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UPL Results: Latest Quarterly Results & Analysis

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UPL Ltd. 02 Feb 2026 15:24 PM
Result PDF

Q3FY26 Quarterly Result Announced for UPL Ltd.

Agrochemicals company UPL announced Q3FY26 results

  • Revenue growth driven by higher volume and supported by favorable Fx:
    • Platforms: strong performance in Advanta ( 22%) and crop protection segment ( 8%), led by volumes; specialty chemicals up by 42% vs LY.
    • Regions: led by Europe ( 21%), Rest of the World ( 32%); momentum in India and Americas.
  • Contribution increased 17% YoY on back of margin expansion ( 160 bps vs LY) led by improved mix, higher capacity utilization and lower input cost, leading to a strong overall EBITDA growth.
  • Profit Before Tax (PBT) up by 90% vs LY, from Rs 354 crore to Rs 671 crore; 9M improvement by >Rs 1,800 crore.
  • Operational PATMI up by Rs 140 crore, translating to a growth of 45% vs LY (Q3LY adjusted for a tax-provision reversal of Rs 592 crore, on account of favorable order from appellate authority).
  • Net working capital: 116 days (vs 107 days LY) at Rs 15,625 crore (Dec‘25).
  • Net debt at Rs 23,317 crore (USD 2,594 million) in Dec‘25, reduced by Rs 2,553 crore (USD 427 million) vs LY (adjusted for perpetual bonds, lower by >USD 800 million); significant de-gearing vs LY.
  • Successful filing of Advanta DRHP on 19th Jan, 2026.
  • Achieved DJSI CSA score of 77 (ranked #1 within peers); CDP ‘A’ for climate and ‘A-’ for water.
  • Awarded by ICPA in Jan, 2026 for (a) Governance Excellence and (b) Financial Performance.

Jai Shroff, Chairman & Group CEO, UPL, said: “We are proud to deliver yet another record quarter, building on the solid foundation of last year’s strong base. This achievement reflects the strength of UPL’s diversified business model, driven by our robust intellectual property portfolio, cutting-edge digital and analytics capabilities, and unwavering commitment to innovation and sustainability.

Our platforms are on pathways of unlocking significant value. As we continue to transform and scale our business, we remain focused on delivering long-term sustainable growth and creating value for all our stakeholders.”

Bikash Prasad, Group CFO, UPL, said: ”UPL has delivered a strong performance, surpassing a strong third quarter last year. We have maintained robust momentum throughout the past three quarters, that reflects our operational excellence, and disciplined financial and risk management.

We continue to achieve broad-based EBITDA growth for the year, strengthen our balance sheet through reduced net debt, and rigorous capital allocation. With a solid performance so far and a seasonally strong Q4, we remain optimistic and reaffirm our guidance.”

Result PDF

Result PDF

Agrochemicals company UPL announced Q2FY26 results

  • Revenue growth driven by higher volume and supported by favorable Fx:
    • Platforms: strong performance in UPL Corp ( 12%) and Advanta ( 26%), driven by volumes; SUPERFORM steady vs LY, while UPL SAS declined by 10% due to unfavorable weather
    • Regions: led by North America ( 63%), and supported by Latin America ( 13%).
  • Contribution margin ( 420 bps vs LY) led by improved mix, higher capacity utilization and lower input cost, driving EBITDA margin ( 410 bps); EBITDA growth and accroreetion acroreoss all platforms.
  • Profit after Tax and Minority Interest (PATMI) at Rs 553 crore, up by ~Rs 1,000 crore vs LY; Operational PATMI improved by ~Rs 845 crore, up from (Rs 434 crore) in LY to Rs 411 crore.
  • Net working capital: 118 days (vs 123 days LY) at Rs 15,463 crore (Sep‘25).
  • Net debt at Rs 23,802 crore (USD 2,681 million) in Sep‘25, reduced by Rs 3,729 crore (USD 605 million) vs LY (adjusted for perpetual bonds, lower by ~Rs 7,100 crore / ~USD 1.0 billion); significant de-gearing vs LY.
  • Successful integration of post-harvest business (DECCO) with Advanta.
  • USD 200 million (Rs 1,685 crore) balance from final call on Rights Issue received in Sep’25.
  • Rating upgraded from “negative” to “stable” by all three global agencies (S&P, Fitch, Moody’s).

