UPL Limited Overview
UPL Limited is India's largest agrochemical company by revenue and one of the world's five largest crop-protection players, with FY26 consolidated revenue of ₹51,839 crore (≈US$5.9bn) and a presence in more than 140 countries. Its distinctive model blends a low-cost, backward-integrated Indian manufacturing base for off-patent active ingredients with a global formulation, registration and distribution network built largely through the 2019 acquisition of Arysta LifeScience. The group is organised into four "pure-play" platforms: UPL Corporation (international crop protection), UPL SAS (India crop protection), Advanta (global hybrid seeds and post-harvest) and SUPERFORM (active ingredients and specialty chemicals). Over 2024–2026 UPL has executed a deleveraging programme — rights issue, Advanta minority sales, US$850m gross debt reduction in FY26 — and launched a simplification restructuring creating UPL Global, alongside a pending Advanta IPO. The equity, however, trades near multi-year lows on leadership turnover, holdco discount and execution concerns.
What UPL does
UPL manufactures, formulates, registers and sells crop-protection products (herbicides, insecticides, fungicides, plant-growth regulators, seed treatments), biosolutions branded under "Natural Plant Protection" (NPP), hybrid seeds (field corn, sunflower, sorghum, canola, rice, vegetables), post-harvest solutions (fruit coatings, fungicides and storage treatments under the Decco brand), and industrial/specialty chemicals including active ingredients sold to third parties. The company's own description (Q1 FY27 press release, 3 Aug 2026) presents UPL as a global provider of sustainable agricultural products and solutions spanning the whole agrifood value chain, organised through four pure-play platforms: UPL Corporation Ltd, UPL Sustainable Agri Solutions Ltd (UPL SAS), Advanta Enterprises Ltd and SUPERFORM Chemistries Ltd (formerly UPL Speciality Chemicals Ltd).
Business model
UPL's economic engine is the post-patent (generic) agrochemical model, enhanced with differentiation:
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Backward integration in India: Gujarat-based plants manufacture technical-grade active ingredients (AIs) and intermediates at low cost; SUPERFORM supplies both UPL's own crop-protection platforms and third parties.
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Global registration moat: Thousands of product registrations across Latin America, North America, Europe and Asia — inherited and expanded via Arysta — create barriers for pure generic exporters. In FY26 UPL Corp launched 300+ new products generating US$160m+ revenue from new launches (FY26 earnings presentation).
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Differentiated and sustainable portfolio: Combination products, proprietary mixtures, biosolutions (NPP) and "ProNutiva" seed-to-harvest programmes. Management expects ≈US$700m of FY27 revenue from the sustainable solutions portfolio (Q1 FY27 call). The FY25 sustainability report states 38% of revenue came from differentiated and sustainable solutions.
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Seeds: Advanta breeds and sells locally adapted hybrids with 900+ varieties across 21 breeding crops, distributed in 74 countries (Advanta DRHP, as of 30 Sep 2025).
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Distribution and channel credit: Sales go through distributors, retailers and co-operatives; extended credit terms (notably in Brazil) make working capital a central management variable.
Revenue model mix
| Revenue type | Description | Approx. share of FY26 platform revenue |
|---|---|---|
| Crop protection products (UPL Corp + UPL SAS) | Branded/generic formulations, biosolutions | ~71% |
| Seeds and post-harvest (Advanta) | Hybrid seeds, Decco post-harvest | ~12% |
| Active ingredients & specialty chemicals (SUPERFORM) | AIs (partly captive), super-specialty chemicals | ~18% (incl. inter-segment) |
| Services / licensing / digital | Nurture.farm digital services (transferred to Nurture Agtech), minor licensing | Not separately disclosed; immaterial |
UPL is overwhelmingly a product business. There is no material subscription or licensing revenue disclosed. Approximate FY26 platform mix (gross, before inter-segment eliminations; FY26 earnings release):
Note: Platform revenues sum to more than consolidated revenue because SUPERFORM sells AIs to the crop-protection platforms (eliminated on consolidation). Management stated non-agchem revenue share is roughly 27% (Q3 FY26 press release).
Value chain position
UPL spans: intermediates → technical AI manufacture (SUPERFORM) → formulation (India and international plants) → registration and regulatory dossiers → branded distribution to growers; plus germplasm/breeding → seed production → seed sales (Advanta); and post-harvest treatments for fruit and vegetable packers (Decco).
Customer types and end-markets
| Customer type | Platform | End-markets |
|---|---|---|
| Distributors, retailers, co-operatives | UPL Corp, UPL SAS | Row crops (soy, corn, cotton, sugarcane, rice, wheat), fruits & vegetables, specialty crops |
| Large growers / farm enterprises | UPL Corp (Brazil, US) | Soybean, corn, sugarcane, cotton |
| Seed dealers, growers | Advanta | Tropical field corn (India, Thailand, Indonesia, LatAm), sunflower and sorghum (Argentina), canola (Australia), vegetables |
| Packhouses, exporters | Advanta (Decco) | Citrus, apples, pears, bananas, stone fruit |
| Agrochemical and industrial companies | SUPERFORM | AI supply, specialty chemicals, industrial intermediates |
Independent characterisation
UPL is best understood as a leveraged, emerging-market-origin consolidator of the global off-patent crop-protection market that is in transition toward a holding-company structure with separately listed operating assets. Its competitive edge is cost and registration breadth rather than discovery chemistry; its key weaknesses are cyclicality (the 2023–24 channel destocking cut revenue 20% and produced a loss), high financial leverage relative to rated peers (sub-investment-grade at the UPL Corp level), and governance perceptions tied to complex inter-company structures. The 2026 restructuring (UPL Global) and the Advanta IPO are explicit attempts to remedy the conglomerate discount — DAM Capital estimates the holdco discount at ~61% (Aug 2026).
