UPL Delivers Yet Another Strong Quarter; Momentum Sustained Through Broad-based EBITDA Growth (+13%) and Financial Discipline, Leading to an Improved PBT by 90% and Operational PATMI by 45%; FY26 Guidance On-track.
Exhibit 1: UPL Limited: Financial Highlights
Q3 Highlights
· 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 ₹354 cr to ₹671 cr; 9M improvement by >₹1,800 cr
· Operational PATMI up by ₹140 cr, translating to a growth of 45% vs. LY (Q3LY adjusted for a tax-provision reversal of ₹592 cr, on account of favorable order from appellate authority)
· Net working capital: 116 days (vs. 107 days LY) at ₹15,625 cr (Dec‘25)
· Net debt at ₹23,317 cr ($2,594 Mn) in Dec‘25, reduced by ₹2,553 cr ($427 Mn) vs. LY
(adjusted for perpetual bonds, lower by >$800 Mn); 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
9M Highlights
· Revenue up 8% vs. LY, led by seeds and crop protection, and supported by spec chem business
- Strong performance across all regions
· EBITDA growth and margin improvement led by broad-based performance, through better mix,
higher capacity utilization and lower input cost
Management Remarks on Q3 Performance
Jai Shroff, Chairman & Group CEO, UPL Limited 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 Limited, added, ”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.”
Exhibit 2: Financial Highlights
Key Highlights
· Revenue growth of 8%, driven by higher volume and favourable Fx impact
- Strong growth across all key regions, including North America
- 9M remains strong, with broad-based growth across all regions
· Contribution increased 14% YoY margin due to +200bps margin expansion YoY; led by lower input cost and higher capacity utilization, driving EBITDA performance; Q3 EBITDA % near flat vs. LY
Mike Frank, Chief Executive Officer, UPL Corp commented, “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.
I am also pleased to share that our contribution and EBITDA margins expanded significantly despite a strong comparable last year. This is through our continued focus on improving efficiency and cost optimization. We maintain a positive outlook for Q4 and remain committed to delivering long-term value for all our stakeholders.”
UPL SAS
Exhibit 3: Financial Highlights
· Revenue growth of 4% in Q3 led by volumes and lower sales returns
- 9M positive, despite monsoon related headwinds
· Contribution margin in Q3 led by improved mix and new launches, driving robust EBITDA margins
- 9M continues to remain strong
Advanta
Exhibit 4: Financial Highlights
· Seeds revenue growth led by volume (+14%), and supported by pricing (+7%)
- Growth driven mainly by field corn (India, Latin America, Thailand and Indonesia)
· Robust Q3 and 9M growth in the post-harvest business
· Revenue led contribution growth
· 9M continues to remain strong with robust revenue and EBITDA growth
SUPERFORM
Exhibit 5: Financial Highlights
Key Highlights
· Super-specialty chemicals up by 42%, led by volume growth
- Non-agchem revenue share ~27% vs. ~18% last year
· Contribution margin improvement driven by mix and favorable input cost
Exhibit 6: Revenue Performance by Regions
Exhibit 7: Revenue Performance by Platforms
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