Agrochemical major UPL has delivered a blockbuster FY26 performance, posting nearly four-fold growth in profit before tax (PBT), more than doubling operational PAT, and sharply cutting debt.
The company has outperformed its guidance across revenue, EBITDA and gearing metrics.
The company reported FY26 revenue of Rs. 51,839 crore, up 11% year-on-year, while EBITDA rose 18% to Rs. 9,588 crore. Contribution margins expanded 220 basis points to 41.2%, driven by higher capacity utilisation and lower input costs.
UPL also significantly strengthened its balance sheet during the year. Gross debt fell by US$850 million compared to March 2025, while net debt declined to US$1.6 billion. Net debt-to-EBITDA improved to 1.6x from 2.1x a year earlier, beating the company’s own guidance.
The strong annual performance capped an equally robust fourth quarter. Q4FY26 revenue climbed 18% year-on-year to Rs. 18,335 crore, while EBITDA rose 13% to Rs. 3,646 crore. Growth was driven primarily by volumes, supported by favourable foreign exchange movements, with North America and Europe leading regional expansion.
The company’s platforms also delivered strong momentum, with UPL Corp growing 20%, Advanta rising 23%, and SUPERFORM posting 10% growth during the quarter.
“We are incredibly proud to report a record year of high-quality performance, successfully outperforming our guidance across metrics. Despite unprecedented macroeconomic headwinds testing global agricultural sector, our resilient market leadership has proven to be our greatest strength,” said Jai Shroff, Chairman and Group CEO, UPL Limited.
"Rising global food demand makes seeds, crop protection, and bio-solutions essential. By leveraging our integrated manufacturing and innovation, we are capturing sustained growth in the agricultural ecosystem and using global stage to champion farmer resilience and sustainability.”
“Looking ahead, our strategic focus is absolute: Accelerating Profitable Growth. With a future-fit organization and scaled-up sustainable business streams, we are well poised to capture market opportunities and create long-term value.”
UPL’s finance chief said the company delivered the performance despite geopolitical uncertainty, tariff pressures and weak farm economics globally.
“FY26 has been a year of driving profitable growth, while significantly strengthening the financial foundation. I am pleased to share that we have outperformed our guidance on all three parameters, revenue, EBITDA and gearing - despite external geopolitical headwinds, including US tariffs, continued farm stress, and low commodity prices,” said Bikash Prasad, Group CFO, UPL Limited.
“Our relentless focus on improving the trajectory of profitable growth is visible in our PBT, which is four times versus previous year and Return on Equity which is about two times versus last year, driven by operational excellence, risk management and financial discipline.”
The company also accelerated deleveraging during the year, repaying US$500 million of debt in March while refinancing upcoming obligations to improve liquidity.
“This was also a year of efficient capital management. We repaid $500 Mn of debt in March, while de-leveraging the balance sheet as well as proactively re-financing for next short-term obligation due in September to enhance liquidity profile, positioning UPL for sustained financial health,” Prasad said.
Meanwhile, UPL Corporation, the company’s international crop protection business, reported strong operational growth. Q4FY26 revenue rose 20% year-on-year to Rs. 14,531 crore, while FY26 revenue climbed 11% to Rs. 38,277 crore.
The unit delivered six consecutive quarters of EBITDA growth, with FY26 EBITDA rising 20% to Rs. 6,008 crore.
“Our international crop protection business delivered a strong growth across key regions and segments in FY26. Driven by exceptional operational excellence, superior product value delivery, and a strong internal culture, we closed the year with a remarkably strong Q4 against a high base last year, while successfully navigating the stress from the ongoing Middle Eastern crisis,” said Mike Frank, Chief Executive Officer, UPL Corp.
