Upl Limited · NSE:UPL
Upl — Q1 FY2026 Earnings Presentation
49 slides from Upl's earnings presentation, Aug 1, 2025
Slide 1: Exchange filing cover letter for investor presentation
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 1, 2025 BSE Limited National Stock Exchange of India Ltd. Mumbai Mumbai SCRIP CODE – 512070 SYMBOL: UPL Sub.: Investor presentation f
Slide 2: Consolidated Financial Results & Business Update Q1FY26
UPL Limited Consolidated Financial Results & Business Update Q1FY26 Investor Presentation 01st August 2025 1
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 Ashish Dobhal 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 Liquidity Events and Ratings Update 6 Q1FY26 Performance Update 7–16 Performance Dashboard Summary 7 P&L Analysis: Revenue by Platforms and Regions, Contribution, EBITDA, Reported PATMI 8–14 Working Capital Analy
Slide 6: Key Macro Trends for the Quarter
UPL Limited | Q1FY26 Key Macro Trends for the Quarter ▪ Ongoing geopolitical challenges “…low commodity prices continue to affect grower incomes in Brazil…” ▪ US tariff related uncertainties ▪ Continued low commodity prices vs. mid-22 peak (e.g., soy, corn) “…uncertain grower sentiment in US towards
Slide 7: Key Liquidity Events and Ratings Update
UPL Limited Q1FY26 | Corporate Finance Update Key Liquidity Events and Ratings Update 1 Scheduled loan pre-payment $250Mn, due in Sep’25; paid with strong liquidity generation in Q4FY’25 2 Perpetual bond redemption Option exercised at first call in May’25, repaying $400Mn 3 Rights issue Second and f
Slide 8: Performance Dashboard Summary
UPL Limited Q1FY26 | Performance Dashboard Summary Double-digit EBITDA growth and improved PATMI driven by higher contribution margin; lower net debt and improved net working capital days vs. LY vs. LY ₹9,216 cr | +2% Contribution ₹4,001 cr | +12% I Revenue V: (1%) | P: +1% | E: +2% Margin 43.4% | +
Slide 9: Revenue growth despite market challenges; strong EBITDA accretion
UPL Limited Q1FY26 | Performance Summary Revenue growth despite market challenges; strong EBITDA accretion through improved contribution margin in crop protection segment Q1FY25 vs. Q1FY26 Particulars (₹ cr) Q1FY25A Q1FY26A vs. LY • Led by UPL SAS and Advanta (improved volume and pricing in Revenue
Slide 10: Revenue Analysis: Platform-wise
UPL Limited Q1FY26 | Revenue Analysis: Platform-wise Double-digit revenue growth in UPL SAS and Advanta, supported by SUPERFORM; offset by Latin America crop protection Platform-wise Revenue(1) (₹ cr) YoY 2% (3%) +13% +20% +9% 9,067 9,216 6,140 5,957 2,355 2,558 1,003 1,136 985 1,182 UPL Ltd. UPL Co
Slide 11: Revenue Analysis: Region-wise
UPL Limited Q1FY26 | Revenue Analysis: Region-wise Strong growth in India, supported by North America and Europe, offset by Latin America crop protection and Rest of World Region-wise Revenue (₹ cr) 390 • Brazil volume decline mainly in insecticides (e.g., Sperto®) Latin America • In other LATAM reg
Slide 12: Contribution Analysis: Platform-wise
UPL Limited Q1FY26 | Contribution Analysis: Platform-wise Strong, double-digit growth across all platforms, led by pricing/ FX, product mix, improved capacity utilization and favorable input cost Contribution Variance(1) (Q1FY25 vs. Q1FY26) (₹ cr) YoY 12% 13% 31% 15% 11% 4,001 3,584 1,839 2,072 588
Slide 13: EBITDA Analysis: Platform-wise
UPL Limited Q1FY26 | EBITDA Analysis: Platform-wise Strong EBITDA growth led mainly by higher crop protection segment, and supported by others EBITDA Variance(1) (Q1FY25 vs. Q1FY26) (₹ cr) YoY 14% 23% 50% 5% 7% 1,303 1,145 313 386 311 333 169 253 255 266 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM E
Slide 14: EBITDA Analysis
UPL Limited Q1FY26 | EBITDA Analysis EBITDA growth driven by favorable pricing/ FX, product mix, improved capacity utilization and favorable input cost EBITDA Variance (Q1FY25 vs. Q1FY26) (₹ cr) 269 (259) 235 (87) Cost impact Revenue impact 1,303 1,145 Q1FY25 Volume Price, FX COGS SG&A Q1FY26 Volume
Slide 15: Reported PATMI Analysis
UPL Limited Q1FY26 | Reported PATMI Analysis Reported PATMI improvement of ~₹300 cr vs. LY Q1FY26 Reported PATMI(1) (₹ cr) (88) 50 (55) 39 86 (384) 15 (34) 108 (71) 158 Q1FY25 EBITDA D&A NFC FX/ Hedging cost Oth. inc./ loss Tax A.I. NCI Excep. cost Q1FY26 D&A NFC FX Gain / Loss Non-controlling Inter
Slide 16: Working Capital Analysis
