UPL Limited Q2 and H1 FY2027 Financial Results Disclosure

Consolidated Financial Performance

Q2 FY27 Performance:

  • Revenue: ₹11,860 crore, down 1% Year-over-Year (YoY)
  • Contribution: ₹5,087 crore, up 1% YoY with margin of 42.9% (expansion of 100 bps)
  • EBITDA: ₹2,312 crore, up 5% YoY with margin of 19.5% (expansion of 120 bps)
  • Operational PATMI (excluding exceptional items): ₹422 crore, up ₹11 crore vs. last year

H1 FY27 Performance:

  • Revenue: ₹22,041 crore, up 4% YoY
  • Contribution: ₹9,693 crore, up 7% YoY with margin of 44.0% (expansion of 140 bps)
  • EBITDA: ₹3,812 crore, up 9% YoY with margin of 17.3% (expansion of 80 bps)
  • Operational PATMI: ₹441 crore, up 33% vs. last year

Capital Structure and Debt Position

  • Net Debt: ₹28,684 crore ($2,993 million), increased by ₹4,882 crore ($312 million) vs. September 2025
  • Net Debt/EBITDA: 2.9x (increased from 2.7x in September 2025)
  • Net Working Capital: 145 days (increased by 27 days vs. September 2025) at $2.2 billion
  • Pre-payment of $500 million term loan maturing in December 2026 through $400 million refinancing to FY32

Credit Rating Updates

  • S&P revised UPL Corp outlook to Positive from Stable while affirming 'BB' rating (August 14, 2026)
  • CRISIL revised UPL Ltd outlook to Stable from Negative while reaffirming AA+/A1+ rating (September 2, 2026)

Strategic Acquisition

  • Advanta (UPL subsidiary) agreed to acquire 99.98% of Misr Hytech Seed International, Egypt for approximately $110 million
  • Expected completion on or before January 31, 2027, subject to regulatory approvals

Segment Performance Highlights

UPL Corporation Ltd. (Q2 FY27):

  • Revenue: ₹7,972 crore, down 8% YoY
  • Contribution: ₹2,705 crore, down 11% YoY with margin of 33.9% (contraction of 120 bps)
  • EBITDA: ₹1,083 crore, down 14% YoY with margin of 13.6% (contraction of 100 bps)

UPL SAS (Q2 FY27):

  • Revenue: ₹921 crore, up 1% YoY
  • Contribution: ₹328 crore, up 3% YoY with margin of 35.6% (expansion of 60 bps)
  • EBITDA: ₹214 crore, up 3% YoY with margin of 23.2% (expansion of 50 bps)

Advanta (Q2 FY27):

  • Revenue: ₹1,875 crore, up 12% YoY
  • Contribution: ₹1,104 crore, up 15% YoY with margin of 58.8% (expansion of 110 bps)
  • EBITDA: ₹510 crore, up 19% YoY with margin of 27.2% (expansion of 150 bps)

SUPERFORM (Q2 FY27):

  • Revenue: ₹3,579 crore, up 28% YoY
  • EBITDA: ₹451 crore, up 19% YoY with margin of 12.6% (contraction of 100 bps)
  • EBIT: ₹323 crore, up 39% YoY with margin of 9.0% (expansion of 70 bps)

Regional Performance (Q2 FY27)

  • Latin America: ₹5,214 crore, down 8% YoY
  • North America: ₹1,079 crore, up 19% YoY
  • Europe: ₹1,209 crore, down 12% YoY
  • India: ₹1,509 crore, down 9% YoY
  • Rest of World: ₹2,849 crore, up 19% YoY

Management Commentary

Jai Shroff, Chairman & Group CEO, stated: "Our results this quarter reflect the strength of the diversified model we have built. Despite a volatile global backdrop, our businesses continued to execute with discipline; Advanta and SUPERFORM delivered strong growth, while our crop protection businesses navigated phased demand and challenging weather."

Bikash Prasad, Group CFO, added: "Our first half performance underscores the resilience of UPL's earnings in a challenging environment. Eight consecutive quarters of margins and EBITDA growth reflect our continued focus on quality of earnings, sharper portfolio decisions and firm cost and capital discipline."

Investor Conference Call Details

  • Date: November 2, 2026 at 16:00 hrs IST
  • Presentation available at: https://www.upl-ltd.com/investors/financial-results-and-reports/financial-results