UPL has delivered another strong quarter in Q3FY26, extending its growth momentum with broad-based EBITDA expansion, sharper margins and continued balance sheet strengthening. 

 

The company reported a 13% year-on-year rise in EBITDA to ₹2,434 crore, while profit before tax surged 90% to ₹671 crore, reflecting operational discipline and improved business mix.

 

Revenue for the quarter rose 12% year-on-year to ₹12,269 crore, driven by higher volumes and favourable foreign exchange movements. Contribution increased 17% to ₹5,227 crore, with margins expanding by 160 basis points to 42.6%, supported by better product mix, higher capacity utilisation and lower input costs.

 

For the first nine months of FY26, UPL reported revenue of ₹33,504 crore, up 8% year-on-year, while EBITDA climbed 22% to ₹5,941 crore. EBITDA margins expanded by 200 basis points to 17.7%, underscoring sustained operational improvements across businesses and regions.

 

Growth was led by strong platform and regional performance. Advanta posted 22% growth, crop protection rose 8% on volume-led gains, and the specialty chemicals segment surged 42% year-on-year. Regionally, Europe grew 21% and Rest of the World expanded 32%, with continued momentum in India and the Americas.

 

Operational profitability also improved sharply. Operational PATMI rose by ₹140 crore, translating into 45% growth year-on-year, excluding a one-time tax provision reversal in the base quarter. Over the nine-month period, PBT improved by more than ₹1,800 crore.

 

UPL continued to deleverage its balance sheet, with net debt reducing to ₹23,317 crore ($2.59 billion) as of December 2025—down ₹2,553 crore year-on-year. Net debt-to-EBITDA improved to 2.5x from 3.8x in December 2024, while net debt-to-equity declined to 0.6x. Net working capital stood at 116 days, compared to 107 days a year ago.

 

Commenting on the performance, Jai Shroff, Chairman & Group CEO, UPL Limited said, “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.

 

"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.”

 

Separately, UPL Corporation reported steady growth in Q3FY26, with revenue rising 8% year-on-year to ₹9,163 crore and EBITDA increasing 6% to ₹1,752 crore. Contribution margins expanded by 200 basis points to 37.7%, driven by lower input costs and improved capacity utilisation. For the nine-month period, EBITDA grew 25% year-on-year to ₹3,399 crore, with margins improving by 210 basis points.

 

Mike Frank, Chief Executive Officer, UPL Corp, commented, “We delivered a strong third quarter, continuing with the momentum built throughout the year. In a challenging macro market, we have delivered five consecutive quarters of growth in our bottom line, with a continued focus on expanding our market share. Our performance was broad-based, with solid growth coming from all key regions, including North America, despite tariff related uncertainties.

 

"I am also pleased to share that our contribution and EBITDA margins expanded significantly despite a strong comparable last year. This is through our continued focus on improving efficiency and cost optimization. We maintain a positive outlook for Q4 and remain committed to delivering long-term value for all our stakeholders.”

 

Beyond financial performance, UPL achieved a DJSI CSA score of 77, ranking first among peers, received a CDP ‘A’ rating for climate and ‘A-’ for water, and was recognised by ICPA in January 2026 for governance excellence and financial performance. The company also successfully filed the DRHP for Advanta on January 19, 2026.