UPL Limited Reports Strong Q2 Performance, Advanta and UPL Corp Drive Growth

07 November 2025, New Delhi: UPL Limited , a global provider of sustainable agricultural solutions, has announced its financial results for the second quarter, showing significant improvement across key metrics.

Q2 Highlights

• Revenue growth driven by higher volume and supported by favorable Fx
  • Platforms: strong performance in UPL Corp (+12%) and Advanta (+26%), driven by volumes; SUPERFORM steady vs. LY, while UPL SAS declined by 10% due to unfavorable weather
  • Regions: led by North America (+63%), and supported by Latin America (+13%)
• Contribution margin (+420 bps vs. LY) led by improved mix, higher capacity utilization and lower input cost, driving EBITDA margin (+410 bps); EBITDA growth and accretion across all platforms
• Profit after Tax and Minority Interest (PATMI) at ₹553 cr, up by ~₹1,000 cr vs. LY; Operational PATMI improved by ~₹845 cr, up from (₹434 cr) in LY to ₹411 cr
• Net working capital: 118 days (vs. 123 days LY) at ₹15,463 cr (Sep‘25)
• Net debt at ₹23,802 cr ($2,681 Mn) in Sep‘25, reduced by ₹3,729 cr ($605 Mn) vs. LY (adjusted for perpetual bonds, lower by ~₹7,100 cr / ~$1.0 Bn); significant de-gearing vs. LY
• Successful integration of post-harvest business (DECCO) with Advanta
• $200 Mn (₹1,685 cr) balance from final call on Rights Issue received in Sep’25
• Rating upgraded from ″negative″ to ″stable″ by all three global agencies (S&P, Fitch, Moody’s)

H1 Highlights

• Revenue up 5% vs. LY, driven by stronger Q2 vs. the previous quarter
  • Strong North America performance (+25% vs. LY), supported by India (+14% vs. LY)
• Contribution growth led by broad-based performance across all platforms; better mix, higher capacity utilization and lower input cost drove EBITDA margin improvement
• PATMI up by ~₹1,300 cr vs. LY; Operational PATMI improved by ~₹1,100 cr, vs. LY

Management Remarks on Q2 Performance

Jai Shroff, Chairman & Group CEO, UPL Limited said, “We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Our deep relationships in key markets and diversified customer base continue to drive sustainable growth.

UPL’s backward-integrated manufacturing and innovation-led R&D pipeline are strengthening quality and resilience across the business. We remain focused on unlocking value through our strategically built platforms and are actively evaluating opportunities, including restructuring, strategic fund-raising, and potential liquidity events.

With disciplined execution and robust new product pipeline, we are optimistic for FY26 and confident in our outlook.″

Bikash Prasad, Group CFO, UPL Limited, added, “Q2 has been a standout quarter, underscoring our operational excellence and financial discipline across platforms. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs through effective capital management, and improved our gearing, resulting in a strong PATMI, positively reflecting on our commitment to long-term value creation. Our Q2 results are a testimony to our relentless efforts on improving the quality of earnings, and efficient risk management.

With a strong H1 behind us and a favourable outlook for H2, we are pleased to upgrade our FY26 EBITDA guidance to 12–16% growth over last year, reaffirming our focus on sustained growth for our shareholders.″

UPL Corporation Ltd.

Key Highlights

• Revenue growth of 12%, primarily driven by higher volume (+10%)
  • Strong volume led growth in Americas; North America driven by herbicides, Latin America through Brazil (mancozeb) and Argentina (herbicides)
  • H1 led by North America, and strong Q2 in most regions
• Contribution margin led by lower input cost and higher capacity utilization, driving overall EBITDA performance; improvement in EBITDA % in Q2 over Q1

Mike Frank, Chief Executive Officer, UPL Corp commented, ″We delivered a strong quarter, giving us positive momentum as we enter the larger second half of our year. Our performance was driven by both North America and Latin American regions. Product wise, we saw good growth in our herbicide and fungicide portfolios.

I am also pleased to share that our contribution and EBITDA margins expanded significantly through our continued focus on improving efficiencies, cost optimisation and innovation. With positive outlook for rest of the year, we remain confident and committed to delivering long-term value for all our stakeholders.″

UPL SAS

Key Highlights

• Revenue declined by 10% in Q2 due to unfavorable weather conditions
  • H1 remains positive, despite Q2 offsetting Q1 gains
• Contribution margin in Q2 led by improved mix, driving robust EBITDA margins
  • H1 continues to remain strong

Advanta

Key Highlights

• Seeds revenue growth led by volume (+14%), and supported by pricing (+10%)
  • Growth driven by corn (India, Latin America and Indonesia), and sunflower (Argentina)
• Robust Q2 and H1 growth in the post-harvest Decco business
• Revenue led contribution growth; margin expansion from improved mix
• Strong Q2 led improvement in H1

Bhupen Dubey, Chief Executive Officer, Advanta said, ″I am proud to share that Advanta continues to deliver marketleading strong, consistent results quarter after quarter. We are amongst the fastest-growing seeds companies globally and now rank in the top 10 players worldwide by scale. Additionally, our robust margins reflect our unwavering focus on the quality of our business and the strength of our technology.″

SUPERFORM

Key Highlights

• Steady Q2 revenue; super-specialty chemicals up by 18%, led by volume growth
  • Non-agchem revenue share ~25% vs. ~20% last year
• Contribution margin improvement driven by mix and favorable input cost, driving EBITDA growth

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