Jai Shroff, Chairman & Group CEO, UPL, said: "We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Our deep relationships in key markets and diversified customer base continue to drive sustainable growth. UPL’s backward-integrated manufacturing and innovation-led R&D pipeline are strengthening quality and resilience acroreoss the business. We remain focused on unlocking value through our strategically built platforms and are actively evaluating opportunities, including restructuring, strategic fund-raising, and potential liquidity events. With disciplined execution and robust new product pipeline, we are optimistic for FY26 and confident in our outlook.”

Bikash Prasad, Group CFO, UPL, said: "Q2 has been a standout quarter, underscoring our operational excellence and financial discipline acroreoss platforms. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs through effective capital management, and improved our gearing, resulting in a strong PATMI, positively reflecting on our commitment to long-term value croreeation. Our Q2 results are a testimony to our relentless efforts on improving the quality of earnings, and efficient risk management.

With a strong H1 behind us and a favourable outlook for H2, we are pleased to upgrade our FY26 EBITDA guidance to 12–16% growth over last year, reaffirming our focus on sustained growth for our shareholders.”

Mike Frank, Chief Executive Officer, UPL Corp, said: “We delivered a strong quarter, giving us positive momentum as we enter the larger second half of our year. Our performance was driven by both North America and Latin American regions. Product wise, we saw good growth in our herbicide and fungicide portfolios.

I am also pleased to share that our contribution and EBITDA margins expanded significantly through our continued focus on improving efficiencies, cost optimisation and innovation. With positive outlook for rest of the year, we remain confident and committed to delivering long-term value for all our stakeholders.”

Bhupen Dubey, Chief Executive Officer, Advanta, said: “I am proud to share that Advanta continues to deliver marketleading strong, consistent results quarter after quarter. We are amongst the fastest-growing seeds companies globally and now rank in the top 10 players worldwide by scale. Additionally, our robust margins reflect our unwavering focus on the quality of our business and the strength of our technology.”

Result PDF

Agrochemicals company UPL announced Q1FY26 results

  • Revenue Rs 9,216 crore, change 2% YoY.
  • Contribution Rs 4,001 crore, change 12% YoY Margin 43.4% | up by390 bps.
  • EBITDA Rs 1,303 crore up by14% YoY Margin 14.1% | up by150 bps.
  • Net Debt Rs 21,371 crore down by Rs 6,129 crore vs. Jun’24.
  • Net Debt/ EBITDA 2.6xup by vs. 5.4x Jun’24 Net Debt/ Equity 0.6xup by vs. 0.9x Jun’24.
  • Net Working Capital 86 Days down by 35 Days vs. Jun’24.

Jai Shroff, Chairman & Group CEO, UPL, said: "We are pleased to report a strong start to FY26, reflecting the strength of our portfolio. All the platforms have been able to improve margins and cash generation. The remarkable resilience demonstrated by all our platforms, reaffirms that UPL is on the path of sustainable value creation. In view of this, we continue to see the opportunities of creating value for our shareholders.

While the business platforms continue to attract investments from leading global investors, we remain committed to unlocking value across all the platforms through restructuring, receiving strategic investments, potential liquidity events which also helps to accomplish deleveraging, and we will soon engage advisors to achieve the same.”

Bikash Prasad, Group CFO, UPL, said: "We are pleased to report a robust financial performance in Q1FY26, underpinned by improved operational efficiency, focus on bottom line and prudent financial management. Effective capital management, reduction in net debt and improved gearing ratios reflect our continued focus on balance sheet strength and long-term sustainable value creation.

Our recent outlook upgrade by two global ratings agencies is an endorsement of our financial resilience, strategic clarity, and commitment to sustainable growth, reflecting our endeavour in enhancing long-term stakeholder confidence.”

