UPL Reports Robust Q3 Results Driven by Volume Growth and Margin Expansion
UPL delivered strong revenue growth in Q3, driven by higher volumes and supported by favorable foreign exchange movements. Performance was led by robust growth across platforms, with Advanta reporting a 22% increase, the crop protection segment growing 8% on the back of volume expansion, and specialty chemicals registering a sharp 42% year-on-year increase.
Regionally, growth was led by Europe, which expanded 21%, and Rest of the World at 32%, while momentum remained strong in India and the Americas. Contribution increased 17% year-on-year, supported by margin expansion of 160 basis points compared to last year, driven by an improved product mix, higher capacity utilization, and lower input costs, resulting in strong overall EBITDA growth. Profit Before Tax (PBT) rose 90% year-on-year to ₹671 crore from ₹354 crore, with a cumulative nine-month improvement of over ₹1,800 crore. Operational PATMI increased by ₹140 crore, reflecting a 45% year-on-year growth, adjusted for a tax provision reversal of ₹592 crore in Q3 last year following a favorable appellate authority order. Net working capital stood at 116 days versus 107 days last year, amounting to ₹15,625 crore as of December 2025. Net debt reduced to ₹23,317 crore (US$2,594 million) in December 2025, down by ₹2,553 crore (US$427 million) year-on-year, reflecting significant deleveraging after adjusting for perpetual bonds, with an overall reduction exceeding US$800 million.
Strategic and ESG Updates:
During the quarter, UPL successfully filed the Draft Red Herring Prospectus (DRHP) for Advanta on January 19, 2026. The Company achieved a Dow Jones Sustainability Index (DJSI) Corporate Sustainability Assessment (CSA) score of 77, ranking first among peers, and received a CDP ‘A’ rating for climate and an ‘A-’ rating for water stewardship. UPL was also recognized by the Indian Chemical Council (ICPA) in January 2026 with awards for Governance Excellence and Financial Performance.
9M Performance Highlights:
For the nine-month period, revenue increased 8% year-on-year, led by strong growth in seeds and crop protection, with continued support from the specialty chemicals business. The Company delivered strong performance across all regions, while EBITDA growth and margin improvement were driven by broad-based execution, supported by a better product mix, higher capacity utilization, and lower input costs.
“We are proud to deliver yet another record quarter, building on the solid foundation of last year’s strong base. This achievement reflects the strength of UPL’s diversified business model, driven by our robust intellectual property portfolio, cutting-edge digital and analytics capabilities, and unwavering commitment to innovation and sustainability,” said Jai Shroff, Chairman & Group CEO, UPL Limited. “Our platforms are on pathways of unlocking significant value. As we continue to transform and scale our business, we remain focused on delivering long-term sustainable growth and creating value for all our stakeholders.”
Bikash Prasad, Group CFO, UPL Limited, added, ”UPL has delivered a strong performance, surpassing a strong third quarter last year. We have maintained robust momentum throughout the past three quarters, that reflects our operational excellence, and disciplined financial and risk management.
“We continue to achieve broad-based EBITDA growth for the year, strengthen our balance sheet through reduced net debt, and rigorous capital allocation. With a solid performance so far and a seasonally strong Q4, we remain optimistic and reaffirm our guidance.”
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