Strategy
Stated strategic themes (FY26 Annual Report / CMD 2026, paraphrased)
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Simplify and unlock value: Move from a complex web of partially owned subsidiaries to two listed verticals (UPL Global crop protection; Advanta seeds) under UPL Ltd as capital allocator.
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Deleverage: Achieve ND/EBITDA below 1.5x medium-term; meet maturities through cash flow, refinancing and monetisation proceeds.
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Profitable, volume-led growth: FY27 revenue +7–11%, EBITDA +10–14%; exit unprofitable businesses and SKUs (Jefferies, Aug 2026).
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Differentiation and sustainability ("Reimagining Sustainability"/OpenAg): Grow NPP biosolutions and differentiated mixtures (~US$700m FY27 sustainable portfolio; ~US$115m new-launch revenue FY27).
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Seeds acceleration: Reinvest in Advanta after restraint during FY25–FY26 deleveraging; enter new geographies (Vietnam, Egypt/MENA).
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Specialty chemicals: Grow SUPERFORM's SSC (non-agro) share to diversify from crop cycles.
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Operational excellence: Fixed overhead reduction (FY25 CMD showed fixed overheads cut ~22%), digital/analytics, shared services (including new Colombia centre).
Initiatives in the last 24 months
| Date | Initiative | Detail |
|---|---|---|
| Nov 2024 | Rights issue | ₹3,378 Cr at ₹360/share, 1:8, partly paid; final call completed around Sep 2025 |
| Nov 2024 | Advanta monetisation | Alpha Wave US$350m for 12.44% |
| FY25–FY26 | Cost programme | Fixed overhead reduction; leaner UPL Corp structure (contribution margin +484 bps in Q1 FY26) |
| 2,025 | Decco into Advanta | Post-harvest consolidated with seeds (~US$502m intra-group transfer) |
| Jan 2026 | Advanta IPO filing | OFS of 3.61 Cr shares (UPL 2.81 Cr; KKR ~2.2%, UPL ~7.8% of Advanta per Q3 call) |
| Jan 2026 | Vietnam seeds entry; Colombia subsidiary | Footprint expansion |
| Feb 2026 | UPL Global composite scheme | Three-step restructuring, 12–15 month timeline |
| Mar 2026 | Debt repayment | US$500m repaid; US$400m Sep 2026 facility refinanced |
| May 2026 | CMD 2026 | Record FY26; FY27 guidance |
| Aug 2026 | Misr Hytech acquisition | ~US$110m, Egypt/MENA seeds |
| Ongoing | Sustainability targets | Carbon neutrality by 2040; SBTi-validated targets |
Guidance and medium-term targets
| Metric | FY26 guidance (initial → revised) | FY26 actual | FY27 guidance |
|---|---|---|---|
| Revenue growth | 4–8% | +11% | 7–11% |
| EBITDA growth | 10–14% → 12–16% | +18% | 10–14% |
| ND/EBITDA | 1.6–1.8x target | 1.6x | <1.5x medium term |
| New product revenue | — | US$160m+ (UPL Corp) | ~US$115m |
Products & Services
UPL does not publish a single consolidated product price list; pricing is distributor-negotiated and not disclosed. The catalogue below lists major disclosed brands and product families by platform. Launch years are given where known; otherwise "long-established".
UPL Corp / UPL SAS — Crop Protection
| Product / brand | Category | Key AI / capability | Target crops / customers | Notes |
|---|---|---|---|---|
| Glufosinate-ammonium (multiple brands, incl. Interlink, Finale-type generics) | Herbicide | Non-selective post-emergent; UPL among largest global glufosinate producers | Soy, corn, cotton (glufosinate-tolerant traits), plantation crops | Volume and pricing hit by Chinese oversupply in 2023–24 |
| Mancozeb (Manzate, Dithane-equivalents in markets; Penncozeb legacy) | Fungicide | Multi-site contact fungicide; UPL a leading global producer | Soy (Brazil rust programmes), potatoes, fruits | EU non-renewal (2021) shifted volumes to LatAm/Asia |
| Unizeb Gold | Fungicide | Mancozeb premium formulation | Soybean (Brazil) | Multi-site "anti-resistance" positioning |
| Evolution | Fungicide | Mancozeb + azoxystrobin + prothioconazole (triple mix) | Soybean rust, Brazil | Launched ~2021; UPL differentiated mixture |
| Sperto | Insecticide | Acetamiprid + bifenthrin | Soy, cotton stink bugs | LatAm |
| Saflufenacil/clethodim-type mixtures (various) | Herbicide | Resistance-management mixtures | Row crops | Brand names vary by country |
| Ulala | Insecticide | Flonicamid | Cotton, vegetables (India) | UPL SAS |
| Lancer Gold | Insecticide | Acephate + imidacloprid | Cotton, vegetables (India) | UPL SAS |
| Saaf | Fungicide | Carbendazim + mancozeb | Rice, groundnut, vegetables (India) | Long-established mass brand |
| Phoskill, Ulala, Iris, Dost Super | Insecticides/herbicides | Various | India field crops | UPL SAS legacy brands |
| Zeba (biostimulant / soil polymer) | Biosolution | Starch-based super-absorbent | Row crops, India and LatAm | NPP portfolio |
| NPP Natural Plant Protection range | Biosolutions | Biocontrols, biostimulants, bio-fertility | Specialty and row crops globally | ~US$700m sustainable solutions revenue targeted FY27 (incl. differentiated) |
| ProNutiva programmes | Integrated offer | Combines biosolutions with conventional chemistry | Large growers | "Seed to harvest" packages |
| Carbosulfan products | Insecticide | Carbamate | India (rice, cotton) | Banned in India (Aug 2026); see Section 19 |
| Metribuzin, aluminium phosphide (Quickphos, Celphos) | Herbicide / fumigant | Legacy UPL chemistry | Grain storage, row crops | Phosphine fumigants are UPL's heritage franchise |
| Seed treatment range | Seed care | Fungicide/insecticide mixes | Corn, soy, cereals | Global |
New product engine: UPL Corp launched 300+ new products in FY26 (incl. country-level registrations of existing chemistries), generating US$160m+ from new launches; FY27 target ~US$115m from new product launches (Q1 FY27 call). Management also cites a pipeline of proprietary combinations and biosolutions.
