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UPL Limited Consolidated Financial Results and Business Update Q3 and 9MFY26 Investor Presentation 02nd February 2026
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2 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 statements made about our strategy, estimates of sales growth, future EBITDA and future developments in our organic business. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, domestic and global economic and business conditions, the successful implementation of our strategy and our ability to realize the benefits of this strategy, our ability to develop and market new products, changes in legislation, legal claims, changes in exchange and interest rates, changes in tax rates, raw materials and employee costs, our ability to identify and complete successful acquisitions and to integrate those acquisitions into our business, our ability to successfully exit certain businesses or restructure our operations, the rate of technological changes, political, economic and other developments in countries where UPL operates, industry consolidation and competition. As a result, UPL’s actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, please refer to the Risk Management Section of our Annual Report.
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Key Presenters Today… 3 Agenda UPL Corp Mike Frank CEO UPL Limited Bikash Prasad Group CFO UPL SAS Ravi Cherukuri CEO Advanta Bhupen Dubey CEO SUPERFORM Raj Tiwari CEO …and other senior management
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Content 4 Agenda I. Financial and Business Segment Key Macro Trends for the Quarter 5 II. Summary (FY26 Outlook and Guidance) 30–31 Performance Dashboard Q3 and 9MFY26 Performance Update 6–22 6–7 P&L Analysis: Revenue, Contribution, EBITDA and PATMI 8–17 Balance Sheet Analysis: Working Capital, Net Debt and Leverage Ratios 18–21 Platform-wise Q3 and 9MFY26 Performance Update 23–29 Cash Flow Analysis 22 III. Others (Non-Financial Enablers) Board of Directors and Leadership Team 33–38 32–39 Awards and Recognition 39
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Key Macro Trends for the Quarter 5 UPL Limited | Q3 Update ▪ Prevailing geopolitical volatility and overall macro concerns ⚫ ▪ Continued US tariff led uncertainties; expected in Q4 as well ⚫ ▪ Prices of key AIs remain low, yet broadly stable ⚫ ▪ Continued low commodity prices (e.g., corn, wheat, cotton) lead to farm -income stress ⚫ ▪ Stable demand in global crop protection driving grower consumption ⚫ ▪ Softened SOFR rate ⚫
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UPL delivers yet another strong quarter; momentum sustained through broad- based EBITDA growth (+13%) and financial discipline, leading to an improved PBT by 90% and Operational PATMI by 45% 6 UPL Limited Q3 and 9MFY26 | Performance Dashboard Summary III I II V IV Revenue Contribution Margin PBT EBITDA Margin ₹5,227 cr | +17% 42.6% | +160 bps ₹2,434 cr | +13% 19.8% | flat ₹671 cr | ₹354 cr in Q3LY ₹396 cr | ₹828 cr in Q3LY ₹452 cr | ₹312 cr(2) in Q3LY ₹33,504 cr | +8% V: +5% | P: (2%) | F: +4% ₹14,268 cr | +17% 42.6% | +320 bps ₹5,941 cr | +22% 17.7% | +200 bps ₹1,265 cr | (₹548 cr) in 9MLY ₹861 cr | ₹1 cr in 9MLY ₹784 cr | (₹458 cr)(2) in 9MLY vs. LY vs. LYQ3 9M (1) Operational PATMI (adjusted for exceptional items); (2) Q3FY25 and 9MFY25 had a reversal of provision for tax of ₹592 cr on account of favorable order from appellate authority; tax reversal gain for Q3FY25 and 9MFY25 is not considered here PATMI Op. PATMI(1) ₹12,269 cr | +12% V: +8% | P: (3%) | F: +7% |