Mike Frank, Chief Executive Officer, UPL Corp, said: “Despite seasonal headwinds, particularly in Latin America volumes, we delivered a resilient performance this quarter. Our positive momentum continues in North America and Europe, yielding mid-single digit growth in both regions, with strong improvement in overall contribution in the business.

Our focus on operational excellence created improvement in EBITDA margins, providing a solid foundation for a strong set-up for the rest of year performance.”

Result PDF

Agrochemicals company UPL announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue increased to Rs 155.7 billion, compared to Rs 140.8 billion in Q4FY24, led by 11% volume growth and robust performance across all businesses
  • EBITDA grew 68% to Rs 32.4 billion; EBITDA Margin improved by 710 bps to 20.8%
  • Net Profit at Rs 9.0 billion, up from Rs 0.4 billion in Q4FY24

FY25 Financial Highlights:

  • Revenue grew by 8% to Rs 466.4 billion, led by volume growth in crop protection, seeds and specialty chemical markets
  • EBITDA increased by 47% to Rs 81.2 billion; EBITDA Margin improved 460 bps to 17.4%
  • Net Profit at Rs 9.0 billion vs. a loss of Rs 12.0 billion in FY24
  • Reduced Net Debt by Rs 83.2 billion to Rs 138.6 billion, driven by strong operating free cash flow of Rs 44.5 billion and proceeds from two capital transactions.
  • UPL announces dividend of Rs 6/- per equity share on equity shares of Rs 2/- each (on fully paidup equity shares and partly paid-up equity shares in proportion to their share in the paid-up equity share capital)

Commenting on the Q4FY25 and full year performance, Jai Shroff, Chairman & Group CEO, UPL said: “Our performance this year reflects the strength of our resilient core and the strategic actions we have taken to build a future-ready enterprise. The significant improvement in profitability and operational efficiency, alongside consistent revenue growth, strong operating free cash flows and certain strategic fund-raising initiatives resulting in our net debt reduction by around $1 billion validates our commitment towards sustainable value creation. We enter FY26 with a sharper business model, stronger margins, and renewed momentum to capture emerging opportunities in our markets.

Mike Frank, CEO UPL Corporation, said: “We are proud to deliver a strong finish to the year, marked by industry-leading volume growth and increased market penetration in key geographies. Our disciplined focus on SG&A control has driven meaningful savings versus last year, while operational excellence led to a significant improvement of nearly 800 basis points in EBITDA margins. Strong free cash generation and tighter working capital management have further strengthened our balance sheet. These results reflect the relentless execution of our teams and the solid momentum we have built, positioning us well for sustained growth and value creation in the coming year."

Result PDF

Agrochemicals company UPL announced Q3FY25 results

  • Revenue: Rs 10,907 crore compared to Rs 9,887 crore during Q3FY24, change 10%.
  • EBITDA: Rs 2,163 crore compared to Rs 416 crore during Q3FY24, change 420%.
  • EBITDA margin: 19.8% for Q3FY25.
  • Net Profit: Rs 828 crore compared to Rs -1217 crore during Q3FY24.

Jai Shroff, Chairman & Group CEO, said: “We are seeing strong bounce back versus last year, with normalization of business, and recovery of volumes and prices. This has helped in regaining our contribution margins back to our previous higher levels.

Through strong focus, the team has done a commendable job in bringing down the working capital, resulting in a significant reduction of our net debt versus September, 2024.

With this strong performance, we are confident of delivering our EBITDA and free cash flow guidance for the full year.”

Mike Frank, CEO, UPL Corporation, said: “The global crop protection market continues to rebound as farmers and dealer buying patterns are now reset. Our volume growth of 14% in this past quarter demonstrates continued strong demand across regions, and our ability to increase market share.

