UPL Ltd. reported its September quarter results on Monday, November 2, with a marginal decline in revenue and a sharper fall in net profit. However, the company reported growth in EBITDA and an improvement in operating margins.
Revenue for the quarter declined 1.3% year-on-year to ₹11,860 crore from ₹12,019 crore in the corresponding quarter last year. The company said revenue remained broadly flat as favourable foreign exchange movements offset a decline in global crop protection volumes.
EBITDA, however, rose 4.9% YoY to ₹2,312 crore from ₹2,205 crore. EBITDA margin improved to 19.5% from 18.3% in the year-ago quarter.
Net profit declined 23.9% to ₹421 crore from ₹553 crore in Q2 FY26.
UPL said its Specialty Chemicals business grew 50%, while Seeds and Post-harvest businesses reported growth of 12%. Geographically, North America and the rest of the world (RoW) markets each recorded growth of 19%.
The company reported total net debt of $3 billion as of September 2026, an increase of $312 million from the year-ago period. The rise was attributed to higher working capital requirements, planned capital expenditure and investments.
Separately, UPL’s Advanta business has agreed to acquire a 99.98% stake in Egypt-based Misr Hytech Seed International for approximately $110 million. The transaction is expected to be completed on or before January 31, 2027, subject to regulatory approvals.
What management said
UPL Chairman and Group CEO Jai Shroff said the company’s diversified business model helped it navigate a volatile global environment. He highlighted strong growth at Advanta and SUPERFORM, while noting that the crop protection businesses continued to face phased demand and challenging weather conditions.
Shroff added that rising commodity prices could support improved farm economics, while the company remains focused on strengthening its business and creating long-term value for stakeholders.
Group CFO Bikash Prasad said the company’s first-half performance demonstrated the resilience of its earnings despite a challenging operating environment. He highlighted that eight consecutive quarters of EBITDA and margin growth reflected its focus on improving earnings quality, portfolio choices and cost and capital discipline.
He added that UPL’s capital allocation priorities remain focused on converting earnings into cash, reducing debt and improving returns. Proactive refinancing and improved outlooks from S&P and CRISIL, he said, reflect a strengthening balance sheet.
UPL shares were trading 0.59% lower at ₹510.30. The stock has declined around 37% so far in 2026.