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III I II IV Net Debt Net Debt / EBITDA(1) Net Debt / Equity 2.5x | 3.8x 0.6x | 0.8x 116 Days | 107 Days ₹15,625 cr | ₹13,280 cr NWC Days(1) NWC (₹) 7 UPL Limited Q3 and 9MFY26 | Performance Dashboard Summary (1) Calculated on TTM basis Lower by >₹2,500 cr (>$400 Mn); on including perpetual bonds as debt in Dec’24, net debt reduction is >$800 Mn Improved; on including perpetual bonds as debt in Dec’24, LY net debt to EBITDA is 4.2x Improved; on including perpetual bonds as debt in Dec’24, LY net debt to equity is 1.0x Higher by ~9 days Lower net debt and improved gearing ratios, implying sustained focus on balance sheet strengthening and capital productivity vs. LYas on 31st Dec’25 ₹23,317 cr | ₹25,870 cr $2,594 Mn | $3,021 Mn
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P&L Analysis
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Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 10,907 12,269 12% 31,064 33,504 8% Contribution 4,476 5,227 17% 12,239 14,268 17% Contribution Margin (%) 41.0% 42.6% 160 bps 39.4% 42.6% 320 bps SG&A 2,313 2,792 21% 7,356 8,327 13% EBITDA 2,163 2,434 13% 4,884 5,941 22% EBITDA Margin (%) 19.8% 19.8% flat 15.7% 17.7% 200 bps PBT 354 671 90% (548) 1,265 n.m. PATMI 828 396 (52%) 1 861 n.m. Operational PATMI 312(1) 452 45% (458)(1) 784 n.m. NWC (Days) 107 116 9 Net Debt to EBITDA 3.8x 2.5x improved UPL Limited Q3 and 9MFY26 | Performance Summary Q3 Drivers Revenue • V: +8% | P: (3%) | F: +7% • Led by Advanta volume, as well as crop protection platforms Contribution and margin • Improved mix, higher capacity utilization and lower input cost EBITDA • Driven by overall higher volumes and accretive contribution margin PATMI • Operational PATMI improved(1) vs. LY NWC days • Higher by ~9 days vs. LY 9 Improved EBITDA, PBT and Operational PATMI led by strong volume growth, enhanced quality of earnings and financial discipline (1) Q3FY25 and 9MFY25 had a reversal of provision for tax of ₹592 cr on account of favorable order from appellate authority; tax reversal gain for Q3FY25 and 9MFY25 is not considered here
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Improved EBITDA, PBT and Operational PATMI led by strong volume growth, enhanced quality of earnings and financial discipline 10 UPL Limited Q3 and 9MFY26 | P&L Statement Particulars (₹ cr) Q3FY25 Q3FY26 Change YoY 9MFY25 9MFY26 Change YoY Revenue 10,907 12,269 12% 31,064 33,504 8% Contribution 4,476 5,227 17% 12,239 14,268 17% Contribution Margin (%) 41% 43% 160 bps 39% 43% 320 bps SG&A 2,313 2,792 21% 7,356 8,327 13% EBITDA 2,163 2,434 13% 4,884 5,941 22% EBITDA Margin (%) 20% 20% flat 16% 18% 200 bps Other (income) (46) (31) n.m. (109) (84) n.m. Depreciation & amortization expenses 688 827 20% 2,045 2,329 14% Net exchange difference 108 190 76% 626 603 (4%) Share of loss/ (profit) from associates and JVs 278 81 (71%) 445 117 (74%) Exceptional items 76 56 (26%) 133 (77) n.m. Net finance costs 704 639 (9%) 2,291 1,788 (22%) PBT 354 671 90% (548) 1,265 n.m. Taxation (499) 181 n.m. (289) 339 n.m. PAT 853 490 (43%) (258) 926 n.m. Non-controlling interests 25 94 276% (259) 65 n.m. PATMI 828 396 (52%) 1 861 n.m. Operational PATMI 312(1) 452 45% (458)(1) 784 n.m. (1) Q3FY25 and 9MFY25 had a reversal of provision for tax of ₹592 cr on account of favorable order from appellate authority; tax reversal gain for Q3FY25 and 9MFY25 is not considered here
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UPL Corp • Q3: V: +2% | P: (3%) | F: +9% • Led by growth across all key regions, through higher volumes and favorable fx impact • 9M up vs. LY, led mainly by North America (from H1), and well-supported by all other regions UPL SAS • Q3: V: +4% | P: flat | F: flat • Volume led growth, supported by lower product returns vs. LY • 9M up, despite a weaker Q2 Advanta(4) • Q3: V: +14% | P: +7% | F: +3% • Higher volumes in field corn (India, LATAM, SE Asia), grain sorghum (Brazil), canola (Australia) • Continued strong performance across quarters SUPERFORM • Q3: V: (5%) | P: (6%) | F: flat • Agchem reduction due to phasing and lower cost base impact; SSC(2) +42% vs. LY, driven by contract manufacturing and cyanide derivatives • Overall 9M flat due to overall weaker Q3 11 UPL Limited Q3 and 9MFY26 | Revenue: Platform-wise Analysis 10,907 8,497 535 1,287 2,983 12,269 9,163 558 