Advanta — Seeds and Post-Harvest
| Product line | Description | Key markets | Notes |
|---|---|---|---|
| Tropical field corn hybrids (Pacific Seeds/Advanta brands) | High-yield, disease-tolerant hybrids | India, Thailand, Indonesia, Vietnam, Brazil, Argentina | Main growth driver FY26–Q1 FY27 |
| Sunflower hybrids | High oleic and conventional | Argentina, Black Sea region, Europe | Strong FY26–27 demand in Argentina |
| Grain and forage sorghum | Including sugar-rich forage sorghum | Argentina, US, Australia, India | Leadership position in Argentina |
| Canola / rapeseed hybrids | Pacific Seeds brand | Australia | — |
| Rice hybrids | South Asia hybrids | India, Southeast Asia | — |
| Vegetable seeds | Tomato, okra, hot pepper, etc. | India, emerging markets | Smaller but higher margin |
| Forage and pasture | Forage sorghum, millet, grasses | Australia, Latin America | — |
| Decco post-harvest | Coatings, fungicides, sanitation, storage treatments | Citrus, pome fruit, bananas — Spain, US, LatAm, South Africa | Transferred to Advanta Mauritius from Decco Holdings UK (~US$502m intra-group) |
| Misr Hytech (pending) | Egyptian seed company, ~US$110m | Egypt, Middle East, Africa | Expected close by 31 Jan 2027 |
Portfolio scale: 900+ hybrid varieties, 21 breeding crops, 19 commercial crops, distribution in 74 countries (DRHP, 30 Sep 2025). FY26 seeds growth was volume-led (+14%) and price-supported (+7%) in Q3 FY26.
SUPERFORM — Active Ingredients and Specialty Chemicals
| Product line | Description | Customers |
|---|---|---|
| Active ingredients (AI) | Technical-grade crop-protection AIs (e.g., glufosinate, mancozeb, acephate, aluminium phosphide and others) | UPL platforms (captive) and third-party agrochemical companies |
| Super Specialty Chemicals (SSC) | Custom and specialty molecules, intermediates | Pharma, industrial, agro customers |
| Industrial chemicals | Phosphorus derivatives, chlor-alkali-linked intermediates (legacy) | Industrial buyers |
SSC revenue grew 21% in Q1 FY26; DAM Capital cited 51% Q1 FY27 growth for SUPERFORM's specialty sub-segment (Aug 2026 note).
Digital and services
| Offering | Description | Status |
|---|---|---|
| Nurture.farm | Digital farm services marketplace (drone spraying, advisory, equipment rental) | Transferred via slump sale to Nurture Agtech Pvt Ltd; excluded from UPL SAS proforma |
| OpenAg | Purpose/partnership framework rather than revenue line | Corporate positioning |
Financial Narrative
Income statement (consolidated, ₹ Cr)
Sources: Revenue, PBIDT, other income, interest, PBT and PAT from Anand Rathi consolidated data (FY22–FY26); gross profit and attributable net income from StockAnalysis (FY22–FY26); EPS from FY26 audited results (FilingReader summary, May 2026); FY26 company EBITDA ₹9,588 Cr from Q4 FY26 earnings release; FY25 company EBITDA derived (+18%). DPS: ₹6 FY26 (300%, record date July 2026) and ₹6 FY25 (paid July 2025) per exchange records; FY22–FY24 DPS from company dividend history — verify against annual reports. FY2021 revenue was ₹38,694 Cr (Anand Rathi).
Data conflicts flagged:
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FY26 attributable profit: StockAnalysis ₹1,852 Cr; Marketsmojo ₹1,922 Cr; FilingReader summary of the audited filing ₹2,220 Cr (vs ₹820 Cr in FY25). Basic EPS of ₹22.32 on ~84 Cr weighted shares is most consistent with ~₹1,850–1,920 Cr attributable; the ₹2,220 Cr figure likely refers to a different profit line (e.g., including discontinued operations or before certain NCI). Users should reconcile to the audited P&L.
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FY23 revenue: ₹53,576 Cr (Anand Rathi/StockAnalysis) vs ₹54,053 Cr (Craytheon) — likely gross vs net of certain items.
