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**Business Performance:**
UPL delivered strong Q2 & H1 FY26 results. Q2 revenue rose 8% to ₹12,019 Cr; PATMI swung positive to ₹553 Cr (from prior loss). H1 revenue grew 5% to ₹21,235 Cr; PATMI also positive at ₹465 Cr. Growth driven by UPL Corp's Americas volumes (herbicides, fungicides, Argentina) and Advanta's increased field corn/sunflower volumes in India/LatAm.
**Growth Drivers & Strategy:**
Drivers: improved product mix, lower input costs, higher capacity utilization. UPL focused on balance sheet strengthening, integrating DECCO post-harvest business with Advanta.
**Recent Developments:**
Secured $200 million from rights issue final call. Global ratings agencies upgraded outlook to 'stable' from 'negative,' citing strong post-FY24 recovery.
**Key Financial Metrics:**
Q2 EBITDA surged 40% to ₹2,205 Cr (18.3% margin, +410 bps). Net debt reduced over $600 million, improving Net Debt/EBITDA to 2.7x (from 5.4x). Net Working Capital days improved by 5.
**Management Outlook:**
Management upgraded FY26 EBITDA growth guidance from 10-14% to 12-16% (revenue growth maintained at 4-8%). Expect continued margin accretion, volume growth in crop protection, robust Advanta growth, and SUPERFORM margin expansion.