1,574 2,668 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM +4% +22% (11%)+8%YoY +12% Q3 Platform-wise Revenue(1)(3) (₹ cr) 31,064 22,313 2,552 3,776 8,115 33,504 23,746 2,605 4,639 8,025 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM +2% +23% (1%)+6%YoY +8% 9M Platform-wise Revenue(1)(3) (₹ cr) (1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination; (2) SSC: Super Specialty Chemicals (specialty chemicals sales externally); (3) Advanta’s financial statements for the current period and comparative period last year reflect the acquisition of Decco under common control; (4) Revenue variances are for Advanta standalone only FY25 FY26 Strong Q3 performance led by crop protection and seeds platforms; robust overall YTD performance
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Latin America • Argentina led by herbicides and field corn • Insecticides pressure in Brazil (e.g., Sperto®) • 9M growth driven by overall strong performance North America • Revenue growth despite tariff related uncertainties • 9M continues to be strong, led by H1 performance Europe • Led mainly by herbicide volumes and NPP • 9M growth led by strong Q3 India • Q3 led by seeds (e.g., field corn), supported by crop protection • Strong 9M, led primarily by seeds Rest of World • Strong Q3 growth led by robust performance in crop protection (China, Africa), supported by seeds • 9M increase led by strong Q3 12 UPL Limited Q3 and 9MFY26 | Revenue: Region-wise Analysis 31,064 715 496 383 324 33,504 522 9MFY25 LATAM NAM Europe India ROW 9MFY26 9M Region-wise Revenue (₹ cr) 9MFY26 Revenue (₹ cr) 13,232 +6% 3,861 +15% 4,461 +9% 6,881 +5% 5,070 +11% Q3 Region-wise Revenue (₹ cr) 10,907 322 45 269 43 683 12,269 Q3FY25 LATAM NAM Europe India ROW Q3FY26 5,137 +7% 1,617 +3% 1,554 +21% 2,814 +32% 1,148 +4% Q3FY26 Revenue (₹ cr) Q3 growth across all regions, led mainly by Latin America, Europe and Rest of World; YTD performance across all regions continues to remain strong
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UPL Limited Q3 and 9MFY26 | Contribution Analysis: Platform-wise Broad-based growth in Q3 as well as in 9M vs. last year; strong YTD performance across all platforms continues 4,476 3,037 90 720 549 5,227 3,452 140 868 618 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM Q3 Platform-wise Contribution(1)(2) (₹ cr) YoY +55% +21% +13%+14%+17% 12,239 7,252 677 2,153 1,715 14,268 8,548 831 2,613 1,955 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM 9M Platform-wise Contribution(1)(2) (₹ cr) YoY +23% +21% +14%+18%+17% 41% 43% 36% 38% 17% 25% 56% 55% 18% 23%CM% 39% 43% 33% 36% 27% 32% 57% 56% 21% 24%CM% FY25 FY26 (1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination; (2) Advanta’s financial statements for the current period and comparative period last year reflect the acquisition of Decco under common control; (3) SSC: Super Specialty Chemicals (specialty chemicals sales externally) UPL Corp • Margin improvement led by lower input cost and higher capacity utilization UPL SAS • Significant margin accretion led by improved product mix (e.g., Centurion® EZ, Canora® EZ) Advanta • Revenue led contribution growth (driven by field corn); maintained contribution margin SUPERFORM • Improved mix (including higher SSC(3) share: ~27% vs. 18% LY), favorable input cost and higher capacity utilization 13
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UPL Limited Q3 and 9MFY26 | EBITDA Analysis: Platform-wise 9M Platform-wise EBITDA(1)(2) (₹ cr) YoY +38% +28% +10%+25%+22% Q3 Platform-wise EBITDA(1)(2) (₹ cr) 20% 20% 19% 19% (5%) 3% 22% 22% 10% 11%EBITDA% YoY improved +22%+6%+13% 2,163 1,655 (25) 280 300 2,434 1,752 16 341 301 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM 4,884 2,713 347 824 919 5,941 3,399 478 1,057 1,015 UPL Ltd. UPL Corp UPL SAS Advanta SUPERFORM FY25 FY26 (1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination; (2) Advanta’s financial statements for the current period and comparative period last year reflect the acquisition of Decco under common control 16% 18% 12% 14% 14% 18% 22% 23% 11% 13%EBITDA% Broad-based EBITDA growth; robust YTD growth across platforms UPL Corp • Driven by volume led revenue growth, and improved contribution margin UPL SAS • Strong EBITDA turnaround due to improved contribution margin Advanta • Growth led mainly by higher volumes SUPERFORM • Margin expansion led by improved contribution 14 improved
