BSECompany Update3 Aug 2026 · 3 Aug 2026, 03:20 pm
Please find enclosed letter dated August 03, 2026
UPL Ltd · 512070
✦ AI Summary▲ PositiveResults
UPL Ltd has announced its unaudited Q1 FY 2027 financial results, showing a 15% YoY growth in revenue and EBITDA, with a 180 bps expansion in contribution margin. The company has maintained its net debt and improved its gearing ratios despite macro headwinds. UPL has guided for full-year revenue growth of 7-11% and EBITDA growth of 10-14%.
Analysis Scores
Earnings Impact8/10
Growth Catalyst6/10
Governance Concern1/10
Regulatory Risk1/10
Balance Sheet Risk2/10
Liquidity Impact9/10
Market Sentiment8/10
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Full Announcement
UPL Ltd - 512070 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
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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
August 3, 2026
BSE Limited National Stock Exchange of India Ltd.
Mumbai Mumbai
SCRIP CODE – 512070 SYMBOL: UPL
Sub.: Press Release - Unaudited Financial Results for Q1 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 August 3, 2026, in connection with
the unaudited consolidated and standalone financial results of the Company for the quarter ended
June 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
Q1FY27 FINANCIAL RESULTS
Mumbai, India | August 03, 2026
PRESS RELEASE
UPL delivers guidance with further improved gearing; strong performance
despite macro headwinds; seventh consecutive quarter of revenue and
EBITDA growth; strongest Q1 net income (PATMI) in past three years
Exhibit 1: UPL Limited: Financial Highlights
Revenue Contribution EBITDA
₹10,181 cr ₹4,607 cr ▲ 15% YoY ₹1,500 cr ▲ 15% YoY
▲ 10% YoY
Margin: 45.2% | ▲ 180 bps Margin: 14.7% | ▲ 60 bps
F Gross Debt Net Debt/ EBITDA Net Working Capital
$3.0 Bn ▼ vs. $3.1 Bn Jun’25 2.4x ▼ vs. 2.6x Jun’25 110 Days
Net Debt Net Debt/ Equity ▲ 24 Days vs. Jun’25
$2.5 Bn vs. $2.5 Bn Jun’25 0.6x vs. 0.6x Jun’25
• Broad-based revenue growth across most platforms and regions; overall pricing up 3% vs. LY,
supported by favourable FX
− Platforms: UPL Corp (+7%), Advanta (+26%), and SUPERFORM (+14%)
− Regions: broad-based growth led by India, Americas, and supported by others
• Contribution margin expansion of 180 bps led by pricing action, higher capacity utilisation and
favourable portfolio mix, driving EBITDA growth of 15% vs. LY
• Profit Before Tax (PBT) improved by ₹80 cr vs. LY
• Net Debt maintained vs. LY, despite macro headwinds led higher working capital with continued
improvement in gearing ratios
• Net Working Capital increased due to strategic build-up of inventory and FX translation impact
Management Remarks
Jai Shroff, Chairman & Group CEO, UPL Limited said, “Rising global food demand continues to keep seeds, crop protection and
bio-solutions at the heart of agriculture, a structural need that endures despite the current macro uncertainty. Against this
very backdrop, we have begun FY27 with strong momentum and high-quality, profitable growth, backed by the resilience of
our integrated platforms.
We continue to see significant opportunities to create value for our shareholders, through the proposed single, focused global
crop protection platform and the value unlocking of our seeds & post-harvest businesses, while leveraging the synergies of our
shared manufacturing, R&D and innovation. At this vantage point, our focus remains absolute, "Accelerating Profitable Growth”
as we convert this clarity into long-term value for all our stakeholders.”
Bikash Prasad, Group CFO, UPL Limited, added, “This was a quarter of disciplined, high-quality execution, extending our track
record of profitable growth into FY27. With broad-based topline growth across platforms, our focus on profitable growth is
clear in our expanding margins and improving return ratios, even as we maintained net debt and improved gearing despite
the seasonality led increase in working-capital.
This financial strength continues to be validated, with CARE Edge upgrading UPL's long-term rating to CARE AA+ (Stable), a
strong endorsement of our strengthened credit profile. Backed by this foundation and our confidence in the year ahead, we
are guiding for full-year revenue growth of 7–11% and EBITDA growth of 10–14%. With a resilient core, a stronger balance
sheet and disciplined execution, we are well positioned to deliver another year of profitable, high-quality growth.”
PRESS RELEASE
UPL Corporation Ltd.
