Upl Limited · NSE:UPL
Upl — H1 FY2027 Earnings Presentation
56 slides from Upl's earnings presentation, Nov 2, 2026
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 November 2, 2026 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 H1FY27
UPL Limited Consolidated Financial Results and Business Update Q2 and H1FY27 Investor Presentation 02nd November 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: Meet the presenters today
Agenda Meet the presenters today Bikash Prasad UPL Limited Group CFO …and other Senior Management Sameer Tandon Ashish Dobhal UPL Corp Divisional President UPL Corp Divisional President APAC, Africa & Europe Americas Raj Tiwari Bhupen Ravi Cherukuri SUPERFORM CEO Advanta CEO UPL SAS CEO 3
Slide 5: Content
Agenda Content I. Financial and Business Segment Macro and Key Corporate Updates 7-10 Q2 and H1 Performance Update 11–25 Performance at a Glance 13 P&L Analysis | Revenue, EBITDA and PATMI 13–18 Balance Sheet Analysis | Working Capital, Net Debt and Leverage Ratios, Cash Flow Analysis 19–25 Business
Slide 6: Engines of Accelerated Profitable Growth
Engines of Accelerated Profitable Growth Over the years, we built a resilient core, stemming from diversified products and geographies while integrating manufacturing with focus on innovation . . . >140 #5 in global agchem Leading Player Ranked #1 Broad-based Global Footprint countries outreach #10
Slide 7: Strategic Realignment: Platform Strengths
Strategic Realignment: Platform Strengths . . . across diversified businesses of , anchored in strong moats Crop Protection Manufacturing Seeds & Post-Harvest UPL Corp UPL SAS SUPERFORM Advanta Global crop protection India Crop Protection AI and SSC manufacturing Innovation led Genetics Platform IP,
Slide 8: Macro and Key Corporate Updates
Macro and Key Corporate Updates
Slide 9: Intense volatility continues against the global macro backdrop
UPL Limited | H1FY27 Update Intense volatility continues to persist against the global macro backdrop . . . 01 02 03 04 Geo-political volatilities El Niño impacts US Tariff related Stress on farm continue planting and output uncertainties economics . . . 05 . . .while rising commodity prices set the
Slide 10: Margin expansion trend across eight quarters
UPL Limited | Margin expansion trend across eight quarters . . . yet the structural upgrade in business quality has shown up in 8 consecutive quarters of improving margins and EBITDA Contribution margin EBITDA margin EBITDA Quarters CY LY Change CY LY Change CY LY Change Q2FY27 42.9% 41.9% ▲ 19.5% 1
Slide 11: Key Corporate Updates: acquisition, credit outlook, refinancing
UPL Limited Q2FY27 | Key Corporate Updates 1 Acquisition Advanta agreed to acquire 99.98% of Misr Hytech Seed International, Egypt, for ~$110 Mn S&P: UPL Corp Stable → Positive; 'BB' affirmed (14 Aug 2026) 2 Credit outlook CRISIL: UPL Ltd Negative → Stable; AA+/A1+ reaffirmed (2 Sep 2026) 3 Refinanc
Slide 12: Performance at a Glance
UPL Performance at a Glance
Slide 13: Resilient performance despite macro headwinds
UPL Limited Q2 & H1FY27 | Performance Dashboard Resilient performance despite macro headwinds Revenue Contribution & Margin EBITDA & Margin Op. PATMI Q2FY27 (1%) +1% | +100 bps +5% | +120 bps +3% vs. Q2FY26 ₹11,860 cr ₹5,087 cr | 42.9% ₹2,312 cr | 19.5% ₹422 cr V: (10%) | P: flat | F: +9% H1FY27 +4%
Slide 14: P&L Analysis
UPL P&L Analysis
Slide 15: Profitable growth sustained through margin accretion and cost optimization
UPL Limited Q2 and H1FY27 | P&L Statement Profitable growth sustained through margin accretion and cost optimization Particulars (₹ cr) Q2FY26 Q2FY27 Change YoY H1FY26 H1FY27 Change YoY Revenue 12,019 11,860 (1%) 21,235 22,041 4% Contribution 5,041 5,087 1% 9,042 9,693 7% Contribution Margin (%) 41.