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2,163 831 531 (611) (480) 2,434 Q3FY25 Volume Price, FX COGS SG&A Q3FY26 UPL Limited Q3FY26 | EBITDA Analysis Revenue impact Cost impact Strong EBITDA performance, driven by higher volumes, and supported by favorable input cost, higher capacity utilization and favorable fx impact (1) SSC: Super Specialty Chemicals (specialty chemicals sales externally) EBITDA Bridge (Q3FY25 vs. Q3FY26) (₹ cr) Q3 Drivers Volume • Led by Advanta seeds, crop protection segment and SUPERFORM SSC(1) Price, Fx • Pricing pressure, mainly in crop protection offset by fx gains (e.g., Europe) COGS • Upside from favorable input cost and higher capacity utilization (crop protection) SG&A • Driven by higher employee cost, unfavorable Fx impact and ECL • Focused spends on new launches and building capabilities 15
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271 (138) 65 (82) (15) (88) 197 (68) 312 452 Q3FY25 EBITDA D&A NFC FX/ Hedging cost Oth. inc./ loss Tax A.I. NCI Q3FY26 Q3 Drivers NFC • Debt repayment of ~$250 Mn in March’25, lower finance cost (SOFR), rating outlook upgrade Fx / Hedging cost • Unfavorable currency movement in specific geographies (e.g., Argentina, Brazil, Turkey) Associate income / JV • Significant improvement in all key JVs and associates vs. LY Non-controlling Interest • Improved profitability across platforms (incl. UPL Corp); increased minority stake in Advanta (post Alpha Wave investment) Significant improvement in Operational PATMI (+45%), led by higher EBITDA, lower finance cost, JV losses, through continued focus on financial discipline 16 UPL Limited Q3FY26 | PATMI Analysis D&A: Depreciation and Amortization | NFC: Net Finance Cost | Fx: Exchange impact | A.I.: Associated income/ joint ventures | NCI: Non-controlling interests (1) Q3FY25 and 9MFY25 had a reversal of provision for tax of ₹592 cr on account of favorable order from appellate authority; tax reversal gain for Q3FY25 and 9MFY25 is not considered here Q3FY26 Operational PATMI(1) Bridge (₹ cr)
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1,058 (284) 503 24 (25) (37) 328 (325) (458) 784 9MFY25 EBITDA D&A NFC FX/ Hedging cost Oth. inc./ loss Tax A.I. NCI 9MFY26 9M Drivers NFC • Debt repayment of ~$250 Mn in March’25, lower finance cost (SOFR), rating outlook upgrade Fx / Hedging cost • Favorable mark-to-market movement Associate income / JV • Significant improvement across most JVs and associates in 9M vs. LY, mainly from Q3 Non-controlling Interest • Improved profitability across platforms (incl. UPL Corp); increased minority stake in Advanta (post Alpha Wave investment) Operational PATMI improvement of >₹1,200 cr vs. LY, driven mainly by higher EBITDA, lower finance cost, JV losses and Fx 17 UPL Limited 9MFY26 | PATMI Analysis D&A: Depreciation and Amortization | NFC: Net Finance Cost | Fx: Exchange impact | A.I.: Associated income/ joint ventures | NCI: Non-controlling interests (1) Q3FY25 and 9MFY25 had a reversal of provision for tax of ₹592 cr on account of favorable order from appellate authority; tax reversal gain for Q3FY25 and 9MFY25 is not considered here 9MFY26 Operational PATMI(1) Bridge (₹ cr)
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Balance Sheet Analysis
