Upl Limited · NSE:UPL
Upl — H1 FY2026 Earnings Presentation
52 slides from Upl's earnings presentation, Nov 6, 2025
Slide 1: Exchange filing cover letter
UPL Limited, Uniphos House, C.D. Marg, 11th Road, Madhu Park, Khar (West), Mumbai – 400052, India w: www.upl-ltd.com e: contact@upl-ltd.com t: +91 22 6856 8000 November 6, 2025 BSE Limited National Stock Exchange of India Ltd. Mumbai Mumbai SCRIP CODE – 512070 SYMBOL: UPL Sub.: Investor presentation
Slide 2: Consolidated Financial Results and Business Update Q2 and H1FY26
UPL Limited Consolidated Financial Results and Business Update Q2 and H1FY26 Investor Presentation 06th November 2025
Slide 3: Safe Harbor Statement
Safe Harbor Statement This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to these items. Examples of forward-looking statements include
Slide 4: Key Presenters Today
Agenda Key Presenters Today… Bikash Prasad Mike Frank UPL Limited Group CFO UPL Corp CEO …and other senior management UPL SAS Advanta SUPERFORM Ravi Cherukuri Bhupen Dubey Raj Tiwari CEO CEO CEO 3
Slide 5: Content
Agenda Content I. Financial and Business Segment Key Macro Trends for the Quarter 5 Key Highlights for the Quarter 6 Q2 and H1FY26 Performance Update 7–23 Performance Dashboard Summary 7–8 P&L Analysis: Revenue, Contribution, EBITDA and PATMI 9–18 Balance Sheet Analysis: Working Capital, Net Debt an
Slide 6: Key Macro Trends for the Quarter
UPL Limited | Q2 and H1FY26 Key Macro Trends for the Quarter ▪ Stable demand in crop protection globally ⚫ ▪ Continued US tariff uncertainties ⚫ ▪ Low commodity prices (e.g., soy, corn) led farm-income stress in Brazil, LATAM ⚫ ▪ Unfavorable weather-related impact in India in second quarter ⚫ ▪ Soft
Slide 7: Key Highlights for the Quarter
UPL Limited Q2FY26 | Corporate Update Key Highlights for the Quarter 1 Corporate realignment Successful integration of post-harvest business (DECCO) with Advanta 2 Rights issue $200 Mn balance from final call received in Sep’25 3 Ratings outlook Upgraded from “negative” to “stable” by all three glob
Slide 8: Performance Dashboard Summary: PATMI Improved by ~₹1,000 cr in Q2
UPL Limited Q2 and H1FY26 | Performance Dashboard Summary PATMI Improved by ~₹1,000 cr in Q2, Driven by Broad-based Growth in EBITDA and Financial Discipline; Strong H1 with Positive PATMI (up by ~₹1,300 cr vs. LY) Q2 vs. LY H1 vs. LY ₹12,019 cr | +8% ₹21,235 cr | +5% I Revenue V: +7% | P: (2%) | E:
Slide 9: Lower net debt and net working capital days vs. LY
UPL Limited Q2 and H1FY26 | Performance Dashboard Summary Lower net debt and net working capital days vs. LY, with significant de-gearing, implying continued focus on balance sheet strengthening as on 30th Sep’25 vs. LY Net ₹23,802 cr | ₹27,531 cr I Debt Lower by >₹3,700 cr (>$600 Mn); on including
Slide 10: P&L Analysis
UPL P&L Analysis
Slide 11: Performance Summary
UPL Limited Q2 and H1FY26 | Performance Summary Higher volume, accretive margin led strong performance; broad-based EBITDA growth across all platforms; financial discipline led overall improved PATMI Particulars (₹ cr) Q2FY25A Q2FY26A vs. LY H1FY25A H1FY26A vs. LY Revenue 11,090 12,019 8% 20,157 21,
Slide 12: P&L Statement
UPL Limited Q2 and H1FY26 | P&L Statement Higher volume, accretive margin led strong performance; broad-based EBITDA growth across all platforms; financial discipline led overall improved PATMI Particulars (₹ cr) Q2FY25 Q2FY26 Change YoY H1FY25 H1FY26 Change YoY Revenue 11,090 12,019 8% 20,157 21,23
Slide 13: Revenue: Platform-wise Analysis
UPL Limited Q2 and H1FY26 | Revenue: Platform-wise Analysis Strong Q2 performance led by UPL Corp and Advanta; Q2 driven recovery in H1 revenue vs. LY Q2 Platform-wise Revenue(1)(3) (₹ cr) YoY +8% +12% (10%) +26% +1% • Q2: V: +10% | P: (2%) | F: +4% • Higher vol. in Americas, supported by Africa and
