Strong volume-led growth, margin expansion and balance sheet deleveraging drive broad-based outperformance across global platforms

UPL Limited has reported a strong performance for the quarter and full year ended FY26, delivering broad-based growth across platforms and geographies, supported by volume expansion, favourable foreign exchange movements, and continued operational efficiency improvements. The company also reported significant balance sheet strengthening through debt reduction and improved leverage metrics.

For FY26, UPL delivered record financial performance with Profit Before Tax (PBT) rising approximately four times year-on-year and Operational PATMI increasing by more than 2.5 times compared to the previous year. The company outperformed its guidance across all key parameters, including revenue, EBITDA, and net leverage.

During the year, UPL reduced gross debt by $850 million versus the previous year, with net debt-to-EBITDA improving to below 1.6x, ahead of internal guidance, reflecting continued financial discipline and prudent capital management.

In the fourth quarter of FY26, revenue growth was driven by strong volume performance across platforms, supported by favourable foreign exchange. UPL Corp grew 20 percent year-on-year, Advanta 23 percent, and SUPERFORM 10 percent. Growth was led by North America and Europe, supported by improved demand conditions and strong execution.

Contribution margins expanded during the quarter, driven by higher capacity utilisation and lower input costs, resulting in strong EBITDA growth and a 37 percent increase in Profit Before Tax compared to the same period last year.

For FY26, revenue growth was driven by volume expansion across key platforms, with UPL Corp growing 11 percent and Advanta growing 23 percent year-on-year. Growth was broad-based across geographies, led by the Americas and Europe. EBITDA growth was supported by improved contribution margins, higher capacity utilisation, and cost efficiencies across operations.

UPL highlighted that FY26 marked a significant improvement in profitability metrics, with PBT increasing approximately four times year-on-year and Operational PATMI rising more than 2.5 times, driven by operational excellence, improved product mix, and disciplined financial management.

The company continued to strengthen its balance sheet during the year, repaying $500 million of debt in March and proactively refinancing upcoming obligations to enhance liquidity. This resulted in a further improvement in leverage ratios and financial flexibility.

UPL Corp delivered strong performance across international markets, recording six consecutive quarters of EBITDA growth, supported by operational excellence, market share expansion, and sustained demand across key regions. Advanta continued to deliver strong growth in field corn and seed portfolios, while SUPERFORM reported a 20 percent increase in specialty chemicals, driven by contract manufacturing and favourable input costs.

Commenting on the performance, Chairman and Group CEO Jai Shroff said the company is proud to report a record year of performance, successfully outperforming guidance across metrics despite global macroeconomic headwinds. He noted that integrated manufacturing capabilities and innovation continue to strengthen UPL’s leadership in the global agricultural ecosystem.

Group CFO Bikash Prasad said FY26 reflected a year of strong profitable growth and financial strengthening, with significant improvements in profitability, return ratios, and leverage metrics. He added that disciplined capital management and operational efficiency remain central to UPL’s long-term strategy.

Looking ahead, UPL stated that its strategic focus remains on accelerating profitable growth through innovation, operational excellence, and expansion of sustainable agricultural solutions, while continuing to strengthen its financial foundation and global market position.