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Working capital in line with seasonality and anticipated Q4 build-up; lower cash vs. Mar’25 mainly due to redemption of perpetual bond in Q1 19 UPL Limited Q3FY26 | Balance Sheet Analysis Particulars (₹ cr) Dec’24 Mar’25 Dec’25 Change vs. Mar’25 Uses of Capital Fixed Capital(1) 41,773 41,935 43,941 2,006 Right-of-use assets 1,268 1,324 1,440 116 Working capital 13,280 6,762 15,625 8,863 Cash & Bank balance (incl. current investments) 4,374 9,856 5,147 (4,709) Others 3,516 3,050 2,455 (595) Total 64,211 62,927 68,608 5,681 Sources of Capital Total Equity 25,028 29,214 32,611 3,397 Non-controlling interests (incl. perp bond) 7,605 8,614 6,019 (2,595) Short-term debt 7,718 5,451 17,507 12,056 Long-term debt 22,526 18,263 10,957 (7,306) Right of use lease liabilities 1,334 1,385 1,514 129 Total 64,211 62,927 68,608 5,681 • Working capital increase vs. Mar’25; however, however, broadly in line with seasonality and anticipated Q4 build-up • Cash balance movement vs. Mar’25 from redemption of perpetual bonds in May’25 ($400 Mn), proceeds from rights issue balance in Sep’25 ($200 Mn), utilization for working capital • Equity increase from positive PATMI, rights issue and dividend distribution (1) Includes investments
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Inventory ₹13,531 cr ₹17,066 cr Dec’24 Dec’25 109 127 Dec'24 Dec'25 Receivables ₹13,530 cr ₹16,727 cr Dec’24 Dec’25 Payables ₹13,782 cr ₹18,169 cr Dec’24 Dec’25 ₹13,280 cr ₹15,625 cr Dec’24 Dec’25 109 124 Dec'24 Dec'25 111 135 Dec'24 Dec'25 107 116 Dec'24 Dec'25 Net Working Capital DIO DSO DPO Net Days NWC days up by ~9 days; increase in receivables and inventory in line with Q3 growth and anticipated Q4, respectively 20 UPL Limited Q3FY26 | Working Capital Analysis Q3 Drivers DIO Higher by ~18 Days in anticipation for Q4 season DSO Increased by ~15 Days due to higher sales vs LY and change in regional mix DPO Increased by ~24 Days due to higher inventory and better credit terms Net Working Capital higher by ~9 Days vs. Dec 24 Note: As a risk management measure, receivables are factored on non-recourse basis to banks; non-recourse receivables factoring as of 31 Dec’25: ₹5,501cr ($612 Mn), 31 Dec’24: ₹4,527 cr ($529 Mn)
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Particulars ($ Mn) Dec’24 Mar’25 Dec’25 vs. Dec’24 vs. Mar’25 Gross Debt(2) 3,532 2,774 3,167 (365) 393 Cash and Cash Equivalent(3) 511 1,153 573 62 (580) Net Debt 3,021 1,621 2,594 (427) 973 Particulars (₹ cr)(1) Dec’24 Mar’25 Dec’25 vs. Dec’24 vs. Mar’25 Gross Debt(2) 30,244 23,714 28,464 (1,780) 4,750 Cash and Cash Equivalent(3) 4,374 9,856 5,147 773 (4,709) Net Debt 25,870 13,858 23,317 (2,553) 9,459 Net Debt Adj. for Currency Impact 25,870 22,213 (3,657) Net debt to EBITDA 3.8x 1.7x 2.5x Net debt to Equity 0.8x 0.4x 0.6x Net debt lower by >$400Mn (adjusted for perpetual bonds, lower by >$800Mn); significant improvement in gearing ratios vs. LY 21 UPL Limited Q3FY26 | Net Debt Analysis • Lower net debt vs. Dec’24, led by lower gross debt (debt pre-payment $250Mn) and higher cash position (post two capital transactions, perpetual bond redemption, working capital repayment) • Higher net debt vs. Mar’25 due to perpetual bond redemption (as above) and increased working capital due to seasonality • On inclusion of perpetual bonds as debt in Dec’24, net debt to equity is 1.0x and net debt to EBITDA is 4.2x; similarly, the corresponding figures for Mar’25 are 0.5x and 2.1x (1) USD/ INR depreciated from 85.62 as on 31st Dec 2024 to 89.88 as on 31st Dec 2025; (2) Gross Debt includes all external debt including short-term and long-term; (3) Includes liquid investment of ₹276 cr ($32Mn) as of Dec’24 and ₹552 cr ($61Mn) in Dec’25
