Press Release

UPL Limited, Uniphos House, C.D. Marg, 11th Road, Madhu Park, Khar (West), Mumbai – 400052, India w: www.upl-ltd.com e: contact@upl-ltd.com t: +91 22 6856 8000 November 2, 2026 BSE Limited National Stock Exchange of India Ltd. Mumbai Mumbai SCRIP CODE – 512070 SYMBOL: UPL Sub.: Press Release - Unaudited Financial Results for Q2 and H1 FY 2027 Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Press Release dated November 2, 2026, in connection with the unaudited consolidated and standalone financial results of the Company for the quarter and half year ended September 30, 2026. We request you to take the above information on record. Yours faithfully, For UPL Limited Sandeep Deshmukh Company Secretary and Compliance Officer (ACS-10946) Encl.: As above Cc.: 1. London Stock Exchange 2. Singapore Stock Exchange 3. NSE IX Registered Office: 3-11, GIDC, Vapi, Valsad - 396 195, Gujarat, India. P +91 260 2432716 CIN: L24219GJ1985PLC025132 PRESS RELEASE UPL LIMITED Q2 and H1FY27 FINANCIAL RESULTS Mumbai, India | November 02, 2026 PRESS RELEASE UPL Sustains Profitable Growth Amid Global Headwinds and Cost Inflation, 8th Consecutive Quarter of Margins and EBITDA growth; H1 Operational PATMI up 33% Exhibit 1: UPL Limited: Financial Highlights Revenue Contribution EBITDA F ₹11,860 cr ₹5,087 cr ▲1% YoY ₹2,312 cr ▲5% YoY ▼1% YoY Margin: 42.9% | ▲100 bps Margin: 19.5% | ▲120 bps Revenue Contribution EBITDA ₹22,041 cr ₹9,693 cr ▲7% YoY ₹3,812 cr ▲9% YoY 7 ▲4% YoY Margin: 44.0% | ▲140 bps Margin: 17.3% | ▲80 bps H Net Debt vs. Sep’25 Net Debt/ EBITDA Net Working Capital ₹28,684 cr ($2,993 Mn) 2.9x▲ vs. 2.7x Sep’25 145 Days ▲₹4,882 cr (▲$312 Mn) ▲27 Days vs. Sep’25 Q2 Highlights • Revenue broadly flat YoY; favourable FX tailwinds offset by global crop protection volume decline − Platforms: +50% growth in Specialty Chemicals, +12% in Seeds and Post harvest − Regions: Growth in North America and RoW (+19% each) • Contribution up 1% YoY with margin expansion of 100 bps to 42.9% • EBITDA up 5% to ₹2,312 cr with margin expansion of 120 bps, as operational discipline and lower SG&A offset higher input costs • Operational PATMI (excluding exceptional items) at ₹422 cr, up ₹11 cr vs. LY, led mainly by higher EBITDA and other income • Net working capital: 145 Days (vs. 118 days LY) at $2.2 Bn, driven mainly by higher inventory; focus on improving inventory conversion and cash generation in H2 • Total net debt at $3.0 Bn in Sep'26, up $312 Mn vs. LY; higher on working capital, planned capex and investments • Pre-payment of the term loan of $500 Mn maturing in Dec'26 through $400 Mn of refinancing to FY32 • Credit outlook revisions: S&P revised UPL Corp outlook to Positive from Stable, affirming 'BB' (14 Aug 2026); CRISIL revised UPL Ltd outlook to Stable from Negative, reaffirming AA+/A1+ (2 Sep 2026) • Advanta agreed to acquire 99.98% of Misr Hytech Seed International, Egypt, for ~$110 Mn; completion expected on or before 31 Jan 2027, subject to regulatory approvals H1 Highlights • Revenue up 4% to ₹22,041 cr, led by Advanta (+18%) and SUPERFORM (+21%) − Regions: Growth in North America (+19%), Rest of the World (+14%) and India (+5%) • Contribution and EBITDA margins expand 140 bps and 80 bps, leading to 7% and 9% absolute growth respectively • Operational PATMI at ₹441 cr, up 33% vs. LY, led mainly by higher EBITDA and other income PRESS RELEASE Management Remarks on Q2 Performance Jai Shroff, Chairman & Group CEO, UPL Limited said, “Our results this quarter reflect the strength of the diversified model we have built. Despite a volatile global backdrop, our businesses continued to execute with discipline; Advanta and SUPERFORM delivered strong growth, while our crop protection businesses navigated phased demand and challenging weather. With rising commodity prices potentially setting the stage for better farm economics, we remain focused on building a stronger and future-ready UPL, and on creating long-term value for all our