03 August 2026, Mumbai: UPL Limited reported a strong start to FY27, posting its seventh consecutive quarter of year-on-year revenue and EBITDA growth despite continued macroeconomic uncertainty. The company reported higher profitability, improved contribution margins, stable net debt and reaffirmed its full-year guidance.
For the quarter ended June 30, 2026 (Q1 FY27), UPL’s consolidated revenue increased 10% year-on-year to ₹10,181 crore, while contribution rose 15% to ₹4,607 crore, lifting the contribution margin by 180 basis points to 45.2%. EBITDA also increased 15% year-on-year to ₹1,500 crore, with the EBITDA margin improving 60 basis points to 14.7%.
The company said this marked its strongest first-quarter Profit After Tax Attributable to Owners of the Parent (PATMI) in the past three years, although it did not disclose the PATMI figure in the release.
Pricing, India and Americas drive growth
UPL attributed the quarterly performance to broad-based growth across platforms and geographies. Overall pricing increased about 3% year-on-year, supported by favourable foreign exchange movements.
Platform-wise, UPL Corporation recorded 7% revenue growth, Advanta grew 26%, while SUPERFORM reported 14% growth. Growth was led by India and the Americas, with additional support from other international markets.
Revenue by Region
Region
Q1 FY26 (₹ crore)
Q1 FY27 (₹ crore)
YoY Growth
India
2,262
2,602
15%
Latin America
2,401
2,603
8%
North America
1,337
1,582
18%
Europe
1,535
1,598
4%
Rest of World
1,680
1,797
7%
Total
9,216
10,181
10%
Revenue by Business Platform
Platform
Q1 FY26 (₹ crore)
Q1 FY27 (₹ crore)
YoY Growth
UPL Corporation
5,957
6,374
7%
UPL SAS
1,136
1,140
Flat (positive)
Advanta
1,396
1,754
26%
SUPERFORM
2,558
2,919
14%
Elimination/Others
(1,831)
(2,006)
–
Total
9,216
10,181
10%
Margins strengthen despite higher working capital
UPL said higher pricing, improved manufacturing utilisation and a favourable product mix contributed to margin expansion during the quarter.
Profit before tax improved by ₹80 crore compared with the same period last year.
The company maintained net debt at US$2.5 billion, while gross debt declined to US$3.0 billion from US$3.1 billion at the end of June 2025. Net debt-to-EBITDA improved to 2.4x from 2.6x, while net debt-to-equity remained at 0.6x.
Net working capital increased to 110 days, which UPL attributed to a strategic inventory build-up and foreign exchange translation impacts.
Platform-wise Financial Performance (Q1 FY27)
Business Platform
Revenue (₹ crore)
Revenue Growth
EBITDA (₹ crore)
EBITDA Growth
EBITDA Margin
UPL Corporation
6,374
7%
532
38%
8.4%
UPL SAS
1,140
Flat (positive)
340
34%
29.8%
Advanta
1,754
26%
359
24%
20.4%
SUPERFORM
2,919
14%
358
7%
12.3%
Advanta delivers strongest platform growth
Advanta remained the fastest-growing platform during the quarter, reporting:
Revenue of ₹1,754 crore, up 26%
Contribution of ₹971 crore, up 24%
EBITDA of ₹359 crore, up 24%
Growth was driven primarily by higher volumes and pricing in field corn and sunflower seeds.
UPL Corporation, the company’s international crop protection business, reported:
Revenue of ₹6,374 crore, up 7%
EBITDA of ₹532 crore, up 38%
The business benefited from strong performances in North America and Latin America, with margin expansion driven by pricing initiatives.
UPL Sustainable Agri Solutions (UPL SAS) reported revenue of ₹1,140 crore, with significant improvements in profitability supported by favourable product mix and pricing.
SUPERFORM generated revenue of ₹2,919 crore, up 14%, led by 51% growth in specialty chemicals, driven by both higher volumes and pricing.
Company reaffirms FY27 outlook
UPL reaffirmed its guidance for FY27, expecting:
Revenue growth of 7–11%
EBITDA growth of 10–14%
During the quarter, the company also announced that CARE Edge Ratings upgraded UPL’s long-term credit rating to CARE AA+ with a Stable outlook, reflecting an improved credit profile.
Commenting on the results, Chairman and Group CEO Jai Shroff said the company continues to benefit from structural demand for seeds, crop protection and biological solutions, while focusing on profitable growth and unlocking value across its business platforms.
Group CFO Bikash Prasad said disciplined execution, improving margins and a stronger balance sheet position the company for another year of profitable growth despite seasonal working capital requirements.
According to the company, strategic priorities remain centred on creating a focused global crop protection platform while unlocking value in its seeds and post-harvest businesses through shared manufacturing, research and innovation capabilities.
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