UPL Ltd delivered strong topline growth in the latest quarter, supported by favorable foreign exchange trends and proactive pricing strategies. Segment-wise, UPL Sustainable Agri Solutions (UPL SAS) and Advanta achieved double-digit growth of 13% and 20%, respectively.
This performance was primarily driven by higher volumes and improved pricing power. Superform Chemistries also posted a respectable 9% revenue increase. However, UPL Corp experienced a 3% decline, attributed to weaker volumes, particularly in Brazil, which impacted overall corporate performance.
From a geographical perspective, India emerged as the leading growth engine, reporting a robust 21% increase in revenue. Both North America and Europe contributed 8% growth each, showing resilience despite broader global challenges. In contrast, Latin America and the Rest of the World witnessed a 10% revenue decline each, indicating a need for closer market-specific strategies in those regions.
Profitability saw marked improvements across key indicators. The contribution margin rose by 390 basis points, supported by an enhanced product mix, better production capacity utilization, stronger pricing, and a drop in raw material costs. The EBITDA margin also expanded by 150 basis points year-over-year, reflecting operational efficiencies. Notably, the company reported a Profit After Tax and Minority Interest (PATMI) of ₹88 crore—a significant turnaround from a ₹384 crore loss in the same quarter last year, indicating improved cost control and strategic execution.
UPL also made meaningful strides in strengthening its balance sheet. Net working capital days were brought down to 86 from 121 in the prior year, resulting in a reduction of working capital to ₹11,025 crore as of June 2025, compared to ₹14,328 crore a year earlier. This efficiency in capital management helped support broader financial improvements and liquidity.
Additionally, the company reduced its net debt by ₹6,129 crore year-on-year, bringing the total down to ₹21,371 crore. A significant milestone was the successful redemption of ₹3,409 crore ($400 million) in perpetual bonds in May 2025, reflecting UPL’s commitment to debt reduction. Looking ahead, the company plans to complete the final call for the remaining $200 million rights issue by September 2025, pending regulatory approvals—further strengthening its financial position.
Jai Shroff, Chairman and Group CEO, noted, “The strong start to FY26 reflects the strength of our platforms. Margin improvement and cash flow generation across our businesses reaffirm our strategy focused on sustainable value creation. We’re committed to unlocking value through strategic realignments, capital inflows, and liquidity events, and plan to onboard advisors to guide the process.”
Bikash Prasad, Group CFO, added, “This quarter reflects the result of disciplined financial management and a sharp focus on operational efficiency. Lower net debt, healthier gearing ratios, and working capital optimization reflect our commitment to a strong and resilient balance sheet. Recent credit rating upgrades by two global agencies validate our strategic clarity and long-term growth potential.”
Despite a 3% dip in topline driven mainly by volume softness in Latin America, the corporation delivered notable improvement in contribution margin, up 484 basis points, while EBITDA margin rose 137 basis points, driven by a leaner cost structure and better asset utilization. Mike Frank, CEO of UPL Corp, commented “We’ve shown strong resilience despite seasonal volume pressures in Latin America. Our business in North America and Europe continues to perform well, showing mid-single-digit growth. Our emphasis on operational excellence is yielding results, especially in margin enhancement, laying a solid foundation for the coming quarters.”
UPL Ltd is a leading global provider of sustainable agricultural products and solutions, supporting the entire agrifood value chain. With a presence in over 140 countries and annual revenues surpassing $5 billion, UPL ranks among the world’s largest and most influential agriculture companies.
The company operates through four focused business 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.). Each platform plays a strategic role in delivering value-driven, science-backed solutions for growers across the globe. Together, these entities reflect UPL’s mission of “Reimagining Sustainability”—driving innovation, resilience, and sustainable growth in agriculture while addressing global food security and environmental challenges.
