Interim report
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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 Registered Office: 3-11, GIDC, Vapi, Valsad - 396 195, Gujarat, India. P +91 260 2432716 CIN: L24219GJ1985PLC025132 November 2, 2026 BSE Limited Mumbai SCRIP CODE: 512070 National Stock Exchange of India Ltd Mumbai SYMBOL: UPL Sub: Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026 Dear Sir/Madam, Further to our letter dated October 26, 2026, and in accordance with the requirements of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors ("Board") at their meeting held today i.e. Monday, November 2, 2026 , considered and approved the un audited consolidated and standalone financial results of the Company for the quarter and half year ended September 30, 2026. The aforesaid financial results were reviewed by the Audit Committee before approval by the Board. Pursuant to Regulation 30 and 33 of the SEBI Listing Regulations, we are enclosing herewith unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026, along with limited review reports issued by B S R & Co. LLP, Chartered Accountants, Statutory Auditors of the Company. The Board Meeting commenced at 12:45 p.m. (IST) and is in progress. The results were taken on record by the Board at 2:35 p.m. (IST) We request you to take the above information on records. Thanking you, Yours faithfully, For UPL Limited Sandeep Deshmukh Company Secretary and Compliance Officer (ACS-10946) Encl.: As above Cc.: 1. London Stock Exchange 2. Singapore Stock Exchange 3. NSE IX
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India T~ephone: +91 (22)62571000 Fax:+91 (22)62571010 Limited Review Report on unaudited consolidated financial results of UPL Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of UPL Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of UPL Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net loss after tax and total comprehensive loss of its associates and joint ventures for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. B SR & Co. (a partnership finn with Registration No. BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration No. MB-8181) with effect from October 14, 2013 Registered Office: 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 13
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BS R & Co. LLP Limited Review Report (Continued) UPL Limited 6. We did not review the financial information of 31 Subsidiaries included in the Statement, whose financial information reflects total assets (before consolidation adjustments) of Rs. 1,28,894 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 8,444 crores and Rs. 14,784 crores, total net profit after tax (before consolidation adjustments) of Rs. 4,344 crores and Rs. 9,201 crores and total comprehensive income (before consolidation adjustments) of Rs. 4,349 crores and Rs. 9,208 crores, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and net cash outflows (before consolidation adjustments) of Rs. 1,020 crores for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. This interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of 153 Subsidiaries which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1,65,257 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 4,818 crores and Rs. 10,108 crores, total net profit after tax (before consolidation adjustments) of Rs. 2,511 crores and Rs. 2,958 crores and total comprehensive income (before consolidation adjustments) of Rs. 2,509 crores and Rs. 2,956 crores, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and net cash outflows (before consolidation adjustments) of Rs. 1,076 crores for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net loss after tax of Rs. 132 crores and Rs. 215 crores and total comprehensive loss of Rs. 130 crores and Rs. 207 crores for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of 17 associates and 6 joint ventures, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. Mumbai 02 November 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 \. \~~ TarunJ~n~er /fja~er Membership No.: 105003 UDIN:26105003TVZSTC5994 Page 2 of 13
