UPL Limited announced strong Q3 and 9M FY26 results, driven by robust volume growth and improved financial discipline. Q3 revenue increased by 12% to ₹12,269 cr, while EBITDA grew by 13%. The company sustained momentum through broad-based EBITDA growth and financial improvements, leading to an improved PBT by 90% and Operational PATMI by 45%. Focus remains on balance sheet strengthening and capital productivity.
Key Financial Highlights
UPL Limited reported a strong performance for Q3 and 9M FY26, marked by significant improvements in revenue and profitability:
- Revenue: ₹12,269 cr in Q3 (up 12%) and ₹33,504 cr for 9M (up 8%)
- Contribution Margin: 42.6% in Q3 and 9M, reflecting improvements of +160 bps and +320 bps, respectively.
- EBITDA: ₹2,434 cr in Q3 (up 13%) and ₹5,941 cr for 9M (up 22%).
- PBT: ₹671 cr in Q3 and ₹1,265 cr for 9M.
- Operational PATMI: ₹452 cr in Q3 and ₹784 cr for 9M.
Balance Sheet Strength
The company demonstrated improved balance sheet management:
- Net Debt: Reduced to ₹23,317 cr.
- Net Debt/EBITDA: Improved to 2.5x.
- Net Debt/Equity: Improved to 0.6x.
- NWC Days: 116 Days.
Segment Performance
Strong Q3 performance was led by the Crop Protection and Seeds platforms. Robust overall YTD performance across all platforms. Key highlights include:
- UPL Corp: Led by growth across all key regions.
- UPL SAS: Volume led growth, supported by lower product returns.
- Advanta: Higher volumes in field corn, grain sorghum, and canola.
- SUPERFORM: Agchem reduction offset by contract manufacturing and SSC growth.
Regional Performance
Q3 growth across all regions, led mainly by Latin America, Europe and Rest of World.
- Latin America: Led by herbicides and field corn.
- Europe: Led mainly by herbicide volumes and NPP.
- India: Led by seeds, supported by crop protection.
- Rest of World: Strong growth led by crop protection (China, Africa).
FY26 Outlook
The company reaffirmed its FY26 guidance, anticipating:
- Revenue growth of 4-8%.
- EBITDA growth of 12-16%.
Source: BSE
