UPL Limited, one of the world’s largest providers of sustainable agriculture solutions, has delivered a decisive turnaround in its second-quarter earnings, powered by surging demand in the Americas, better manufacturing utilization, and disciplined balance sheet management. The company posted Rs 553 crore in Profit After Tax and Minority Interest (PATMI), marking an improvement of nearly Rs 1,000 crore from the prior year when it reported significant losses.

Revenue improved on the back of higher volumes supported by favourable currency movements, while a richer product mix and lower input costs drove contribution margin expansion of 420 basis points and EBITDA margin growth of 410 basis points year-on-year. The Americas led UPL’s regional performance, with North America growing 63 percent and Latin America up 13 per cent, helping offset softness in European markets affected by weather.

The company’s financial reset is gaining credibility globally. UPL reduced net debt to Rs 23,802 crore by September 2025, a year-on-year reduction of Rs 3,729 crore and close to Rs 7,100 crore when adjusted for perpetual bonds, aided by the successful receipt of the final Rs 1,685 crore tranche from the Rights Issue in September. Net working capital improved to 118 days compared with 123 days last year. Reflecting confidence in UPL’s improving fundamentals, S&P, Fitch and Moody’s have all upgraded their outlook on the company from “negative” to “stable.”

Momentum is visible across the first half of the fiscal year. H1 revenue has risen 5 percent over last year, supported by a strong recovery in Q2 and a 14 percent growth in India. PATMI improved by nearly Rs 1,300 crore for the first half, and operational PATMI swung from a loss of Rs 434 crore last year to a profit of Rs 411 crore this year. With the business gaining traction in core markets, UPL has upgraded its EBITDA growth guidance to 12–16 per cent for FY26.

Commenting on the performance, Jai Shroff, Chairman and Group CEO of UPL Limited, said the company’s diversified customer base and deep relationships in strategic markets continue to anchor growth and resilience. He emphasized that UPL’s backward-integrated manufacturing capabilities and innovation-led pipeline are strengthening product quality and competitiveness. Shroff added that the company remains focused on unlocking value across platforms and is actively evaluating restructuring options, strategic fund-raising and potential liquidity events. “With disciplined execution and a robust new product pipeline, we are optimistic for FY26 and confident in our outlook,” he said.

Bikash Prasad, Group CFO, underlined that Q2 performance demonstrates operational excellence working alongside strong financial discipline. He noted that UPL is delivering broad-based EBITDA growth, lowering finance costs through effective capital management and driving better gearing, resulting in a significantly stronger PATMI profile. “Our Q2 results are a testimony to our relentless efforts on improving the quality of earnings and efficient risk management,” Prasad said. With a strong H1 behind the company and a favourable outlook for the remainder of the year, he said UPL is firmly focused on sustained value creation for shareholders.

Across the company’s platforms, the turnaround has been broad-based. UPL Corporation posted 12 percent revenue growth driven primarily by a 10 percent rise in volumes. Strong herbicide demand in North America and improved fungicide and mancozeb traction in Brazil and Argentina bolstered the business, while EBITDA profitability strengthened sequentially with improved plant utilization and cost efficiencies. Mike Frank, CEO of UPL Corp, said the company is entering the larger second half with positive momentum, pointing to strong portfolio performance and meaningful margin expansion.

UPL SAS faced headwinds from unfavourable weather, leading to a 10 percent revenue decline in Q2 that offset earlier gains. However, improved product mix supported contribution margins, and H1 performance remains positive. Meanwhile, Advanta continued to emerge as one of the industry’s most consistent performers, registering strong growth in both Q2 and H1. Its seeds business saw volume growth of 14 percent and pricing gains of 10 percent, driven by strength in corn across India, Latin America and Indonesia, as well as sunflower in Argentina.

The Decco post-harvest portfolio delivered another robust quarter, while margin expansion reflected a healthier revenue mix. Bhupen Dubey, CEO of Advanta, said the business now ranks among the top ten global seeds companies by scale, calling its sustained growth and margins evidence of its technological edge and strong product quality.

The SUPERFORM platform delivered steady revenue in Q2, but within that performance the company achieved an 18 percent expansion in super-specialty chemicals, driven by volume growth and demonstrating meaningful traction in diversification beyond traditional crop protection. Non-agchem products now account for approximately 25 percent of revenue, up from 20 percent last year. Improved mix and input cost rationalisation continued to lift margins and EBITDA.

As the peak global demand season approaches, UPL enters the second half leaner, more focused and increasingly insulated against volatility. Management is placing emphasis on operational simplicity, innovation productivity and strategic capital allocation as catalysts for sustainable growth. With the company re-establishing profitability, restoring investor confidence and consolidating its position across key agri-markets, UPL appears positioned for a stronger, sharper and more resilient FY26.