Key Financial Highlights

• Q2FY26 Revenue: ₹12,019 crore, up 8% YoY
• Q2FY26 EBITDA: ₹2,205 crore, up 40% YoY; Margin: 18.3% (▲410 bps)
• Q2FY26 PATMI (Profit After Tax & Minority Interest): ₹553 crore, up by ~₹1,000 crore YoY; Operational PATMI improved by ~₹845 crore (from loss of ₹434 crore last year to ₹411 crore profit)
• H1FY26 Revenue: ₹21,235 crore, up 5% YoY
• H1FY26 EBITDA: ₹3,508 crore, up 29% YoY; Margin: 16.5% (▲300 bps)
• Net Debt (Sep’25): ₹23,802 crore (\$2,681 mn), reduced by ₹3,729 crore (\$605 mn) vs. last year; adjusted for perpetual bonds, net debt down by ~₹7,100 crore (~\$1.0 bn)
• Net Debt/EBITDA improved: 2.7x (vs. 5.4x Sep’24); Net Debt/Equity: 0.6x (vs. 0.9x Sep’24)
• Net Working Capital: 118 days (down 5 days YoY)
• EBITDA Guidance for FY26 Upgraded: Now 12–16% growth over last year (previously 10–14%); Revenue guidance remains 4–8% growth

Operational and Strategic Highlights

• Broad-based growth: Strong volume growth across platforms, especially UPL Corp (+12%) and Advanta (+26%). SUPERFORM steady, UPL SAS down 10% due to adverse weather.
• Regional performance: North America led growth (+63% in Q2), followed by Latin America (+13%). India also performed strongly (+14% H1 YoY).
• Margin Expansion: Significant improvement in contribution and EBITDA margins, driven by improved mix, higher capacity utilization, and lower input costs.
• Successful integration: Post-harvest business (DECCO) now fully integrated with Advanta, boosting revenue and margins.
• Capital Structure: Received final call balance of \$200 mn (₹1,685 crore) from Rights Issue in Sep’25, further strengthening cash position.
• Credit Rating Upgrades: All three global rating agencies (S&P, Fitch, Moody’s) upgraded UPL’s rating outlook from “negative” to “stable”.

Segment Performance

UPL Corporation Ltd.

• Q2 Revenue: ₹8,625 crore, up 12% YoY (driven by 10% volume growth)
• Q2 EBITDA: ₹1,260 crore, up 69% YoY; Margin: 14.6% (▲490 bps)
• Growth led by herbicides in North America and Latin America

UPL SAS

• Q2 Revenue: ₹911 crore, down 10% YoY (weather impact)
• Q2 EBITDA: ₹207 crore, up 2% YoY; Margin: 22.7% (▲270 bps)
• H1 Revenue still up 2% YoY, with contribution margin improving

Advanta

• Q2 Revenue: ₹1,669 crore, up 26% YoY; EBITDA: ₹429 crore, up 57% YoY; Margin: 25.7% (▲510 bps)
• Growth driven by corn (India, LatAm, Indonesia) and sunflower (Argentina); strong post-harvest Decco business
• Now ranks among global top 10 seed companies

SUPERFORM

• Q2 Revenue: ₹2,799 crore, up 1% YoY; EBITDA: ₹380 crore, up 24% YoY; Margin: 13.6% (▲250 bps)
• Super-specialty chemicals revenue up 18%, non-agchem share increased

Regional and Platform Revenue Breakdown

Management Commentary

Jai Shroff, Chairman & Group CEO: “We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Deep market relationships 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 across the business. We are actively evaluating opportunities including restructuring, strategic fund-raising, and potential liquidity events.”

Bikash Prasad, Group CFO: “Q2 has been a standout quarter, underscoring our operational excellence and financial discipline. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs, and improved gearing, resulting in a strong PATMI. Our Q2 results are a testimony to our relentless efforts on improving the quality of earnings, and efficient risk management. We are pleased to upgrade our FY26 EBITDA guidance to 12–16% growth over last year.”

Shareholder-Relevant, Price-Sensitive Information

• Upgraded EBITDA Guidance: The upgrade to 12–16% growth vs. last year signals stronger profitability ahead, likely to positively impact share price.
• Significant De-gearing: Net debt reduction (~₹7,100 crore / ~\$1 bn adjusted), improved leverage ratios, and lower finance costs boost financial resilience—potential catalyst for valuation re-rating.
• Global Rating Outlook Upgrades: S&P, Fitch, and Moody’s all moved UPL from “negative” to “stable,” which may lower future borrowing costs and boost investor confidence.
• Operational Turnaround: PATMI swung from a loss to ₹411 crore profit operationally in Q2, indicating a material improvement in earnings quality.
• Strategic Integration and Restructuring: Full integration of DECCO with Advanta, and management commentary on evaluating restructuring and liquidity events, suggest potential M&A or strategic moves ahead.
• Strong Performance in Key Growth Markets: Exceptional growth in North America (+63% Q2 YoY), Latin America, and India highlights global market penetration and diversification.
• Rights Issue Completion: Receipt of ₹1,685 crore (\$200 mn) further strengthens balance sheet and supports growth initiatives.

Investor Call Information

UPL will host an investor conference call on November 6, 2025, at 16:00 IST. Details and registration are available on the company website.

About UPL Limited

UPL Limited (NSE: UPL, BSE: 512070, LSE GDR: UPLL) is a global leader in sustainable agriculture, serving over 140 countries with revenue exceeding \$5bn. The company operates through four platforms: UPL Corporation Ltd, UPL Sustainable Agri Solutions Ltd., Advanta Enterprises Ltd, and Superform Chemistries Ltd.

Disclaimer

This article contains forward-looking statements that are based on current expectations and assumptions regarding future events. Actual results may differ materially due to various risk factors, including economic conditions, regulatory changes, market fluctuations, and strategic decisions. Investors are advised to refer to UPL’s official risk disclosures and consult financial advisors before making investment decisions.

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