UPL Limited Records Strong Q3 And 9MFY26 Financial Results

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

Q3FY26	Revenue ₹12,269 cr ▲12% YoY	Contribution ₹5,227 cr ▲17% YoY Margin: 42.6% | ▲160 bps	EBITDA ₹2,434 cr ▲13% YoY Margin: 19.8% | flat
9MFY26	Revenue ₹33,504 cr ▲8% YoY	Contribution ₹14,268 cr ▲17% YoY Margin: 42.6% | ▲320 bps	EBITDA ₹5,941 cr ▲22% YoY Margin:17.7% | ▲200 bps
	Net Debt ₹23,317 cr ($2,594 Mn) ▼₹2,553 cr      (▼$427 Mn) vs. Dec’24	Net Debt/ EBITDA 2.5x▼ vs. 3.8x Dec’24 Net Debt/ Equity 0.6x▼ vs. 0.8x Dec’24	Net Working Capital 116 Days ▲9 Days vs. Dec’24

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.”

UPL Corporation Ltd.

Exhibit 2: Financial Highlights

Q3FY26	Revenue ₹9,163 cr ▲8% YoY	Contribution ₹3,452 cr ▲14% YoY Margin: 37.7% | ▲200 bps	EBITDA ₹1,752 cr ▲6% YoY Margin: 19.1% | ▼40 bps
9MFY26	Revenue ₹23,746 cr ▲6% YoY	Contribution ₹8,548 cr ▲18% YoY Margin: 36.0% | ▲350 bps	EBITDA ₹3,399 cr ▲25% YoY Margin: 14.3% | ▲210 bps

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

Q3FY26	Revenue ₹558 cr ▲4% YoY	Contribution ₹140 cr ▲55% YoY Margin: 25.0% | ▲810 bps	EBITDA ₹16 cr improved Margin: 2.9% | ▲750 bps
9MFY26	Revenue ₹2,605 cr ▲2% YoY	Contribution ₹831 cr ▲23% YoY Margin: 31.9% | ▲540 bps	EBITDA ₹478 cr ▲38% YoY Margin: 18.3% | ▲470 bps

Key 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

Q3FY26	Revenue ₹1,574 cr ▲22% YoY	Contribution ₹868 cr ▲21% YoY Margin: 55.2% | ▼70 bps	EBITDA ₹341 cr ▲22% YoY Margin: 21.6% | ▼20 bps
9MFY26	Revenue ₹4,639 cr ▲23% YoY	Contribution ₹2,613 cr ▲21% YoY Margin: 56.3% | ▼70 bps	EBITDA ₹1,057 cr ▲28% YoY Margin: 22.8% | ▲100 bps

Key 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

Q3FY26	Revenue ₹2,668 cr ▼11% YoY	Contribution ₹618 cr ▲13% YoY Margin: 23.1% | ▲470 bps	EBITDA ₹301 cr ▲ flat Margin: 11.3% | ▲120 bps
9MFY26	Revenue ₹8,025 cr ▼1% YoY	Contribution ₹1,955 cr ▲14% YoY Margin: 24.4% | ▲330 bps	EBITDA ₹1,015 cr ▲10% YoY Margin: 12.6% | ▲130 bps

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

In ₹ Cr	Q3FY25	Q3FY26	YoY%		9MFY25	9MFY26	YoY%
Latin America	4,815	5,137	7%		12,517	13,232	6%
North America	1,571	1,617	3%		3,365	3,861	15%
Europe	1,285	1,554	21%		4,078	4,461	9%
India	1,105	1,148	4%		4,548	5,070	11%
Rest of World	2,131	2,814	32%		6,557	6,881	5%
Total	10,907	12,269	12%		31,064	33,504	8%

 

Exhibit 7: Revenue Performance by Platforms

 

In ₹ Cr	Q3FY25	Q3FY26	YoY%		9MFY25	9MFY26	YoY%
UPL Corporation	8,497	9,163	8%		22,313	23,746	6%
UPL SAS	535	558	4%		2,552	2,605	2%
Advanta	1,287	1,574	22%		3,776	4,639	23%
SUPERFORM	2,983	2,668	(11%)		8,115	8,025	(1%)
Elimination/ Others	(2,395)

Mahindra Lifespace Records Strong 9M Performance; Healthy PAT Delivery Driven By Residential Project Completions

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31st December 2025 today. In accordance with INDAS 115, Company recognizes its revenues on completion of contract method.