Slide 16: Revenue: Platform-wise Analysis
UPL Limited Q2 and H1FY27 | Revenue: Platform-wise Analysis Stable revenue despite volatile market condition led decline in UPL Corp, strong growth in Advanta and SUPERFORM Q2 Platform-wise Revenue(1) (₹ cr) YoY (1%) (8%) +1% +12% +21% +50% • Q2: V: (16%) | P: (2%) | F: +10% • Severe drought conditi
Slide 17: Revenue: Region-wise Analysis
UPL Limited Q2 and H1FY27 | Revenue: Region-wise Analysis Strong growth in RoW and North America; Europe and LATAM impacted by weather and tight channel inventory respectively Q2 Region-wise Revenue (₹ cr) • Unfavorable rains impact fungicide volumes in Brazil 12,019 172 462 11,860 Latin and herbici
Slide 18: EBITDA: Platform-wise Analysis
UPL Limited Q2 and H1FY27 | EBITDA: Platform-wise Analysis Operational discipline drives margin expansion despite higher input costs and macro uncertainties Q2 Platform-wise EBITDA(1) (₹ cr) YoY +5% (14%) +3% +19% (5%) +73% • EBITDA impacted by regional and product mix 2,205 2,312 UPL Corp • Cost ra
Slide 19: Operational PATMI Analysis
UPL Limited Q2 and H1FY27| Operational PATMI Analysis Q2FY27 Operational PATMI up ₹11 cr vs. LY to ₹422 cr, led mainly by higher EBITDA, other income Q2FY27 Operational PATMI Bridge (₹ cr) H1FY27 Operational PATMI Bridge (₹ cr) 305 31 138 107 100 10 27 (149) 22 23 (47) (78) (81) (180) (94) (12) 411
Slide 20: Balance Sheet Analysis
UPL Balance Sheet Analysis
Slide 21: Higher short-term debt led by increased working capital requirement
UPL Limited Q2FY27 | Balance Sheet Analysis Higher short-term debt vs. Sep’25 led by increased working capital requirement Change Particulars Sep’25 (₹) Mar’26 (₹) Sep’26 (₹) vs. Sep’25 ($) Uses of Capital Fixed Capital(1) 43,652 45,891 46,429 (73) Right-of-use assets 1,385 1,440 1,485 (1) • Working
Slide 22: Sources and Uses of Capital Analysis
UPL Limited Q2FY27 | Sources and Uses of Capital Analysis Long-term assets are funded by long-term sources of capital, ~26% working capital is funded by long-term sources in ₹ cr 75,658 75,658 2,753 Others 4,030 Cash Short-term Debt 22,311 & Lease Liabilities 20,961 Working Capital Long-term Debt 11
Slide 23: NWC up by 27 days, driven by higher inventory and FX translation
UPL Limited Q2FY27 | Working Capital Analysis NWC up by 27 days, driven by higher inventory and FX translation Inventory Receivables Payables Net Working Capital Sep’25 Sep’26 Sep’25 Sep’26 Sep’25 Sep’26 Sep’25 Sep’26 ₹16,193 cr ₹20,165 cr ₹19,022 cr ₹21,642 cr ₹19,751 cr ₹20,846 cr ₹15,463 cr ₹20,9
Slide 24: Net debt moves in tandem with seasonal working capital
UPL Limited | Working Capital Trends Net debt moves in tandem with seasonal working capital, rises with the H1 inventory build-up and falls as inventory is liquidated Net Debt moves with seasonal Working Capital Debt increased explained since Mar’26 The gap between the two lines is structural debt S
Slide 25: Net Debt Analysis
UPL Limited Q2FY27 | Net Debt Analysis Higher debt levels higher vs. LY due to increase in seasonal working capital, planned capex and investments vs. vs. vs. vs. Particulars (₹ cr)(1) Sep'25 Mar'26 Sep'26 Sep'25 Mar'26 Particulars ($ Mn) Sep'25 Mar'26 Sep'26 Sep'25 Mar'26 Gross Debt(2) 28,562 22,04
Slide 26: Cash Flow Analysis
UPL Limited Q2 and H1FY27 | Cash Flow Analysis Cash flows on expected lines; lower vs. LY on higher planned investments and one time tax benefit in Q2FY26 Particulars (₹ cr) Q2FY26 Q2FY27 Change vs. LY H1FY26 H1FY27 Change vs. LY EBITDA ±non-cash items(1) 1,860 1,919 59 3,153 3,151 (2) Changes in wo
Slide 27: Business Update: Manufacturing
Business Update Manufacturing SUPERFORM 01 Manufacturing 02 Crop Protection 03 Seeds & Post-Harvest SUPERFORM UPL Corp · UPL SAS Advanta · Decco