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BS R & Co. LLP Limited Review Report (Continued) UPL Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No. Name of Component Relationship UPL Limited Parent 2 Advanta Biotech General Trading Ltd Subsidiary 3 Advanta Commercio de Sementes Ltda. Subsidiary 4 Advanta Enterprises Limited Subsidiary 5 Advanta Holdings (Thailand) Limited Subsidiary 6 Advanta Holdings BV Subsidiary 7 Advanta Holdings US Inc Subsidiary 8 Advanta Investment Limited ( w.e.f 28 May 2026) Subsidiary 9 Advanta Mauritius Limited Subsidiary 10 Advanta Netherlands Holdings BV Subsidiary 11 Advanta Seeds (Wuhan) Company Ltd Subsidiary 12 Advanta Seeds FZCO Subsidiary 13 Advanta Seeds Holdings UK Ltd Subsidiary 14 Advanta Seeds Hungary Kft Subsidiary 15 Advanta Seeds International Subsidiary 16 Advanta Seeds Mexico, S.A. de C.V. Subsidiary 17 Advanta Seeds Philippines Inc. Subsidiary 18 Advanta Seeds Proprietary Ltd Subsidiary NorthC \Jing Nesco IT arll Nesco C .::· r,"'•" ,,, , .... , ,r_ . 40t1 - ·- 19 ~~~ h 14thFl',1-n,u,......,,, ---\......,:--v-'."1r---r--------------------------+--------1 'l "'"w,,~ \,!' Advanta Seeds Romania SRL Subsidiary ;...--..--4 ___________________________ __,_ ______ __, __ :~r Advanta Seeds Pty Ltd Subsidiary Page 3 of 13
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BS R & Co. LLP 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 --- 40 :'<-:&Go.~ '::> 14th loor. "-(~~ <o Central B Wing and \ 1 Northl Wing, Nesco I n.....,,, ...L I * Nesco Center, ... I Western Express Highway, ,· ! f (1 Goregaon (East}. ~~ Mumbai - 400 063 n ~ ~ 0red Acc0,s. ~ Limited Review Report (Continued) UPL Limited Advanta Seeds Tanzania Limited Subsidiary Advanta Seeds Ukraine LLC Subsidiary Advanta Seeds Vietnam Company Limited Subsidiary Advanta Seeds Zambia Limited Subsidiary Advanta Semillas S.A.I.C. Subsidiary Advanta US, LLC Subsidiary Agrifocus LOA Subsidiary Agripraza Ltda Subsidiary Agrovia LLC Subsidiary Anchorprops 39 Proprietary Ltd Subsidiary Anning Decca Biotech Co., Ltd. Subsidiary Arysta Agroquimicos y Fertilizantes Uruguay S.A. Subsidiary Arysta Health and Nutrition Sciences Corporation Subsidiary Arysta LifeScience (Kenya) Ltd. Subsidiary Arysta LifeScience (Mauritius) Ltd Subsidiary Arysta LifeScience (Thailand) Co. Ltd. Subsidiary Arysta LifeScience Agriservice Private Limited (Liquidated w.e.f 28 Subsidiary July 2026) Arysta LifeScience Asia Pte. Ltd. Subsidiary Arysta LifeScience Australia Pty Ltd. Subsidiary Arysta LifeScience Benelux SRL Subsidiary Arysta LifeScience Cameroun SA Subsidiary Page 4 of 13
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! 8 SR & Co. LLP 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 -- 61 '<--&Co~ .~0 14tiFloor, ~~ <lJ Central 11 Wing an. d Nortt C Wing, Nescrl !T P:1rl<4 ..a. Limited Review Report (Continued) UPL Limited Arysta LifeScience Centroamerica, SA Subsidiary Arysta LifeScience Corporation (Merger with UPL Japan GK w.e.f. 8 Subsidiary August 2026) Arysta LifeScience Corporation Republica Dominicana, SRL Subsidiary Arysta LifeScience de Guatemala, SA Subsidiary Arysta LifeScience Great Britain Limited Subsidiary Arysta LifeScience Inc. Subsidiary Arysta LifeScience India Limited Subsidiary Arysta LifeScience Japan Holdings Goudou Kaisha Subsidiary Arysta LifeScience Management Company, LLC Subsidiary Arysta LifeScience NA Holding LLC Subsidiary Arysta LifeScience Netherlands B.V. (Merger with UPL Agricultural Subsidiary Solutions Holdings B.V. w.e.f. 25 August 2026) Arysta LifeScience North America, LLC Subsidiary Arysta LifeScience Ougree Production SRL Subsidiary Arysta LifeScience Pakistan (Private) Limited Subsidiary Arysta LifeScience Philippines, Inc. Subsidiary Arysta LifeScience Registrations Great Britain Limited Subsidiary Arysta LifeScience SAS. Subsidiary Arysta LifeScience U.K. JPY Limited Subsidiary Arysta LifeScience Vietnam Subsidiary Arysta-LifeScience Ecuador SA Subsidiary ASI Seeds Enterprises Kenya Limited Subsidiary \ * Nesco Center, .. ) Western Express Highway, ~ G Goregaon {East), Page 5 of 13 ~~ Mumbai • 400 063 ~ "" ~ I &red Acc0-s. '\ ~
