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UPL (UPL) investor relations material

UPL Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary2 Feb, 2026

Executive summary

  • Achieved record Q3 and nine-month results, with 12% YoY Q3 revenue growth and broad-based EBITDA growth, reflecting disciplined execution and resilient business strategy.

  • Operational PATMI rose 45% YoY in Q3, with significant improvement in PBT (+90%) and EBITDA (+13%).

  • Maintained strong operational momentum despite geopolitical, pricing, and trade headwinds in the crop production value chain.

  • Filed DRHP for Advanta seeds business IPO, marking a step toward potential restructuring and value unlocking.

  • Received top ESG ratings and governance awards, reinforcing sustainability and transparency focus.

Financial highlights

  • Q3 FY26 revenue reached ₹12,269 crore, up 12% YoY; nine-month revenue was ₹33,504 crore, up 8% YoY.

  • Q3 EBITDA grew 13% YoY to ₹2,434 crore; nine-month EBITDA up 22% to ₹5,941 crore.

  • Q3 PBT surged 90% YoY to ₹671 crore; operational PATMI rose 45% YoY to ₹452 crore, adjusted for exceptional items.

  • Net working capital at 116 days, up nine days YoY, reflecting higher inventory and receivables in anticipation of Q4 sales.

  • Net debt as of Dec 31, 2025, stood at ₹23,317 crore ($2.594 billion), down over ₹2,500 crore YoY, with improved gearing ratios.

Outlook and guidance

  • Confident in achieving full-year FY26 guidance of 4%-8% revenue growth and 12%-16% EBITDA growth.

  • Expect strong Q4 across all regions, with volume-led growth and continued operational focus.

  • New product launches expected to exceed $130 million in revenue for the year, supporting future growth.

  • Crop protection, Advanta, and SUPERFORM forecasted to deliver strong growth and margin expansion.

Advanta IPO: How does it unlock UPL value?
US tariffs: How to offset Q4 $30M+ impact?
Path to 1.6-1.8x Net Debt/EBITDA target?
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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.

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