UPL Limited delivered mixed Q3FY26 financial performance, with strong revenue growth offset by a significant decline in net profit. The agrochemical company reported consolidated revenue of ₹12,269 crore, marking 12% year-on-year growth, while net profit dropped 52% to ₹4 billion from ₹8.3 billion in the previous year, missing analyst estimates of ₹6 billion. Despite the profit decline, management expressed confidence in maintaining FY26 guidance and expects a strong Q4 performance.

Financial Performance Overview

The company's Q3FY26 results showcase contrasting operational trends with robust top-line growth but compressed bottom-line performance. EBITDA increased 13% to ₹2,434 crore with margins remaining stable at 19.8%, while contribution margins expanded significantly across business platforms.

Platform-wise Performance Analysis

UPL's diversified business model delivered broad-based growth across all major platforms. Advanta led the performance with 22% revenue growth to ₹1,574 crore, driven by strong field corn demand across India, Latin America, Thailand and Indonesia. UPL Corporation achieved 8% revenue growth to ₹9,163 crore with improved contribution margins of 200 basis points.

Regional Growth Momentum

The company demonstrated strong regional performance with Rest of World leading at 32% growth, followed by Europe at 21%. All key regions including North America, India and Latin America contributed positively to overall growth.

Balance Sheet Strengthening

UPL continued its focus on financial discipline with significant debt reduction initiatives. The company's net debt decreased by ₹2,500 crore compared to the previous year, demonstrating strong cash flow management and deleveraging efforts. Net debt reduced to ₹23,317 crore from ₹25,870 crore in the previous year. The net debt to EBITDA ratio improved significantly to 2.5x from 3.8x in the previous year, while net debt to equity ratio declined to 0.6x from 0.8x.

FY26 Guidance and Strategic Outlook

The company has confirmed its FY26 growth targets in its latest investor presentation, maintaining revenue growth guidance of 4-8% and EBITDA growth target of 12-16%. Chairman & Group CEO Jai Shroff highlighted the company's diversified business model strength, driven by robust intellectual property portfolio and innovation capabilities. Group CFO Bikash Prasad emphasized the broad-based EBITDA growth and disciplined capital allocation, reaffirming the FY26 guidance with optimism for the seasonally strong Q4 ahead.

The management reported good overall performance and expressed confidence in maintaining their FY26 targets despite the current quarter's profit challenges, expecting strong momentum in the upcoming quarter.

UPL Limited has achieved a significant milestone by becoming the first issuer to complete the secondary listing of its existing Global Depository Receipts (GDRs) programme on NSE IX. The company announced that its GDRs will be listed and admitted to trading effective from January 30, 2026, marking a historic moment for the NSE IX platform.

Secondary Listing Details

The secondary listing has been approved under applicable SEBI Regulations, with NSE IX being recognized as a permissible jurisdiction for such listings. NSE IFSC Limited confirmed the listing through its communication dated January 29, 2026, following UPL's application submitted on September 10, 2025.

Existing Trading Platforms

UPL's GDR programme maintains its primary listing on Singapore Stock Exchange Ltd (SGX) and is also admitted to trading on the International Order Book (IOB), which is London Stock Exchange's electronic trading platform for GDRs. The addition of NSE IX as a secondary listing venue provides investors with enhanced trading flexibility and broader market access.

Regulatory Framework

The listing has been executed in pursuance of multiple regulatory frameworks:

• Byelaws (1) & (2) of Chapter III of Byelaws of NSE IFSC Ltd.
• Exchange circular Ref. No. NSEIFSC/REG/572 dated November 4, 2020
• International Financial Services Centres Authority (Listing) Regulations, 2024

Compliance Requirements

UPL Limited will be required to ensure ongoing compliances in accordance with the depository receipts framework, listing agreement, and International Financial Services Centres Authority (Listing) Regulations, 2024. The company has been advised to use the symbol "UPL" in all future correspondences with the exchange.

Market Significance

This development represents a significant step for NSE IX in attracting international listings and demonstrates UPL's commitment to providing diverse investment opportunities to global investors. The secondary listing enhances the liquidity potential for UPL's GDRs while maintaining compliance with international regulatory standards.