Through our focus on customers, driven by investments in marketing excellence, new launches and differentiated solutions, we have improved our margins, as compared to the last few quarters. We expect benefits from this to continue in Q4 as well as in the next financial year”

Result PDF

Agrochemicals company UPL announced Q2FY25 results

  • Revenue for the second quarter was up by 9%, driven by 16% increase in volumes, 7% decline in price and near flat Fx. • Contribution margins primarily impacted by overall pricing pressure in crop protection segment.
  • Differentiated and sustainable portfolio continued to outperform; share of this portfolio as % of crop protection segment increased from ~39% in Q2FY24 to ~42% in Q2FY25.
  • SG&A impacted by USD 16 million due to ECLs and write-offs, mainly in Latin America.
  • Seeds business had a margin accretive growth this quarter, driven by favorable pricing in grain sorghum and corn. The strategic investments we have made are expected to yield favorable results in the second half of the year.
  • Net Debt increased by USD 627 million in Q2FY25 vs FY24. The corresponding increase last year was USD 1,639 million.

Jai Shroff, Chairman and Group CEO, said: “Our volume growth continues, and we are on the path to achieving our EBITDA and net debt guidance levels.

With our fundamentals intact, we saw robust volume growth in our global crop protection business. In India, there was an overall positive momentum. Pushing sales closer to application season has optimized our working capital requirements and minimized likelihood of sales returns. We will continue to focus on enforcing stricter credit and inventory norms to enhance cash flows.

On our global seeds platform, Advanta, we are back on track after some headwinds in Q1. Our growth this quarter was margin accretive, driven by favorable pricing in grain sorghum and corn. The continued business momentum is expected to yield favorable results in the second half of the year.”

Mike Frank, CEO, UPL Corporation, said: “The fundamentals in the global crop protection market continue to remain strong. We continue to see robust dealer and farmgate demand across most regions for our products, as seen in our 13% volume growth this past quarter. Leading this growth was our fungicide segment, led by mancozeb products globally, as well as other premium fungicides in Europe.

We had continued growth in our BioSolutions NPP business, which grew 10%. Specifically, our biocontrol offerings in Latin America and Europe have received strong customer demand. Additionally, NPP was supported by biostimulant volumes in Brazil.

Aligned with our strategy, we continue to improve product mix from differentiated and sustainable segments, which has increased from ~35% last year to ~37% now.

Contribution margin compressed by ~150 bps vs Q2FY24, primarily due to pricing pressure, as well as foreign exchange impact in key countries, such as Brazil.

On SG&A, we faced challenges related to ECLs and write-offs impacting our EBITDA for the quarter, which came in 9% lower than last year Q2.”

Result PDF

Agrochemicals company UPL announced Q1FY25 results:

  • Revenue growth for the first quarter was flat at 1%, driven by 16% increase in volumes, 14% decline in price and a negative 1% Fx impact.
  • Seeds business faced headwinds on account of weather challenges that impacted production, created inventory shortages and supply constraints, leading to a revenue drop of 7% and EBITDA drop of 30% YoY.
  • Net Debt increased by USD 639 million in Q1FY25 vs year end March 24. The corresponding increase last year was USD 1,136 million. 

Commenting on the Q1FY25 performance, Mike Frank, CEO, UPL Corporation Ltd., said: “We continue to see strong fundamentals in the global crop protection market, with farmgate demand for our products at or above last year levels in most regions. Herbicides led the growth in North America, driven by glufosinate and clethodim. Our herbicide performance in Brazil also did well. Fungicides growth was led by higher volumes in Europe and North America.

Revenue growth in our Natural Plant Protection (NPP) business was impressive, up 10% versus last year, driven by a strong performance in Europe, among other regions.

Our contribution margin compressed by ~600 bps vs Q1FY24. This was primarily due to price decline, and partially offset with lower cost of goods. Increased freight costs and foreign exchange were also headwinds on margins this quarter.

From an SG&A perspective, we continue to remain disciplined, and the organization is focused on making improvements in the operating model and driving efficiency throughout the enterprise.

Commenting on the Q1FY25 performance, Ashish Dobhal, CEO, UPL SAS, said: “On our India Crop Protection business (UPL SAS), we continued our efforts to restructure the business through strict credit policies and tighter credit terms, which lead to a postponement of sales closer to season, and the consequent impact on Q1FY25 revenues. However our contribution margins and cash flows have improved and working capital reduced, giving us the confidence that this is the right structural move for us in India.”

