Global agri-solutions provider UPL Limited reported strong and encouraging financial performance for the third quarter (Q3FY26) and the nine-month period ended FY26 (9MFY26), underscoring the strength of its diversified business model, disciplined cost management, and continued balance sheet improvement.
For Q3FY26, UPL recorded revenue of ₹12,269 crore, marking a 12% year-on-year growth. Contribution increased by 17% to ₹5,227 crore, while EBITDA rose 13% to ₹2,434 crore, with margins remaining stable at 19.8%. The company also delivered a sharp improvement in profitability, with profit before tax (PBT) surging 90% and operational PATMI increasing 45% during the quarter. Management reaffirmed that the company’s FY26 guidance remains firmly on track.
For the nine-month period (9MFY26), UPL posted total revenue of ₹33,504 crore, up 8% year-on-year, while EBITDA grew strongly by 22%, reflecting improved operating leverage and effective cost controls.
Debt Reduction and Balance Sheet Strengthening
UPL made significant progress in deleveraging its balance sheet. As of December 2025, net debt stood at ₹23,317 crore, representing a reduction of ₹2,553 crore compared to the previous year. The net debt-to-EBITDA ratio improved to 2.5x, down from 3.8x in December 2024, highlighting enhanced financial stability and prudent capital management.
Regional and Platform-wise Performance
Regionally, Europe (21%) and Rest of the World (32%) delivered the fastest growth in Q3FY26, while India and the United States also maintained positive momentum. Among platforms, Advanta posted a strong 22% growth, supported by robust demand in the seed business—particularly field corn across India, Latin America, and parts of Asia. Crop protection and super-specialty chemicals also contributed meaningfully.
UPL Corporation Limited, the company’s core platform, recorded 8% revenue growth during the quarter. UPL SAS demonstrated notable improvement in EBITDA margins, driven by a better product mix and successful new product launches. Despite a marginal revenue decline at Superform Chemistries, margins and EBITDA improved, reflecting effective cost optimization.
Management Commentary and Sustainability Recognition
Commenting on the performance, Jay Shroff, Chairman and Group CEO, said the company delivered another strong quarter, driven by its diversified portfolio, innovation capabilities, digital strengths, and focus on sustainable solutions. Group CFO Bikash Prasad added that UPL has now delivered consistent momentum for three consecutive quarters while significantly strengthening its balance sheet.
UPL also received major sustainability and governance recognition, ranking first among peers in the DJSI CSA with a score of 77, achieving CDP ‘A’ ratings for Climate and Water, and being honored by ICPA in January 2026 for governance excellence and financial performance.
Overall, UPL Limited’s Q3 and 9MFY26 results signal stable, sustainable growth, with management expressing confidence in continued momentum into Q4, positioning FY26 as a strong year for the company.
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