UPL Limited’s (NSE: UPL) stock climbed sharply in Monday trading, rising about 5% to around ₹698–₹699, after the company reported quarterly earnings that beat key operational metrics. The shares are trading below their 52-week high of about ₹812 and above the 52-week low near ₹589, reflecting recent volatility in the agrochemical maker’s stock.
Q3 FY26 Results
UPL posted revenue of ₹12,269 crore in the third quarter ended Dec. 31, 2025, up 12% year-on-year, driven mainly by higher volumes and favourable foreign exchange.
EBITDA rose 13% to ₹2,434 crore, with margins broadly steady at 19.8%. Contribution margin improved 160 basis points to 42.6%. Profit before tax surged 90% to ₹671 crore, underpinned by operating leverage and cost efficiency.
Operational PATMI climbed 45% year-on-year. Net debt fell by about ₹2,553 crore to ₹23,317 crore, improving leverage metrics, with net debt/EBITDA down to 2.5x from 3.8x a year ago. Net working capital days increased to 116 from 107.
Reported consolidated net profit was lower compared with the year-ago quarter, reflecting a high comparative base that included tax benefits in Q3 FY25. Independent media reports noted net profit fell sharply on this basis.
9M FY26 Performance
For the nine months to December 2025, revenue grew about 8% to ₹33,504 crore, and EBITDA jumped about 22% to ₹5,941 crore with improved margins of 17.7%, signalling sustained momentum across the fiscal year. Net debt reduction and margin expansion were consistent themes in the cumulative results.
Segment and Regional Trends
Key business platforms showed broad growth with the seeds arm Advanta up 22% in Q3 and crop protection and specialty chemicals also contributing to top-line gains. Regional revenue was led by Europe and Rest of World, with positive trends in India and the Americas.
Analyst Reactions and Guidance
There were no major broker upgrades or downgrades reported today specifically tied to this earnings release. Consensus analyst estimates from prior coverage suggest modest long-term revenue and earnings growth expectations, but specific reaction to these results is muted so far.
UPL reaffirmed its FY26 guidance citing sustained volume growth, margin expansion and stronger balance sheet metrics. The company’s earnings call is scheduled later Monday following the release.