| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 12.0K | 30.4% | 8.4% |
| Total Income | 12.3K | 31.1% | 9.5% |
| Expenditure | 11.6K | 21.1% | 0.6% |
| PBT | 838.00 | 502.9% | 368.6% |
| Net Profit | 612.00 | 447.7% | 204.6% |
| OPM | 17.83% | 2.78pp | 37.58pp |
| NPM | 4.99% | 6.87pp | 9.01pp |
| EPS | 6.75 | 240.9% | 214.4% |
UPL Ltd Reports Q2 and H1FY26 Financial Results: ~1,000 cr PATMI Improvement, Driven by Broad-based Growth and Financial Discipline
06 Nov 2025 · 6 Nov 2025, 02:10 pm
Summary
UPL Ltd has reported a significant improvement in its Profit After Tax and Minority Interest (PATMI) for Q2 and H1FY26. The improvement is attributed to broad-based growth, higher volume, favorable Fx, improved mix, higher capacity utilization, lower input cost, and successful integration of post-harvest business (DECCO) with Advanta. The company has also reported a reduction in net debt and improved net debt/equity ratio.
Key Highlights
- 1
Revenue growth driven by higher volume and supported by favorable Fx
- 2
Contribution margin led by improved mix, higher capacity utilization and lower input cost
- 3
Net Debt reduced by ~€3,729 cr ($605 Mn) vs. LY
- 4
Rating upgraded from “negative” to “stable” by all three global agencies (S&P, Fitch, Moody's)
- 5
Revenue up 5% vs. LY, driven by stronger Q2 vs. the previous quarter
- 6
PATMI up by ~21,300 cr vs. LY; Operational PATMI improved by ~%1,100 cr, vs. LY
Management Comments
Jai Shroff
We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Our deep relationships in key markets and diversified customer base continue to drive sustainable growth. UPL’s backwara-integrated manufacturing and innovation-led R&D pipeline are strengthening quality and resilience across the business. We remain focused on unlocking value through our strategically built platforms and are actively evaluating opportunities, including restructuring, strategic fund-raising, and potential liquidity events. With disciplined execution and robust new product pipeline, we are optimistic for FY26 and confident in our outlook.”
Bikash Prasad
Q2 has been a standout quarter, underscoring our operational excellence and financial discipline across platforms. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs through effective capital management, and improved our gearing, resulting in a strong PATMI, positively reflecting on our commitment to long-term value creation. Our Q2 results are a testimony to our relentless efforts on improving the quality of earnings, and efficient risk management. With a strong H1 behind us and a favourable outlook for H2, we are pleased to upgrade our FY26 EBITDA guidance to 12-16% growth over last year, reaffirming our focus on sustained growth for our shareholders.”
Mike Frank
We delivered a strong quarter giving us positive momentum as we enter the larger second half of our year. Our performance was driven by both North America and Latin American regions. Product wise, we saw good growth in our herbicide and fungicide portfolios. Iam also pleased to share that our contribution and EBITDA margins expanded significantly through our continued focus on improving efficiencies, cost optimisation and innovation.
Informational and educational content only. Not investment advice.