UPL Limited , a global provider of sustainable agricultural solutions, has announced its financial results for the second quarter and first half of fiscal year 2026, showcasing significant improvements across key metrics.

Q2 FY2026 Highlights

• Revenue increased by 8% year-over-year to ₹12,019.00 crore
• EBITDA surged by 40% to ₹2,205.00 crore, with margin expanding by 410 basis points to 18.3%
• Profit After Tax and Minority Interest (PATMI) turned positive at ₹553.00 crore, compared to a loss of ₹443.00 crore in Q2 FY2025
• Operational PATMI improved to ₹411.00 crore from a loss of ₹434.00 crore in the previous year

H1 FY2026 Performance

• Revenue grew by 5% to ₹21,235.00 crore
• EBITDA increased by 29% to ₹3,508.00 crore, with margin improving by 300 basis points to 16.5%
• PATMI reached ₹465.00 crore, a significant turnaround from a loss of ₹827.00 crore in H1 FY2025

Financial Position Strengthens

UPL has made substantial progress in improving its financial position:

• Net debt reduced by ₹3,729.00 crore to ₹23,802.00 crore compared to September 2024
• Net debt to EBITDA ratio improved to 2.7x from 5.4x in the previous year
• Net working capital days decreased to 118 days from 123 days

Segment Performance

UPL Corp

• Revenue grew by 12% in Q2, driven by volume growth in the Americas

Advanta (Seeds)

• Reported a strong 26% revenue growth in Q2, led by higher volumes in field corn and sunflower

UPL SAS (India)

• Faced a 10% revenue decline in Q2 due to unfavorable weather conditions

SUPERFORM

• Achieved steady Q2 revenue with 18% growth in super-specialty chemicals

Management Commentary

Jai Shroff, Chairman & Group CEO of UPL Limited, stated, "We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Our deep relationships in key markets and diversified customer base continue to drive sustainable growth."

Bikash Prasad, Group CFO, added, "Q2 has been a standout quarter, underscoring our operational excellence and financial discipline across platforms. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs through effective capital management, and improved our gearing, resulting in a strong PATMI."

Outlook

Based on the strong H1 performance and a favorable outlook for H2, UPL has upgraded its FY2026 EBITDA growth guidance to 12-16% over the previous year, while maintaining its revenue growth guidance at 4-8%.

The company continues to focus on unlocking value through its strategically built platforms and is actively evaluating opportunities, including restructuring, strategic fund-raising, and potential liquidity events.

UPL's Q2 and H1 FY2026 results demonstrate the company's resilience and ability to deliver growth despite challenging market conditions. The improved financial position and upgraded guidance reflect management's confidence in the company's strategic direction and future prospects.

UPL Limited , a global provider of sustainable agricultural products and solutions, has announced its financial results for the second quarter and first half of fiscal year 2026, showcasing significant improvements across key financial metrics.

Q2 FY26 Highlights

• Revenue increased by 8% year-over-year to ₹12,019.00 crore
• EBITDA grew by 40% to ₹2,205.00 crore, with margin expanding by 410 basis points to 18.3%
• Profit After Tax and Minority Interest (PATMI) turned positive at ₹553.00 crore, up from a loss of ₹443.00 crore in Q2 FY25

H1 FY26 Performance

• Revenue for H1 FY26 rose by 5% to ₹21,235.00 crore
• EBITDA increased by 29% to ₹3,508.00 crore, with margin improving by 300 basis points to 16.5%
• PATMI for H1 FY26 stood at ₹465.00 crore, compared to a loss of ₹827.00 crore in H1 FY25

Financial Position Strengthens

UPL has made significant strides in improving its financial position:

• Net debt reduced by ₹3,729.00 crore to ₹23,802.00 crore as of September 30, 2025
• Net debt to EBITDA ratio improved to 2.7x from 5.4x in the previous year
• Net working capital days decreased to 118 days from 123 days in Q2 FY25

Segment Performance

Management Comments

Jai Shroff, Chairman & Group CEO of UPL Limited, stated, "We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Our deep relationships in key markets and diversified customer base continue to drive sustainable growth. UPL's backward-integrated manufacturing and innovation-led R&D pipeline are strengthening quality and resilience across the business."

Bikash Prasad, Group CFO, added, "Q2 has been a standout quarter, underscoring our operational excellence and financial discipline across platforms. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs through effective capital management, and improved our gearing, resulting in a strong PATMI, positively reflecting on our commitment to long-term value creation."

Outlook and Guidance

Based on the strong H1 performance and a favorable outlook for H2, UPL has upgraded its FY26 EBITDA growth guidance to 12-16% over the previous year, while maintaining its revenue growth guidance at 4-8%.

The company remains focused on unlocking value through its strategically built platforms and is actively evaluating opportunities, including restructuring, strategic fund-raising, and potential liquidity events.

UPL's Q2 and H1 FY26 results demonstrate the company's resilience and ability to deliver growth despite challenging market conditions. The improved financial metrics and upgraded guidance reflect management's confidence in the company's strategic direction and operational capabilities.