Commenting on the Q1FY25 performance, Bhupen Dubey, CEO, Advanta, said: On our global seeds platform, Advanta, we saw some headwinds in Q1FY25 on account of weather challenges that impacted production, created inventory shortages and supply constraints, leading to the impact on sales and EBITDA margins.

Result PDF

Agrochemicals company UPL announced Q4FY24 & FY24 results:

  • Reported margin recovery in Q4FY24 compared to Q3FY24.
  • Q4FY24 Revenue declined by 15% primarily due to lower prices in the post-patent market (prices came off against last year’s [LY] higher base). Volumes were largely in line with LY.
  • Contribution margins are primarily impacted by the liquidation of high-cost inventory and higher rebates to support the channel.
    • Adjusted for this transitory impact, Q4FY24 contribution margins would be higher vs. LY, and full-year FY24 contribution margin would be on par with LY.
  • Differentiated and Sustainable portfolio continued to outperform. Share of this portfolio as % of CP revenue rose ~700 bps YoY to 35% for full-year FY24.
  • Reduced SG&A expenses by 17% YoY to Rs 2,209 crore in Q4 

Commenting on the Q4FY24 performance, Mike Frank, CEO, UPL Corporation, said: “We delivered significantly improved financial results in Q4 versus the two preceding quarters, inspite of the prevailing volatile and challenging market conditions.

As compared to Q3, volumes recovered well and were in-line with LY, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36% of crop protection revenue vs 29% LY. Our recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing volumes by >50%.

In addition, Europe and Rest of the World regions, had a strong performance posting double-digit growth.

Contribution margins were in-line with last year, adjusted for the transitory impact of high-cost inventory liquidation and higher rebates to support channel partners. Our cost optimization efforts paid off as we reduced Q4 SG&A expenses by 17% YoY.

Furthermore, Advanta, our global seeds platform continued to see robust traction delivering revenue growth of 34% and 38% respectively for the quarter.

As we look ahead to FY25, we expect a return to growth and normalization in margins driven by the agchem market returning to normality. Further, our foremost priority remains to deleverage our balance sheet which we plan to achieve through operational cash flows, completion of rights issue, and pursuing capital raise opportunities within our platforms.”

Result PDF

Agrochemicals company UPL announced Q3FY24 & 9MFY24 results:

  • Q3FY24:
    • Revenue of Rs 9,887 crore, representing a YoY decrease of 28% from Rs 13,679 crore in Q3FY23.
    • Profit for the quarter stood at Rs 2,689 crore, showing a YoY decrease of 54% from Rs 5,831 crore in the same quarter of the previous year.
    • Contribution margin witnessed a decline from 42.6% in Q3FY23 to 27.2% in Q3FY24, reflecting a decrease of 1540 basis points (bps).
    • EBITDA for Q3FY24 was Rs 416 crore, marking an 86% YoY decrease from Rs 3,035 crore in Q3FY23.
    • EBITDA margin also experienced a substantial decline, dropping from 22.2% in Q3FY23 to 4.2% in Q3FY24, representing a reduction of 1800 bps.
  • 9MFY24:
    • Revenue was Rs 29,020 crore, showing a YoY decrease of 22% from Rs 37,007 crore in 9MFY23.
    • Profit for 9MFY24 was Rs 10,847 crore, reflecting a YoY decrease of 32% from Rs 15,889 crore in 9MFY23.
    • Contribution margin decreased from 42.9% in 9MFY23 to 37.4% in 9MFY24, indicating a decline of 556 bps.
    • EBITDA for 9MFY24 was Rs 3,583 crore, representing a YoY decrease of 56% from Rs 8,145 crore in 9MFY23.
    • EBITDA margin dropped from 22.0% in 9MFY23 to 12.3% in 9MFY24, reflecting a decrease of 966 bps.

