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UPL Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Q2 FY26 delivered robust 8% revenue growth year-over-year, with strong volume gains, operational discipline, and broad-based EBITDA growth across all platforms.
PAT turned positive at ₹612 crore from a loss of ₹585 crore last year, supported by higher contribution margins, lower finance costs, and significant PATMI improvement of ~₹1,000 crore.
Corporate realignment included integrating Decco (post-harvest) with Advanta (seeds), and closure of the Bassen facility, expected to drive synergies and operational optimization.
Major restructuring, successful rights issue, and ratings outlook upgrade to 'stable' by S&P, Fitch, and Moody's highlighted the quarter.
Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, were approved by the Board and reviewed by the Audit Committee, with an unmodified review report from statutory auditors.
Financial highlights
Q2 FY26 revenue: ₹12,019 crore, up 8% year-over-year, led by 7% volume growth and 3% favorable FX impact; H1 FY26 revenue was ₹21,235 crore (+5% YoY).
Q2 FY26 EBITDA grew 40% YoY to ₹2,205 crore, with margin expansion to 18.3% (+410 bps); H1 FY26 EBITDA was ₹3,508 crore (+29% YoY).
Q2 FY26 PAT was ₹612 crore, up from a loss of ₹585 crore last year; operational PAT (adjusted) at ₹411 crore.
Net debt as of September 2025: ₹23,802 crore ($2.7B), down over ₹3,700 crore year-over-year; net debt to EBITDA improved to 2.7x from 5.4x.
Basic and diluted EPS for Q2 FY26 stood at ₹6.75, compared to -₹5.68 in Q2 FY25.
Outlook and guidance
Upgraded FY26 guidance: revenue growth of 4–8% and EBITDA growth of 12–16% year-over-year.
H2 growth expected to be volume-driven, with prices largely flat; working capital and leverage to further improve.
Confident in meeting debt obligations and maintaining net debt to EBITDA between 1.6–1.8x by year-end.
Positive outlook for crop protection, Advanta, and SUPERFORM platforms, with margin expansion and volume growth expected.
Major restructuring and integration of Decco into Seeds segment aim for operational optimization and strategic alignment.
U.S. tariffs: H2 impact & mitigation
SUPERFORM non-agchem growth drivers & targets
Future debt repayment strategy beyond March 2026
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Q3 25/2630 Jan, 2026
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Frequently asked questions
UPL Limited engages in the provision of sustainable agriculture products and solutions in India and internationally. It offers crop protection, seed protection, and nutrition products, as well as integrated agri-inputs and productivity solutions through genetically modified seeds. The company's Agriculture Solutions segment makes bio-stimulants and biopesticides; micronutrients; and seed treatment products, including seed treatment chemicals that inhibit germination of weed seeds. Its Performance Products segment provides customized specialty performance chemicals for use in various industries, such as personal care, agrochemical intermediates and fine chemical applications, food ingredients, industrial biocides, pharmaceutical intermediates, oilfield chemicals and specialty water treatment chemicals.
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