UPL (UPL) Q2 2026 earnings summary

Executive summary

• Q2 FY26 delivered robust 8% revenue growth year-over-year, with strong volume gains, operational discipline, and broad-based EBITDA growth across all platforms.

• PAT turned positive at ₹612 crore from a loss of ₹585 crore last year, supported by higher contribution margins, lower finance costs, and significant PATMI improvement of ~₹1,000 crore.

• Corporate realignment included integrating Decco (post-harvest) with Advanta (seeds), and closure of the Bassen facility, expected to drive synergies and operational optimization.

• Major restructuring, successful rights issue, and ratings outlook upgrade to 'stable' by S&P, Fitch, and Moody's highlighted the quarter.

• Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, were approved by the Board and reviewed by the Audit Committee, with an unmodified review report from statutory auditors.

Financial highlights

• Q2 FY26 revenue: ₹12,019 crore, up 8% year-over-year, led by 7% volume growth and 3% favorable FX impact; H1 FY26 revenue was ₹21,235 crore (+5% YoY).

• Q2 FY26 EBITDA grew 40% YoY to ₹2,205 crore, with margin expansion to 18.3% (+410 bps); H1 FY26 EBITDA was ₹3,508 crore (+29% YoY).

• Q2 FY26 PAT was ₹612 crore, up from a loss of ₹585 crore last year; operational PAT (adjusted) at ₹411 crore.

• Net debt as of September 2025: ₹23,802 crore ($2.7B), down over ₹3,700 crore year-over-year; net debt to EBITDA improved to 2.7x from 5.4x.

• Basic and diluted EPS for Q2 FY26 stood at ₹6.75, compared to -₹5.68 in Q2 FY25.

Outlook and guidance

• Upgraded FY26 guidance: revenue growth of 4–8% and EBITDA growth of 12–16% year-over-year.

• H2 growth expected to be volume-driven, with prices largely flat; working capital and leverage to further improve.

• Confident in meeting debt obligations and maintaining net debt to EBITDA between 1.6–1.8x by year-end.

• Positive outlook for crop protection, Advanta, and SUPERFORM platforms, with margin expansion and volume growth expected.

• Major restructuring and integration of Decco into Seeds segment aim for operational optimization and strategic alignment.