UPL Limited

Financial Performance Overview

Q2 FY27 Performance (vs. Q2 FY26):

  • Revenue: ₹11,860 crore (down 1% from ₹12,019 crore)
  • Contribution: ₹5,087 crore (up 1% from ₹5,041 crore)
  • Contribution Margin: 42.9% (up 100 bps from 41.9%)
  • EBITDA: ₹2,312 crore (up 5% from ₹2,205 crore)
  • EBITDA Margin: 19.5% (up 120 bps from 18.3%)
  • Operational PATMI: ₹422 crore (up 3% from ₹411 crore)
  • PATMI: ₹421 crore (down 24% from ₹553 crore)

H1 FY27 Performance (vs. H1 FY26):

  • Revenue: ₹22,041 crore (up 4% from ₹21,235 crore)
  • Contribution: ₹9,693 crore (up 7% from ₹9,042 crore)
  • Contribution Margin: 44.0% (up 140 bps from 42.6%)
  • EBITDA: ₹3,812 crore (up 9% from ₹3,508 crore)
  • EBITDA Margin: 17.3% (up 80 bps from 16.5%)
  • Operational PATMI: ₹441 crore (up 33% from ₹332 crore)
  • PATMI: ₹431 crore (down 7% from ₹465 crore)

Revenue Breakdown by Platform

Q2 FY27 Platform Performance:

  • UPL Corp: ₹7,972 crore (down 8% YoY; V: -16%, P: -2%, F: +10%)
  • UPL SAS: ₹921 crore (up 1% YoY; V: -8%, P: +9%, F: flat)
  • Advanta: ₹1,875 crore (up 12% YoY; V: -1%, P: +3%, F: +10%)
  • SUPERFORM AI: Component of ₹3,579 crore total SUPERFORM revenue
  • SUPERFORM SSC: Component of ₹3,579 crore total SUPERFORM revenue

Regional Performance Q2 FY27:

  • Latin America: Impacted by unfavorable rains affecting fungicide volumes in Brazil and herbicides in other LATAM countries
  • North America: Volume growth from new brand launches in differentiated portfolio
  • Europe: Heatwave led de-growth continued, affecting fungicides and Acephate
  • India: Dry spells hit crop protection and seeds; offset by strong growth in hyperscale brands and specialty chemicals
  • ROW: Growth in Asia and Africa crop protection; Australia seeds drive growth

Balance Sheet and Capital Structure

As of September 30, 2026:

  • Net Debt: ₹28,684 crore ($2,993 million), up ₹4,882 crore YoY
  • Gross Debt: ₹32,715 crore ($3,414 million)
  • Cash and Cash Equivalents: ₹4,030 crore ($421 million), including liquid investments of ₹698 crore ($73 million)
  • Net Debt to EBITDA: 2.9x (vs. 2.7x in September 2025)
  • Net Debt to Equity: 0.7x (vs. 0.6x in September 2025)
  • Working Capital: ₹20,961 crore, up ₹5,498 crore YoY
  • NWC Days: 145 days (vs. 118 days in September 2025)

Debt Structure:

  • Structural Debt: $806 million (up $46 million from March 2026)
  • Seasonal Working Capital: $2,187 million (up $1,331 million from March 2026)
  • Debt Repayment: Pre-payment of $500 million term loan maturing December 2026, with $400 million refinanced to FY32

Cash Flow Analysis

Q2 FY27 Cash Flow:

  • EBITDA ± non-cash items: ₹1,919 crore (up ₹59 crore YoY)
  • Changes in working capital: -₹5,275 crore (worsened by ₹827 crore YoY)
  • Net Operating cash flow: -₹3,064 crore (worsened by ₹955 crore YoY)
  • Income tax paid: -₹219 crore (vs. +₹169 crore in Q2 FY26)
  • Capex: -₹319 crore (improved by ₹371 crore YoY)
  • Investments: -₹84 crore (worsened by ₹289 crore YoY)
  • Free cash flow to firm: -₹3,686 crore (worsened by ₹1,261 crore YoY)

Business Segment Updates

SUPERFORM (Manufacturing):

  • Revenue: ₹3,579 crore (up 28% YoY)
  • EBITDA: ₹451 crore (up 19% YoY)
  • EBIT: ₹323 crore (up 39% YoY)
  • Key initiatives: Capacity expansion in cyanidation (3x), backward integration in phosphorus value chain, new applications in flame retardants, battery chemicals, nutraceuticals
  • New projects: Bio-ethanol plant (₹1,200+ crore peak revenue), cyanide expansion (₹600+ crore peak revenue), phosphorus value chain (₹700+ crore peak revenue)

Crop Protection (UPL Corp & UPL SAS):

  • UPL Corp Revenue: ₹7,972 crore (down 8% YoY)
  • UPL Corp EBITDA: ₹1,083 crore (down 14% YoY)
  • UPL SAS Revenue: ₹921 crore (up 1% YoY)
  • UPL SAS EBITDA: ₹214 crore (up 3% YoY)
  • Innovation pipeline: 27 new molecules in development with ~$4.4 billion risk-adjusted peak sales
  • 80% of pipeline from differentiated solutions

Seeds & Post-Harvest (Advanta Enterprises):

  • Revenue: ₹1,875 crore (up 12% YoY)
  • EBITDA: ₹510 crore (up 19% YoY)
  • EBITDA Margin: 27.2% (up 150 bps YoY)
  • Growth drivers: Corn in Argentina and Indonesia, sunflower and grain sorghum in Argentina
  • Acquisition: Agreed to acquire 99.98% of Misr Hytech Seed International, Egypt for ~$110 million

Credit Rating Updates

  • S&P: UPL Corp outlook changed from Stable to Positive; 'BB' rating affirmed (August 14, 2026)
  • CRISIL: UPL Ltd outlook changed from Negative to Stable; AA+/A1+ ratings reaffirmed (September 2, 2026)

FY27 Guidance

Strategic priorities remain intact: improvement in Margins, PATMI, Deleveraging and Returns. Specific quantitative guidance not provided in the document.

Governance and Leadership

Board of Directors includes Mr. Jaidev R. Shroff (Chairman and Group CEO), Ms. Naina Lal Kidwai (Independent Director), Mr. S. K. Mohanty (Independent Director), Ms. Usha Monari (Independent Director), Mr. Vikram R. Shroff (Vice-Chairman and Co-CEO), Mr. Raj Tiwari (Whole-Time Director), and Ms. M. V. Bhanumathi (Independent Director).

Forward-looking Statements

The document contains forward-looking statements subject to risks including domestic and global economic conditions, successful strategy implementation, product development, legislative changes, exchange and interest rates, raw material costs, acquisition integration, and industry consolidation.