UPL Q1FY26 Results: ₹1,303 Cr EBITDA, Net Debt Down ₹6,129 Cr YoY

Mumbai, August 1, 2025 – UPL Limited (NSE: UPL, BSE: 512070) results showed strong operating metrics with margin expansion and reduced leverage. EBITDA rose 14% on better pricing and cost controls, while contribution margin expanded 390 bps. The company also improved working capital efficiency and continued its focus on balance sheet strength.

Segmental performance remained mixed. While UPL SAS and Advanta reported double-digit revenue growth and improved contribution, UPL Corporation saw volume pressure in Latin America. SUPERFORM posted growth in speciality chemicals, though margins faced SG&A headwinds. Strategic deleveraging added stability to overall results.

Market Snapshot

UPL Ltd ended the session at ₹660.00, down 6.22% from the previous close of ₹703.80. The stock traded between ₹658.00 and ₹713.90 during the day, with a VWAP of ₹683.97 and a total volume of 68.28 lakh shares.

Key Consolidated Financial Highlights (Q1FY26)

UPL Limited reported a 2% year-on-year rise in revenue for Q1FY26 to ₹9,216 crore, supported by improved pricing. Contribution margin expanded 390 basis points to 43.4%, while EBITDA grew 14% to ₹1,303 crore with a 14.1% margin.

PAT loss narrowed significantly to ₹88 crore from ₹384 crore last year, reflecting improved operating performance.

Management Commentary

Chairman & Group CEO Jai Shroff stated, “We’ve had a strong start to FY26. All our platforms are focused on value creation with better margins and cash flows. We are progressing on unlocking shareholder value through restructuring and strategic investments.”

Group CFO Bikash Prasad added, “Improved efficiency, deleveraging and operational discipline are translating into a more robust balance sheet. Rating upgrades by global agencies validate our strategy.”

Segment-Wise Highlights

UPL Corporation Ltd.

UPL Corporation’s Q1FY26 revenue declined 3% YoY to ₹5,957 crore due to lower volumes in Latin America. However, contribution rose 13% to ₹2,072 crore, and EBITDA improved 23% to ₹386 crore. EBITDA margin expanded 137 basis points to 6.5%, aided by growth in North America and Europe.

UPL SAS

UPL SAS posted a 13% YoY increase in revenue to ₹1,136 crore in Q1FY26. Volume gains of 9% and pricing gains of 4% supported growth, backed by favorable weather and strong brand traction. Contribution rose 31%, and EBITDA jumped 50% to ₹253 crore. EBITDA margin expanded sharply by 540 basis points to 22.3%.

Advanta

Advanta delivered 20% revenue growth YoY to ₹1,182 crore in Q1FY26, led by strong crop performance in India, Thailand, and Argentina. Contribution rose 15% to ₹678 crore, and EBITDA increased 5% to ₹266 crore. EBITDA margin contracted 330 basis points to 22.5%, due to cost pressures and weak Australian canola.

SUPERFORM

SUPERFORM reported 9% revenue growth YoY to ₹2,558 crore in Q1FY26, led by a 21% rise in super specialty chemicals. Contribution improved 11% to ₹638 crore, while EBITDA grew 7% to ₹333 crore. EBITDA margin contracted slightly by 20 basis points to 13.0%, due to SG&A cost pressures.

Regional Revenue Breakdown

UPL reported a 2% year-on-year rise in consolidated revenue for Q1FY26 to ₹9,216 crore. India led the growth with a 21% jump to ₹2,262 crore, followed by North America and Europe, both up 8%. Latin America and the Rest of World saw 10% declines, reflecting regional demand softness despite strong domestic performance.

Strategic Developments

UPL completed the redemption of its $400 million (₹3,409 crore) perpetual bond in May 2025, strengthening its balance sheet. It also plans to raise $200 million via the second and final call on partly-paid shares by the end of September, pending necessary approvals.

Outlook

UPL’s Q1FY26 earnings showed margin expansion and debt reduction, but weak volumes in Latin America dragged sentiment. The market reacted sharply to topline softness despite operating gains. Sustained deleveraging, regional recovery, and restructuring outcomes will guide investor focus in the near term.

About UPL Limited

UPL Limited is a global agribusiness leader with over 14,000 product registrations and operations in nearly 140 countries, serving 90% of the world’s food basket. It offers a full range of crop protection chemicals, seeds, biosolutions, and post-harvest services. The company generated over US $5 billion in revenue in FY25 and operates with extensive R&D and manufacturing capabilities worldwide.

REF:https://nsearchives.nseindia.com/corporate/UPL_01082025143142_2PressReleaseLetter.pdf

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