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Operational PATMI (company non-GAAP) rose >2.5x in FY26; PBT rose ~4x on the company's own basis.
Margins and growth
Revenue CAGR: FY21–FY26 (5-year) ≈ 6.0%; FY22–FY26 (4-year) ≈ 2.9% — reflecting the FY24 trough.
Commentary. The five-year arc is a classic agrochemical cycle amplified by leverage. FY22–FY23 benefited from post-COVID channel restocking and elevated prices; revenue peaked at ₹53,576 Cr. FY24 saw the sharpest industry destocking in two decades: in Q3 FY24 prices fell 24% and volumes 4%, Latin America revenue dropped 28% and glufosinate demand collapsed amid Chinese oversupply (Business Standard, Feb 2024). EBITDA margin halved to 10.5%. FY25 marked a volume-led recovery (Q3 FY25: volume +9%, price +5%, FX −4%) with EBITDA growth of ~47% on the company's basis. FY26 extended this to record revenue (+11%, vs initial guidance 4–8%) and company EBITDA of ₹9,588 Cr (+18%; margin ~18.5%), above the upgraded 12–16% EBITDA growth guidance. Gross margin recovery (+700 bps from FY24 trough) reflects better portfolio mix, lower-cost inventory, and reduced rebates. Finance costs declined for a second year (₹3,852 Cr → ₹3,401 Cr), but still consume ~37% of EBITDA — the core reason PAT margins remain far below FY22 levels.
Quarterly trajectory (FY26–Q1 FY27, ₹ Cr)
Q2 FY26 revenue derived from 9M FY26 (₹33,504 Cr) less Q1 and Q3 — (derived). Q1 FY27: company states seventh consecutive quarter of YoY revenue and EBITDA growth; PATMI positive at ~₹10 Cr (company), while consolidated net result was a ₹73 Cr loss; DSIJ reports adjusted PAT ₹19 Cr. An aggregator EBITDA excluding other income shows ₹1,450 Cr (14.2% margin, −91 bps) — definitional difference vs the company's ₹1,500 Cr (14.7%, +60 bps). Price +3%, FX favourable, volume −3% in Q1 FY27.
Balance sheet
Notes and conflicts: Company states FY26 net debt fell by US$405m to ~US$1.6bn, with gross debt reduced by US$850m (incl. US$500m repaid in March 2026). AlphaStreet reported March 2025 net debt of ₹13,860 Cr (US$1.62bn) — this differs from the company's 2.1x ND/EBITDA (which implies ~US$2.0bn); the difference likely reflects treatment of the US$400m perpetual securities (CRISIL treats as 50% debt) and lease liabilities. Book value per share ~₹411 (Sharekhan, Sep 2026).
Seasonality: Net debt balloons intra-year because LatAm sales are booked in H2 on credit. December 2025 net debt was ₹23,317 Cr (US$2.59bn; 2.5x, vs 3.8x in Dec 2024). June 2026 ND/EBITDA was 2.4x (vs 2.6x), ND/equity 0.6x, NWC 110 days (+24 days YoY, partly strategic inventory build and FX).
Cash flow
FY25 operational free cash flow ≈ US$530m (FY25 Annual Report summary). FY26 OCF declined because working capital normalised (NWC +4 days) after the FY25 release; cash also fell as debt was repaid. Q1 FY27 net operating cash flow was −₹6,204 Cr vs −₹2,687 Cr in Q1 FY26 (seasonal build, inventory and FX). Capex, dividends paid and buybacks for FY22–FY26 not captured; UPL has no active buyback programme.
Key ratios
Elara's FY27E EBITDA margin estimate is 18.6% (Aug 2026).
Trend synthesis. Leverage is the single most important financial variable. The company has moved from 4.6x ND/EBITDA (FY24) to 1.6x (FY26) through: (i) ₹3,378 Cr rights issue (FY25–FY26); (ii) Advanta secondary sale to Alpha Wave (US$250m used for debt reduction); (iii) EBITDA recovery; and (iv) working-capital discipline. The medium-term target is ND/EBITDA below 1.5x (management reiterated, Aug 2026; FY25 CMD cited 1.2–1.5x). Interest coverage has nearly doubled from the trough but remains below the 4x+ level typical of investment-grade agrochemical peers.
