UPL Limited reported a strong performance for the third quarter of FY26, delivering broad-based growth across platforms and regions, supported by higher volumes, margin expansion, and disciplined financial management. The company said its FY26 guidance remains on track.

For Q3 FY26, UPL’s revenue growth was driven by higher volumes and supported by favourable foreign exchange movements. Key platforms delivered strong performance, led by Advanta, which grew 22 per cent, and the Crop Protection business, which rose 8 per cent, primarily on volume growth. The Specialty Chemicals segment recorded a sharp 42 per cent increase over the year-ago period.

Regionally, growth was led by Europe (up 21 per cent) and Rest of the World (up 32 per cent), with sustained momentum across India and the Americas.

Contribution increased 17 per cent year-on-year, supported by a 160 basis-point margin expansion, driven by an improved product mix, higher capacity utilisation, and lower input costs. This translated into EBITDA growth of 13 per cent for the quarter.

Profit Before Tax (PBT) rose 90 per cent year-on-year, increasing from Rs. 354 crore to Rs. 671 crore. Over the nine-month period, PBT improved by more than Rs. 1,800 crore. Operational PATMI increased by Rs. 140 crore, representing a 45 per cent year-on-year growth, adjusted for a tax provision reversal in the corresponding quarter last year.

Net working capital stood at 116 days as of December 2025, compared with 107 days in the previous year, while net working capital value was Rs. 15,625 crore. Net debt reduced to Rs. 23,317 crore ($2,594 million), down Rs. 2,553 crore ($427 million) year-on-year, reflecting significant deleveraging.

During the quarter, UPL successfully filed the Draft Red Herring Prospectus (DRHP) for Advanta on January 19, 2026. The company also achieved a DJSI CSA score of 77, ranking first among peers, and received a CDP ‘A’ rating for climate and ‘A-’ for water. In January 2026, UPL was recognised by the Indian Chemical Council (ICPA) for Governance Excellence and Financial Performance.

Nine-Month Performance (9M FY26)

For the nine months ended December 2025, revenue increased 8 per cent year-on-year, led by growth in seeds and crop protection and supported by the specialty chemicals business. The company reported strong performance across all regions.

EBITDA growth and margin improvement during the period were driven by broad-based performance, aided by better product mix, higher capacity utilisation, and lower input costs.

Management Commentary

Jai Shroff, Chairman and Group CEO, UPL Limited, said the company delivered another record quarter, building on a strong base from the previous year.

He noted that the performance reflected the strength of UPL’s diversified business model, supported by its intellectual property portfolio, digital and analytics capabilities, and focus on innovation and sustainability. Shroff added that the company remains focused on long-term value creation as it continues to transform and scale its operations.

Bikash Prasad, Group CFO, UPL Limited, said UPL has maintained robust momentum over the past three quarters, driven by operational excellence and disciplined financial and risk management.

He added that the company continues to deliver broad-based EBITDA growth, strengthen its balance sheet through reduced net debt, and maintain rigorous capital allocation. With a seasonally strong fourth quarter ahead, the company has reaffirmed its FY26 guidance.

Platform Performance Highlights

UPL Corporation Ltd. reported 8 per cent revenue growth, supported by higher volumes and favourable foreign exchange, with strong growth across all key regions, including North America. Contribution margins expanded by 200 basis points year-on-year, driven by lower input costs and higher capacity utilisation.

UPL SAS delivered 4 per cent revenue growth in Q3, led by volume growth and lower sales returns. Contribution margins improved on the back of a better product mix and new launches, while nine-month performance remained resilient despite monsoon-related headwinds.

Advanta reported strong growth, with seeds revenue increasing on the back of 14 per cent volume growth and 7 per cent pricing gains, led primarily by field corn across India, Latin America, Thailand, and Indonesia. The post-harvest business also delivered robust growth.

SUPERFORM, UPL’s super-specialty chemicals platform, recorded 42 per cent growth, driven by volume expansion. The non-agrochemical revenue share increased to around 27 per cent, compared with approximately 18 per cent in the previous year, supported by margin improvements from favourable input costs and product mix.