Slide 14: Revenue: Region-wise Analysis
UPL Limited Q2 and H1FY26 | Revenue: Region-wise Analysis Strong Q2 driven by Americas; H1 growth driven by key regions Q2 Region-wise Revenue (₹ cr) 651 349 4 89 12,019 • Higher volume in fungicides (mancozeb in Brazil) (164) and herbicides 11,090 Latin America • Argentina recovery, led by herbicid
Slide 15: Contribution Analysis: Platform-wise
UPL Limited Q2 and H1FY26 | Contribution Analysis: Platform-wise Strong contribution growth, broad-based margin accretion across all platforms Q2 Platform-wise Contribution(1)(2) (₹ cr) YoY +21% +27% +5% +29% +18% 5,041 UPL Corp • Lower input cost and higher capacity utilization 4,180 3,024 2,376 75
Slide 16: EBITDA Analysis: Platform-wise
UPL Limited Q2 and H1FY26 | EBITDA Analysis: Platform-wise Strong Q2 and H1 EBITDA growth through broad-based performance across all platforms Q2 Platform-wise EBITDA(1)(2) (₹ cr) YoY +40% +69% +2% +57% +24% 2,205 UPL Corp • Led by volume and higher contribution margin 1,576 1,260 745 272 429 307 38
Slide 17: EBITDA Analysis: Volume led EBITDA growth
UPL Limited Q2FY26 | EBITDA Analysis Volume led EBITDA growth, supported by favorable Fx EBITDA Bridge (Q2FY25 vs. Q2FY26) (₹ cr) 129 (68) (232) 800 Cost impact Revenue impact 2,205 1,576 Q2FY25 Volume Price, FX COGS SG&A Q2FY26 Volume Price, Fx COGS SG&A • Led by crop protection (Americas), • Prici
Slide 18: Q2FY26 PATMI Analysis
UPL Limited Q2FY26 | PATMI Analysis PATMI improvement of ~₹1,000 cr vs. LY, mainly through higher EBITDA, lower finance cost, Fx, among others Q2FY26 PATMI(1) Bridge (₹ cr) 81 140 24 35 201 150 330 553 74 Q2FY25 EBITDA D&A NFC FX/ Hedging cost Oth. inc./ loss Tax A.I. NCI Excep. cost Q2FY26 (443) 62
Slide 19: H1FY26 PATMI Analysis
UPL Limited H1FY26 | PATMI Analysis PATMI improvement of ~₹1,300 cr vs. LY, driven by higher EBITDA, lower finance cost, Fx, among others H1FY26 PATMI(1) Bridge (₹ cr) 131 256 190 105 52 10 465 438 H1FY25 EBITDA D&A NFC FX/ Hedging cost Oth. inc./ loss Tax A.I. NCI Excep. cost H1FY26 (145) (827) 787
Slide 20: Balance Sheet Analysis
UPL Balance Sheet Analysis
Slide 21: Balance Sheet Analysis
UPL Limited Q2FY26 | Balance Sheet Analysis Working capital in line with seasonality; lower cash balance mainly due to redemption of perpetual bond in Q1 Change Particulars (₹ cr) Sep’24 Mar’25 Sep’25 vs. Mar’25 Uses of Capital Fixed Capital 41,524 41,935 43,652 1,717 Right-of-use assets 1,310 1,324
Slide 22: Working Capital Analysis
UPL Limited Q2FY26 | Working Capital Analysis Net working capital days improved by ~5 days vs. LY; increase in receivables and inventory in line with Q2 growth and anticipated H2 plans, respectively Inventory Receivables Payables Net Working Capital Sep’24 Sep’25 Sep’24 Sep’25 Sep’24 Sep’25 Sep’24 S
Slide 23: Net Debt Analysis
UPL Limited Q2FY26 | Net Debt Analysis Net debt lower by >$600 Mn (adjusted for perpetual bonds, lower by $1.0 Bn); significant improvement in gearing ratios vs. LY vs. vs. vs. vs. Particulars (₹ cr)(1) Sep’24 Mar’25 Sep’25 Particulars ($ Mn) Sep’24 Mar’25 Sep’25 Sep’24 Mar’25 Sep’24 Mar’25 Gross De
Slide 24: Cash Flow Analysis
UPL Limited Q2 and H1FY26 | Cash Flow Analysis FCFE in line with historical trend; adjusted for changes in working capital (seasonality effect), FCFE has improved by >₹1,900 cr vs. LY Particulars (₹ cr) H1 Sep’23 H1 Sep'24 H1 Sep'25 Change vs. LY EBITDA ±non-cash items(1) 2,385 2,244 3,153 908 Chang
Slide 25: Platform Updates
@UPL Platform Updates
Slide 26: UPL Corp Performance Summary
UPL Corp Q2 and H1FY26 | Performance Summary Strong revenue growth and contribution margin accretion led EBITDA expansion in Q2; continued momentum in H1 Particulars (₹ cr) Q2FY25A Q2FY26A vs. LY H1FY25A H1FY26A vs. LY Revenue 7,676 8,625 12% 13,816 14,582 6% Contribution 2,376 3,024 27% 4,215 5,096
