UPL Limited Delivers Robust Q3 and 9MFY26 Results: Strong Growth, Margin Expansion, and De-gearing Drive Positive Outlook

Key Financial Highlights

• Q3FY26 Revenue: ₹12,269 crore, up 12% year-on-year, signaling strong topline momentum.
• Q3FY26 EBITDA: ₹2,434 crore, up 13% YoY with a stable margin of 19.8%.
• Q3FY26 Profit Before Tax (PBT): ₹671 crore, up a stellar 90% YoY, highlighting operational leverage and cost efficiencies.
• Q3FY26 Operational PATMI: Up by ₹140 crore, a 45% growth YoY (after adjusting for a one-off tax provision reversal last year).
• 9MFY26 Revenue: ₹33,504 crore, 8% higher YoY, demonstrating sustained growth despite global volatility.
• 9MFY26 EBITDA: ₹5,941 crore, up 22% YoY; margin improved 200 bps to 17.7%.
• Net Debt: Significantly reduced to ₹23,317 crore (\$2,594 mn), down by ₹2,553 crore (\$427 mn) vs. prior year, reflecting strong financial discipline and improved leverage (Net Debt/EBITDA down to 2.5x from 3.8x).
• Net Working Capital: 116 days (up 9 days YoY), at ₹15,625 crore.

Segment and Regional Performance

By Business Platform

• UPL Corporation: Q3FY26 revenue up 8% YoY to ₹9,163 crore; EBITDA up 6% YoY despite a slight decline in margin to 19.1%. 9MFY26 EBITDA up 25% YoY.
• UPL SAS: Q3FY26 revenue increased 4% YoY; contribution margin improved sharply by 810 bps to 25%. Q3 EBITDA positive at ₹16 crore vs. loss last year, 9MFY26 EBITDA up 38% YoY.
• Advanta: Outstanding growth, with Q3 revenue up 22% YoY (₹1,574 crore) and EBITDA up 22%. 9MFY26 revenue up 23%; EBITDA up 28%.
• Superform Chemistries: Q3 revenue declined 11% YoY, but contribution margin up 470 bps (23.1%) and EBITDA flat YoY, benefiting from mix and lower input costs. Non-agchem revenue mix up sharply to 27% from 18%.

By Region

Europe and Rest of World showed the fastest growth in Q3, while North America delivered strong 9M growth.

Strategic and Operational Updates

• Advanta DRHP Filed: Successful DRHP filing for Advanta on 19th Jan 2026, indicating progress towards a possible listing or stake monetization.
• Sustainability: Achieved a DJSI CSA score of 77 (ranked #1 among peers), CDP ‘A’ for climate and ‘A-’ for water — underscoring ESG leadership.
• Awards: Honored by ICPA in Jan 2026 for Governance Excellence and Financial Performance.

Management Commentary

Jai Shroff, Chairman & Group CEO:
“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 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.”

Mike Frank, CEO UPL Corp:
“We delivered a strong third quarter, continuing with the momentum built throughout the year. In a challenging macro market, we have delivered five consecutive quarters of growth in our bottom line, with a continued focus on expanding our market share. Our performance was broad-based, with solid growth coming from all key regions, including North America, despite tariff related uncertainties.”

What Investors Should Watch

• Significant De-gearing: Rapid reduction in net debt and improved leverage ratios signal enhanced financial resilience and improved credit profile, which is positive for equity holders and may support higher valuations.
• Advanta DRHP Filing: The move towards listing or strategic value unlocking at Advanta is potentially price sensitive and could drive re-rating if it leads to value discovery or cash inflows.
• Sustained Margin Expansion: Contribution and EBITDA margins have expanded due to a favorable mix, operational excellence, and cost optimization, which could support earnings upgrades.
• ESG Leadership and Awards: Industry-leading ESG scores and governance awards may enhance the company’s appeal to institutional investors focused on sustainability.
• Broad-based Growth: All operating regions and platforms are contributing, reducing geographic and business concentration risks.
• Seasonally Strong Q4 Guidance: Management’s confidence in Q4 and full-year guidance may support further share price upside if delivered.

Potential Share Price Movers

• Advanta DRHP and Possible Listing – Could unlock value and attract investor attention.
• De-gearing and Improved Leverage – May result in improved credit rating and lower cost of capital.
• Consistent Margin and EBITDA Expansion – Could lead to earnings upgrades and higher valuation multiples.
• Awards and ESG Scores – Enhance institutional investor interest.

Conference Call Details

Investor Earnings Call: 16:00 IST, Monday, February 2, 2026.
Click here for registration & dial-in details.
Results presentation available here.

About UPL Limited

UPL Limited (NSE: UPL, BSE: 512070, LSE GDR: UPLL) is a global leader in sustainable agricultural products with over \$5bn in annual revenue, serving over 140 countries. Its four platforms—UPL Corp, UPL SAS, Advanta, and Superform Chemistries—drive innovation across the agrifood value chain.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially. Please consult official company disclosures and your financial advisor before making investment decisions.

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