UPL Limited has reported a record financial year in FY26, delivering strong growth across revenue, profitability, and balance sheet metrics, while outperforming its stated guidance on all three key parameters — revenue, EBITDA, and gearing. The Board of Directors, at its meeting held on May 11, 2026, considered and approved the audited consolidated and standalone financial results for the year ended March 31, 2026. The statutory auditors, B S R & Co. LLP, issued an unmodified audit opinion on both consolidated and standalone results. The Board also recommended a dividend of 300% i.e. ₹6/- per equity share of face value ₹2/- each, subject to approval of members at the ensuing Annual General Meeting (AGM), with payment within 30 days of the AGM.

Analyst Views

Following the FY26 results, two prominent institutional brokerages have weighed in with contrasting assessments on UPL's outlook and valuation.

Kotak Institutional Equities maintained a Reduce rating on UPL with a target price of ₹650, noting that while revenue growth of 18% YoY in 4QFY26 was strong and partly aided by FX gains, a voluntary provision and a higher tax rate weighed on earnings. The brokerage flagged an uncertain outlook with limited guidance visibility, ongoing reorganization plans, and a sizeable US$87 mn investment in Sinova at elevated valuations as key concerns.

Jefferies, on the other hand, maintained a Buy rating with a target price of ₹810, acknowledging that Q4 operating profit margin (OPM) and reported profit after tax (RPAT) missed estimates despite a sales beat. The brokerage highlighted FY26's strong deleveraging — with gross debt reduced by $850 mn to $2.3 bn and net debt/EBITDA improving to below 1.6x — alongside stable working capital as positives. Management's guidance of 10–14% sales growth and 14–18% EBITDA growth in Jun26-Q, combined with a valuation of 15x FY27E P/E in line with the stock's 5-year average following a 17% year-to-date decline, underpinned Jefferies' constructive stance.

Financial Highlights: Q4FY26 and FY26

The company's consolidated financial performance across Q4FY26 and FY26 is summarised below:

The audited consolidated statement of financial results also presents the following key income statement metrics for the full year and the quarter:

On the balance sheet, UPL significantly deleveraged during FY26. Gross debt stood at $2.3 Bn, reduced by $850 Mn versus March 2025, while net debt declined to $1.6 Bn, down $405 Mn versus March 2025. Net debt/EBITDA improved to 1.6x from 2.1x, and net debt/equity improved to 0.4x from 0.5x as of March 2025. Net working capital stood at 57 days, up 4 days versus March 2025. Total assets as at March 31, 2026 stood at ₹95,205 cr versus ₹88,002 cr as at March 31, 2025.

Revenue Performance by Region and Platform

Revenue growth in Q4FY26 was led by North America and Europe, while FY26 saw broad-based growth across Americas and Europe, among other regions. The regional breakdown is as follows:

Across platforms, UPL Corporation and Advanta were the primary growth drivers. The platform-wise revenue performance is detailed below:

Segment-Wise Performance

The consolidated segment information for FY26 reflects three business segments: Crop Protection, Seeds & Post Harvest, and Non Agro. During FY26, the Group undertook an internal reorganisation to align its post-harvest solutions business (Decco) with the Seeds segment, reclassifying it from Crop Protection. Comparative figures for FY25 have been restated accordingly.

Platform-Wise Performance

UPL Corporation reported Q4FY26 revenue of ₹14,531 cr, up 20% YoY, with contribution of ₹4,872 cr (margin: 33.5%, up 100 bps) and EBITDA of ₹2,609 cr (margin: 18.0%, down 120 bps). For FY26, revenue stood at ₹38,277 cr, up 11% YoY, with contribution of ₹13,420 cr (margin: 35.1%, up 260 bps) and EBITDA of ₹6,008 cr (margin: 15.7%, up 110 bps). The platform delivered six consecutive quarters of EBITDA growth, with margin expansion driven by lower input costs and higher capacity utilization.

UPL SAS reported Q4FY26 revenue of ₹607 cr, down 10% YoY, with contribution of ₹202 cr (margin: 33.3%, up 540 bps) and EBITDA of ₹70 cr (margin: 11.6%, down 220 bps). For FY26, revenue was ₹3,212 cr, flat versus last year, with contribution of ₹1,033 cr (margin: 32.2%, up 530 bps) and EBITDA of ₹548 cr (margin: 17.1%, up 340 bps). Margin improvement was led by portfolio rationalization and new product launches.

Advanta posted Q4FY26 revenue of ₹2,198 cr, up 23% YoY, with EBITDA of ₹668 cr (margin: 30.4%, up 240 bps). For FY26, revenue grew 23% YoY to ₹6,837 cr, with EBITDA of ₹1,725 cr (margin: 25.2%, up 140 bps), driven by higher volumes in field corn and consistent performance across quarters.

SUPERFORM reported Q4FY26 revenue of ₹2,273 cr, up 10% YoY, with EBITDA of ₹243 cr (margin: 10.7%, down 20 bps). For FY26, revenue was ₹10,298 cr, up 1% YoY, with EBITDA of ₹1,258 cr (margin: 12.2%, up 100 bps). Super specialty chemicals grew 20%, led by contract manufacturing in lubricants and cyanide derivatives, with margins supported by favorable input costs and product mix.

