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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
UPL
UPL (UPL) investor relations material
UPL Q1 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 26/27 earnings summary3 Aug, 2026
Executive summary
Achieved seventh consecutive quarter of revenue and EBITDA growth, with Q1 FY27 delivering the strongest Q1 net income in three years despite macroeconomic and geopolitical challenges.
Margin expansion continued, driven by improved business quality, favorable pricing actions, and disciplined execution across key geographies.
Maintained resilience and broad-based growth across all business platforms and geographies, overcoming weather, supply chain, and input cost headwinds; specialty chemicals and Advanta segments showed robust performance.
Consolidated revenue for Q1 FY27 was ₹10,181 crore, up 10.5% year-over-year but down 44.5% sequentially from Q4 FY26.
Net loss for the quarter was ₹73 crore, compared to a net profit of ₹1,294 crore in Q4 FY26 and a net loss of ₹176 crore in Q1 FY26.
Financial highlights
Q1 FY27 revenue rose 10% year-over-year to INR 10,181 crore, driven by 3% positive pricing and favorable exchange, offset by 3% volume decline.
EBITDA for Q1 FY27 was ₹1,500 crore, up 15% year-over-year, with margin improving 60 bps to 14.7%.
Contribution margin expanded to 45.2%, with contribution up 15% to INR 4,607 crore.
PATMI turned positive at INR 10 crore (from -INR 88 crore YoY), but reported net loss of ₹73 crore due to margin pressures and restructuring costs.
Net debt-to-EBITDA improved to 2.4x; net debt-to-equity stable at 0.6x; net debt increased to ₹23,649 crore due to seasonal working capital.
Outlook and guidance
Full-year FY27 guidance: revenue growth of 7%-11%, EBITDA growth of 10%-14%.
Expect strong Q2 led by volume recovery, new product launches, and continued operational excellence.
Strategic priorities include margin improvement, PATMI growth, deleveraging, and enhanced returns.
The company is undergoing major restructuring, including amalgamation and demerger of key business units, with regulatory approvals in progress.
Cautious outlook for agrochemicals due to ongoing geopolitical and weather uncertainties, but confident in resilient core and innovation.
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Latest events from UPL
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Next UPL earnings date
Q2 26/272 Nov, 2026
UPL
Next UPL earnings date
Q2 26/272 Nov, 2026
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Frequently asked questions
UPL Limited engages in the provision of sustainable agriculture products and solutions in India and internationally. It offers crop protection, seed protection, and nutrition products, as well as integrated agri-inputs and productivity solutions through genetically modified seeds. The company's Agriculture Solutions segment makes bio-stimulants and biopesticides; micronutrients; and seed treatment products, including seed treatment chemicals that inhibit germination of weed seeds. Its Performance Products segment provides customized specialty performance chemicals for use in various industries, such as personal care, agrochemical intermediates and fine chemical applications, food ingredients, industrial biocides, pharmaceutical intermediates, oilfield chemicals and specialty water treatment chemicals.