UPL Q2 Revenue at ₹11,860 Crore, EBITDA Up 5%
03 November 2026, Mumbai: UPL Limited reported a 5% year-on-year rise in EBITDA to ₹2,312 crore for the July to September 2026 quarter (Q2 FY27), as strong growth at its Advanta seeds business and SUPERFORM specialty chemicals unit offset a decline in global crop protection volumes. Consolidated revenue slipped 1% to ₹11,860 crore, the Mumbai-based agri-inputs group said in its quarterly results statement.
EBITDA margin widened by 120 basis points to 19.5%, marking the company’s eighth consecutive quarter of margin and EBITDA growth. Contribution, the revenue left after variable costs, rose 1% to ₹5,087 crore, with margin up 100 basis points to 42.9%. UPL credited operational discipline and lower selling, general and administrative (SG&A) expenses for absorbing higher input costs. Operational profit after tax and minority interest (PATMI), excluding exceptional items, stood at ₹422 crore, an increase of ₹11 crore over the same quarter last year.
UPL Q2 and H1 FY27 performance by business (₹ crore)
| Business | Q2 FY27 Revenue | YoY | Q2 FY27 EBITDA | YoY | H1 FY27 Revenue | YoY | H1 FY27 EBITDA | YoY |
|---|---|---|---|---|---|---|---|---|
| UPL Corporation (Global Crop Protection) | 7,972 | -8% | 1,083 | -14% | 14,345 | -2% | 1,615 | -2% |
| UPL SAS (India Crop Protection) | 921 | +1% | 214 | +3% | 2,061 | +1% | 553 | +20% |
| Advanta (Seeds and Post-harvest) | 1,875 | +12% | 510 | +19% | 3,629 | +18% | 868 | +21% |
| SUPERFORM (Specialty Chemicals) | 3,579 | +28% | 451 | +19% | 6,498 | +21% | 809 | +13% |
| Eliminations/Others | (2,487) | n.m. | n.a. | n.a. | (4,492) | n.m. | n.a. | n.a. |
| UPL Limited (consolidated) | 11,860 | -1% | 2,312 | +5% | 22,041 | +4% | 3,812 | +9% |
For the first half of the fiscal year (April to September 2026), revenue grew 4% to ₹22,041 crore, led by Advanta (up 18%) and SUPERFORM (up 21%). Half-year EBITDA increased 9% to ₹3,812 crore, while operational PATMI rose 33% to ₹441 crore.
Regionally, North America and the Rest of the World each grew 19% in the quarter, to ₹1,079 crore and ₹2,849 crore respectively. Latin America, UPL’s largest market, fell 8% to ₹5,214 crore, Europe dropped 12% to ₹1,209 crore and India declined 9% to ₹1,509 crore. India revenue was still up 5% for the half year, at ₹4,112 crore.
Weather weighs on crop protection
UPL Corporation, the group’s global crop protection platform, saw quarterly revenue fall 8% to ₹7,972 crore, mainly on lower volumes. The company pointed to unfavourable weather and the timing of sales in Brazil and other Latin American markets, along with severe drought-like conditions in Europe. New product launches in its differentiated and sustainable portfolio drove volume growth in North America, while South Africa and the Asia-Pacific region lifted Rest of World sales. Higher manufacturing input costs cut the unit’s contribution margin by 120 basis points to 33.9%, and EBITDA fell 14% to ₹1,083 crore.
UPL SAS, the India-focused crop protection business, grew revenue 1% to ₹921 crore. Better pricing and strong growth in its large-scale brands outweighed the impact of prolonged dry spells and weaker crop protection demand. The unit raised prices ahead of the market, lifting contribution margin by 60 basis points to 35.6% and EBITDA by 3% to ₹214 crore. First-half EBITDA at UPL SAS was up 20% at ₹553 crore.
Advanta posted a 12% revenue increase to ₹1,875 crore, supported by pricing and favourable currency movements, with EBITDA up 19% to ₹510 crore at a 27.2% margin. Corn sales in Argentina, other Latin American countries and Indonesia led the growth, along with sunflower and grain sorghum in Argentina. Seed sales in India and Thailand were hurt by El Niño and delayed monsoon rains. Advanta’s post-harvest business also grew strongly, led by the US, Latin America and South Africa.
SUPERFORM, UPL’s specialty chemicals and contract manufacturing arm, grew revenue 28% to ₹3,579 crore through cost pass-through and a 50% jump in super specialty chemicals volumes, driven by contract manufacturing of lubricants. The super specialty share of the unit’s revenue rose to 29% from 25%, and EBIT climbed 39% to ₹323 crore.
Jai Shroff, Chairman and Group CEO, said the quarter reflected the strength of the group’s diversified model, noting that crop protection businesses had to manage phased demand and difficult weather. He added that rising commodity prices could improve farm economics. Group CFO Bikash Prasad said UPL’s capital priorities remain unchanged, focusing on converting earnings into cash, reducing debt and improving returns.
Debt, ratings and an Egypt seed deal
Net debt stood at ₹28,684 crore ($2.99 billion) at the end of September, up $312 million from a year earlier because of higher working capital, planned capital spending and investments. Net debt to EBITDA rose to 2.9 times from 2.7 times. Net working capital stretched to 145 days from 118 days, mainly on higher inventory, and the company said it will focus on inventory conversion and cash generation in the second half.
UPL prepaid a $500 million term loan due in December 2026, supported by $400 million of refinancing extending to FY32. S&P Global Ratings revised the outlook on UPL Corp to positive from stable in August while affirming its ‘BB’ rating, and CRISIL moved UPL Ltd’s outlook to stable from negative in September, reaffirming its AA+/A1+ ratings.
Separately, Advanta has agreed to acquire 99.98% of Misr Hytech Seed International in Egypt for about $110 million. The deal is expected to close on or before January 31, 2027, subject to regulatory approvals.
Also Read: India Says Finalized US Trade Deal Will Shield Its Farmers
Global Agriculture is an independent international media platform covering agri-business, policy, technology, and sustainability. For editorial collaborations, thought leadership, and strategic communications, write to pr@global-agriculture.com