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Improvement driven by higher EBITDA ±non-cash items (~₹1,300 cr), lower net interest paid (>₹450 cr) and lower investments (>₹700 cr) YTD Particulars (₹ cr) 9M FY24 9M FY25 9M FY26 Change vs. LY EBITDA ±non-cash items(1) 2,219 3,927 5,212 1,285 Changes in working capital (9,949) (3,366) (8,345) (4,979) Other non-current & current assets, liab. & FCTR (306) 38 614 576 Net Operating cash flow (8,035) 598 (2,519) (3,118) Income tax paid (1,044) (723) (231) 492 Capex (1,607) (714) (1,531) (817) Investments (446) (666) 39 705 Free cash flow to firm (FCFF) (11,132) (1,505) (4,243) (2,738) Net interest paid (2,168) (2,204) (1,741) 463 Free cash flow to equity (FCFE) (2) (13,300) (3,709) (5,984) (2,275) FCFE adjusted for “changes in working capital” (seasonal) (2) (3,351) (343) 2,361 2,703 22 UPL Limited Q3 and 9MFY26 | Cash Flow Analysis (1) Non-cash items mainly include ECL, provisions, fair-value change in investments, share based payments, etc.; (2) This is operational cash flow and excludes proceeds from current borrowings/ rights issue / repayment of perpetual bond and dividend payment. Cash and cash equivalent include current investment FCFE in line with historical trend; adjusted for changes in working capital (seasonality effect), FCFE has improved by ~₹2,700 cr on YTD basis vs. LY
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Platform Updates
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Volume led growth, despite macroeconomic and geopolitical headwinds; robust contribution margin supported EBITDA growth vs. LY 24 UPL Corp Q3 and 9MFY26 | Performance Summary Q3 Drivers Revenue • V: +2%; P: (3%); F: +9% • Strong performance across all regions • Volume led growth in Brazil, Europe and Rest of World, partially offset by overall pricing pressure Contribution and margin • Led by lower input cost, higher capacity utilization • Expansion in Europe, LATAM and Rest of World EBITDA • Driven by volume led revenue growth and overall improved contribution margin Note: Above financials are after considering proforma adjustments Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 8,497 9,163 8% 22,313 23,746 6% Contribution 3,037 3,452 14% 7,252 8,548 18% Contribution Margin (%) 35.7% 37.7% 200 bps 32.5% 36.0% 350 bps SG&A 1,383 1,700 23% 4,539 5,150 13% EBITDA 1,655 1,752 6% 2,713 3,399 25% EBITDA Margin (%) 19.5% 19.1% (40 bps) 12.2% 14.3% 210 bps
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Q3 Drivers Latin America • Brazil: led by vol. of key AIs and fx impact upside • In rest of the region, Argentina growth offset by others • Continued pricing pressure North America • Moderate growth despite tariff related uncertainties Europe • Strong growth led by herbicide volumes and NPP Rest of World • Growth led by China as well as Africa 8,497 242 38 177 215 9,163 Q3FY25 Latin America NAM Europe ROW Q3FY26 Strong Q3 performance across all regions; robust broad-based growth in 9M 25 UPL Corp Q3 and 9MFY26 | Region-wise Revenue Analysis 22,313 383 429 225 374 23,746 9MFY25 Latin America NAM Europe ROW 9MFY26 11,662 +3% 3,321 +15% 3,873 +6% 4,760 +9% 4,622 +6% 1,417 +3% 1,229 +17% 1,862 +13% Q3 Rev (₹ cr) 9M Rev (₹ cr) (in ₹ cr) (in ₹ cr)
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Q3 Drivers Revenue • V: +4%; P: flat; F: flat • Volume led growth supported by lower product returns vs LY Contribution and margin • Margin accretion from improved mix (e.g., Centurion® EZ, Canora® EZ) EBITDA • Driven by improved contribution margin 26 UPL SAS Q3 and 9MFY26 | Performance Summary Note: Above financials pertain to India Crop Protection business only, based on proforma adjustments and exclude ‘Nurture’ Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 535 558 4% 2,552 2,605 2% Contribution 90 140 55% 677 831 23% Contribution Margin (%) 16.9% 25.0% 810 bps 26.5% 31.9% 540 bps SG&A 115 123 8% 330 353 7% EBITDA (25) 16 improved 347 478 38% EBITDA Margin (%) (4.6%) 2.9% 750 bps 13.6% 18.3% 470 bps Volume led strong performance; improved mix and business quality focus led significant EBITDA turnaround