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I BS R & Co. LLP 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 - ~~ Co~ ~ 1 ~~ ~ -(Q Centr NOi , Limited Review Report (Continued) UPL Limited Betel Reunion SA Subsidiary Biochemisch Dominicana, SRL Subsidiary Calli Ghana Co. Ltd. Subsidiary Callivoire SGFD S.A. Subsidiary Cerexagri Subsidiary Cerexagri B.V. Subsidiary Cerexagri, Inc. (PA),USA Subsidiary Chemagco LLC Subsidiary Citrashine (Pty) Ltd Subsidiary Decca Chile S.p.A Subsidiary Decca G1da Tarim ve Zirai Or0nler San. Tic A.S. Subsidiary Decca Holdings UK Limited Subsidiary Decca lberica Postcosecha, SAU. Subsidiary Decca Israel Ltd Subsidiary Decca Italia S.R.L Subsidiary Decca PostHarvest Mexico, S.A. de C.V. Subsidiary Decca U.S. Post-Harvest, Inc Subsidiary Decca Worldwide Post-Harvest Holdings B.V. Subsidiary Decca Worldwide Post-Harvest Holdings Cooperatief U.A. Subsidiary Grupo Bioquimico Mexicano Republica Dominicana, S.A. Subsidiary Grupo Bioquimico Mexicano, S.A. de C.V. Subsidiary lhCWing, ' * Nes1 o IT Park4, 8• 1 Ir rdustrias Bioquim Centroamericana, S.A. Subsidiary Ne• co Center. \ WestemE koress Hiohwav. 0~ Goregaon (East), ~ ~ Mumbai • 400 063 Page 6 of 13 ~ &red Acc0-.s -
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BS R & Co. LLP 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 - - <?-: & ,....~ vO. (. ~ 14th ~ .<) <o CentralB Win a North }Wing, i) I* Nesco TPa!k4, 1 f1l Nescc Center, Western Exp ess Highway, (1 Goregaon \t<D_tt, ~r ~ Mumbai • 400 063 -" r.$)~ ~ 0red Acc1}J J - \ lngeagro SA Kudos Chemie Limited Laboratoires Goemar SAS Laoting Yoloo Bio-Technology Corp., Ltd. Limited Liability Company "UPL" Limited Review Report (Continued) UPL Limited Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary MacDermid Agricultural Solutions Australia Pty Ltd Subsidiary Mali Protection Des Culture (MPC) SA Subsidiary Myanmar Arysta LifeScience Co. Ltd. Subsidiary Naturagri Soluciones, S.L Subsidiary Natural Plant Protection Limited Subsidiary Nature Bliss Agro Limited Subsidiary Nurture Agtech Limited Subsidiary Pacific Seeds (Thai) Limited Subsidiary Pacific Seeds Holdings (Thailand) Limited Subsidiary Perrey Participagoes S.A Subsidiary PT Ace Bio Care Subsidiary PT Advanta Seeds Indonesia Subsidiary PT Arysta LifeScience Tirta Subsidiary PT Catur Agrodaya Mandiri Subsidiary PT Excel Meg lndo Subsidiary PT UPL Indonesia Subsidiary 1Riceco International Bangladesh Limited Subsidiary Page 7 of 13
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BS R & Co. LLP ~ /0~ h QJ Centra ff Nor - ( -thF 1B V tllC olT Nes co ( 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 :::::---. 0~(. 27 ~(A ingand ~ J Wing, 28 ~ark4, * enter, ~ , * Nesc Western Exp 0 Gore ~~ Mumb res~ Hig~way, gaon (cast), J ai-400063 ;:- ~ &red ~~ I Acc0v- Limited Review Report (Continued) UPL Limited Riceco International, Inc. Subsidiary Sidewalk Trading Proprietary Ltd Subsidiary Superform Chemistries Limited Subsidiary Superform Chemistries Mauritius Ltd Subsidiary SWAL Corporation Limited Subsidiary Transterra Invest, S. L. U. Subsidiary Uniphos lndustria e Comercio de Produtos Quimicos Ltda. Subsidiary Uniphos Malaysia SON. BHD. Subsidiary United Phosphorus Global Services Limited Subsidiary United Phosphorus (India) Private Limited Subsidiary United Phosphorus Cayman Limited Subsidiary United Phosphorus Global LLP Subsidiary United Phosphorus Holdings Uk Limited Subsidiary UP Aviation Limited Subsidiary UPL (T) Ltd Subsidiary UPL Agri Mauritius Limited Subsidiary UPL Agricultural Product Trading FZE Subsidiary UPL Agricultural Solutions Holdings B.V. Subsidiary UPL Agricultural Solutions SRL Subsidiary UPL Agro Limited Subsidiary UPL Agro, S.A. de C.V. Subsidiary UPL Agromed Tarim llac;lari ve Tohumculuk Sanayi ve Ticaret Anonim Subsidiary Page 8 of 13
