UPL Q3FY26: Revenue Up 12%, EBITDA Up 13% as Seeds and Crop Protection Drive Growth

03 February 2026, Mumbai: UPL Limited announced its financial results for the third quarter and nine months ended FY26, reporting growth in revenue, EBITDA, and profitability, along with continued reduction in net debt.

Revenue Performance by Regions 

In ₹ Cr	Q3FY25	Q3FY26	YoY%	9MFY25	9MFY26	YoY%
Latin America	4,815	5,137	7%	12,517	13,232	6%
North America	1,571	1,617	3%	3,365	3,861	15%
Europe	1,285	1,554	21%	4,078	4,461	9%
India	1,105	1,148	4%	4,548	5,070	11%
Rest of World	2,131	2,814	32%	6,557	6,881	5%
Total	10,907	12,269	12%	31,064	33,504	8%

*Financial figures are in ₹ crore

Q3FY26 performance

In Q3FY26, UPL recorded revenue of ₹12,269 crore, an increase of 12% year-on-year (YoY). EBITDA stood at ₹2,434 crore, up 13% YoY, with an EBITDA margin of 19.8%, largely flat compared to last year. Contribution increased 17% YoY to ₹5,227 crore, with margins improving by 160 basis points to 42.6%.

Profit Before Tax (PBT) increased to ₹671 crore, compared to ₹354 crore in Q3FY25. Operational PATMI rose by 45% YoY, adjusted for a tax provision reversal in the previous year.

Net working capital stood at 116 days, compared to 107 days last year. Net debt as of December 2025 was ₹23,317 crore ($2,594 million), reduced by ₹2,553 crore YoY, resulting in a net debt-to-EBITDA ratio of 2.5x, compared to 3.8x in December 2024.

9MFY26 performance

For the nine-month period, UPL reported revenue of ₹33,504 crore, up 8% YoY. EBITDA increased 22% YoY to ₹5,941 crore, with margins improving by 200 basis points to 17.7%. Contribution for the period rose 17% YoY to ₹14,268 crore, with margins expanding by 320 basis points to 42.6%.

Platform-wise and regional performance

During Q3FY26, revenue growth was supported by higher volumes across platforms. Advanta recorded 22% YoY growth, driven by volumes and pricing in seeds. The crop protection business reported 8% YoY growth, while specialty and super-specialty chemicals increased 42% YoY.

Region-wise, Q3FY26 revenue growth was led by Europe (21%) and Rest of the World (32%), with growth also reported in India and the Americas. Over 9MFY26, revenue increased across all regions.

Revenue Performance by Platforms

In ₹ Cr	Q3FY25	Q3FY26	YoY%	9MFY25	9MFY26	YoY%
UPL Corporation	8,497	9,163	8%	22,313	23,746	6%
UPL SAS	535	558	4%	2,552	2,605	2%
Advanta	1,287	1,574	22%	3,776	4,639	23%
SUPERFORM	2,983	2,668	(11%)	8,115	8,025	(1%)
Elimination/ Others	(2,395)	(1,694)	n.m.	(5,692)	(5,511)	n.m.
Total	10,907	12,269	12%	31,064	33,504	8%

*Financial figures are in ₹ crore

Subsidiaries

• UPL Corporation Ltd. reported 8% YoY revenue growth in Q3FY26 and 25% EBITDA growth over 9MFY26, supported by margin expansion.
• UPL Sustainable Agri Solutions (UPL SAS) recorded revenue growth and higher margins, supported by improved mix and new product launches.
• Advanta reported 23% revenue growth and 28% EBITDA growth over the nine-month period.
• Superform Chemistries reported margin improvement despite a decline in revenues, with non-agchem revenues accounting for about 27% of total revenue, compared to around 18% last year.

Other developments

During the quarter, UPL filed the Draft Red Herring Prospectus (DRHP) for Advanta on January 19, 2026. The company reported a DJSI CSA score of 77, ranking first among peers, and received ‘A’ ratings from CDP for climate and water. UPL was also recognised by the Indian Corporate Performance Awards for governance and financial performance.

UPL stated that, based on performance to date and seasonality, FY26 guidance remains unchanged.

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