UPL Limited (NSE: UPL, BSE: 512070, LSE GDR: UPLL), a global provider of sustainable agricultural products and solutions, announced another strong quarterly performance, driven by broad-based growth across platforms and regions, improved operating efficiency, and continued financial discipline. The company reported a 13% increase in EBITDA for the quarter, supported by better margins and disciplined cost management, while Profit Before Tax (PBT) nearly doubled year-on-year to ₹671 crore. Operational PATMI also rose sharply by 45%, reflecting strong underlying profitability and execution momentum. UPL reaffirmed that its FY26 guidance remains on track.
In the third quarter, revenue increased on the back of higher volumes, aided by a favorable foreign exchange impact. Platform performance was led by Advanta, which posted a 22% year-on-year rise, while the crop protection business grew 8%, largely supported by strong volume traction. Specialty chemicals recorded a notable 42% increase compared to the same quarter last year, underscoring sustained demand and improved platform execution.
UPL also delivered solid growth across geographies, with Europe emerging as a key contributor with 21% year-on-year expansion. The Rest of the World segment grew 32%, while India and the Americas continued to show healthy momentum, reflecting balanced performance across key markets.
Contribution for the quarter grew 17% year-on-year, supported by margin expansion of 160 basis points compared to last year. This improvement was driven by a better business and product mix, increased capacity utilization, and lower raw material and input costs, resulting in strong operating leverage and broad-based EBITDA growth.
Profit Before Tax rose 90% year-on-year, increasing from ₹354 crore to ₹671 crore. Over the nine-month period, the company delivered a significant improvement in PBT, exceeding ₹1,800 crore, highlighting the impact of sustained execution and profitability improvement.
Operational PATMI increased by ₹140 crore during the quarter, translating into 45% growth year-on-year. The comparison is adjusted for the previous year’s base, which included a one-time reversal of ₹592 crore in tax provisions following a favorable order from the appellate authority.
As of December 2025, UPL’s net working capital stood at 116 days, compared to 107 days in the same period last year, and totaled ₹15,625 crore. Net debt was reported at ₹23,317 crore (US$2,594 million), reflecting a reduction of ₹2,553 crore (US$427 million) year-on-year after adjusting for perpetual bonds.
The company also reported that perpetual bonds reduced by more than US$800 million, reinforcing continued deleveraging and balance sheet strengthening. UPL also highlighted strategic progress at Advanta, which successfully filed its DRHP on 19 January 2026, marking an important milestone in its platform value-unlocking roadmap.
The quarter also reflected UPL’s ongoing commitment to sustainability and governance. The company achieved a DJSI CSA score of 77 and was ranked number one among peers. UPL also received a CDP rating of ‘A’ for Climate and ‘A-’ for Water. In January 2026, the company was recognized by the Indian Chemical and Petrochemical Industry Awards (ICPA) for Governance Excellence and Financial Performance.
For the nine-month period, UPL reported an 8% increase in revenue compared to last year, led primarily by seeds and crop protection, supported by steady performance in specialty chemicals. The company delivered strong execution across all regions, while EBITDA growth and margin improvement were driven by better mix, improved capacity utilization, and lower input costs.
Commenting on the performance, Jai Shroff, Chairman and Group CEO, UPL Limited, said, “We are proud to deliver yet another record quarter, building on the solid foundation of last year’s strong base. This achievement reflects the strength of UPL’s diversified business model, driven by our robust intellectual property portfolio, cutting-edge digital and analytics capabilities, and unwavering commitment to innovation and sustainability. Our platforms are on pathways of unlocking significant value. As we continue to transform and scale our business, we remain focused on delivering long-term sustainable growth and creating value for all our stakeholders.”
Bikash Prasad, Group CFO, UPL Limited, added, “UPL has delivered a strong performance, surpassing a strong third quarter last year. We have maintained robust momentum throughout the past three quarters, reflecting our operational excellence and disciplined financial and risk management. We continue to achieve broad-based EBITDA growth for the year, strengthen our balance sheet through reduced net debt, and rigorous capital allocation. With a solid performance so far and a seasonally strong Q4, we remain optimistic and reaffirm our guidance.”
UPL Limited is a global provider of sustainable agricultural products and solutions spanning the entire agrifood value chain. With annual revenue exceeding US$5 billion, UPL is one of the world’s largest agriculture companies, serving growers in more than 140 countries.
The company operates through four dedicated platforms—UPL Corporation Ltd (UPL Corp), UPL Sustainable Agri Solutions Ltd (UPL SAS), Advanta Enterprises Ltd, and Superform Chemistries Ltd (formerly UPL Speciality Chemicals Ltd)—collectively advancing UPL’s long-term mission of strengthening sustainable agriculture and supporting progress across global food systems. UPL is committed to reimagining sustainability in agriculture through innovative products, integrated solutions, and technology-led capabilities that support growers and the agrifood ecosystem worldwide.
