UPL Limited Q2 and H1 FY2027 Financial Results Summary

Key Financial Figures - Consolidated Results

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from operations: ₹11,860 crore
  • Other Income: ₹186 crore
  • Total Income: ₹12,046 crore
  • Total Expenses: ₹11,298 crore
  • Profit before share of loss of associates/JVs and tax: ₹748 crore
  • Share of loss of associates and joint ventures: ₹132 crore
  • Profit before exceptional items and tax: ₹616 crore
  • Exceptional items: ₹1 crore (restructuring cost)
  • Profit before tax: ₹615 crore
  • Tax expense: ₹163 crore (Current tax: ₹330 crore, Deferred tax: ₹[167] crore)
  • Net profit: ₹452 crore
  • Other Comprehensive Income: ₹281 crore
  • Total Comprehensive Income: ₹733 crore
  • Earnings per share (basic and diluted): ₹4.99

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from operations: ₹22,041 crore
  • Other Income: ₹403 crore
  • Total Income: ₹22,444 crore
  • Total Expenses: ₹21,713 crore
  • Profit before share of loss of associates/JVs and tax: ₹731 crore
  • Share of loss of associates and joint ventures: ₹215 crore
  • Profit before exceptional items and tax: ₹516 crore
  • Exceptional items: ₹10 crore
  • Profit before tax: ₹506 crore
  • Tax expense: ₹127 crore
  • Net profit: ₹379 crore
  • Other Comprehensive Income: ₹274 crore
  • Total Comprehensive Income: ₹653 crore
  • Earnings per share (basic and diluted): ₹5.11

Segment Performance (Consolidated)

Quarter Ended September 30, 2026:

  • Crop protection revenue: ₹9,034 crore; Segment result: ₹1,214 crore
  • Seeds & Post harvest revenue: ₹1,858 crore; Segment result: ₹425 crore
  • Non agro revenue: ₹1,060 crore; Segment result: ₹154 crore

Half Year Ended September 30, 2026:

  • Crop protection revenue: ₹16,693 crore; Segment result: ₹1,891 crore
  • Seeds & Post harvest revenue: ₹3,608 crore; Segment result: ₹713 crore
  • Non agro revenue: ₹1,908 crore; Segment result: ₹299 crore

Standalone Results

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹1,826 crore
  • Other Income: ₹69 crore
  • Profit before tax: ₹132 crore
  • Net profit: ₹99 crore
  • Earnings per share: ₹1.17

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹3,223 crore
  • Other Income: ₹192 crore
  • Profit before tax: ₹252 crore
  • Net profit: ₹188 crore
  • Earnings per share: ₹2.23

Key Operational Highlights

Consolidated Financial Position (as of September 30, 2026):

  • Total assets: ₹101,022 crore (vs. ₹95,205 crore as of March 31, 2026)
  • Inventories: ₹20,165 crore (vs. ₹12,676 crore as of March 31, 2026)
  • Trade receivables: ₹18,637 crore (vs. ₹17,874 crore as of March 31, 2026)
  • Cash and cash equivalents: ₹3,268 crore (vs. ₹5,975 crore as of March 31, 2026)
  • Total borrowings: ₹32,715 crore (Current: ₹21,789 crore; Non-current: ₹10,926 crore)
  • Total equity: ₹41,418 crore

Cash Flow Highlights (H1 FY27):

  • Net cash used in operating activities: ₹9,587 crore
  • Net cash used in investing activities: ₹1,270 crore
  • Net cash from financing activities: ₹8,124 crore
  • Net decrease in cash and cash equivalents: ₹2,707 crore

Exceptional Items and One-Time Events

1. Insurance Claim Settlement: During Q1 FY27 (quarter ended June 30, 2026), the Hon'ble Bombay High Court upheld an arbitral award in favor of the Company for a long-outstanding disputed insurance claim. The Company recognized ₹55 crore under Other Income in Q1 FY27, which was received in Q2 FY27.

2. VAT Refund Reversal: During Q2 and H1 FY27, the Group recognized Other Income of ₹75 crore on reversal of a provision relating to VAT refund receivables of one subsidiary on closure of earlier period VAT assessments.

3. Job Work Termination Settlement: During Q2 and H1 FY27, the Group recognized Other Operating Income of ₹57 crore towards settlement for early termination of a job work manufacturing arrangement.

4. Exceptional Items: Q2 FY27 included ₹1 crore restructuring cost; H1 FY27 included ₹10 crore restructuring cost.

Corporate Actions and Regulatory Matters

1. Composite Scheme of Arrangement: The Board approved a Composite Scheme of Arrangement on February 20, 2026, involving:

  • Amalgamation of UPL Sustainable Agri Solutions Limited (UPL SAS) into UPL Limited (appointed date: April 1, 2026)
  • Demerger of India Crop Protection business into UPL Global Sustainable Agri Solutions Limited (UPL Global)
  • Amalgamation of UPL Crop Protection Holdings Limited (UPLCL) into UPL Global
  • Received CCI approval on June 2, 2026
  • BSE and NSE provided Observation Letters on July 29, 2026
  • Scheme subject to shareholder, regulator, and NCLT approvals
  • No effect given to the Scheme in these financial results

2. Dividend: The Board recommended a final dividend of ₹6 per equity share (300%) for FY2026, approved by shareholders at the AGM on August 6, 2026, and paid on the same day.

3. Tax Proceedings: Indian income tax authorities have invoked 'Place of Effective Management' provisions for three overseas subsidiaries for AY 2017-18 to AY 2020-21. Based on legal advice, the subsidiaries have challenged these proceedings and believe they have strong grounds to succeed.

Auditor Review

The unaudited consolidated and standalone financial results were reviewed by B S R & Co. LLP, Chartered Accountants, who issued an unmodified review conclusion. The consolidated results include:

  • 31 subsidiaries reviewed by other auditors with total assets of ₹1,28,894 crore
  • 153 subsidiaries not reviewed with total assets of ₹1,65,257 crore
  • 17 associates and 6 joint ventures not reviewed with share of net loss after tax of ₹132 crore for Q2 FY27