New Delhi, April 7 -- Shares of AWL Agri Business (formerly Adani Wilmar) are down 36% since 21 November after Adani group's exit. The stock hit a 52-week low of Rs.171.19 on 16 March, amid muted financials for the nine months ended December (9MFY26), which added to the pressure.

But the worst may be over. Its March quarter (Q4FY26) business update reveals sales volumes grew by 13% year-on-year. This compares with just 1% volume growth in 9MFY26, pulling down FY26 growth to 5%. Nuvama Institutional Equities estimates AWL's Q4 Ebitda growth at 20% year-on-year, vis-a-vis a similar drop in 9MFY26.

Edible oil, which contributed 80% of AWL's FY26 revenue, led Q4 show, clocking 17% volume growth aided by lower imports from neighbouring count...