UPL Limited , a global provider of sustainable agricultural products and solutions, has announced its financial results for the first quarter of fiscal year 2026, demonstrating resilience and growth despite market challenges.

Financial Highlights

Platform Performance

Regional Performance

• India: Robust growth of 21%
• North America and Europe: Both regions grew by 8%
• Latin America and Rest of World: Both regions declined by 10%

Key Developments

• Redemption of perpetual bonds: UPL Corporation Limited redeemed $400 million of perpetual bonds on May 26, 2025
• Rights issue: The company is proceeding with the second and final call for its rights issue, with proceeds expected by September end

Management Commentary

Jai Shroff, Chairman & Group CEO of UPL Ltd., stated, "We are pleased to report a strong start to FY26, reflecting the strength of our portfolio. All the platforms have been able to improve margins and cash generation. The remarkable resilience demonstrated by all our platforms reaffirms that UPL is on the path of sustainable value creation."

Bikash Prasad, Group CFO, added, "We are pleased to report a robust financial performance in Q1FY26, underpinned by improved operational efficiency, focus on bottom line and prudent financial management. Effective capital management, reduction in net debt and improved gearing ratios reflect our continued focus on balance sheet strength and long-term sustainable value creation."

Outlook

UPL maintains a positive outlook for FY26, with revenue guidance of 4-8% growth and EBITDA guidance of 10-14% growth compared to FY25. The company's focus on operational excellence and strategic initiatives positions it well for continued performance improvement in the coming quarters.

Conclusion

UPL's Q1 FY26 results demonstrate the company's ability to navigate challenging market conditions while delivering growth and improving financial metrics. With a strong start to the fiscal year and a clear strategic direction, UPL appears well-positioned to capitalize on opportunities in the global agricultural solutions market.

UPL Limited , a global provider of sustainable agricultural solutions, has announced its financial results for the first quarter, demonstrating resilience amid market challenges.

Revenue and Profitability

UPL reported a consolidated revenue of ₹9,216.00 crore for Q1, marking a 2% increase year-on-year. The company's EBITDA saw a significant improvement, rising 14% to ₹1,303.00 crore, with the EBITDA margin expanding 150 basis points to 14.1%.

Despite the revenue growth, UPL posted a consolidated net loss of ₹88.00 crore for the quarter. However, this represents a substantial improvement from the ₹384.00 crore loss reported in the same quarter of the previous year.

Segment Performance

The company's performance varied across its business segments:

UPL Corp's revenue decline was attributed to lower volumes in Brazil.

Financial Position

UPL has made significant strides in improving its financial position:

• Net working capital days reduced by 35 days to 86 days.
• Net debt decreased by over ₹6,100.00 crores year-on-year to ₹21,371.00 crores.
• Net debt to EBITDA ratio improved from 5.4x to 2.6x.
• The company completed a $400 million perpetual bond redemption.
• UPL expects proceeds of $200 million from a second call by September end.

Margin Improvement

The company achieved significant margin expansion:

• Contribution margin improved 390 basis points to 43.4%.
• EBITDA margin expanded 150 basis points to 14.1%.

Outlook

UPL maintained its guidance of:

• 4-8% revenue growth
• 10-14% EBITDA growth

Despite challenges, particularly in Latin America volumes, UPL's commitment to sustainable practices and innovation in agriculture positions it well for future growth in the global market for crop protection and seed products.