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Platform Details
| Platform | Legal vehicle | UPL economic interest | Contents |
|---|---|---|---|
UPL Corporation (UPL Corp) | UPL Crop Protection Holdings / UPL Corporation Ltd (Mauritius), held via UPL Cayman | 77.78% (minorities: ADIA, TPG, Brookfield) | International crop protection: LatAm, North America, Europe, Rest of World; NPP biosolutions |
UPL SAS | UPL Sustainable Agri Solutions Ltd | 90.91% (minorities: ADIA, TPG, Brookfield, Upswing Trust) | India crop protection (proforma excludes Nurture digital) |
Advanta | Advanta Enterprises Ltd (Hyderabad) | UPL ~64% direct + UPL Corp ~14% (pre-IPO); KKR (Melwood) and Alpha Wave minorities | Global hybrid seeds; Decco post-harvest (transferred into Advanta) |
SUPERFORM | SUPERFORM Chemistries Ltd (formerly UPL Speciality Chemicals) | Majority-owned | Active ingredients (AI) and super-specialty chemicals (SSC) |
Platform revenue (INR Cr)
| Platform revenue (INR Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
UPL Corp revenue | — | 34,484 | 38,277 |
UPL SAS revenue | — | 3,212 | 3,212 |
Advanta revenue | 4,148 | 5,559 | 6,837 |
SUPERFORM revenue | — | 10,196 | 10,298 |
Consolidated revenue | 43,098 | 46,637 | 51,839 |
Platform EBITDA (INR Cr)
| Platform EBITDA (INR Cr) | FY2025 | FY2026 |
|---|---|---|
UPL Corp EBITDA | 5,007 | 6,008 |
UPL SAS EBITDA | 442 | 548 |
Advanta EBITDA | 1,327 | 1,725 |
SUPERFORM EBITDA | 1,234 | 1,256 |
Consolidated EBITDA (company definition) | 8,125 | 9,588 |
Platform EBITDA margin (%)
| Platform EBITDA margin (%) | FY2025 | FY2026 |
|---|---|---|
UPL Corp | 14.5 | 15.7 |
UPL SAS | 13.8 | 17.1 |
Advanta | 23.9 | 25.2 |
SUPERFORM | 12.1 | 12.2 |
Consolidated | 17.4 | 18.5 |
Segment Revenue
| Platform | FY26 YoY revenue growth (%) | FY26 EBITDA growth (%) | Share of gross platform revenue (%) |
|---|---|---|---|
UPL Corp | 11 | 20 | 65.5 |
UPL SAS | 0 | 24 | 5.5 |
Advanta | 23 | 30 | 11.7 |
SUPERFORM | 1 | 9 | 17.6 |
Segment Revenue (Quarterly)
| Platform | Q1 FY26 revenue | Q1 FY27 revenue | Growth (%) | Q1 FY27 EBITDA | EBITDA growth (%) | Q1 FY27 EBITDA margin (%) |
|---|---|---|---|---|---|---|
UPL Corp | 5,957 | 6,374 | 7 | 532 | 38 | 8.4 |
UPL SAS | 1,136 | 1,140 | 0 | 340 | 34 | 29.8 |
Advanta | 1,392 | 1,754 | 26 | 359 | 24 | 20.5 |
SUPERFORM | 2,558 | 2,919 | 14 | 358 | 7 | 12.3 |
Consolidated | 9,216 | 10,181 | 10 | 1,500 | 15 | 14.7 |
Income Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue from operations (INR Cr) | 46,240 | 53,576 | 43,098 | 46,637 | 51,839 |
Gross profit (INR Cr) | 23,836 | 25,905 | 18,243 | 22,067 | 25,554 |
EBITDA excl. other income (INR Cr, aggregator) | 9,529 | 10,196 | 4,539 | 7,600 | 9,272 |
EBITDA (INR Cr, company-reported) | — | — | — | 8,125 | 9,588 |
Other income (INR Cr) | 281 | 477 | 483 | 486 | 663 |
Finance costs (INR Cr) | 2,295 | 2,963 | 3,852 | 3,627 | 3,401 |
Profit before tax (INR Cr) | 4,832 | 4,993 | -1,845 | 1,301 | 3,351 |
Profit after tax incl. NCI (INR Cr) | 4,303 | 4,257 | -1,636 | 1,292 | 2,414 |
Net profit attributable to owners (INR Cr, StockAnalysis) | 3,505 | 3,435 | -1,336 | 759 | 1,852 |
Basic EPS (INR) | — | — | — | 9.66 | 22.32 |
Dividend per share (INR) | 10 | 10 | 1 | 6 | 6 |
Margin Analysis (%)
| Ratio (%) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue growth | 19.5 | 15.9 | -19.6 | 8.2 | 11.2 |
Gross margin | 51.5 | 48.4 | 42.3 | 47.3 | 49.3 |
EBITDA margin (excl. OI) | 20.6 | 19.0 | 10.5 | 16.3 | 17.9 |
PBT margin | 10.4 | 9.3 | -4.3 | 2.8 | 6.5 |
PAT margin incl. NCI | 9.3 | 7.9 | -3.8 | 2.8 | 4.7 |
Net margin attributable | 7.6 | 6.4 | -3.1 | 1.6 | 3.6 |
Income Statement and Margin Analysis (%)
| Quarter metric (INR Cr) | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|
Revenue | 9,216 | 12,019 | 12,269 | 18,335 | 10,181 |
EBITDA (company) | 1,303 | — | — | — | 1,500 |
EBITDA margin (%) | 14.1 | — | — | — | 14.7 |
Net profit (consolidated, reported) | -176 | — | — | 1,294 | -73 |
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View Subscription PlansIncome Statement and Working Capital (Days)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total segment assets (INR Cr) | — | — | — | 88,002 | 95,205 |
Net debt incl. leases (INR Cr, StockAnalysis) | 19,794 | 17,842 | 23,507 | 15,279 | 16,942 |
Net debt / EBITDA (x, company) | — | — | 4.6 | 2.1 | 1.6 |
Net debt / equity (x, company) | — | — | — | 0.5 | 0.4 |
Net working capital (days, company) | — | — | — | 53 | 57 |
Cash Flow
