UPL Limited’s Board of Directors concluded its meeting on August 3, 2026, at 03:30 PM IST, having approved the company’s unaudited consolidated and standalone financial results for the quarter ended June 30, 2026 (Q1FY27). The meeting finalized the disclosure of key financial metrics, including a 10% year-on-year revenue rise to ₹10,181 crore and a 15% increase in EBITDA to ₹1,500 crore. The timely conclusion of the board session ensures that investors and stakeholders receive the latest performance data in compliance with regulatory timelines.

The Board’s approval was communicated pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sandeep Mohan Deshmukh, Company Secretary and Compliance Officer of UPL Limited, signed off on the intimation sent to BSE Limited, National Stock Exchange of India Ltd., London Stock Exchange, and Singapore Stock Exchanges. The filing confirms that all necessary procedural steps for the quarterly result announcement were completed without delay.

Key Consolidated Financial Highlights

The approved results for Q1FY27 reflect broad-based growth across UPL’s platforms and regions. Revenue from operations stood at ₹10,181 crore, up from ₹9,216 crore in the corresponding period of the previous year. EBITDA expanded by 15% to ₹1,500 crore, with margins improving by 60 basis points to 14.7%. Net debt remained stable at $2.5 billion.

Note: Prior year figures derived from YoY % change stated in source.

Segment Performance and Guidance

Growth was driven by strong performances in Advanta (+26%) and SUPERFORM (+14%). UPL Corporation Ltd saw revenue rise 7% to ₹6,374 crore, with EBITDA surging 38% to ₹532 crore. For the full year FY27, UPL has guided for revenue growth of 7–11% and EBITDA growth of 10–14%, signaling continued confidence in its "Accelerating Profitable Growth" strategy.

Corporate Developments

The Composite Scheme of Arrangement, approved by the Board on February 20, 2026, remains under progress. This scheme involves amalgamating UPL Sustainable Agri Solutions Limited into UPL Limited and demerging the India Crop Protection business. The Competition Commission of India approved the scheme on June 2, 2026. Further approvals from shareholders, regulators, and the National Company Law Tribunal (NCLT) are pending. No accounting effect has been recognized for the scheme in Q1FY27.

What the Numbers Show

The divergence between rising revenue (10%) and stable debt levels suggests improved cash conversion efficiency, even as working capital days increased to 110 days from 86 days in the prior year. The significant EBITDA growth in UPL Corp (38%) compared to its modest revenue growth (7%) indicates successful margin optimization strategies in key international markets. The FY27 EBITDA growth guidance of 10–14%, outpacing the revenue growth guidance of 7–11%, further underscores management's focus on margin expansion as a core strategic priority.

UPL Limited has completed critical conditions precedent for its proposed Composite Scheme of Arrangement, including the completion of Swap and Employee Stock Option (ESOP) Swap transactions on July 31, 2026. The agrochemical major also confirmed it received approval from the Competition Commission of India (CCI) on June 3, 2026. These developments clear significant regulatory hurdles, allowing UPL to proceed with filing the scheme before the National Company Law Tribunal (NCLT), subject to other remaining approvals.

Completion of Swap Transactions

The Swap Transaction and ESOP Swap Transaction were undertaken to consolidate the India Crop Protection Business held in UPL Sustainable Agri Solutions Limited (UPL SAS) and the Global Crop Protection Business held in UPL Crop Protection Holdings Limited (UPL Cayman 1) under a single entity. This restructuring aims to create a focused, pure-play crop protection platform.

Pursuant to the transactions:

• All holders of employee stock options in UPL Corporation Ltd., Cayman (UPL Cayman 2) under the Cayman 2 ESOP Scheme have been issued new stock options in UPL Cayman 1 under the UCPL LTI Plan 2026.
• UPL Cayman 2 has become a wholly owned subsidiary of UPL Cayman 1.

The company stated that these internal restructuring steps do not result in any material change in the consolidated assets, liabilities, revenues, profitability, or net worth of the Group. No benefit accrues to the promoter or promoter group from these transactions.

Changes in Shareholding Pattern

The completion of the swaps has altered the shareholding structure of UPL Cayman 1 and UPL Cayman 2. Previously, UPL Corporation Limited, Mauritius held 100% of UPL Cayman 1. Post-transaction, the ownership is diversified among the Mauritius entity, the Upswing Trust, and employee option holders.

Note: Percentages are on a fully diluted basis, assuming all employee stock options are exercised. UPL Cayman 2 is now wholly owned by UPL Cayman 1.

Regulatory Milestones and Next Steps

Earlier, on July 29, 2026, UPL received 'no adverse observations' from BSE Limited and 'No Objection' from the National Stock Exchange of India Limited (NSE). These observation letters are valid for six months, requiring the company to submit the scheme to the NCLT by January 29, 2027.

The Securities and Exchange Board of India (SEBI) has mandated that UPL disclose ongoing adjudication proceedings, ensure financials used for valuation are not older than six months, and provide details of Revenue, Profit After Tax (PAT), and EBITDA for all involved entities for the last three years. The listing of the resulting entity, UPL Global Sustainable Agri Solutions Limited, remains subject to SEBI approval and exchange discretion, including the freezing of allotted shares until trading permission is granted.