AWL Agri Business, which sells edible oil and fast-moving consumer goods (FMCG) under the Fortune brand, sees direct and indirect benefits from the rationalisation of GST rates. The company expects its food business to grow to ₹10,000 crore over the next two years as lower taxes spur consumption.

“Overall inflation has come down and rationalisation of GST rates will result in pricing of FMCG products becoming more supportive for the consumer. As affordability rises, it will improve consumption demand and volume growth of food and FMCG companies,” said Angshu Mallick, MD and CEO for AWL Agri Business.

Mallick said that GST rates on edible oil (61 per cent of the company’s total volume in Q1FY26) remain unchanged at 5 per cent. Tax rates on products like sugar, flour and rice also remain at 5 per cent. However, within packaged foods, GST on soya nuggets have been reduced from 12 per cent to 5 per cent.

Among the indirect benefits, the company also supplies margarine to cake and pastry makers and the GST on margarine has come down from 18 per cent to 5 per cent. The company also supplies edible oil, chana dal and besan to biscuit and namkeen makers for whom GST has been reduced to 5 per cent.

“If their volume grows, our volumes will also increase,” Mallick said, adding that from Q3FY26 onwards, the company expects volume growth in high single or double digits. In Q1FY26, the company’s volume has come down by 5 per cent on a year-on-year basis according to investor disclosures.

Reduction in GST rates is also expected to drive demand for branded food products. Mallick said that demand for branded staples among consumers is growing.

“Going forward, we have planned to reach almost ₹10,000 crore in the food business in the next two years. Today it is around ₹6,500 crore,” Mallick said.

A large part of the expansion would be through asset-light approach, where the company works with regional factories to make its own branded products. “We have 75 such factories across the country where we work with owners and use their assets to make our own brands with our quality control people at the factory ensuring products meet our standard,” Mallick said.

AWL Agri has announced a change of name in March this year from Adani Wilmar, following the Adani group’s exit from the joint venture.