employed = Equity + Total Debt + Trade Credits - cash & cash equivalent #Unallocable primarily includes GST input credit and capital advances (for capex) **This also includes buildings at integrated plant in Gohana Segment ROCE: LTM Dec 2025 Edible Oil Food & FMCG Industry Essentials Unallocable# Total Rev / Capital Employed - A 5.1x 1.7x 3.9x n.a. 4.0x EBIT % - B 2.4% 3.6% 5.0% n.a. 2.4% ROCE % [A x B] 13% 6% 20% n.a. 9% EBIT 1,347 205 416 -325 1,643 Segment Revenue 55,111 5,738 8,318 0 69,167 Fixed Assets 3,149 1,722 824 229 5,924 Capital Work-in progress (CWIP) 246 210 216 145 817 Intangible 0 126 0 8 135 NWC 8,167 1,570 1,179 -57 10,859 Others Assets, Net -588 -102 129 1,043 482 Capital Employed 10,727 3,316 2,133 1,223 17,400 Food business is in investment phase ▪ Food business in investment phase, targeting 20-25%+ ROCE at Company level as it matures. ▪ Additionally, inventory gets largely funded by working capital debt, resulting in higher ROE - =:> c=:> c=:> c=:> AWL Agribusiness
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│ 37 Segment ROCE & Capital Employed: 5 Year trend Standalone Figures LTM: Last Twelve Months ` ROCE % INR Crores FY22 FY23 FY24 FY25 LTM Dec 25 Edible oil 14% 13% 13% 23% 13% Food & FMCG -2% 4% 5% 1% 6% Industry Essentials 25% 20% 6% 17% 20% Unallocable -48% -61% -49% -37% -27% Total 12% 10% 7% 15% 9% ` EBIT INR Crores FY22 FY23 FY24 FY25 LTM Dec 25 Edible oil 1,317 1,124 846 2,082 1,347 Food & FMCG -17 71 143 22 205 Industry Essentials 391 352 103 282 416 Unallocable -250 -249 -266 -317 -325 Total 1,441 1,297 825 2,068 1,643 Capital Employed INR Crores FY22 FY23 FY24 FY25 LTM Dec 25 Edible oil 9,225 8,541 6,647 9,050 10,727 Food & FMCG 886 1,684 2,867 2,449 3,316 Industry Essentials 1,538 1,759 1,646 1,670 2,133 Unallocable 519 408 547 856 1,223 Total 12,168 12,392 11,706 14,025 17,400 Fixed Assets INR Crores FY22 FY23 FY24 FY25 LTM Dec 25 Edible oil 2,946 2,960 3,227 3,298 3,149 Food & FMCG 482 633 1,038 1,299 1,722 Industry Essentials 674 654 631 733 824 Unallocable 166 76 96 385 229 Total 4,268 4,323 4,992 5,715 5,924 ` Net Working Capital (NWC) INR Crores FY22 FY23 FY24 FY25 LTM Dec 25 Edible oil 6,452 5,458 3,536 6,277 8,167 Food & FMCG 393 886 1,757 1,155 1,570 Industry Essentials 902 991 947 881 1,179 Unallocable -71 -55 -65 -44 -57 Total 7,676 7,280 6,175 8,270 10,859 ` • Limited investment required in Edible Oil business in the recent years, despite continuous growth • Allocating capital to the Food business, to support its growth I I I I I I I I AWL Agribusiness
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│ 38 Building consumer awareness Digital & Festive Integrations Qisse Kuchh Khaas – Celebrating India’s Rice Legacy A cultural storytelling initiative that positioned Kohinoor as a custodian of India’s rich basmati heritage. #DiwaliKaFortune Fortune’s AI-driven campaign brought families closer by transforming festive moments and favorite foods into shareable Diwali memories. Fortune Soya Chunks × Pro Kabaddi League Through Pro Kabaddi League partnerships, Fortune Soya Chunks showcased protein-driven strength via influencer-led content and on-ground activations.AWL Agribusiness Spends {8.71 oOo (OJ Reach 24M Impressions Al Usage 59M 15K Clicks Entries 6.8 L 6.1 K Try Fortune Soya Chunks Today ! G IN PROGRESS Q
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│ 39 Rural penetration – High-impact rural branding at scale Extensive on-ground visibility in markets Jio Exhibition Centre – Horeca & Speciality Fats World Food India Exhibition Fortune Chhath Stall Activation AWL Agribusiness
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Thank You ~ C ::, ,.._., poho - = ::. N.tw.lQ,l,I 5009 rtune· edibleollscndfoods