UPL Limited Q1 FY27 Investor Presentation Summary

Key Financial Performance

Revenue Performance:

  • Q1 FY27 Revenue: ₹10,181 crore, representing 10% year-over-year growth
  • Growth drivers: Volume (-3%), Price (+3%), Foreign Exchange impact (+10%)
  • Seventh consecutive quarter of revenue growth

Profitability Metrics:

  • Contribution: ₹4,607 crore (45.2% margin), increased by 15% YoY with 180 bps margin expansion
  • EBITDA: ₹1,500 crore (14.7% margin), increased by 15% YoY with 60 bps margin expansion
  • PBT: (₹109 crore) improved from (₹190 crore) in Q1FY26
  • PATMI: ₹10 crore, significantly improved from (₹88 crore) in Q1FY26
  • Operational PATMI: ₹19 crore, improved from (₹78 crore) in Q1FY26

Balance Sheet Position (as of June 30, 2026):

  • Net Debt: $2,498 million (₹23,649 crore)
  • Net Debt/EBITDA: 2.4x (improved from 2.6x YoY)
  • Net Debt/Equity: 0.6x (stable)
  • Working Capital: ₹15,941 crore (110 days), increased from ₹11,025 crore (86 days) YoY
  • Cash & Bank Balance: ₹4,921 crore (including current investments)

Cash Flow Analysis:

  • EBITDA ± non-cash items: ₹1,233 crore
  • Changes in working capital: (₹7,833) crore
  • Net Operating Cash Flow: (₹6,204) crore
  • Capex: (₹434) crore
  • Investments: (₹669) crore
  • Free Cash Flow to Firm: (₹7,778) crore
  • Free Cash Flow to Equity: (₹8,376) crore

Platform-wise Performance Breakdown

Crop Protection Platform:

  • Revenue: ₹6,374 crore (+7% YoY)
  • Contribution Margin: 38.2% (340 bps expansion)
  • EBITDA: ₹532 crore (8.4% margin, 190 bps expansion)
  • Growth driven by Brazil (acephate, clethodim) and North America (herbicides, fungicides)

Natural Plant Protection (NPP):

  • Revenue: ₹1,140 crore (flat YoY)
  • Contribution Margin: 41.6% (890 bps expansion)
  • EBITDA: ₹340 crore (29.8% margin, 750 bps expansion)
  • Strong performance despite El Niño impacts

Advanta Seeds:

  • Revenue: ₹1,754 crore (+26% YoY)
  • Contribution Margin: 55.4% (50 bps contraction)
  • EBITDA: ₹359 crore (20.4% margin, 20 bps contraction)
  • Growth led by field corn (India, Latin America, Indonesia), rice (India), and sunflower (Argentina)

Specialty Chemicals:

  • Revenue: ₹2,919 crore (+14% YoY)
  • Contribution Margin: 24.9% (stable)
  • EBITDA: ₹358 crore (12.3% margin, 70 bps contraction)
  • Spechem segment grew +51% YoY with +17% volume growth

Regional Performance

  • Latin America: Growth mainly driven by Brazil (acephate, clethodim)
  • North America: Growth led by herbicides (s-metolachlor) and fungicides volumes
  • Europe: Unfavorable weather impact affecting herbicides volume in Germany
  • India: Higher AI pricing offset lower volume due to delayed monsoon
  • Asia Pacific: Robust performance in Indonesia (crop protection & field corn)

Capital Structure and Debt Management

  • Gross Debt: $3,018 million, reduced by $111 million YoY
  • Short-term Debt: ₹13,056 crore (increased due to seasonal working capital requirements)
  • Long-term Debt: ₹15,514 crore
  • Non-recourse receivables factoring: ₹6,755 crore ($714 million)

Regulatory and Compliance Updates

  • CCI Approval received on June 2, 2026
  • No adverse observation letter received from BSE and NSE on July 29, 2026
  • CARE Edge upgraded UPL Ltd. long-term rating
  • Improved ESG Score: 4.4 vs. 4.1 previous year

FY27 Guidance

Strategic priorities remain intact:

  • Improvement in Margins
  • PATMI growth
  • Deleveraging
  • Enhanced Returns

Governance and Leadership

  • Board of Directors includes Mr. Jaidev R. Shroff (Chairman and Group CEO), Ms. Naina Lal Kidwai, Mr. S. K. Mohanty, and other experienced members
  • Global leadership team includes Mr. Toshan Tamhane (Group COO), Mr. Bikash Prasad (Group CFO), and other sector leaders

Macro Environment Context

  • Ongoing geopolitical volatility and macro uncertainties
  • El Niño impact causing planting delays across major regions
  • Commodity prices improving but farm income stress continues
  • Stable SOFR rate
  • Stable demand in global crop protection and seeds