UPL Limited has filed its quarterly monitoring agency report for the period ended December 31, 2025, detailing the utilization of proceeds from its rights issue worth ₹3,377.74 crore. The report, submitted to BSE and NSE on February 2, 2026, confirms compliance with regulatory requirements under SEBI regulations.

Rights Issue Utilization Overview

The monitoring agency report, prepared by CARE Ratings Limited, reveals that UPL utilized ₹74.8 crore during Q3 FY26 from its rights issue proceeds. The funds were primarily deployed for working capital vendor payments as part of the company's general corporate purposes allocation.

Object-wise Fund Deployment

The rights issue proceeds were allocated across three primary objectives, with the majority earmarked for debt reduction. The company has made substantial progress in utilizing funds according to the original plan outlined in the offer document.

Debt Repayment Progress

The largest allocation of ₹3,008.8 crore was designated for prepayment and redemption of outstanding borrowings. As of December 31, 2025, the company had utilized ₹2,989.7 crore for this purpose, with no additional deployment during Q3 FY26. This represents near-complete utilization of the allocated amount for debt reduction.

General Corporate Purposes

Under the general corporate purposes category, UPL allocated ₹337.8 crore, of which ₹332.2 crore has been utilized cumulatively. During Q3 FY26, the company deployed ₹74.8 crore specifically for working capital vendor payments, demonstrating active use of funds for operational requirements.

Compliance and Monitoring

The monitoring agency confirmed no deviations from the disclosed objects of the issue, with all utilization proceeding as per the offer document. CARE Ratings Limited verified the deployment through chartered accountant certificates, bank statements, and management certifications from Vora & Associates.

Unutilized Funds Management

The remaining ₹13.3 crore of unutilized proceeds is maintained in designated accounts, including ₹8.1 crore in the allotment account and ₹5.2 crore in the partly paid-up rights share account. The monitoring agency noted no delays in implementation of the stated objects, with all activities progressing according to the FY27 completion timeline.

Regulatory Framework

The report was submitted in compliance with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 82(4) of SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2018. The company confirmed that detailed information is available on its investor relations website for stakeholder reference.

UPL Limited has made the transcript of its earnings conference call for Q3 and nine months FY2026 available on its website, following the submission of its investor presentation to stock exchanges. The earnings call was held on February 2, 2026, in connection with the company's unaudited consolidated and standalone financial results for the quarter and nine months period ended December 31, 2025.

Earnings Call Transcript Availability

The company informed BSE Limited and National Stock Exchange of India on February 6, 2026, about the transcript availability through a regulatory filing under Regulation 30 read with Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Sandeep Deshmukh signed the communication, directing stakeholders to access the transcript on the company's investor relations section.

Regulatory Filing and Compliance

The transcript submission follows UPL's earlier filing of its comprehensive investor presentation on February 2, 2026, which covered consolidated financial results and business updates. The presentation included detailed financial and business segment analysis, covering key macro trends, performance updates, and platform-wise business reviews across UPL's diversified business operations.

Comprehensive Financial Disclosure

The earnings call transcript provides stakeholders with detailed insights into UPL's quarterly performance discussions, complementing the earlier investor presentation that covered revenue analysis, contribution margins, EBITDA performance, and balance sheet metrics. The company maintains transparency across all listing jurisdictions including BSE, NSE, London Stock Exchange, and Singapore Stock Exchange.

The availability of both the investor presentation and earnings call transcript ensures comprehensive disclosure of UPL's financial condition, results of operations, and strategic direction for the quarter and nine months period, providing stakeholders with complete access to management discussions and financial performance analysis.