| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 18.3K | 49.4% | 17.7% |
| Total Income | 18.5K | 49.8% | 18.1% |
| Expenditure | 16.5K | 43.1% | 18.1% |
| PBT | 2.0K | 161.8% | 40.2% |
| Net Profit | 1.3K | 164.1% | 19.9% |
| OPM | 19.32% | 0.89pp | 0.60pp |
| NPM | 6.99% | 3.03pp | 0.11pp |
| EPS | 12.57 | 168.0% | 10.1% |
UPL FY26: PBT ~4x, Operational PATMI >2.5x YoY; Beats Guidance
11 May 2026 · 11 May, 1:31 pm
Summary
UPL Limited delivered a strong performance in Q4FY26 and recorded a banner year for FY26, successfully outperforming its guidance across key metrics. Q4FY26 revenue rose 18% year-over-year to ₹18,335 crore, while full-year FY26 revenue increased 11% to ₹51,839 crore. The company saw robust profit growth, with FY26 PBT approximately four times and Operational PATMI more than 2.5 times the previous year, driven by margin expansion and higher capacity utilization. Management highlighted a record year of high-quality performance, successful deleveraging of the balance sheet, and a strategic focus on accelerating profitable growth and strengthening the financial foundation despite macroeconomic headwinds.
Key Highlights
- 1
UPL Limited reported a Q4FY26 revenue of ₹18,335 crore, marking an 18% increase year-over-year.
- 2
For the full financial year FY26, the company achieved a revenue of ₹51,839 crore, growing by 11% year-over-year.
- 3
EBITDA for Q4FY26 stood at ₹3,646 crore, up 13% year-over-year, with a margin of 19.9%.
- 4
Full-year FY26 EBITDA reached ₹9,588 crore, an 18% increase year-over-year, achieving an 18.5% margin.
- 5
Profit Before Tax (PBT) for FY26 approximately quadrupled compared to the previous year, and Operational PATMI grew by more than 2.5 times.
- 6
The company significantly deleveraged its balance sheet, with gross debt lowered by $850 million and net debt reduced by $405 million compared to March 2025.
- 7
Net Debt/EBITDA improved to 1.6x for FY26, down from 2.1x in March 2025, outperforming guidance.
Management Comments
Jai Shroff
We are incredibly proud to report a record year of high-quality performance, successfully outperforming our guidance across metrics. Despite unprecedented macroeconomic headwinds testing global agricultural sector, our resilient market leadership has proven to be our greatest strength. Rising global food demand makes seeds, crop protection, and bio-solutions essential. By leveraging our integrated manufacturing and innovation, we are capturing sustained growth in the agricultural ecosystem and using global stage to champion farmer resilience and sustainability. Looking ahead, our strategic focus is absolute: Accelerating Profitable Growth. With a future-fit organization and scaled-up sustainable business streams, we are well poised to capture market opportunities and create long-term value.
Bikash Prasad
FY26 has been a year of driving profitable growth, while significantly strengthening the financial foundation. I am pleased to share that we have outperformed our guidance on all three parameters, revenue, EBITDA and gearing - despite external geopolitical headwinds, including US tariffs, continued farm stress, and low commodity prices. Our relentless focus on improving the trajectory of profitable growth is visible in our PBT, which is four times versus previous year and Return on Equity which is about two times versus last year, driven by operational excellence, risk management and financial discipline. This was also a year of efficient capital management. We repaid $500 Mn of debt in March, while de-leveraging the balance sheet as well as proactively re-financing for next short-term obligation due in September to enhance liquidity profile, positioning UPL for sustained financial health.
Mike Frank
Our international crop protection business delivered a strong growth across key regions and segments in FY26. Driven by exceptional operational excellence, superior product value delivery, and a strong internal culture, we closed the year with a remarkably strong Q4 against a high base last year, while successfully navigating the stress from the ongoing Middle Eastern crisis. I am also pleased to share that despite a challenging macro market, we have delivered six consecutive quarters of EBITDA growth, with continued focus on expanding our market share.
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