Key highlights

Q3 FY26:

· Consolidated Sales (Resi and IC&IC) of Rs 707 crore

— Q3 FY26 residential pre-sales of Rs 572 crore (saleable area of 0.60 msft, RERA carpet area of 0.45 msft) as compared to Rs 334 crore in Q3 FY25.

— Gross development value additions in Q3 FY26 were Rs 1,010 crore.

— Consolidated revenues of Rs 134 crore in Q3 FY26 from IC&IC business as against Rs 70 crore in Q3 FY25 (Total leased area of 17.9 acres).

— The consolidated PAT, after non-controlling interest, as per INDAS is Rs 109 crore in Q3 FY26 as against loss of Rs 23 crore in Q3 FY25.

· Strong balance sheet and collections.

— Net debt to equity ratio at -0.12 (cash surplus) as of 31st December 2025.

— Residential collections of Rs 1,472 crore for 9M FY26 as compared to Rs 1,365 crore for 9M FY25.

9M FY26:

· Consolidated Sales (Resi and IC&IC) of Rs 2,125 crore

— Gross development value additions in 9M FY26 were Rs 10,560 crore in addition to Rs 18100 crore in FY25.

— 9M FY26 residential pre-sales of Rs 1,773 crore (saleable area of 2.35 msft, RERA carpet area of 1.76 msft) as compared to Rs 1,749 crore in 9M FY25.

— Consolidated revenues of Rs 352 crore in 9M FY26 from IC&IC business as against Rs 284 crore in 9M FY25 (Total leased area of 53.5 acres in 9M FY26).

— The consolidated PAT, after non-controlling interest, as per INDAS is Rs 208 crore in 9M FY26 as against loss of Rs 24 crore in 9M FY25, reflecting strong Resi and IC&IC profitability.

Commenting on the performance, Mr. Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “We are thrilled to announce a strong quarterly result. On the Residential side, we had 3 project completions that contributed to our PAT. We have a strong pipeline of residential launches leading into FY27. On the IC&IC side, we are seeing healthy demand for high quality industrial plots in our industrial parks. We launched phase 2A of Origins by Mahindra in Chennai in December 25.”

Notes:

1. Company uses carpet areas in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.

2. The operational highlights include the performance of the Company and its subsidiaries / joint ventures / associates.

About Mahindra Lifespace Developers Ltd.

Established in 1994, Mahindra Lifespace Developers Ltd. (‘Mahindra Lifespaces’) brings the Mahindra Group’s philosophy of ‘Rise’ to India’s real estate and infrastructure industry through thriving residential communities and enabling business ecosystems. The Company’s development footprint spans 53.65 million sq. ft. (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations. Mahindra Lifespaces’ development portfolio comprises premium residential projects; value homes under the ‘Mahindra Happinest®’ brand; and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands, respectively. The Company leverages innovation, thoughtful design, and a deep commitment to sustainability to craft quality life and business growth.

As a pioneer in Net Zero homes in India, Mahindra Lifespaces is committed to building only Net Zero homes from 2030 onwards. The company has already launched India’s first three Net Zero residential developments: One Net Zero Energy and two Net Zero Energy+ Waste, showcasing its dedication to environmental responsibility and innovation. With a 100% Green portfolio since 2014, the Company is working towards carbon neutrality by 2040 and actively supports research on green buildings tailored to climatic conditions in India. Mahindra Lifespaces® is the recipient of over 90 awards for its projects and ESG initiatives. Learn more about Mahindra Lifespaces® at www.mahindralifespaces.com

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 324,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

Yamaha Charges into India’s EV Market With EC-06 At ₹1,67,600

India Yamaha Motor (IYM) Pvt. Ltd. has announced the price of its first electric scooter, EC-06, at INR 1,67,600 (ex-showroom, Delhi). Available in Bluish White colour, the model will be sold in select cities through Yamaha’s premium Blue Square showrooms. The EC-06 marks Yamaha’s strategic entry into the electric mobility segment, reinforcing its commitment to ecological sustainability. This launch is a direct contribution to the Government of India’s ‘National Mission on Transformative Mobility’ and aligns with the nation’s ambitious goal of achieving Net-Zero emissions by 2070. By introducing the EC-06, Yamaha reinforces its broader carbon-neutrality goals in alignment with both Indian emission standards and the country’s vision for a greener, self-reliant (Atmanirbhar) future.

Targeted at riders seeking a modern, stylish, and functional commuting option, the EC-06 boasts a certified 169-km range, making it an ideal choice for everyone’s daily commuting. The design integrates Yamaha’s core DNA with contemporary aesthetics, featuring a stable stance and elevated proportions for improved manoeuvrability in traffic. The horizontal core layout emphasizes structural balance and precision, while clean and sharp body lines cater to young customers seeking a practical yet distinctive riding experience.