UPL Limited Q1FY26 | Working Capital Analysis Net working capital days reduction supported by improved DIO and DSO Inventory Receivables Payables Net Working Capital Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 ₹13,887 cr ₹14,041 cr ₹15,963 cr ₹16,514 cr ₹15,522 cr ₹19,530 cr ₹14,328 cr ₹
Slide 17: Net Debt Analysis
UPL Limited Q1FY26 | Net Debt Analysis Net debt lowered by >₹6,100 cr vs. LY, driven primarily by lower working capital; significant improvement in gearing ratios vs. LY vs. vs. vs. vs. Particulars (₹ cr)(1) Q1FY25 Mar’25 Q1FY26 Particulars ($ Mn) Q1FY25 Mar’25 Q1FY26 Q1FY25 Mar’25 Q1FY25 Mar’25 Gro
Slide 18: Platform Updates
@UPL Platform Updates
Slide 19: UPL Corp Performance Summary
UPL Corp Q1FY26 | Performance Summary Contribution and EBITDA margin expansion Q1FY25 vs. Q1FY26 Particulars (₹ cr) Q1FY25A Q1FY26A vs. LY • Decline in Brazil, mainly in insecticides Revenue (e.g., Sperto®) volume Revenue 6,140 5,957 (3%) Contribution 1,839 2,072 13% Contribution • Driven mainly by
Slide 20: UPL Corp Region-wise Analysis
UPL Corp Q1FY26 | Region-wise Analysis Revenue growth in Europe and North America, offset by lower insecticides volume in Latin America Region-wise Revenue (₹ cr) • Insecticides volume impacted mainly by acetamiprid (Sperto®) in Brazil Latin America • In other LATAM, volume decline in Mexico, and ov
Slide 21: UPL SAS Performance Summary
UPL SAS Q1FY26 | Performance Summary Strong Q1 driven by higher volume and pricing, leading to significant margin and EBITDA growth Q1FY25 vs. Q1FY26 • Strong volume growth of ~9%, driven by herbicides Particulars (₹ cr) Q1FY25A Q1FY26A vs. LY Revenue and supported by favorable season Revenue 1,003
Slide 22: Advanta Performance Summary
Advanta Q1FY26 | Performance Summary Strong growth in revenue driven by corn, grain sorghum and sunflower; EBITDA margin impacted by higher production variances and lower recoveries Q1FY25 vs. Q1FY26 Particulars (₹ cr) Q1FY25A Q1FY26A vs. LY • Strong volume growth (+12%), supported by pricing (+7%)
Slide 23: Advanta Region-wise Analysis
Advanta Q1FY26 | Region-wise Analysis Key growth led by India and Americas, partially offset by ASEAN and Australia Region-wise Revenue (₹ cr) • Grain sorghum and sunflower in Argentina Americas and grain sorghum in US led volume growth 65 180 (46) (2) Asia / • Volume and price led growth; Africa im
Slide 24: SUPERFORM Performance Summary
SUPERFORM Q1FY26 | Performance Summary Robust revenue growth led by volume; EBITDA driven by improved mix Q1FY25 vs. Q1FY26 • AI(1) growth of 6% vs. LY, driven by key molecules Particulars (₹ cr) Q1FY25A Q1FY26A vs. LY across portfolios Revenue 2,355 2,558 9% Revenue • SSC(1) growth +21% vs. LY, dri
Slide 25: Our robust financials and business performance are strongly enabled by our focus on…
Our robust financials and business performance are strongly enabled by our focus on… 24
Slide 26: Environment, Social, Governance
UPL Limited | Sustainability E S G Environment Social Governance 25
Slide 27: Delivered five-year strategic plan, reinforcing long-term ESG commitments
UPL Limited | ESG FY25 Target Met E S G Delivered five-year strategic plan, reinforcing long-term ESG commitments Goal Goal Goal Goal 01 02 03 04 Reduce Environmental Enhance World Food Enhance Sustainable Strengthen Community Footprint Security Sourcing Wellbeing Target by FY25 From Baseline FY20 R
Slide 28: ESG Performance Highlights
UPL Limited | ESG Performance Highlights E S G Created long-term stakeholder value through sustainable actions UPL has been listed consecutively WBCSD wastewater Committed for ten principles zero commitment of the UNGC for 2 years in DJSI World Index Environment Biodiversity 49%▼ 52%▼ 38%▼ 56%▲ 3%▼
Slide 29: Environmental Footprint
UPL Limited | Environmental Footprint E S G Demonstrated through environmental footprint reduction ahead of time Specific Water Footprint (m3/MT) Specific Waste Footprint (kg/MT) Specific CO2 Footprint (kg/MT) FY24–25 4.45 1,715.03 831.30 FY23–24 4.62 1,706.25 881.85 FY22–23 5.19 1,511.84 1,055.35 F
Slide 30: FY30 ESG Goals
UPL Limited | FY30 ESG Goals E S G Setting up an ambitious target for FY30 Goal Goal Goal Goal 01 02 03 04 Reduce Environmental Enhance World Food Enhance Sustainable Strengthen Community Footprint Security Sourcing Wellbeing Target by FY25 From Baseline FY20 Reduce 20% water, 25% CO2 & 25% Achieve
Slide 31: Empower communities and conserve nature
