12 May 2026, Mumbai: UPL Limited reported a strong financial performance for the fourth quarter and full financial year FY26, delivering profitability while significantly reducing debt and strengthening its balance sheet. For FY26, UPL posted revenue of ₹51,839 crore, up 11 percent year-on-year, while EBITDA increased 18 percent to ₹9,588 crore. Contribution rose 17 percent to ₹21,338 crore, with contribution margin improving by 220 basis points to 41.2 percent. Profit Before Tax (PBT) increased nearly four times compared to the previous year, while Operational PATMI grew more than 2.5 times year-on-year.
The company also made substantial progress on deleveraging, reducing gross debt by $850 million year-on-year to $2.3 billion and lowering net debt to $1.6 billion. Net debt to EBITDA improved to 1.6x compared to 2.1x in March 2025.
UPL Limited: FY26 Financial Highlights
Particulars
FY26
YoY Growth
Revenue
₹51,839 crore
▲11%
Contribution
₹21,338 crore
▲17%
Contribution Margin
41.2%
▲220 bps
EBITDA
₹9,588 crore
▲18%
EBITDA Margin
18.5%
▲110 bps
Gross Debt
$2.3 billion
▼$850 million vs. Mar’25
Net Debt
$1.6 billion
▼$405 million vs. Mar’25
Net Debt / EBITDA
1.6x
Improved from 2.1x
Net Debt / Equity
0.4x
Improved from 0.5x
Net Working Capital
57 Days
▲4 Days vs. Mar’25
Strong Q4 Performance Driven by Volume Growth
During Q4FY26, UPL reported revenue of ₹18,335 crore, an 18 percent increase over the previous year. Contribution increased 19 percent to ₹7,069 crore, while EBITDA rose 13 percent to ₹3,646 crore. The company said growth was largely volume-driven and supported by favourable foreign exchange movements. Growth was led by platforms including UPL Corp, Advanta, and SUPERFORM, while North America and Europe emerged as the leading regional growth drivers.
UPL noted that higher capacity utilization and lower input costs helped improve contribution margins and support EBITDA growth across businesses.
UPL Limited: Q4FY26 Financial Highlights
Particulars
Q4FY26
YoY Growth
Revenue
₹18,335 crore
▲18%
Contribution
₹7,069 crore
▲19%
Contribution Margin
38.6%
▲50 bps
EBITDA
₹3,646 crore
▲13%
EBITDA Margin
19.9%
▼90 bps
Focus on Profitable Growth
Jai Shroff, Chairman & Group CEO, UPL Limited said, “We are incredibly proud to report a record year of high-quality performance, successfully outperforming our guidance across metrics. Despite unprecedented macroeconomic headwinds testing global agricultural sector, our resilient market leadership has proven to be our greatest strength.
Rising global food demand makes seeds, crop protection, and bio-solutions essential. By leveraging our integrated manufacturing and innovation, we are capturing sustained growth in the agricultural ecosystem and using global stage to champion farmer resilience and sustainability.”
Bikash Prasad, Group CFO, UPL Limited, added, “FY26 has been a year of driving profitable growth, while significantly strengthening the financial foundation. I am pleased to share that we have outperformed our guidance on all three parameters, revenue, EBITDA and gearing – despite external geopolitical headwinds, including US tariffs, continued farm stress, and low commodity prices.
This was also a year of efficient capital management. We repaid $500 Mn of debt in March, while de-leveraging the balance sheet as well as proactively re-financing for next short-term obligation due in September to enhance liquidity profile, positioning UPL for sustained financial health.”
Revenue Performance by Regions
In ₹ Crore
Q4FY25
Q4FY26
YoY%
FY25
FY26
YoY%
Latin America
5,082
6,126
21%
17,600
19,358
10%
North America
2,700
3,322
23%
6,065
7,182
18%
Europe
3,112
3,707
19%
7,189
8,167
14%
India
1,403
1,273
(9%)
5,951
6,343
7%
Rest of World
3,275
3,908
19%
9,832
10,789
10%
Total
15,573
18,335
18%
46,637
51,839
11%
Platform Businesses Deliver Broad-Based Growth
UPL Corporation reported FY26 revenue of ₹38,277 crore, up 11 percent year-on-year, while EBITDA rose 20 percent to ₹6,008 crore. The business achieved six consecutive quarters of EBITDA growth, supported by operational efficiencies, lower input costs, and growth across geographies.
Advanta emerged as one of the strongest performers during FY26, with revenue increasing 23 percent to ₹6,837 crore and EBITDA rising 30 percent to ₹1,725 crore. The company attributed growth to higher field corn volumes and consistent quarterly performance.
SUPERFORM recorded FY26 revenue of ₹10,298 crore, up 1 percent year-on-year, while EBITDA increased 10 percent to ₹1,258 crore. Growth in super specialty chemicals and contract manufacturing, especially in lubricants and cyanide derivatives, supported performance.
Meanwhile, UPL SAS reported flat FY26 revenue of ₹3,212 crore, though EBITDA increased 24 percent to ₹548 crore due to portfolio rationalization, new launches, and stronger margins from key brands.
Revenue Performance by Platforms
In ₹ Crore
Q4FY25
Q4FY26
YoY%
FY25
FY26
YoY%
UPL Corporation
12,068
14,531
20%
34,381
38,277
11%
UPL SAS
677
607
(10%)
3,229
3,212
flat
Advanta
1,789
2,198
23%
5,566
6,837
23%
SUPERFORM
2,065
2,273
10%
10,181
10,298
1%
Elimination/Others
(1,026)
(1,274)
n.m.
(6,720)
(6,785)
n.m.
Total
15,573
18,335
18%
46,637
51,839
11%
Mike Frank, Chief Executive Officer, UPL Corp commented, “Our international crop protection business delivered a strong growth across key regions and segments in FY26. Driven by exceptional operational excellence, superior product value delivery, and a strong internal culture, we closed the year with a remarkably strong Q4 against a high base last year, while successfully navigating the stress from the ongoing Middle Eastern crisis.”
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