Developed in India with a global outlook, the EC-06 is powered by a robust IPMSM (Interior Permanent Magnet Synchronous Motor) paired with a 4kWh fixed battery. It delivers a top speed of 79 km/h, maximum torque of 26 Nm, and peak power of 6.7 kW – ensuring sustainable performance for everyday use. The battery comes with a 3-year or 30,000 km warranty, and charging is effortless with standard home plug-in compatibility. A full charge takes approximately eight hours, minimizing downtime and maximizing readiness for daily rides. For added peace of mind, the scooter is IP67 certified for its motor and battery, and IP65 certified for other electronics, ensuring superior water and dust resistance.

To suit diverse riding preferences, the EC-06 offers three riding modes – Eco, Standard, and Power – allowing riders to optimize efficiency, performance, or acceleration as needed. A convenient Reverse Mode simplifies manoeuvring in tight spaces, while the telescopic front suspension with hydraulic dampers and rear coil spring suspension, both ensures a smooth ride through urban conditions.

Equipped with 200mm front and rear disc brakes and a Combi Brake System (CBS), the EC-06 delivers precise braking and enhanced stability. A vibrant colour LCD display provides real-time information on speed, battery status, riding modes, and connectivity features, making every ride intuitive and informed. Complementing this is a set of LED headlights and taillights, which not only improve visibility during night rides and low-light conditions but also add a sleek, contemporary aesthetic to the scooter’s design.

Taking connectivity to the next level, the new EV scooter integrates the “Yamaha Motor Connect R” app, enabling real-time data access and smart features for a connected riding experience. With an impressive 24.5 litres of under-seat storage, riders have ample space for helmets, bags, or daily essentials – making the EC-06 the perfect companion for an urban lifestyle.

Commenting on the announcement, Mr. Hajime Aota, Chairman, Yamaha Motor India Group said, “The EC-06 marks an important step in Yamaha’s journey toward sustainable urban mobility. As India accelerates its transition toward a carbon-neutral future under the government’s visionary leadership, Yamaha is proud to support this national agenda through high-quality electric innovation. Designed for everyday commuting, it balances efficiency with performance, offering an impressive range and intuitive features. As a first-of-its-kind model from Yamaha, it demonstrates how sustainability and riding excitement can coexist—true to our brand philosophy and our responsibility towards the future of India’s green economy.”

Yamaha’s commitment extends beyond product delivery. The introduction of the EC-06 is timed to complement India’s evolving EV ecosystem, supported by initiatives such as the Production Linked Incentive (PLI) scheme and the expansion of charging infrastructure. By localizing development and aligning with the 'Make in India' spirit, Yamaha aims to be a key player in reducing the nation’s dependence on fossil fuels and lowering the carbon footprint of the two-wheeler industry.

Catering to today’s young, tech-savvy trendsetters, the EC-06 resonates with riders who embrace innovation, style, and sustainability. They seek smart, reliable, and distinctive mobility solutions that reflect their individuality and eco-conscious mindset.

About Yamaha Motor India Group of Companies

Yamaha Motor made its initial foray into India in 1985 as a joint venture. In August 2001, it became a 100% subsidiary of Yamaha Motor Co., Ltd, Japan (YMC). In 2008, Mitsui & Co., Ltd. entered into an agreement with YMC to become a joint investor in India Yamaha Motor Private Limited (IYM). In 2013, YMC established Yamaha Motor Research & Development India Pvt. Ltd. (YMRI) to provide R&D and Product development services to IYM for its domestic as well as export markets. IYM's manufacturing facilities comprise State-of-the-art plants at Surajpur (Uttar Pradesh) and Kanchipuram (Tamil Nadu). The infrastructure at these plants supports the production of motorcycles and parts for domestic as well as overseas markets. Presently, its India product portfolio includes XSR155 (155cc), YZF-R15 V4 (155cc), YZF-R15S V3 (155cc), MT-15 V2 (155cc); FZS-Fi Hybrid (149cc), FZS-Fi (149cc), FZ Rave (149cc), FZ-X Hybrid (149cc), FZ-X (149cc), AEROX Version S (155cc) and hybrid scooters like Fascino 125 FI Hybrid (125cc), Ray ZR 125 FI Hybrid (125cc), Ray ZR Street Rally 125 FI Hybrid (125cc).