UPL (UPL) Q4 25/26 & CMD 2026 earnings summary

Executive summary

• Delivered record financial performance in FY26, with strong revenue, EBITDA, and net income growth across all platforms, despite global volatility and sector headwinds.

• Strategic focus on operational excellence, capital allocation, deleveraging, and innovation drove margin expansion and improved earnings quality.

• Demonstrated leadership in sustainability, innovation, and global forums, with a focus on resilient farmer value chains and ESG excellence.

• The Board recommended a 300% dividend (₹6 per share), subject to shareholder approval.

• Statutory auditors issued an unmodified opinion on both consolidated and standalone results.

Financial highlights

• FY26 revenue grew 11% year-over-year to ₹51,839 crore, exceeding guidance and driven by volume growth.

• EBITDA increased 18% to ₹9,588 crore, with margin expansion to 19.9% (22% adjusted for provisions).

• Net profit attributable to owners for FY26 was ₹3,573 crore, a significant increase from ₹862 crore in FY25.

• Net debt reduced by $400 million to $1,616 million; net debt to EBITDA improved to below 1.6x.

• Free cash flow to equity holders at ₹3,226 crore for the year; FCFE improved by over ₹3,000 crore year-over-year.

Outlook and guidance

• Q1 FY27 revenue growth guided at 10%-14%, EBITDA growth at 14%-18%, reflecting cautious optimism amid ongoing macro uncertainties.

• Focus remains on portfolio rationalization, plant utilization, and further deleveraging, targeting net debt/EBITDA of 1.2-1.5x medium term.

• CapEx for FY27 expected at $300-$350 million, prioritizing specialty chemicals and backward integration.

• The company is undergoing a major restructuring, including a composite scheme of arrangement involving mergers and demergers, pending regulatory approvals.

• Effective tax rate guidance for FY27 is 20%-22%.