Slide 27: UPL Corp Region-wise Analysis
UPL Corp Q2 and H1FY26 | Region-wise Analysis Strong Q2 performance in the Americas region, H1 driven by growth in all regions, mainly North America in ₹ cr in ₹ cr 177 8,625 48 159 14,582 327 391 438 (13) 13,816 141 7,676 +10% +79% (1%) +12% +2% +26% +2% +6% Q2FY25 Latin America NAM Europe ROW Q2FY
Slide 28: UPL SAS Performance Summary
UPL SAS Q2 and H1FY26 | Performance Summary Strong EBITDA delivery despite unfavorable weather led disruptions Particulars (₹ cr) Q2FY25A Q2FY26A vs. LY H1FY25A H1FY26A vs. LY Revenue 1,014 911 (10%) 2,017 2,048 2% Contribution 304 319 5% 587 691 18% Contribution Margin (%) 30.0% 35.0% 500 bps 29.1%
Slide 29: Advanta Performance Summary
Advanta(1) Q2 and H1FY26 | Performance Summary Field corn and sunflower led growth drove significant improvement in Q2 EBITDA margin vs. LY Particulars (₹ cr) Q2FY25A Q2FY26A vs. LY H1FY25A H1FY26A vs. LY Revenue 1,323 1,669 26% 2,489 3,065 23% Contribution 750 964 29% 1,434 1,744 22% Contribution M
Slide 30: Advanta Region-wise Analysis
Advanta(1) Q2 and H1FY26 | Region-wise Analysis Key growth led by Americas and India 118 9 1,669 308 15 3,065 240 (21) 320 (67) 2,489 1,323 +37% +23% (18%) +26% +34% +24% (35%) +17% Q2FY25 Americas Asia / Africa Australia Europe Q2FY26 H1FY25 Americas Asia / Africa Australia Europe H1FY26 Q2 Rev (₹
Slide 31: SUPERFORM Performance Summary
SUPERFORM Q2 and H1FY26 | Performance Summary Strong Q2 EBITDA, led by improved mix and favorable input cost, along with higher growth in the SSC(1) segment Particulars (₹ cr) Q2FY25A Q2FY26A vs. LY H1FY25A H1FY26A vs. LY Revenue 2,777 2,799 1% 5,133 5,357 4% Contribution 591 699 18% 1,167 1,337 15%
Slide 32: FY26 Outlook and Guidance
UPL FY26 Outlook and Guidance
Slide 33: Q2FY26 Summary and FY26 Outlook
UPL Limited | Q2FY26 Summary and FY26 Outlook Q2 PATMI up by ~₹1,000 cr, led by broad-based EBITDA growth and financial discipline; Strong H1 with planned de-gearing; FY26 EBITDA guidance upgraded Q2FY26 Key takeaways FY26 Outlook ▪ Robust growth in revenue +8% vs. LY • Crop protection Mix led margi
Slide 34: FY26 Upgraded Guidance
UPL Limited FY26 Upgraded Guidance Revenue Growth vs. LY EBITDA Growth vs. LY Earlier 4–8% 10–14% Now 4–8% 12–16% 33
Slide 35: Resilient core: backward integrated manufacturing and world class R&D
Our resilient core comes from state-of-the art backward integrated manufacturing and world class R&D capabilities 34
Slide 36: Manufacturing Facilities + Capabilities
UPL Limited | Manufacturing and R&D capabilities 1 2 Manufacturing Facilities + R&D Capabilities Capabilities 35
Slide 37: UPL's Global Presence and Manufacturing Facilities
1 2 UPL’s Global Presence and Manufacturing Facilities Enables effective catering to growers’ unique needs in each market, offering bespoke solutions enhancing agricultural results, driving success UK Belgium France USA Korea China 43 Mexico India Global Manufacturing Costa Rica Vietnam Facilities C
Slide 38: India Manufacturing | Core Pillar of our Strength
1 2 India Manufacturing | Core Pillar of our Strength State-of-the-art Manufacturing Facilities with Advanced Synthesis Capabilities Strategically Located Facilities for Global Agchem and Super-Specialty Businesses Backed by Advanced Synthesis Capabilities Cyanation Grignard Phosgenation Hydrogenati
Slide 39: Focus on Operational Excellence
1 2 Focus on Operational Excellence Dedicated Teams For Continuous Optimization Initiatives, Sustainable Growth Maxpro Maxpro+ Energy Cell Commissioning Green Cell 1 2 3 4 5 Yield, Quality, RM Improvement of OEE(2), Energy optimization, Safe and first-time right Works on sustainable FocusArea Consum
