UPL Limited reported a consolidated revenue from operations of Rs. 11,860 crore, down marginally by 1.32% year-on-year from Rs. 12,019 crore in Q2 FY26. Favorable foreign exchange movements largely cushioned a contraction in global crop protection volumes. Operational efficiency drove Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) up 5% YoY to Rs. 2,312 crore, with EBITDA margins expanding by 120 basis points to 19.5%. Contribution margins also strengthened by 100 basis points to 42.9%. However, statutory Profit After Tax (PATMI) fell 24% YoY to Rs. 421 crore due to an 18% spike in net finance costs (Rs. 612 crore) and foreign exchange translation drag. Operational PATMI grew 3% to Rs. 422 crore.

For the six months ended September 30, 2026, performance was robust, with consolidated revenue expanding 4% YoY to Rs. 22,041 crore. H1 FY27 EBITDA grew 9% YoY to Rs. 3,812 crore, reflecting healthy margin sustainability. Operational PATMI for the half-year registered a sharp 33% surge to Rs. 441 crore, highlighting stronger underlying core growth early in the fiscal cycle.

Jai Shroff, Chairman & Group CEO, UPL Limited said, “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.

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, 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.”

Platform Performance and Regional Mix

* SUPERFORM (Specialty Chemicals): Stood out as a major growth engine, posting a stellar 50% YoY revenue expansion. The segment's Q2 EBIT grew 39% to Rs. 323 crore, fueled by strong pricing and lubricant contract manufacturing.

• UPL Corp (Global Crop Protection): Faced revenue erosion of 8% to Rs. 7,972 crore in Q2 due to channel liquidity issues in Latin America and extreme drought conditions in Europe. However, North America and Rest of World (led by South Africa and APAC) grew strongly by 19% each.