UPL (UPL) Q3 25/26 earnings summary

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.