stakeholders.” Bikash Prasad, Group CFO, UPL Limited, added, ”Our first half performance underscores the resilience of UPL's earnings in a challenging environment. Eight consecutive quarters of margins and EBITDA growth reflect our continued focus on quality of earnings, sharper portfolio decisions and firm cost and capital discipline. These choices have allowed us to protect margins despite continued global headwinds. Our capital priorities are unchanged: converting earnings into cash, deleveraging and improving returns. Proactive refinancing and improved outlooks from S&P and CRISIL reflect a balance sheet that is getting stronger.” UPL Corporation Ltd. Exhibit 2: Financial Highlights 7 Revenue Contribution EBITDA 2F ₹7,972 cr ₹2,705 cr ▼11% YoY ₹1,083 cr ▼14% YoY ▼8% YoY Margin: 33.9% | ▼120 bps Margin: 13.6% | ▼100 bps 7 Revenue Contribution EBITDA 1F ₹14,345 cr ₹5,141 cr ▲1% YoY ₹1,615 cr ▼2% YoY ▼2% YoY Margin: 35.8% | ▲90 bps Margin: 11.3% | flat Key Highlights • Revenue lower by 8%, primarily led by lower volumes − Unfavourable weather impact and phasing of sales led to volume pressure in Brazil and other Latin American markets, and severe drought-like conditions in Europe − New product launches in the differentiated and sustainable portfolio led to volume growth in North America; robust growth in Rest of the World led by South Africa and APAC • Contribution margin lower by 120 bps, mainly driven by higher input costs of manufacturing • EBITDA impacted by lower contribution, partly offset by disciplined SG&A • H1 Revenue down 2% vs. LY, with contribution margin up 90 bps and EBITDA margin flat at 11.3% PRESS RELEASE UPL SAS Exhibit 3: Financial Highlights 7 Revenue Contribution EBITDA 2F ₹921 cr ₹328 cr ▲3% YoY ₹214 cr ▲3% YoY ▲1% YoY Margin: 35.6% | ▲60 bps Margin: 23.2% | ▲50 bps 7 Revenue Contribution EBITDA 1F ₹2,061 cr ₹802 cr ▲16% YoY ₹553 cr ▲20% YoY ▲1% YoY Margin: 38.9% | ▲520 bps Margin: 26.8% | ▲430 bps Key Highlights • Revenue up 1%, better pricing and strong growth in hyperscale brands offset the impact of prolonged dry spells and lower crop protection volume demand • Contribution margin grew despite increased input costs as we increased prices ahead of market • Contribution margin up 60 bps on price strength in our branded portfolio and favourable product mix, driving EBITDA up 3% • H1 Revenue up 1%, with contribution up 16% and EBITDA up 20% Advanta Exhibit 4: Financial Highlights 7 Revenue Contribution EBITDA 2F ₹1,875 cr ₹1,104 cr ▲15% YoY ₹510 cr ▲19% YoY ▲12% YoY Margin: 58.8% | ▲110 bps Margin: 27.2% | ▲150 bps 7 Revenue Contribution EBITDA 1F ₹3,629 cr ₹2,074 cr ▲18% YoY ₹868 cr ▲21% YoY ▲18% YoY Margin: 57.2% | ▲30 bps Margin: 23.9% | ▲50 bps Key Highlights • Seeds revenue growth supported by pricing and favourable FX − Growth led by corn (Argentina, other Latin American countries and Indonesia), and sunflower and grain sorghum (Argentina) − India and Thailand impacted by El Niño and monsoon delays • Robust growth in the post-harvest business, led by the US, Latin America and South Africa • Contribution growth driven by revenues; margin accretion led by improved crop mix • H1 Revenue up 18% and EBITDA up 21%; momentum remains strong PRESS RELEASE SUPERFORM Exhibit 5: Financial Highlights 7 Revenue EBITDA EBIT 2F ₹3,579 cr ₹451 cr ▲19% YoY ₹323 cr ▲39% YoY ▲28% YoY Margin: 12.6% | ▼100 bps Margin: 9.0% | ▲70 bps 7 Revenue EBITDA EBIT 1F ₹6,498 cr ₹809 cr ▲13% YoY ₹545 cr ▲30% YoY ▲21% YoY Margin: 12.4% | ▼90 bps Margin: 8.4% | ▲60 bps Key Highlights • Revenue up 28%, led by cost pass-through and strong volume growth in super specialty chemicals (+50%), leading to overall share for Q2 increasing from 25% to 29% − Specialty chemicals growth led by contract manufacturing (lubricants) • EBIT +39% YoY supported by favourable pricing, increase in contract manufacturing and a favourable business mix. Strong super specialty chemicals EBI [Showing first 8,000 characters — download PDF for full document]