UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.
Q3 FY26 Earnings Results
- Revenue from Operations: ₹12,269 cr, +12% YoY vs Q3 FY25 (₹10,907 cr) driven by volume growth and favourable forex.
- EBITDA: ₹2,434 cr, +13% YoY; EBITDA Margin: 19.8%, reflecting operational improvement.
- PAT: ₹452 cr (Operational PATMI basis, after excluding prior-year tax reversal comparatives), +45% YoY; reported PAT was ~₹490 cr with a decline in headline profit due to base effects and higher costs.
- EPS: ₹4.90 (reported diluted basic EPS decline versus prior year base with tax reversal impact).
- 9M YTD: Revenue ₹33,504 cr +8% YoY, EBITDA ₹5,941 cr +22% YoY, Operational PATMI ₹784 cr showing consistent growth in first nine months.
Management Commentary & Strategic Decisions
- Growth drivers: Management highlighted broad-based revenue growth led by herbicides, fungicides and seeds (Advanta platform) with contribution margin expansion supported by better product mix and capacity utilisation.
- Operational excellence: Leadership underscored intelligent cost control and enhanced contribution margins, with balance sheet deleveraging, net debt reduced by ₹2,553 cr to ₹23,317 cr; Net Debt/EBITDA improved to ~2.5x.
- Challenges noted: Base-impact effects, finance costs and working capital changes (higher inventory/receivables) pressed reported profit; operational cash flow remained mixed.
- Guidance & strategy: Management reaffirmed full-year guidance of midsingle digit revenue growth and double-digit EBITDA growth, with continued focus on sustainable agrochemical leadership, diversified platform growth and execution discipline.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹12,019 cr, +9.5% YoY and strong +31.1% QoQ from Q1 FY26.
- EBITDA: ₹2,205 cr, +40% YoY; EBITDA Margin: 18.3% with margin expansion.
- PAT: ₹612 cr, a strong turnaround from PAT losses in prior year (vs –₹585 cr in Q2 FY25).
- Other key metrics: PBT ₹838 cr vs loss last year; EPS: ₹6.74.
Management Commentary Q2
- Management described a robust earnings turnaround, with revenue growth led by improved crop protection demand and segment performance, driving margin expansion.
- Balance sheet improvement and return to profitability after prior-year losses underscored management’s focus on operational leverage and cost optimisation.
- Leadership emphasised diversified regional growth, with Advanta and UPL Corp platforms contributing materially to performance.
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