Slide 1: Cover letter to stock exchanges
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 August 3, 2026 BSE Limited National Stock Exchange of India Ltd. Mumbai Mumbai SCRIP CODE – 512070 SYMBOL: UPL Sub.: Investor Presentation f
Slide 2: Consolidated Financial Results and Business Update Q1FY27
UPL Limited Consolidated Financial Results and Business Update Q1FY27 Investor Presentation 03rd August 2026
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: Content
Agenda Content I. Financial and Business Segment Key Macro Trends for the Quarter 4–5 Q1 Performance Update 6–19 Performance Dashboard 6–7 P&L Analysis: Revenue, EBITDA and PATMI 8–13 Balance Sheet Analysis: Working Capital, Net Debt and Leverage Ratios 14–18 Cash Flow Analysis 19 Platform-wise Q1 P
Slide 5: Key Macro Trends for the Quarter
UPL Limited | Q1FY27 Update Key Macro Trends for the Quarter ▪ Ongoing geopolitical volatility and overall macro uncertainties ▪ El Niño impact on planting delays across major regions (e.g., India, Europe) ▪ Commodity prices improving, farm income stress continues across key regions ▪ Strong continu
Slide 6: Key Corporate Updates
UPL Limited Q1FY27 | Key Corporate Updates 1 Advanta IPO SEBI Approval received on 3rd June 2026 Re-organization of crop 2 protection businesses CCI Approval received on 2nd June 2026; no adverse observation letter received from BSE and NSE on 29th July; process on track 3 Ratings upgrade CARE Edge
Slide 7: Margin expansion trend across seven quarters
UPL Limited | Margin expansion trend across seven quarters Structural improvement in business quality led contribution and EBITDA margin expansion for the seventh consecutive quarter as . . . Contribution margin EBITDA margin Quarters CY LY Change CY LY Change Q1FY27 45.2% 43.4% ▲ 14.7% 14.1% ▲ Q4FY
Slide 8: Performance Dashboard Summary
UPL Limited Q1FY27 | Performance Dashboard Summary UPL delivers on guidance with further improved gearing; strong performance despite macro headwinds; seventh consecutive quarter of revenue and EBITDA growth; strongest Q1 net income (PATMI) in past three years Q1FY27 vs. LY Q1FY27 vs. LY ₹10,181 cr
Slide 9: P&L Analysis
UPL P&L Analysis
Slide 10: Q1FY27 Performance Summary
UPL Limited Q1FY27 | Performance Summary Strongest Q1 revenue and EBITDA growth in past four years; continued margin expansion led highest PATMI (up by ~₹100 cr vs. LY) in past three years Particulars (₹ cr) Q1FY26 Q1FY27 Change YoY Revenue 9,216 10,181 10% • V: (3%) | P: +3% | F: +10% Contribution
Slide 11: Revenue: Platform-wise Analysis
UPL Limited Q1FY27 | Revenue: Platform-wise Analysis Strong overall positive pricing, supported by FX; significant volume growth in Advanta and specialty chemicals segment Q1 Platform-wise Revenue(1) (₹ cr) YoY +10% +7% positive +26% +14% 10,181 9,216 5,957 6,374 2,558 2,919 1,136 1,140 1,396 1,754
Slide 12: Revenue: Region-wise Analysis
UPL Limited Q1FY27 | Revenue: Region-wise Analysis Broad-based growth across region, led by India and Americas Q1 Region-wise Revenue (₹ cr) 340 117 10,181 244 62 202 9,216 +8% +18% +4% +15% +7% Q1FY26 LATAM NAM Europe India ROW Q1FY27 Q1FY27 Revenue (₹ cr) 2,603 1,582 1,598 2,602 1,797 Latin Americ
Slide 13: EBITDA Analysis: Platform-wise
UPL Limited Q1FY27 | EBITDA Analysis: Platform-wise Broad-based EBITDA growth, led by overall pricing action, favourable portfolio mix, and supported by FX gains Q1 Platform-wise EBITDA(1) (₹ cr) YoY +15% +38% +34% +24% +7% 1,500 1,303 532 386 340 288 359 333 358 253 UPL Ltd. UPL Corp UPL SAS Advant