Exhibit 2: Financial Highlights
7 Revenue Contribution EBITDA
F ₹6,374 cr ₹2,437 cr ▲18% YoY ₹532 cr ▲38% YoY
▲7% YoY Margin: 38.2% | ▲340 bps Margin: 8.4% |▲190 bps
Q1 Key Highlights
• Revenue growth broad-based across regions, led by North America and Latin America
• Contribution margin expansion driven by Europe and North America, leading to overall EBITDA
margin accretion
Mike Frank, Chief Executive Officer, UPL Corp commented, "Our international crop protection business delivered a resilient start
to FY27, holding firm against a challenging macro backdrop and an uneven demand environment. Strategic pricing actions in
key regions have driven strong growth in our margins, even as we navigated through weather-related volume pressure in
Europe. Encouragingly, this marks our seventh consecutive quarter of EBITDA growth while navigating through a seasonality-
led increase in working capital.
As we look ahead, our unwavering commitment to innovation remains central to how we empower growers worldwide and
help build a more resilient, sustainable future for global agriculture."
UPL SAS
Exhibit 3: Financial Highlights
7 Revenue Contribution EBITDA
F ₹ 1,140 cr ₹474 cr ▲28% YoY ₹340 cr ▲34% YoY
▲positive Margin: 41.6% | ▲890 bps Margin: 29.8% | ▲750 bps
Q1 Key Highlights
• Strong positive pricing action offset by delayed weather conditions, leading to flat revenue YoY
• Favourable product mix led higher contribution, leading to significant improvement in EBITDA
Advanta
Exhibit 4: Financial Highlights
7 Revenue Contribution EBITDA
F ₹1,754 cr ₹971 cr ▲24% YoY ₹359 cr ▲24% YoY
▲26% YoY Margin: 55.4% | ▼50 bps Margin: 20.4% | ▼20 bps
Q1 Key Highlights
• Revenue led by field corn and sunflower, through higher volumes and pricing
• Growth in EBITDA driven by strong revenue performance
PRESS RELEASE
SUPERFORM
Exhibit 5: Financial Highlights
7 Revenue Contribution EBITDA
F ₹2,919 cr ₹727 cr ▲14% YoY ₹358 cr ▲ 7% YoY
▲14% YoY Margin: 24.9% | flat Margin: 12.3% | ▼70 bps
Q1 Key Highlights
• Strong growth in specialty chemicals (+51% YoY, driven by volume and price); agchem growth
led by pricing
• Strong contribution growth offset by higher overheads, leading to 7% EBITDA growth YoY
Exhibit 6: Revenue Performance by Regions
In ₹ Cr Q1FY26 Q1FY27 YoY%
Latin America 2,401 2,603 8%
North America 1,337 1,582 18%
Europe 1,535 1,598 4%
India 2,262 2,602 15%
Rest of World 1,680 1,797 7%
Total 9,216 10,181 10%
Exhibit 7: Revenue Performance by Platforms
In ₹ Cr Q1FY26 Q1FY27 YoY%
UPL Corporation 5,957 6,374 7%
UPL SAS 1,136 1,140 positive
Advanta 1,396 1,754 26%
SUPERFORM 2,558 2,919 14%
Elimination/ Others (1,831) (2,006) -
Total 9,216 10,181 10%
PRESS RELEASE
Investor Call Details
Q1FY27 Results Conference Call
The results will be followed by Earnings Conference call at 16:30 hrs IST on Monday, 03rd August 2026.
The dial-in details and registration link are given below:
Online Registration link: Click here
The presentation will be made available on the company website
Conference Call Details
Location Dial in number
India 1 800 120 1221 (Toll free)
Singapore 8001012045 (Toll free)
Hong Kong 800964448 (Toll free)
USA 18667462133 (Toll free)
UK 08081011573 (Toll free)
Universal Dial In +91 22 6280 1518
+91 22 7115 8879
Replay Numbers Dial In Number:
(03-08-26 to 10-08-26) India: +91 22 71945757
Replay Code: 75935#
PRESS RELEASE
About UPL Limited
UPL Limited (NSE: UPL, BSE: 512070, LSE GDR: UPLL) is a global provider of sustainable agricultural
products and solutions that cover the entire agrifood value chain. With annual revenue approximately
$6 bn, UPL is one of the largest agriculture companies worldwide, serving growers in more than 140
countries. UPL comprises of four pure-play platforms that include UPL Corporation Ltd (UPL Corp); UPL
S
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