Slide 28: SUPERFORM: Hard to Replicate, Built to Last
SUPERFORM | Applications & Moats SUPERFORM: Hard to Replicate, Built to Last • 50+ years of experience with high entry barriers 01 Complex Chemistry Expertise • Backward integration limits commodity price exposure • Diverse applications and growth outpacing industry Resilient Player ✓ Supply Continu
Slide 29: Winning Strategy: From Integrated Base to Specialty Growth
Building for tomorrow, backed by tailwinds Winning Strategy: From Integrated Base to Specialty Growth Structural Growth Tailwinds Strategic Priorities Key Initiatives Expected Outcomes India offers skilled talent, • Backward integration secures key phosphorus inputs Richer specialty mix lower capita
Slide 30: Capex Pipeline: Building the Next Leg of Growth
Capex Pipeline: Building the Next Leg of Growth Investing in integration, capacity, clean power across our manufacturing sites Lubricants Phosgene Value Phosphorus Value Cyanide Value Renewable Power Bio-Ethanol Additives Chain Chain Chain Jhagadia Patan Dahej Odisha Dahej Jhagadia Phase 2 capacity
Slide 31: SUPERFORM Q2 and H1FY27 Performance Summary
SUPERFORM Q2 and H1FY27 | Performance Summary Pricing led strong topline and EBIT growth in both SSC and Ag business Particulars (₹ cr) Q2FY26 Q2FY27 vs. LY H1FY26 H1FY27 vs. LY Revenue 2,799 3,579 28% 5,357 6,498 21% Contribution 699 792 13% 1,337 1,519 14% Contribution Margin (%) 25.0% 22.1% (290
Slide 32: Revenue and EBIT growth in both portfolios
H1FY27 Drivers | Deep-dive in Portfolio Revenue and EBIT growth in both portfolios, SSC leads margin expansion Revenue EBIT YoY % YoY % 39% 1,896 62% 231 ₹6,498 ₹545 314 13% 4,602 15% EBIT Margin % YoY Change AI AI 6.8% (10 bps) SSC SSC 12.2% +170 bps Revenue EBIT • AI: H1: V: (6%) | P: +21% | F: fl
Slide 33: Business Update: Crop Protection
Business Update Crop Protection UPL Corp & UPL SAS 01 Manufacturing 02 Crop Protection 03 Seeds & Post-Harvest SUPERFORM UPL Corp · UPL SAS Advanta · Decco
Slide 34: A solution-led operating model, built on speed to market
UPL Corp | Operating Model A solution-led operating model, built on speed to market Proprietary Technology + Strong Manufacturing + Robust Distribution Only crop protection company R&D Backed Formulations | Closer to Market Backward Integrated | Complex Chemistries Brand and registration led in the
Slide 35: UPL Corp Innovation Pipeline
UPL Corp | Innovation Pipeline Robust future pipeline, with 80% from differentiated solutions Pipeline Progress Value 27 7 Phase 2: Proof of Concept A mixture herbicide, a biofungicide, ~$4.4B two seed treatments and two new actives Risk-adjusted peak sales New molecules in pipeline 80% 20% 12 Five
Slide 36: Phased demand and cost pressures impact volume and margins
UPL Corp Q2 and H1FY27 | Performance Summary Phased demand and cost pressures impact volume and margins Particulars (₹ cr) Q2FY26 Q2FY27 vs. LY H1FY26 H1FY27 vs. LY Revenue 8,625 7,972 (8%) 14,582 14,345 (2%) Contribution 3,024 2,705 (11%) 5,096 5,141 1% Contribution Margin (%) 35.1% 33.9% (120 bps)
Slide 37: UPL Corp Region-wise Analysis
UPL Corp Q2 and H1FY27 | Region-wise Analysis Volume growth constrained by market conditions, weather volatility and Brazil pricing headwinds in ₹ cr 8,625 14,582 327 242 14,345 110 226 7,972 (534) (192) (644) (213) Q2FY26 Latin America NAM Europe ROW Q2FY27 H1FY26 Latin America NAM Europe ROW H1FY2
Slide 38: UPL SAS: India Crop Protection advantages
UPL SAS | India Crop Protection Advantage from widest network, end-to-end solutions, new product development and strong brand portfolio Widest network | India’s most connected agri network Strong portfolio | On-field and digital marketing Distributors and retailers with rising trust, affinity and di