Slide 14: PATMI Analysis
UPL Limited Q1FY27 | PATMI Analysis Significant improvement in operational PATMI (~₹100 cr vs. LY), led mainly by higher EBITDA, FX related expenses and lower finance cost, among others Q1FY27 Operational PATMI Bridge (₹ cr) 198 22 37 34 13 (101) (102) (4) 19 (78) Q1FY26 EBITDA D&A NFC FX/ Hedging c
Slide 15: Balance Sheet Analysis
UPL Balance Sheet Analysis
Slide 16: Balance Sheet Analysis
UPL Limited Q1FY27 | Balance Sheet Analysis Higher short-term debt vs. Mar’26 due to seasonality led increased working capital requirement Change Particulars Jun’25 (₹) Mar’26 (₹) Jun’26 (₹) vs. Mar’26 Uses of Capital Fixed Capital(1) 42,467 45,891 46,281 390 Right-of-use assets 1,361 1,440 1,389 (5
Slide 17: Sources and Uses of Capital Analysis
UPL Limited Q1FY27 | Sources and Uses of Capital Analysis Long-term assets are funded by long-term sources of capital, ~60% working capital is funded by long-term sources; resilient capital structure in ₹ cr 71,230 71,230 2,698 Others Short-term Debt 13,522 4,921 Cash & Lease Liabilities ~60% workin
Slide 18: Working Capital Analysis
UPL Limited Q1FY27 | Working Capital Analysis NWC days up by 24 days, due to higher inventory, receivables days and FX translation impact Inventory Receivables Payables Net Working Capital Jun’25 Jun’26 Jun’25 Jun’26 Jun’25 Jun’26 Jun’25 Jun’26 ₹14,041 cr ₹17,768 cr ₹16,514 cr ₹20,457 cr ₹19,530 cr
Slide 19: Net Debt Analysis
UPL Limited Q1FY27 | Net Debt Analysis Disciplined capital management led gross debt reduction of >$100 Mn vs. LY, despite higher seasonal working capital requirement, planned capex and investments; gearing ratios improved vs. LY vs. vs. vs. vs. Particulars (₹ cr)(1) Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY
Slide 20: Cash Flow Analysis
UPL Limited Q1FY27 | Cash Flow Analysis Adjusted cash flows on expected lines; lower vs. LY due to higher planned capex and investments Particulars (₹ cr) Q1FY26 Q1FY27 Change vs. LY EBITDA ±non-cash items(1) 1,293 1,233 (60) Changes in working capital (4,082) (7,833) (3,751) Other non-current & cur
Slide 21: Platform Updates
UPL Platform Updates
Slide 22: UPL Corp Performance Summary
UPL Corp Q1FY27 | Performance Summary Revenue growth despite macro headwinds, supported by FX; robust EBITDA growth and margin expansion led by product and regional mix Particulars (₹ cr) Q1FY26A Q1FY27A vs. LY Revenue 5,957 6,374 7% • V: (7%) | P: flat | F: +14% Revenue • Volume decline in EU due t
Slide 23: UPL Corp Region-wise Revenue Analysis
UPL Corp Q1FY27 | Region-wise Revenue Analysis Broad-based growth across geographies, led by Americas region Q1 Region-wise Revenue (₹ cr) 6,374 • Mainly led by Brazil (acephate, clethodim), partially 101 Latin offset by other LATAM countries (e.g., Argentina) 131 21 America • Favorable FX related u
Slide 24: UPL SAS Performance Summary
UPL SAS Q1FY27 | Performance Summary Strong performance amid El Niño, war disruption and liquidity crunch; Price discipline and differentiated portfolio helped in navigating headwinds Particulars (₹ cr) Q1FY26A Q1FY27A vs. LY Revenue 1,136 1,140 positive • V: (8%) | P: +8% | F: flat Revenue • Growth
Slide 25: Advanta Performance Summary
Advanta Q1FY27 | Performance Summary Strong revenue growth led by key crops, driving robust EBITDA growth Particulars(1) (₹ cr) Q1FY26A Q1FY27A vs. LY Revenue 1,396 1,754 26% • V: +12% | P: +10% | F: +4% Revenue(2) • Led by field corn (India, Latin America, Contribution 780 971 24% Indonesia), rice