UPL Limited | Social “Open Hearts. Always Human.” E S G At our heart lies the desire to empower communities and conserve nature Catalyzing sustainable transformation through community engagement, environmental stewardship and inclusive growth ✓ ✓ ✓ ✓ I Institutions II Sustainable III Inclusive Devel
Slide 32: We engage deeply with our communities
UPL Limited | Social E S G We engage deeply with our communities… through institutions of excellence built over decades… Training Programs and UPL University of Sustainable Comprehensive Knowledge | UPL Centre for Agriculture Technology | in Ghana, Côte d’Ivoire to train Excellence, Nahuli | graduat
Slide 33: Commitment to conservation of biodiversity
UPL Limited | Social E S G Being committed as ever for the conservation of our biodiversity Species conservation protected 1,431 sarus cranes and 125 vultures through community-driven conservation projects in Gujarat. Project green Water conservation Eco-clubs planted 2.66 lakh trees across 715 acre
Slide 34: UPL Limited Board of Directors
Governance | UPL Limited Board of Directors E S G 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 Kidw
Slide 35: UPL Corp Board of Directors
Governance | UPL Corp Board of Directors E S G 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 Pau
Slide 36: UPL SAS Board of Directors
Governance | UPL SAS Board of Directors E S G 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 Ashish Do
Slide 37: Advanta Board of Directors
Governance | Advanta Board of Directors E S G 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 Nomine
Slide 38: SUPERFORM Board of Directors
Governance | SUPERFORM Board of Directors E S G 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 Indep
Slide 39: Global leadership team
Governance | Leadership Team E S G 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 Limit
Slide 40: People & Culture: engaged workforce
UPL Limited | People & Culture Highly motivated and productively engaged workforce 85 89 84 UPL’s engagement score (89; among top quartile) well above industry average benchmark Overall participation 94% FY24 FY25 Agri./ crop sciences average UPL overall highlights Consistent employee Open ended com
Slide 41: Our strong practices in ESG have led to several international accolades
Our strong practices in ESG have led to several international accolades… 40
Slide 42: Global Accreditation
UPL Limited | Global Accreditation Achieved highest sustainability rating among agchem companies globally UPL Included in DJSI World Index FTSE4Good certificate from FTSE Russell-2025; DJSI Score: ranked #1 by DJSI(1) UPL has once again been recertified as a constituent company in the FTSE4Good Inde
Slide 43: Awards and Recognitions (1/3)
UPL Limited | Awards and Recognitions Awards and Recognitions (1/3) UPL Shanghai Rancona Dimension got National CP Market Best-selling Fungicide Brand Award & Yoloo Saofei got National CP Market Best-Selling Insecticide Brand Award. UPL SAS received Best in Supply Chain Sustainability at CHEMCONNECT
Slide 44: Awards and Recognitions (2/3)
UPL Limited | Awards and Recognitions Awards and Recognitions (2/3) UPL Argentina Team was awarded with Great Place to Work certification. UPL has been honoured with the Impact Award for Special Learning and Development Initiatives at the Skillsoft India Customer Awards 2024. UPL is the WINNER for t
Slide 45: Awards and Recognitions (3/3)
UPL Limited | Awards and Recognitions Awards and Recognitions (3/3) UPL was awarded the MOST INNOVATIVE BIOLOGICAL CONTROL METHOD award with its UPL Corp Brazil has been honored as one of the Forbes Agro100, celebrating its Pronutiva - Sustainable Greenhouse Tomato Production Project at the 2nd Agri
Slide 46: Summary: Q1 takeaways and FY26 outlook
UPL Limited Q1FY26 | Summary Broad based improvement in quality of earnings across platforms; maintain positive outlook for FY26 Q1FY26 Key takeaways FY26 Outlook ▪ Positive revenue: robust growth in three platforms • Crop protection On-track for On strong revenue growth FY26 guidance ▪ Strong accre
Slide 47: Annexure
Annexure Consolidated Financial Results & Business Update
Slide 48: P&L Statement
UPL Limited Q1FY26 | P&L Statement Particulars (₹ cr) Q1FY25 Q1FY26 Change YoY Revenue 9,067 9,216 2% Contribution 3,584 4,001 12% Contribution margin (%) 39.5% 43.4% 390 bps SG&A 2,439 2,698 11% EBITDA 1,145 1,303 14% EBITDA margin (%) 12.6% 14.1% 150 bps Other (income) (24) (38) n.m. Depreciation
Slide 49: Thank You
Thank You For more details, please connect with Anurag Gupta anurag.gupta@upl-ltd.com