Commenting on the Q3FY24 performance, Mike Frank, CEO – UPL Corporation, said, “Destocking continued to weigh down the global agrochemical market. Overall, prices remained stable QoQ in the crop protection business but came off significantly vis-à-vis the high base of the previous year amid intense post-patent price competition. Given this backdrop, our Q3 performance was significantly impacted by these headwinds in line with the rest of the industry, which is currently experiencing its worst downturn in decades.

However, we did see a pick-up in volumes in Latin America, and a double-digit growth in revenue in the RoW region. Our high-margin differentiated and sustainable portfolio continued to outperform as the revenue share of this portfolio increased to 37% of crop protection revenue (ex-India) vs 28% last year. Contribution margins too were down only marginally versus last year adjusted for the short-term impact of high-cost inventory liquidation and higher rebates to channel partners.

We continued to implement cost optimization initiatives to align our operations with the new reality, reducing SG&A expenses by 19% YoY in Q3. We are well on track to reduce our SG&A by $100 million in FY25 (from the base of FY23). Going forward, while we are optimistic about a progressively improved performance in Q4FY24 and Q1FY25, we expect normalized business performance from Q2FY25. Our foremost priority is reducing debt. In line with this, we have also recently announced a rights issue of up to $500 million and are exploring capital raise opportunities at platforms in addition to operational cash flows.”

 

Result PDF

Agrochemicals company UPL announced Q2FY24 results:

Financial Performance:
- Revenue for Q2FY24 was Rs 10,170 crore, a decrease of 19% compared to Q2FY23.
- Contribution Profit for Q2FY24 was Rs 4,060 crore, a decrease of 24% compared to Q2FY23.
- EBITDA for Q2FY24 was Rs 1,573 crore, a decrease of 43% compared to Q2FY23.
- The company posted a net loss of Rs 189 crore in Q2FY24, compared to a net profit of Rs 813 crore in Q2FY23.

Performance of Differentiated and Sustainable Portfolio:
- The share of the Differentiated and Sustainable portfolio in Crop Protection revenue increased significantly to 38% in Q2FY24,  compared to 30% in Q2FY23.
- Volumes of the Differentiated and Sustainable portfolio increased by 11% YoY.

SG&A Expenses:
- SG&A expenses reduced by 3% YoY to Rs 2,486 crore.

Seeds Business:
- Revenue of the Seeds business grew by 10% YoY in Q2FY24 to Rs 1,070 crore.
- EBITDA of the Seeds business marginally decreased.

Commenting on the performance, Mike Frank, CEO, UPL Corporation, said, “The global agrochemical industry continues to go through a difficult phase with prices coming off significantly vis-à-vis the high base of the previous year amid the elevated channel inventory levels and intense price competition. Given this backdrop, the distributors prioritized destocking and focused on purchases at lower prices to bring down their average inventory cost. In particular, destocking had a significant impact on the US and Brazil during the first half.

Our revenue and profitability for Q2 were significantly impacted by these factors in line with the rest of the industry. However, contribution margins improved by ~300 bps YoY in H1FY24 adjusted for the short-term impact of high-cost inventory liquidation, higher-than-usual sales returns, and rebates to channel partners. We also saw a pick-up in volumes ( 1% YoY) in the crop protection business (ex-India) led by the resilient performance of our differentiated and sustainable portfolio; the revenue share of this portfolio increased to 38% of crop protection revenue vs 30% last year. Our cost reduction drive of USD 100 million over the next two years is under implementation and we are on track to realize the benefit of USD 50 million in FY24, the bulk of which will be realized in H2FY24.

Going forward, we are optimistic about progressively improved performance in H2FY24 as key geographies of North America, LATAM, and Europe enter the major cropping season. The elevated inventory levels are expected to gradually subside with the farmgate demand continuing to be robust. In Europe, Asia, and LATAM (ex-Brazil), channel inventory levels have largely normalized; while in North America and Brazil, the scenario continues to gradually improve.

On the pricing front, most post-patent molecule prices seem to have bottomed in Q2 and are now stabilizing. Overall, we are executing well in this challenging market and making changes to our operating model that will further improve our business as the cycle normalizes."

 

 

Result PDF

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