UPL Q2 and H1 FY27 Results: UPL Sustains Profitable Growth Amid Global Headwinds and Cost Inflation

By UPL Ltd.|2 November 2026

UPL Limited reported mixed second-quarter results for FY27, with revenue remaining largely flat year-over-year as strong growth in its seeds, post-harvest, and specialty chemicals businesses helped offset softer crop protection demand and weather-related challenges in several key markets.

For the quarter ended September 2026, UPL posted revenue of ₹11,860 crore, down 1% from the prior-year period. Contribution increased 1% to ₹5,087 crore, while EBITDA rose 5% to ₹2,312 crore. The company expanded contribution margin by 100 basis points to 42.9% and EBITDA margin by 120 basis points to 19.5%, marking its eighth consecutive quarter of margin and EBITDA growth.

For the first half of FY27, revenue increased 4% year-over-year to ₹22,041 crore, while contribution grew 7% to ₹9,693 crore and EBITDA climbed 9% to ₹3,812 crore. Operational profit after tax attributable to minority interests (PATMI), excluding exceptional items, increased 33% to ₹441 crore during the first six months of the fiscal year.

Growth during the quarter was driven by several business platforms. UPL’s specialty chemicals business recorded 50% growth, while its seeds and post-harvest business grew 12%. Regionally, North America and the Rest of the World each delivered 19% revenue growth. However, declines in crop protection volumes, unfavorable weather conditions in parts of Europe and Latin America, and phased demand patterns weighed on overall results.

The company’s Advanta seeds platform continued its strong momentum, reporting a 12% increase in quarterly revenue to ₹1,875 crore, supported by growth in corn, sunflower, grain sorghum, and post-harvest businesses. For the first half, Advanta revenue rose 18%, while EBITDA increased 21%.

Top Articles
The Mercosur-EU Agreement: Unlocking Agricultural Trade Opportunities After 25 Years of Negotiations

UPL’s SUPERFORM specialty chemicals business also delivered strong results, with second-quarter revenue rising 28% to ₹3,579 crore, driven by cost pass-through pricing and robust growth in super specialty chemicals. EBIT increased 39% year-over-year, aided by favorable pricing, contract manufacturing growth, and an improved business mix.

The company reported net working capital of 145 days, compared with 118 days a year earlier, largely due to higher inventory levels. Total net debt stood at approximately $3.0 billion at the end of September 2026, reflecting increased working capital requirements, planned capital expenditures, and investments. UPL also announced it prepaid a $500 million term loan due in December 2026 through a refinancing transaction extending maturity to FY32.

During the quarter, Standard & Poor’s revised the outlook on UPL Corp. to Positive from Stable while affirming its BB rating, and CRISIL revised the outlook on UPL Ltd. to Stable from Negative while reaffirming its AA+/A1+ ratings. UPL also announced that Advanta agreed to acquire a 99.98% stake in Misr Hytech Seed International in Egypt for approximately $110 million, subject to regulatory approvals.

“Our results this quarter reflect the strength of the diversified model we have built. Despite a volatile global backdrop, our businesses continued to execute with discipline; Advanta and SUPERFORM delivered strong growth, while our crop protection businesses navigated phased demand and challenging weather,” said Jai Shroff, Chairman & Group CEO of UPL Limited. “With rising commodity prices potentially setting the stage for better farm economics, we remain focused on building a stronger and future-ready UPL, and on creating long-term value for all our stakeholders.”

Bikash Prasad, Group CFO of UPL Limited, added: “Our first half performance underscores the resilience of UPL’s earnings in a challenging environment. Eight consecutive quarters of margins and EBITDA growth reflect our continued focus on quality of earnings, sharper portfolio decisions and firm cost and capital discipline. These choices have allowed us to protect margins despite continued global headwinds. Our capital priorities are unchanged: converting earnings into cash, deleveraging and improving returns. Proactive refinancing and improved outlooks from S&P and CRISIL reflect a balance sheet that is getting stronger.”

For complete financial results and additional information, visit the UPL Limited investor relations website.

UPL Ltd. is a global provider of sustainable agriculture products & solutions, with annual revenue exceeding $5 billion. As one of the top 5 agriculture solutions companies worldwide, our robust portfolio consists of biologicals and traditional crop protection solutions with more than 13,600 registrations. See all author stories here.