| Metric (INR Cr) | FY2025 | FY2026 |
|---|---|---|
Net cash from operating activities | 10,151 | 7,855 |
Net change in cash and equivalents | — | -3,503 |
Financial Ratios (x) and Returns & Leverage Ratios (%)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Interest coverage, EBITDA excl. OI / finance cost (x) | 4.2 | 3.4 | 1.2 | 2.1 | 2.7 |
Net debt / EBITDA (x, company) | — | — | 4.6 | 2.1 | 1.6 |
ROE (%, attributable, aggregator) | — | — | — | — | 5.4 |
Region revenue (INR Cr)
| Region revenue (INR Cr) | FY2025 | FY2026 |
|---|---|---|
Latin America | 17,599 | 19,358 |
North America | 6,065 | 7,182 |
Europe | 7,190 | 8,167 |
India | 5,951 | 6,343 |
Rest of World | 9,832 | 10,789 |
Total | 46,637 | 51,839 |
Region growth (%)
| Region growth (%) | FY2026 |
|---|---|
Latin America | 10.0 |
North America | 18.4 |
Europe | 13.6 |
India | 6.6 |
Rest of World | 9.7 |
Region share of revenue (%) | FY2025 |
Latin America | 37.7 |
North America | 13.0 |
Europe | 15.4 |
India | 12.8 |
Rest of World | 21.1 |
Revenue by Region
| Region (INR Cr) | Q4FY25 | Q4FY26 | Q4 growth (%) |
|---|---|---|---|
Latin America | 5,082 | 6,126 | 21 |
North America | 2,700 | 3,322 | 23 |
Europe | 3,112 | 3,707 | 19 |
India | 1,403 | 1,273 | -9 |
Rest of World | 3,275 | 3,908 | 19 |
Region (INR Cr) | Q1FY26 | Q1FY27 | Q1 growth (%) |
Latin America | 2,410 | 2,603 | 8 |
North America | 1,341 | 1,582 | 18 |
Europe | 1,537 | 1,598 | 4 |
India | 2,262 | 2,601 | 15 |
Rest of World | 1,679 | 1,797 | 7 |
Share Price History
| Date | Price (INR) | Context |
|---|---|---|
9 Feb 2026 | 736.90 | Pre-restructuring |
23 Feb 2026 | ~650–677 intraday | Restructuring sell-off |
12 May 2026 | 626.15 | Post-FY26 results (−6.4%) |
3 Aug 2026 | ~620 | Post-Q1 FY27 (+2.6%) |
28 Aug 2026 | 580.85 | Post-executive exits |
22 Sep 2026 | 557.40 | Market cap ~₹47,054 Cr |
5 Oct 2026 | 502.50 | 52-week low zone |
Return (%) | Value | — |
YTD 2026 total return (to 3 Oct 2026) | -34.6 | — |
1-year (to ~Oct 2026) | -24.3 | — |
3-year (to Aug 2026) | 5.0 | — |
5-year (to Aug 2026) | -17.4 | — |
Valuation Multiples
| Multiple | UPL | Notes |
|---|---|---|
P/E (trailing) | ~22–25x | Based on FY26 EPS ₹22.32 at ₹500–560 |
P/E (forward) | ~12.6x | StockEzee (Jul 2026, at ~₹602); lower at current price |
EV/EBITDA (trailing) | ~6–7x | StockEzee 7.4x at ₹602; Elara values at 6.3x Q1 FY29E |
EV/Sales | ~1.0x | P/S ~0.99 at ₹602 |
P/B | ~1.2–1.4x | Book value ~₹411/share |
Dividend yield | ~1.2% | ₹6 DPS at ~₹500 |
Analyst Ratings & Targets
| Broker | Rating | Target (INR) | Date |
|---|---|---|---|
DAM Capital | Buy | 870 | Aug 2026 |
Jefferies | Buy | 715 | Aug 2026 (14x Jun-28E P/E) |
HSBC | Buy | 925 (Jan 2026); reiterated Buy Aug 2026 | Jan/Aug 2026 |
Elara | — | Valuation on 6.3x Q1 FY29E EV/EBITDA | Aug 2026 |
InCred | Hold | 659 (from 1,082) | 2026 |
Nuvama | Hold | — | Feb 2026 |
Average one-year target (Fintel) | — | ~788 | Aug 2026 |
Dividend History
| Fiscal year | DPS (INR) | Payout note |
|---|---|---|
FY2022 | 10 | Pre-downturn |
FY2023 | 10 | Peak earnings |
FY2024 | 1 | Loss year |
FY2025 | 6 | 300% on ₹2 FV |
FY2026 | 6 | 300%; record date Jul 2026 |
Credit Ratings
| Agency | Entity | Rating | Outlook | Date |
|---|---|---|---|---|
CRISIL | UPL Ltd (LT bank facilities) | AA+ | Stable (from Negative) | 2 Sep 2026 |
CRISIL | UPL Ltd (ST/CP) | A1+ | — | 2 Sep 2026 |
CRISIL | Advanta Enterprises | AA+ | Stable | Sep 2026 |
S&P | UPL Corporation Ltd (issuer and senior unsecured) | BB | Positive (from Stable) | 14 Aug 2026 |
S&P | UPL Corp subordinated perpetuals | B+ | — | May 2025 (latest captured) |
Fitch | UPL Corporation Ltd (IDR) | BB | Stable (from Negative) | 4 Jun 2025 |
Moody's | UPL Corporation Ltd | — | — | — |
Obligation by Fiscal Year
| Fiscal year | Obligation | Notes |
|---|---|---|
FY2027 | ~₹4,742 Cr (US$500m) | US$400m Sep 2026 facility already refinanced |
FY2028 | ~₹7,360 Cr | US$500m facility (Sep 2027) + US$276m bond (Mar 2028) |
Perpetual | US$400m 5.25% subordinated perpetual (UPL Corp) | CRISIL treats as 50% debt / 50% equity |
Analyst Conclusions
Management guidance (FY27)
Revenue growth 7–11% and EBITDA growth 10–14% (reaffirmed 3 Aug 2026); ND/EBITDA below 1.5x medium term; ~US$115m new-launch revenue; ~US$700m sustainable solutions revenue; strong double-digit growth at Advanta. Elara forecasts FY27E EBITDA ~₹10,661 Cr (18.6% margin), FY28E revenue ~₹62,556 Cr and FY29E ~₹68,453 Cr. Jefferies projects 14% FY27 EBITDA growth.