Slide 39: UPL SAS Financial Turnaround
UPL SAS | Financial Turnaround Strong bottom-line growth on back of mix improvement and business hygiene Transformative progress towards profitability Revenue Contribution Margin Key Drivers +6% +1,300 bps Revenue Growth in new launches scale up and focused brands 2-yr CAGR, FY24–FY26 Change vs. FY2
Slide 40: Strong EBITDA delivery led by margin accretion
UPL SAS Q2 and H1FY27 | Performance Summary Strong EBITDA delivery led by margin accretion Particulars (₹ cr) Q2FY26 Q2FY27 vs. LY H1FY26 H1FY27 vs. LY Revenue 911 921 1% 2,048 2,061 1% Contribution 319 328 3% 691 802 16% Contribution Margin (%) 35.0% 35.6% 60 bps 33.7% 38.9% 520 bps SG&A 112 115 2%
Slide 41: Business Update: Seeds & Post-Harvest
Business Update Seeds & Post-Harvest Advanta Enterprises 01 Manufacturing 02 Crop Protection 03 Seeds & Post-Harvest SUPERFORM UPL Corp · UPL SAS Advanta · Decco
Slide 42: Advanta at a Glance
Advanta at a Glance A scaled global seeds platform in an industry with entry barriers, plus Decco, leading post-harvest business Advanta Seeds: Scaled Global Platform Decco — Post-harvest Business 10th ~20% 74 27Mn Largest global seed Innovation Index: Countries of seed Farmers reached company by FY
Slide 43: Differentiated Portfolio, Global Reach
Differentiated Portfolio, Global Reach Category leadership, protected IP and a global supply chain Advanta Seeds — Scaled Global Platform, Standing in the Industry (1) Backed by Rich Intellectual Property Focus Segments SunflowerOil Tech Igrowth Patents in 35 countries Patents in 25 countries Field
Slide 44: Strong Financial Profile
Strong Financial Profile Strong earnings profile further to enhance by multiple growth drivers Revenue (₹ Cr) Key Strategies to Propel Future Growth Innovation & Pipeline Monetization 8,000+ hybrids under development supporting sustained product refresh and market share gains 6,837 5,566 4,997 4,292
Slide 45: Advanta Q2 and H1FY27 Performance Summary
Advanta(1) Q2 and H1FY27 | Performance Summary Robust revenue growth and margin accretion drove strong Q2 EBITDA growth; continued momentum in H1 Particulars (₹ cr) Q2FY26 Q2FY27 vs. LY H1FY26 H1FY27 vs. LY Revenue 1,669 1,875 12% 3,065 3,629 18% Contribution 964 1,104 15% 1,744 2,074 18% Contributi
Slide 46: Advanta Region-wise Analysis
Advanta(1) Q2 and H1FY27 | Region-wise Analysis Key growth led by Americas and Austrailia 205 47 13 1,875 42 17 3,629 222 (60) 283 1,669 3,065 Q2FY26 Americas Asia / Africa Australia Europe Q2FY27 H1FY26 Americas Asia / Africa Australia Europe H1FY27 Q2 Rev (₹ cr) 1,088 578 146 63 H1 Rev (₹ cr) 1,51
Slide 47: FY27 Guidance
UPL FY27 Guidance
Slide 48: 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 49: 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. 48
Slide 50: 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 51: 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 52: Board and global leadership team
Our performance, both financial and non-financial, are governed by experienced board and global leadership team 51
Slide 53: 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 UPL Ltd. 4 CSR 1 1 4 5 6 1 4 6 7 5 Sustainability Mr. Bikash Prasad Mr. Sandeep Deshmukh Mr. Sanjay Singh Mr. Jaidev R. Shroff Mr. Vikram
Slide 54: 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 55: Glossary of Key Terms
Glossary of Key Terms Abbreviation Meaning Abbreviation Meaning AI 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 Na
Slide 56: Thank You
Thank You FY26 FY26 FY25 FY26 Annual Report Sustainability Report CSR Report Sustainability Factsheet For more details, please connect with Astitva Chauhan astitva.chauhan@upl-ltd.com