Standalone Financial Results

On a standalone basis, UPL Limited reported revenue from operations of ₹5,748 cr for FY26. Profit before tax from continuing operations stood at ₹1,013 cr for FY26. The standalone results also reflect the transfer of the Specialty Chemicals business on a slump sale basis to Superform Chemistries Limited, completed on December 1, 2024, which is disclosed as Discontinued Operations in accordance with Ind AS 105 up to the date of transfer. The Board recommended a dividend of 300% i.e. ₹6/- per equity share of face value ₹2/- each, consistent with the consolidated recommendation, subject to AGM approval.

Composite Scheme of Arrangement

The Board of Directors, based on recommendations of the Audit Committee and Committee of Independent Directors, approved a Composite Scheme of Arrangement on February 20, 2026. The Scheme involves the amalgamation of UPL Sustainable Agri Solutions Limited (UPL SAS / India Crop Protection business) into UPL Limited, demerger of the India Crop Protection business into UPL Global Sustainable Agri Solutions Limited (UPL Global), and amalgamation of UPL Crop Protection Holdings Limited (UPLCL) into UPL Global. The appointed date for the merger of UPL SAS is April 1, 2026; the demerger and UPLCL merger will be effective from the Scheme's Effective Date. The Scheme is subject to receipt of requisite approvals from shareholders, regulators, and NCLT, and is not yet effective. Accordingly, no effect has been given to the Scheme in the audited consolidated financial results for the year ended March 31, 2026.

Management Commentary

Jai Shroff, Chairman & Group CEO, UPL Limited, stated that the company delivered a record year of high-quality performance, outperforming guidance across metrics despite unprecedented macroeconomic headwinds affecting the global agricultural sector. He highlighted that rising global food demand makes seeds, crop protection, and bio-solutions essential, and that UPL's integrated manufacturing and innovation capabilities position it to capture sustained growth in the agricultural ecosystem.

Bikash Prasad, Group CFO, UPL Limited, noted that FY26 was a year of driving profitable growth while significantly strengthening the financial foundation, with the company outperforming guidance on revenue, EBITDA, and gearing despite external geopolitical headwinds including US tariffs, continued farm stress, and low commodity prices. He added that the company repaid $500 Mn of debt in March and proactively refinanced its next short-term obligation due in September to enhance its liquidity profile.

Mike Frank, Chief Executive Officer, UPL Corp, highlighted that the international crop protection business delivered strong growth across key regions and segments in FY26, closing the year with a strong Q4 against a high base, while successfully navigating stress from the ongoing Middle Eastern crisis.

The Board of Directors of UPL Limited, at its meeting held on May 11, 2026, approved the re-appointment of Ms. Naina Lal Kidwai (DIN: 00017806) as a Non-Executive, Independent Director of the Company. The decision was based on the recommendation of the Nomination and Remuneration Committee and was disclosed to the stock exchanges pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The re-appointment details were also provided in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-PoD2/1/3762/2026 dated January 30, 2026.

Re-appointment Details

The following table summarises the key details of Ms. Kidwai's re-appointment as disclosed by UPL:

Profile of Ms. Naina Lal Kidwai

Ms. Naina Lal Kidwai is a highly accomplished business leader with extensive experience across banking, finance, and corporate governance. She serves as Chairperson and Senior Advisor of Rothschild & Co India, Senior Advisor of Advent International Private Equity and TPG Rise private equity, and venture advisor to Lightspeed Venture Partners India. She also serves as an Independent Director on the boards of Holcim SA, Biocon, Gland Pharma, and UPL.

Ms. Kidwai has held several distinguished leadership roles over her career. She is a Past President of FICCI (Federation of Indian Chambers of Commerce & Industry), retired in December 2015 as Executive Director on the board of HSBC Asia Pacific and Chairman HSBC India, and retired in April 2018 from the global board of Nestle.

Advisory and Institutional Memberships

Ms. Kidwai is an active member of several prominent advisory bodies and institutions, including:

• INDO-ASEAN Business Council
• Punjab Innovation Mission Advisory Board
• Army Group Insurance Fund's Investment Advisory Committee
• Harvard Business School's South Asia Advisory Board
• Standard Chartered Bank's International Advisory Council
• Champion India for the World Bank's South Asia championing and visioning process
• Member Advisory Board of the Wildlife Conservation Trust

Awards, Recognitions, and Authorship

An MBA from Harvard Business School, Ms. Kidwai is the recipient of several awards and honours, including the Padma Shri for her contribution to trade and industry. She is actively engaged with institutions focused on environment, water, and sanitation, and has authored three books, including the bestsellers "30 Women in Power: Their Voices, Their Stories" and "Survive or Sink: An Action Agenda for Sanitation, Water, Pollution, and Green Finance". She is also the founder and Chair of the India Sanitation Coalition and Chair of FICCI's Water Mission.

Regulatory Compliance

As required under the SEBI Listing Regulations, UPL confirmed that Ms. Naina Lal Kidwai is not related to any Director on the Board of the Company. Additionally, she is not debarred from holding the office of director pursuant to any SEBI order or any other authority, in compliance with BSE and NSE circulars dated June 20, 2018. The re-appointment is subject to the approval of the Members of the Company.