Bull case
-
Earnings momentum plus deleveraging: Seven consecutive growth quarters, EBITDA +18% in FY26, and ND/EBITDA at 1.6x imply falling interest costs and operating leverage to PAT; S&P's Positive outlook signals a path toward BB+.
-
Sum-of-parts unlock: Advanta alone was valued at US$2.85bn (2024); its IPO plus a UPL Global listing could compress a ~61% holdco discount at a time when the whole group's market cap is only ~₹43,000 Cr (~US$4.9bn).
-
Cheap valuation: ~6–7x trailing EV/EBITDA and ~1.2–1.4x book at a cyclical recovery point, with brokers' targets of ₹715–925 implying 40–85% upside.
Bear case
-
Leadership and governance: The loss of the UPL Corp CEO (designated UPL Global CEO) and Group COO within one week, with the Chairman absorbing both roles, raises execution risk on a complex scheme.
-
Cash-flow quality: FY26 OCF fell to ₹7,855 Cr from ₹10,151 Cr; Q1 FY27 OCF of −₹6,204 Cr and NWC at 110 days suggest growth is consuming cash; ~₹12,100 Cr of maturities fall in FY27–FY28.
-
Structural pricing and regulatory pressure: Chinese AI overcapacity, flat India crop protection, and product bans (carbosulfan) cap margin upside; ~80% of net debt would sit in UPL Global, potentially limiting its re-rating.
Catalysts and monitorables (next 12 months)
| Catalyst | Expected timing | What to watch |
|---|---|---|
| Q2 FY27 results | Early Nov 2026 | LatAm season, NWC, net debt vs Sep 2025, guidance |
| Successor appointments (UPL Corp/UPL Global CEO, COO) | H2 FY27 | Quality and independence of hires |
| Advanta IPO launch | Market-dependent (SEBI approval ~Jun 2026; validity typically 12 months) | Valuation vs US$2.85bn mark; proceeds use |
| UPL Global scheme approvals (NCLT, shareholders, exchanges) | 2026–2027 | Timeline vs 12–15 months; minority votes |
| Misr Hytech closing | By 31 Jan 2027 | Integration, MENA growth |
| Q3/Q4 FY27 results | Feb/May 2027 | Delivery of 7–11% / 10–14% guidance |
| Credit actions | Rolling | S&P upgrade to BB+; Fitch outlook |
| Refinancing of FY27–FY28 maturities | FY27 | Pricing and tenor |
| Chinese AI pricing (glufosinate, mancozeb) | Ongoing | Generic price indices |
| India monsoon / rabi season | Q3–Q4 FY27 | UPL SAS growth recovery |
Concluding analyst verdict
UPL enters the second half of FY27 with the strongest operating and balance-sheet position it has had since the Arysta acquisition, yet with its weakest equity sentiment in years. The paradox is explained less by the numbers than by structure and stewardship. Operationally, the evidence is constructive: record FY26 revenue of ₹51,839 crore, company-defined EBITDA of ₹9,588 crore, gross margin restored to about 49%, net debt to EBITDA cut from 4.6x to 1.6x in two years, and a seventh consecutive quarter of growth in Q1 FY27. Credit agencies have noticed — CRISIL moved to Stable and S&P to Positive within three weeks of each other in August–September 2026.
Equity holders, however, are being asked to underwrite three simultaneous transitions: a three-step scheme that relocates most debt into a new listed crop-protection entity; a seeds IPO whose pricing and timing depend on market windows; and a senior-leadership reset after the departures of the UPL Corp CEO and Group COO, leaving the Chairman with direct operating control. Add seasonal cash burn (Q1 FY27 operating cash outflow of over ₹6,000 crore), stagnant India crop protection, and ongoing generic pricing risk, and the market's ~35% year-to-date de-rating becomes understandable even if arguably excessive.
At roughly 6–7x trailing EV/EBITDA and about 1.3x book, the stock discounts a great deal of execution failure. Our synthesis is that UPL is a high-beta, catalyst-driven recovery story. Failure on any of these would likely keep the holdco discount entrenched.
