| Metric | Value (₹ Cr) | vs Q4 FY25 |
|---|---|---|
| Revenue | 9.2K | 40.8% |
| Total Income | 9.4K | 40.3% |
| Expenditure | 9.6K | 31.7% |
| PBT | -208.00 | 114.8% |
| Net Profit | -176.00 | 116.3% |
| OPM | 15.05% | 3.67pp |
| NPM | -1.88% | 8.76pp |
| EPS | 1.98 | 82.7% |
UPL Ltd Reports Double-Digit EBITDA Growth in Q1FY26, Driven by Contribution Margin and Improved Leverage
01 Aug 2025 · 1 Aug 2025, 02:34 pm
Summary
UPL Ltd has reported a robust Q1FY26 performance with double-digit EBITDA growth led by contribution margin and improved leverage. The company's revenue contribution stands at 29,216 Cr, 42% YoY, with a margin of 43.4%. The net debt is at 21,371 cr, reduced by 6,129 cr vs. LY. The company's networking capital is at 86 days, and the net debt/equity is at 0.6X.
Key Highlights
- 1
Revenue growth driven by improved pricing, supported by favorable fx
- 2
Strong, double-digit growth in UPL SAS (+13%) and Advanta (+20%)
- 3
SUPERFORM up by 9%, while UPL Corp declined by 3%
- 4
Robust growth in India (+21%) supported by North America and Europe (+8% each)
- 5
Contribution margin accretion (+390 bps) led by improved product mix, pricing, higher capacity utilization and lower input cost
- 6
Networking capital: 86 days (vs. 121 days LY) at 11,025 cr (Jun’25) vs. 14,328 cr in LY
- 7
Net debt at 21,371 cr in Jun’25, reduced by 6,129 cr vs. LY
- 8
Redemption of perpetual bonds of €3,409 cr ($400Mn) on its first call date in May’25
Management Comments
Jai Shroff
Chairman & Group CEO, UPL Ltd.
We are pleased to report a strong start to FY26, reflecting the strength of our portfolio. All the platforms have been able to improve margins and cash generation. The remarkable resilience demonstrated by all our platforms, reaffirms that UPL is on the path of sustainable value creation. In view of this, we continue to see the opportunities of creating value for our shareholders. While the business platforms continue to attract investments from leading global investors, we remain committed to unlocking value across all the platforms through restructuring, receiving strategic investments, potential liquidity events which also helps to accomplish deleveraging, and we will soon engage advisors to achieve the same.”
Bikash Prasad
Group CFO, UPL Ltd.
We are pleased to report a robust financial performance in Q1FY26, underpinned by improved operational efficiency, focus on bottom line and prudent financial management. Effective capital management, reduction in net debt and improved gearing ratios reflect our continued focus on balance sheet strength and long-term sustainable value creation. Our recent outlook upgrade by two global ratings agencies is an endorsement of our financial resilience, strategic clarity, and commitment to sustainable growth, reflecting our endeavour in enhancing long-term stakeholder confidence.”
Informational and educational content only. Not investment advice.