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Strong revenue growth in Q3 led by field corn, driving robust EBITDA growth; positive momentum for YTD continues 27 Advanta(1) Q3 and 9MFY26 | Performance Summary Q3 Drivers Revenue(2) • V: +14%; P: +7%; F: +3% • Led by field corn (India, Latin America, SE Asia), grain sorghum (Brazil) and canola (Australia) Contribution and margin • Revenue led contribution growth; stable contribution margin vs LY EBITDA • Strong EBITDA growth in line with revenue (1) Advanta’s financial statements for the current period and comparative period last year reflect the acquisition of Decco under common control; (2) Revenue variances are for Advanta standalone only Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 1,287 1,574 22% 3,776 4,639 23% Contribution 720 868 21% 2,153 2,613 21% Contribution Margin (%) 55.9% 55.2% (70 bps) 57.0% 56.3% (70 bps) SG&A 439 528 20% 1,329 1,555 17% EBITDA 280 341 22% 824 1,057 28% EBITDA Margin (%) 21.8% 21.6% (20 bps) 21.8% 22.8% 100 bps
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(1) Advanta’s financial statements for the current period and comparative period last year reflect the acquisition of Decco under common control Key growth led by Americas and India 28 Advanta(1) Q3 and 9MFY26 | Region-wise Revenue Analysis Q3 Drivers Americas • Field corn (LATAM, Argentina), grain sorghum in Brazil • Post harvest revenue increase in USA and Chile Asia / Africa • Increased field corn availability in India, Thailand and Indonesia; fresh corn in Thailand • Post harvest revenue increase led by Africa Australia • Driven by canola and field corn Europe • Mainly driven by post harvest revenue 1,287 90 152 25 20 1,574 Q3FY25 Americas Asia / Africa Australia Europe Q3FY26 3,776 409 460 (42) 35 4,639 9MFY25 Americas Asia / Africa Australia Europe 9MFY26 1,895 +28% 2,304 +25% 229 (15%) 210 +20% 647 +16% 715 +27% 103 +32% 109 +22% Q3 Rev (₹ cr) 9M Rev (₹ cr) (in ₹ cr) (in ₹ cr)
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Q3 Drivers Revenue • V: (5%) | P: (6%) | F: flat • SSC(1) (+42% vs. LY), led by contract manufacturing, cyanide derivatives • AI(1) declined due to phasing and lower cost base impact Contribution and margin • Improved mix (including higher share of non-AI: 27%, vs. 18% LY) • Favorable input cost • Higher capacity utilization EBITDA • Margins expansion led by improved contribution Improved mix led contribution and EBITDA margin accretion; YTD performance continues to remain strong 29 SUPERFORM Q3 and 9MFY26| Performance Summary (1) AI: Active Ingredients business (catering to UPL Corp and UPL SAS) | SSC: Super Specialty Chemicals (specialty chemicals sales externally) Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 2,983 2,668 (11%) 8,115 8,025 (1%) Contribution 549 618 13% 1,715 1,955 14% Contribution Margin (%) 18.4% 23.1% 470 bps 21.1% 24.4% 330 bps SG&A 248 316 27% 796 940 18% EBITDA 300 301 flat 919 1,015 10% EBITDA Margin (%) 10.1% 11.3% 120 bps 11.3% 12.6% 130 bps
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FY26 Outlook and Guidance
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UPL Limited | Q3FY26 Summary and FY26 Outlook • Crop protection Mix led margin accretion and volume growth despite headwinds; normalized channel inventory, new launches • Advanta Strong FY26 outlook, growth with EBITDA accretion • SUPERFORM Margin expansion from lower inputs cost, improved mix Q3FY26 Key takeaways FY26 Outlook 31 ▪ Robust growth in revenue +12% vs. LY ▪ Strong accretion in contribution margin at ~43% (+160 bps) ▪ EBITDA at >₹2,400 cr (+13%: broad-based); EBITDA margin at ~20% ▪ Operational PATMI(1) improved by a 45% vs. LY ▪ Net working higher by ~9 days vs. LY ▪ Net debt lower by >₹2,500 cr YoY; improved gearing ratios Maintaining FY26 guidance • 4–8% Revenue growth • 12–16% EBITDA growth Robust Q3 over a strong LY; momentum sustained through broad-based EBITDA growth, driving higher PBT & Operational PATMI; FY26 guidance on-track (1) Q3FY25 and 9MFY25 had a reversal of provision for tax of ₹592 cr on account of favorable order from appellate authority; tax reversal gain for Q3FY25 and 9MFY25 is not considered here
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32 Our performance, both financial and non-financial, are governed by experienced board and global leadership team