Source notes
Primary: UPL Q1 FY27 press release (NSE, 3 Aug 2026); Q4 & FY26 earnings release and CMD 2026 (11 May 2026) and transcript (15 May 2026); Q3 FY26 press release (2 Feb 2026); composite scheme Reg 30 disclosure (20 Feb 2026); CRISIL rating letter and rationale (2 Sep 2026); S&P outlook intimation (14 Aug 2026); Fitch intimation (4 Jun 2025); S&P intimation (22 May 2025); BRSR FY26 intimation (15 Jul 2026); UPL S&P CSA press release (14 Nov 2025); CMD 2025 presentation (12 May 2025). Secondary: Business Standard, Kotak Neo, Angel One, Multibagg, DSIJ/Elara, Global Agriculture, Sahi, ScanX, HDFC Sky, AlphaStreet, Investing.com/AlphaSpread transcripts, Upstox, Trendlyne, Craytheon, StockAnalysis, Anand Rathi, Marketsmojo, Simply Wall St, Fintel, Sharekhan, PL India, sustainabilityreports.com, Advanta DRHP summaries (Chittorgarh, Upstox, Equity Research India).
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background | Notes |
|---|---|---|---|
Jai (Jaidev) R. Shroff | Chairman & Group CEO | Promoter family; long-time CEO; led Arysta acquisition | Assumed direct oversight of global crop protection after Aug 2026 exits |
Vikram R. Shroff | Vice Chairman / promoter director | Promoter family; operations | Named in scheme as linked to UPL Corporation (Mauritius) |
Rajnikant D. Shroff | Chairman Emeritus / promoter | Founder (1969) | Named promoter of UPL Global |
Sandra R. Shroff | Promoter / director | Promoter family | Named promoter of UPL Global |
Bikash Prasad | Group CFO | Led deleveraging and refinancing | Spokesperson on Advanta IPO and debt |
Sandeep Deshmukh | Company Secretary & Compliance Officer | Signs exchange filings | — |
Dr. Mritunjay Chaubey | Group Chief Sustainability Officer | ESG programme lead | — |
Mike Frank | Former CEO, UPL Corp; designated CEO of UPL Global | Resigned effective 31 Aug 2026 | Successor not announced in sources reviewed |
Toshan Tamhane | Former Group COO | Joined 2020 from McKinsey (Senior Partner); ex-CDO and CSO | Resigned 26 Aug 2026, effective 31 Aug 2026 |
Governance Overview
| Feature | Status |
|---|---|
Chair/CEO separation | Not separated — Jai Shroff is both Chairman and Group CEO |
Independent directors | Includes Naina Lal Kidwai (reappointed for a second five-year term from 1 Oct 2026, subject to shareholder approval) |
Committees | Audit, Nomination & Remuneration, Stakeholders' Relationship, Risk Management, CSR/Sustainability (per SEBI LODR norms) |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Feb 2026 | Mike Frank named CEO of the proposed UPL Global | Restructuring announcement |
Early Aug 2026 | Mike Frank resigns as UPL Corp CEO (effective 31 Aug 2026) | Jai Shroff takes direct oversight of global crop protection |
26 Aug 2026 | Toshan Tamhane resigns as Group COO (effective 31 Aug 2026) | To pursue entrepreneurship; no successor named |
May 2026 | Naina Lal Kidwai recommended for second term from 1 Oct 2026 | Board continuity |
Shareholding Trend
| Holder category | Mar 2026 / Feb 2026 (%) | Jun 2026 (%) |
|---|---|---|
Promoters & promoter group | 33.51 | 33.51 |
Foreign portfolio investors (FPI/FII) | 41.76 | 42.39 |
Domestic institutions (MFs, insurers, others) | ~16.1 | ~14.3 |
Of which mutual funds | 7.58 | ~7.2 |
Retail and others | 8.61 | ~8.7 |
Competitive Landscape
Competitors by Segment
| Segment | Competitors |
|---|---|
Global crop protection (innovator majors) | Syngenta Group (incl. ADAMA), Bayer Crop Science, Corteva Agriscience, BASF Agricultural Solutions, FMC Corporation |
Global off-patent/generics | ADAMA (Syngenta Group), Nufarm, Albaugh (private), Sumitomo Chemical / Nufarm-linked, Chinese producers (Wynca, Lier, Zhejiang Xinan, Rainbow Agro) |
India crop protection | PI Industries, Coromandel International, Rallis India (Tata), Dhanuka Agritech, Bayer CropScience India, Sumitomo Chemical India, Dharmaj, Best Agrolife |
AI manufacture / specialty (SUPERFORM) | PI Industries (CSM), Navin Fluorine, SRF (agro intermediates), Bharat Rasayan, Chinese AI producers |
Seeds (Advanta) | Corteva (Pioneer), Bayer (DEKALB), Syngenta Seeds, KWS, Limagrain, Nuziveedu, Kaveri Seeds, CP Group (Thailand corn) |
Post-harvest (Decco) | AgroFresh, Pace International, JBT FoodTech |
Peer Comparison FY2026
| Company | Latest FY revenue | Approx. USD Bn | Revenue growth trend | EBITDA margin trend | R&D intensity |
|---|---|---|---|---|---|
UPL Ltd (FY26) | ₹51,839 Cr | ~5.9 | +11% | ~18% (company) | Low (not disclosed) |
Syngenta Group (CY2024) | ~US$28.8bn | ~28.8 | Declining 2024 | Mid-to-high teens | High |
Corteva (CY2024) | ~US$16.9bn | ~16.9 | Slight decline | ~20% | ~8% |
FMC (CY2024) | ~US$4.2bn | ~4.2 | Declining | Low-to-mid 20s, under pressure | ~7% |
ADAMA (CY2024) | ~US$4.1bn | ~4.1 | Declining | Low double digits | Low |
PI Industries (FY25) | ~₹8,000 Cr | ~0.95 | Low growth | ~25%+ | Moderate |