Slide 26: Advanta Region-wise Revenue Analysis
Advanta Q1FY27 | Region-wise Revenue Analysis Key growth led by Asia (mainly India) and Americas Q1 Region-wise Revenue(1) (₹ cr) • Field corn (Latin America) and sunflower (Argentina), 281 4 1,754 Americas offset by grain sorghum (5) • Post-harvest segment increase in USA and Chile 78 1,396 • Field
Slide 27: SUPERFORM Performance Summary
SUPERFORM Q1FY27 | Performance Summary Strong specialty chemicals performance (both volume and pricing) led revenue growth; EBITDA partially offset by higher Q1 overheads Particulars (₹ cr) Q1FY26A Q1FY27A vs. LY Revenue 2,558 2,919 14% • V: (2%) | P: 16% | F: flat • Spechem (+51% vs. LY), strong vo
Slide 28: FY27 Guidance
UPL FY27 Guidance
Slide 29: FY27 Guidance
UPL Limited in FY27 FY27 Guidance Guidance Key Assumptions . . . FY26 FY27 Revenue Growth 4–8% 7–11% • No further adverse weather conditions (including El Niño) • No major escalation in West Asia, disrupting logistics and Initial EBITDA input prices Growth 10–14% 10–14% Strategic priorities for FY27
Slide 30: Non-financial enablers
Non-financial enablers Our financial performance is underpinned by a clear long-term strategy and a commitment to sustainability linked value creation. 29
Slide 31: Our Strategy: Strong Roots, Resilient Core, Meaningful Growth
Our Strategy: Strong Roots, Resilient Core, Meaningful Growth Focused execution today for sustainable value creation tomorrow Improve quality of earnings Drive profitable growth Better mix, operational efficiency Sustainable growth with stronger and disciplined business choices margins and consisten
Slide 32: ESG at UPL
ESG at UPL Driving Sustainable Agriculture, Creating Long-term Value Environment Social Governance 55% 46% 5.29 Lakhs+ 1,28,350 #1 64% Reduction in water consumption intensity Renewable share in Mangrove saplings Man-hours of safety from baseline FY 2019–20 electricity consumption planted across 240
Slide 33: Experienced board and global leadership team
Our performance, both financial and non-financial, are governed by experienced board and global leadership team 32
Slide 34: Leadership Team
UPL Limited | Leadership Team Supplemented by a passionate and experienced global leadership team Board of Directors Current Leadership Team 1 Board 2 Audit 3 NRC 4 CSR 1 1 4 5 6 1 4 6 7 5 Sustainability Mr. Toshan Tamhane Mr. Bikash Prasad Mr. Rajan Gajaria Mr. Jaidev R. Shroff Mr. Vikram R. Shroff
Slide 35: Resilience through Strong Governance Across Platforms
Resilience through Strong Governance Across Platforms Strong governance with highly experienced board members International Crop India Crop Protection Global Seeds + Post Harvest Manufacturing and Protection Platform Platform Platform Specialty Chemicals Platform UPL Corporation Ltd. UPL Sustainable
Slide 36: Glossary of Key Terms
Glossary of Key Terms Abbreviation Meaning Abbreviation Meaning A.I. Active Ingredient IPO Initial Public Offering A.I./JV Associate Income / Joint Ventures n.m. Not Measurable APAC Asia Pacific Region NCI Non-controlling Interests Bn / Mn Billion / Million NFC Net Finance Cost bps Basis Points NPP
Slide 37: Thank You
Thank You FY26 FY26 FY25 Annual Report Sustainability Report CSR Report For more details, please connect with Anurag Gupta Astitva Chauhan anurag.gupta@upl-ltd.com astitva.chauhan@upl-ltd.com