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Jai Shroff Chairman and Group CEO Vikram Shroff Vice Chairman and Co-CEO Hardeep Singh Non-Executive Director Usha Rao Monari Independent Director Santosh Kumar Mohanty Independent Director Raj Tiwari Whole-time Director Suresh Kumar Lead Independent Director Naina Lal Kidwai Independent Director M. V. Bhanumathi Independent Director Our exemplary governance is driven by a strong and experienced board… 33 UPL Limited | Board of Directors
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Jai Shroff Chairman Vikram Shroff Non-Executive Director Davor Pisk Independent Director Jerome Peribere Independent Director Kabir Mathur Nominee Director, ADIA-TPG Anchored by industry veterans and independent directors at each platform 34 UPL Corp | Board of Directors Mike Frank Chief Executive Officer Paul Walsh Independent Director Peter Scala Independent Director Puneet Bhatia Nominee Director, ADIA-TPG Roberta Bowman Independent Director Stephen Dyer Independent Director Usha Rao Monari Independent Director Uttam Danayah Non-Executive Director
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Jai Shroff Chairman Vikram Shroff Non-Executive Director Puneet Bhatia Nominee Director, ADIA-TPG Nawal Saini Nominee Director, Brookfield Anchored by industry veterans and independent directors at each platform 35 UPL SAS | Board of Directors M. V. Bhanumathi Independent Director Usha Rao Monari Independent Director Ravishankar Cherukuri Chief Executive Officer
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Anchored by industry veterans and independent directors at each platform 36 Advanta | Board of Directors Jai Shroff Chairman Vikram Shroff Non-Executive Director Rajan Gajaria Vice Chairman Simrun Mehta Non-Independent Director Utsav Mitra Nominee Director, Alpha Wave Davor Pisk Independent Director Usha Rao Monari Independent Director Bhupen Dubey Chief Executive Officer Purvi Mehta Independent Director Santosh Kumar Mohanty Independent Director T. Raja Independent Director Agnes Kalibata Independent Director
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M. V. Bhanumathi Independent Director Hardeep Singh Non-Executive Director K. R. Srivastava Executive Director Jai Shroff Chairman Vikram Shroff Non-Executive Director Raj Tiwari Chief Executive Officer Suresh Kumar Independent Director Anchored by industry veterans and independent directors at each platform 37 SUPERFORM | Board of Directors
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Jai Shroff Chairman and Group CEO UPL Limited Vikram Shroff Vice Chairman and Co-CEO UPL Limited Toshan Tamhane Chief Operating Officer UPL Limited Bikash Prasad Group CFO UPL Limited Rajan Gajaria Vice Chairman Advanta Mike Frank Chief Executive Officer UPL Corp Ravi Cherukuri Chief Executive Officer UPL SAS Bhupen Dubey Chief Executive Officer Advanta Raj Tiwari Chief Executive Officer SUPERFORM Sagar Kaushik President Corporate Affairs UPL Limited Farokh Hilloo Chief Commercial Officer UPL Corp Ashish Dobhal Global Sales Head UPL Corp Sanjay Singh Global CHRO UPL Corp Paresh Talati Head of Chemistry R&D UPL Limited Sujoy Mazumdar Group General Counsel UPL Limited Sandeep Deshmukh Group Company Secretary and Compliance Officer, UPL Limited Supplemented by a passionate and experienced global leadership team 38 UPL Limited | Leadership Team
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External Awards and Recognitions 39 Awards and Recognition Awarded at the National Finance Conclave hosted by the Integrated Council of Professional Accountants, or ICPA UPL’s Low-Methane Rice Project Commended at COP30 for 23% Emissions Reduction ‘Best Patent Portfolio’ in Life Science & Agriculture ICPA Governance Excellence AwardICPA Financial Performance Award
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Thank You For more details, please connect with FY25 Annual Report FY25 Sustainability Report FY25 CSR Report Anurag Gupta anurag.gupta@upl-ltd.com Astitva Chauhan astitva.chauhan@upl-ltd.com