UPL (UPL) Q3 25/26 earnings summary

Executive summary

• Achieved record Q3 and nine-month FY26 results, with 12% 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%).

• Unaudited consolidated financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved, with auditors expressing an unmodified review conclusion.

• All regions posted year-over-year growth, with standout performances in Latin America, Europe, India, and Rest of World.

• Maintained top ESG rankings and received awards for governance, sustainability, and financial performance.

Financial highlights

• Q3FY26 revenue: ₹12,269 crore (+12% YoY); 9MFY26 revenue: ₹33,504 crore (+8% YoY).

• Q3FY26 EBITDA: ₹2,434 crore (+13% YoY); 9MFY26 EBITDA: ₹5,941 crore (+22% YoY).

• Q3 PBT: ₹671 crore (+90% YoY); Operational PATMI: ₹452 crore (+45% YoY, adjusted for exceptional items).

• Net working capital at 116 days (₹15,625 crore), up due to higher sales and inventory in anticipation of Q4 seasonality.

• Net debt at ₹23,317 crore ($2.594 billion), reduced by over ₹2,500 crore YoY; gearing ratios improved to 2.5x net debt/EBITDA and 0.6x net debt/equity.

Outlook and guidance

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

• Expect strong Q4 across all regions, with volume-led growth and new product launches supporting momentum.

• Crop protection expected to see margin accretion and volume growth; Advanta and SUPERFORM forecasted to deliver strong growth and margin expansion.

• Q4 to benefit from postponed North America sales and continued operational efficiency.