UPL (UPL) Q4 & Investor Day 24/25 earnings summary

Executive summary

• Achieved strong FY25 performance with 8% revenue growth and 47% EBITDA growth, reaching the upper end of guidance and surpassing cash flow and debt reduction targets.

• All business platforms—global crop protection, India crop protection, seeds (Advanta), and specialty chemicals (Superform)—delivered growth, with volume-led recovery and improved product mix.

• Net debt reduced by over $1 billion, supported by robust operational free cash flow and tighter working capital controls.

• Innovation and sustainability remain core, with 38% of products now differentiated and sustainable, and a robust R&D pipeline supporting future growth.

• Board approved audited results for FY25 with an unmodified audit opinion and recommended a 300% (₹6 per share) dividend, subject to AGM approval.

Financial highlights

• FY25 consolidated revenue: ₹46,637 crore (INR 466.4 billion), up 8% year-over-year; Q4 revenue: ₹15,573 crore (INR 155.7 billion), up 11%.

• EBITDA: INR 81.2 billion for the year, up 47%; Q4 EBITDA: INR 32.4 billion, up 68%; EBITDA margin improved to 17.4% for FY25.

• Net profit for FY25: ₹829 crore, compared to a net loss of ₹2,087 crore in FY24; basic EPS: ₹11.42.

• Free cash flow exceeded $530 million; net working capital reduced by INR 33.7 billion to 53 days.

• Net debt at $1.6 billion (INR 138.6 billion), net debt/EBITDA at 1.7x, down from 4x last year.

Outlook and guidance

• FY26 guidance: revenue growth of 4%-8%, EBITDA growth of 10%-14%.

• Q1 and Q2 expected to be subdued due to geopolitical volatility, but full-year guidance maintained.

• Focus on volume-driven growth, innovation, margin expansion, and >$130 million in new product launches.