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Informist, Monday, May 11, 2026

 

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--UPL Jan-Mar consol net profit INR 10.61 bln 
--Analysts saw UPL Jan-Mar consol net profit INR 12.15 bln 
--UPL Jan-Mar consol revenue INR 183.35 bln 
--Analysts saw UPL Jan-Mar consol revenue INR 167.64 bln 
--UPL Jan-Mar consol net profit INR 10.61 bln vs INR 8.96 bln year ago 
--UPL Jan-Mar consol revenue INR 183.35 bln vs INR 155.73 bln year ago 
--UPL to pay INR 6 per share dividend 
--UPL FY26 consol net profit INR 19.22 bln vs INR 8.97 bln year ago 
--UPL FY26 consol revenue INR 518.39 bln vs INR 466.37 bln year ago 
--UPL Jan-Mar consol crop protection sales INR 154.22 bln vs INR 131.23 bln 
--UPL Jan-Mar consol seeds revenue INR 21.87 bln vs INR 18.12 bln yr ago 
--UPL Jan-Mar consol non-agro revenue INR 7.74 bln vs INR 6.82 bln yr ago 
--UPL Jan-Mar consol EBITDA INR 36.46 bln, up 13% on year 
--UPL Jan-Mar consol EBITDA margin 19.9%, down 90 bps on year 
--UPL Jan-Mar Latin America revenue INR 61.26 bln vs INR 50.82 bln year ago 
--UPL Jan-Mar Europe revenue INR 37.07 bln vs INR 31.12 bln year ago 
--UPL Jan-Mar India revenue INR 12.73 bln vs INR 14.03 bln year ago 
--UPL Jan-Mar North America revenue INR 33.22 bln vs INR 27.00 bln year ago 
--UPL: Net debt at $1.6 bln on Mar 31, down by $405 mln from year ago 
--UPL CFO: Repaid debt of $500 mln in March 
--UPL CFO: Proactively re-financing for next short-term obligation due Sept 
--UPL: Expect 10-14% revenue growth for Apr-Jun 
--UPL first, not revised, Apr-Jun EBITDA growth estimate is 14-18% 

 

By Ashutosh Pati and Rajesh Gajra

 

MUMBAI – UPL Ltd. reported a 13-quarter high revenue growth on a year-on-year basis in the March quarter on the back of an over 20% rise in revenue from Latin America and North America, and strong revenue growth its Advanta operations. The pesticide company's net profit was, however, reined in on account of elevated total expenses and sharp rise in tax outgo. 

 

UPL's consolidated net profit increased 18% on year to INR 10.61 billion in the March quarter, while its revenue from operations increased 18% on year to INR 183.35 billion. Analysts had estimated the net profit at INR 12.15 billion and revenue at INR 167.64 billion. 

 

The company's consolidated total expenses rose over 18% on year to INR 165.28 billion, led by a nearly 80% increase in expenses related to changes in inventory of finished goods, work-in-progress, and stock-in-trade at INR 30.86 billion. Depreciation and amortisation expenses rose around 30% to INR 9.15 billion. Meanwhile, cost of materials consumed increased 12% on year to INR 64.69 billion. UPL's other expenses rose 10% on year to INR 25.46 billion and its employee benefit expenses were up 13% at INR 16.40 billion.

 

UPL's revenue for the quarter rose in all geographies except India. The company's revenue from Latin America grew 21% on year to INR 50.82 billion and sales from North America rose 23% on year to INR 27 billion. Revenue from Europe and rest of world were up 19?ch at INR 31.12 billion and INR 32.75 billion, respectively. However, UPL's sales in India declined 9% on year to INR 14.03 billion in the March quarter.

 

 

In Latin America, the company witnessed volume-led growth in Brazil crop protection, mainly acephate, clethodim, and mancozeb. Growth in herbicides and field corn in Argentina was offset by crop protection decline in Mexico. UPL's revenue growth in North America was led by a rise in herbicides volumes despite concerns about tariffs, the company said. In India, revenue growth was hit by a revenue fall in UPL's sustainable agri solutions, although the seeds business, particularly field corn, recorded growth.

 

During the quarter, the company's UPL Corp operations registered 20% on-year revenue growth at INR 145.31 billion and its Advanta operations rose 23% to INR 21.98 billion. However, revenue from UPL's sustainable agri solutions operations fell 10% on year to INR 6.07 billion in the March quarter, mainly due to product discontinuations.

 

UPL's revenue from its crop protection segment, comprising mainly insecticide and herbicide sales, rose 17.5% on year to INR 154.22 billion in the March quarter and sales from the seeds and post harvest segment were up nearly 21% at INR 21.87 billion. Sales in crop protection accounted for 84% of the company's total revenue. Its revenue from the non-agro segment rose over 13% to INR 7.74 billion.

 

UPL's operating profit performance for the March quarter was not as strong as that in the top line. The company's consolidated earnings before interest, tax, depreciation, and amortisation rose 13% on year to INR 36.46 billion. Its EBITDA margin fell by 90 basis points to 19.9% in the March quarter. The company's net debt was $1.6 billion as of Mar. 31, down $405 million from a year ago.

 

UPL repaid $500 million of debt in March, Bikash Prasad, group chief financial officer at UPL, said in a release. "We repaid $500 Mn (million) 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. 

 

UPL guided for revenue growth of 10-14% and EBITDA growth of 14-18% in Apr-Jun. The company also said it would pay dividend of INR 6 per share. 

 

For 2025-26 (Apr-Jun), UPL's net profit more than doubled on year to INR 19.22 billion. Its revenue rose over 11% during the year to INR 518.39 billion. The company declared its results during market hours Monday. At 1452 IST, shares of UPL traded 4% higher at INR 671.30 on the National Stock Exchange.  End

 

US$1 = INR 95.32

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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