Slide 40: Robust Safety Framework
1 2 Safety | Critical Foundation For A Successful Manufacturing Asset Robust Safety Framework: Validated by MNCs and Recognized Agencies Adopted Safety as a Value: Robust Procedures in Place …Validated by key agencies TRFR(1) ERT – Employees trained at all sites in fire fighting, rescue operations,
Slide 41: Critical Focus on Sustainability
1 2 Critical Focus on Sustainability UPL’s Operations are Globally Recognised for Sustainable Performance Stellar Track record of Sustainability Performance Recognized by Leading Global Sustainability Benchmarks SBTi Verified Target Rated 1st Among Agrochemicals 49%▼ 52%▼ Reduction in water consumpt
Slide 42: UPL's Global R&D Presence
1 2 UPL’s Global R&D Presence R&D-led Innovation Fuels Large Scale Production for Global Customers… UPL R&D at a Glance Key Focus Areas Innovation in synthesis, formulation and process technology Europe USA St. Malo China Creating IP for products KOP Marseilles Hangzhou and process Ougree Heibei (Yo
Slide 43: Strong R&D Team Led Continued Innovation
1 2 “Pain-point” Driven Innovation Focus Strong R&D Team Led Continued Innovation and Technological Upgrades, Successfully Addressing Grower Requirements Spotlight on some of our R&D Innovations Strong R&D Team of 262 Employees • Improve soil and plant health 223 M. Sc and Improve Farmer • Water con
Slide 44: R&D Accreditations
1 2 R&D Accreditations Globally Recognised Facilities for Sustainable and Innovation Led Product Development, in Deep Collaboration with Ecosystem Stakeholders Ensuring sustainability in our labs and facilities Continued sustainability for reducing product costs, driving innovation, enhancing compet
Slide 45: Strong and experienced Board
Our performance, both financial and non-financial, are governed by strong and experienced Board 44
Slide 46: Board of Directors
UPL Limited Board of Directors Our exemplary governance is driven by a strong and experienced board… Jai Shroff Vikram Shroff Hardeep Singh Suresh Kumar Chairman and Group CEO Vice Chairman and Co-CEO Non-Executive Director Lead Independent Director Vasant P. Gandhi Naina Lal Kidwai M. V. Bhanumathi
Slide 47: UPL Corp Board of Directors
UPL Corp Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Davor Pisk Jerome Peribere Kabir Mathur Chairman Non-Executive Director Independent Director Independent Director Nominee Director, ADIA-TPG Mike Frank Paul Walsh Peter Scala
Slide 48: UPL SAS Board of Directors
UPL SAS Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Puneet Bhatia Nawal Saini Chairman Non-Executive Director Nominee Director, ADIA-TPG Nominee Director, Brookfield M. V. Bhanumathi Usha Rao Monari Ravishankar Cherukuri Indepe
Slide 49: Advanta Board of Directors
Advanta Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Rajan Gajaria Gaurav Trehan Chairman Non-Executive Director Vice Chairman Nominee Director, KKR Utsav Mitra Davor Pisk Usha Rao Monari Agnes Kalibata Nominee Director, Alpha W
Slide 50: SUPERFORM Board of Directors
SUPERFORM Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Raj Tiwari Suresh Kumar Chairman Non-Executive Director Chief Executive Officer Independent Director M. V. Bhanumathi Hardeep Singh K. R. Srivastava Independent Director Non
Slide 51: Leadership Team
UPL Limited | Leadership Team Supplemented by a passionate and experienced global leadership team Jai Shroff Vikram Shroff Toshan Tamhane Bikash Prasad Rajan Gajaria Chairman and Group CEO Vice Chairman and Co-CEO Chief Operating Officer Group CFO Vice Chairman UPL Limited UPL Limited UPL Limited UP
Slide 52: Thank You
Thank You For more details, please connect with Anurag Gupta anurag.gupta@upl-ltd.com