UPL Q2 results: profit falls 24% to Rs 421 crore as revenue dips 1%

UPL Ltd’s consolidated profit attributable to owners fell 24% to Rs 421 crore in the quarter ended September 30, 2026 (Q2 FY27), from Rs 553 crore a year earlier. Revenue slipped 1% to Rs 11,860 crore, but EBITDA rose 5%. The UPL Q2 results were announced on November 2, 2026, with a press release and an unaudited financial results filing.

UPL Q2 results: key numbers

The table uses consolidated figures in Rs crore.

Measure (Rs crore)	Q2 FY27	Q2 FY26	Change
Revenue from operations	11,860	12,019	-1%
Profit attributable to owners (reported)	421	553	-24%
Operational PATMI, excluding exceptional items	422	411	up Rs 11 crore

The Q2 FY26 operational figure of Rs 411 crore is implied by the company’s statement that operational profit rose Rs 11 crore. EBITDA was Rs 2,312 crore, up 5%, with a margin of 19.5%, up 120 basis points. PATMI means profit after tax attributable to owners of the parent.

Why reported profit fell

Revenue was broadly flat. The company said favourable currency movements offset lower crop protection volumes. Latin America revenue fell 8% and Europe fell 12%, which the company linked to weather in Brazil and other Latin American markets and to drought-like conditions in Europe.

The core UPL Corporation platform saw revenue fall 8% to Rs 7,972 crore, and its contribution margin fell 120 basis points on higher input costs. Other platforms grew: Advanta rose 12% to Rs 1,875 crore and SUPERFORM rose 28% to Rs 3,579 crore.

The gap between reported and operational profit comes from exceptional items. The results filing shows a net exceptional gain of Rs 142 crore in Q2 FY26, against a net exceptional loss of Rs 1 crore in Q2 FY27. That year-ago gain lifted the base, which is why reported profit fell 24% while operational PATMI rose.

Debt and working capital

Net debt rose to Rs 28,684 crore ($2,993 million), up Rs 4,882 crore from September 2025. Net debt to EBITDA was 2.9 times, against 2.7 times a year earlier. Net working capital was 145 days, against 118 days, mainly because of higher inventory.

UPL said it prepaid a $500 million term loan due in December 2026 through $400 million of refinancing maturing in FY32. S&P revised its outlook on UPL Corporation to positive, and CRISIL revised its outlook on UPL Ltd to stable.

What to watch next

Advanta agreed to buy 99.98% of Misr Hytech Seed International in Egypt for about $110 million, with completion expected on or before January 31, 2027, subject to approvals. Management said rising commodity prices could help farm economics. Watch inventory conversion and cash generation in the second half. For more coverage, see more results news.