UPL Limited — PPTs, 02-02-2026: Investor Presentation

UPL delivered a strong Q3, with revenue growing 12% to ₹12,269 Cr. Nine-month revenue increased 8% to ₹33,504 Cr. Operational profit (PATMI) notably rose 45% in Q3 to ₹452 Cr, underpinned by a 13% jump in EBITDA to ₹2,434 Cr. Growth was broad-based across crop protection, seeds (Advanta), and specialty chemicals (SUPERFORM).

Performance was fueled by robust volume growth in Advanta seeds and crop protection. Improved product mix, lower input costs, and higher capacity utilization significantly boosted contribution margins. A continued focus on financial discipline resulted in lower net debt and improved gearing ratios.

Advanta's revenue surged 22%, driven by strong demand for field corn in India, LATAM, SE Asia, and grain sorghum in Brazil. SUPERFORM's specialty chemicals division saw a 42% increase, boosted by contract manufacturing. UPL SAS (India Crop Protection) achieved a strong EBITDA turnaround due to an improved product mix.

Consolidated Q3 EBITDA margin held at 19.8%, while the 9-month margin improved 200 bps to 17.7%. Net debt reduced by over ₹2,500 Cr year-over-year to ₹23,317 Cr, leading to an improved Net Debt/EBITDA ratio of 2.5x (from 3.8x last year).

Management is confident in maintaining its FY26 guidance: 4-8% revenue growth and 12-16% EBITDA growth. They anticipate continued strong performance from Advanta and ongoing margin expansion from SUPERFORM, building on Q3's momentum.