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I 8 SR & Co. LLP 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 ~& Co~s 0 14th ~..o C/:J CentralB Wing ano , North ,Wing, 1 i Nesco iPatM, * Nesc1 Center, I Western Expre~, '-1~., .. ~,, / 0 G Goregaon tf:.ast), ,....:. ~ Mumbai -400~63 ~-7' ,< 0 red_!-c~ Sirketi UPL AgroSolutions Canada Inc. UPL AgroSolutions Mauritius Limited UPL Animal Health Holdings Limited UPL Aquatics Inc ( w.e.f 27 July 2026) UPL Arabia for Chemical Manufacturing UPL Argentina S.A. UPL Australia Pty Ltd UPL Benelux B.V. UPL Bolivia S.R.L UPL Bulgaria EOOD UPL Chile S.A. UPL Colombia SAS UPL Corporation Limited UPL Corporation Ltd. UPL Costa Rica, S.A. UPL Crop Protection Holdings Limited Limited Review Report (Continued) UPL Limited Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary UPL Crop Protection Investments UK Limited Subsidiary UPL Czech s.r.o. Subsidiary UPL Delaware, lnc.,USA Subsidiary UPL Deutschland GmbH Subsidiary UPL do Brasil lndustria e Comercio de lnsumos Agropecuarios S.A. Subsidiary Page 9 of 13
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BS R & Co. LLP Limited Review Report (Continued) UPL Limited 150 UPL Egypt Ltd Subsidiary 151 UPL Europe Ltd Subsidiary 152 UPL Europe Supply Chain GmbH Subsidiary 153 UPL France SAS Subsidiary 154 UPL GCC Latam SAS. Subsidiary 155 UPL Global Business Services Limited Subsidiary 156 UPL GLOBAL FZCO Subsidiary 157 UPL Global Limited Subsidiary 158 Upl Global Sustainable Agri Solutions Limited Subsidiary 159 UPL Health & Nutrition Science Holding Limited Subsidiary 160 UPL Hellas SA Subsidiary 161 UPL Holdings B.V. Subsidiary 162 UPL Holdings Brazil B.V. Subsidiary 163 UPL Holdings Cooperatief UA Subsidiary 164 UPL Holdings SA Proprietary Ltd Subsidiary 165 UPL Hungary KFT Subsidiary 166 UPL IBERIA, S.A Subsidiary 167 UPL Investments Southern Africa Proprietary Ltd Subsidiary 168 UPL Investments UK Limited Subsidiary 169 UPL Italia S.R.L. Subsidiary - .. 70 UPL Japan GK Subsidiary ~co~ I\. 14thFloor. ~~ ~ PL Jiangsu Limited Subsidiary Cen1 :al B Wing and) N )rth C Wing, N ,MtTPark4 I...L. l Nesco Center, ) f stem f:XPress Highwa~ f.l) Page 10 of 13 Goregaon (East), . ~ . 063 ~
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BS R & Co. LLP 172 Upl Lanka (Private) Limited 173 Upl Lanka Bio (Private) Limited 174 UPL Limited 175 UPL Limited Korea 176 UPL Limited, Hong Kong 177 UPL Management FZCO 178 UPL Mauritius Limited 179 UPL NA Inc. 180 UPL New Zealand Limited 181 UPL Nicaragua, S.A. 182 UPL Paraguay S.A. 183 UPL Peru S.A.C. 184 UPL Philippines, Inc. 185 UPL Polska Sp. z.o.o 186 UPL Portugal, Unipessoal, LOA 187 UPL Radicle II LP 188 UPL Radicle LP 189 UPL Services LLC 190 UPL Shanghai Limited 191 UPL Share Service Center, S.A. de C. V. - 192 UPL SL Argentina S.A. ~&Co~ 0· 14\hFlo r.~~,~ UPL Slovakia S.R.O QJ Central B Wi 9 and North C lJ 1ing, Nesco 11 ' ,.,;A. --::;: * Nesco Center, western Express Highway, ~ (1 Goregaon (East}, ~ Mumbai - 400 0~63 ~~ 0red Acc0 - \ Limited Review Report (Continued) UPL Limited Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Page 11 of 13
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BS R & Co. LLP 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 /$ ~~-·([~; '5?--.---- I.. i4thf~,¢ j_l Central B' Iii~ ul1u ) ' 1 ~orthCIMng, ~ * Nesco ff Park4, ~ Nesco I enter, Western Exprey: " •. , .. (1 Goregaoo (East), . 1 ~ ~~ Mumbai - 400 063 ' '70 ~~ .,.ed Acc0 \ UPL South Africa Proprietary Ltd UPL Sustainable Agri Solutions Limited UPL Switzerland AG UPL Togo SAU UPL Ukraine LLC UPL Vietnam Co., Ltd UPL Zambia Ltd Limited Review Report (Continued) UPL Limited Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary UPL Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi Subsidiary Vetopharma SAS Subsidiary 3SB Produtos Agricolas S.A. Associate Agri Fokus (Pty) Ltd. Associate Agronamic (Pty) Ltd. Associate Chemiesynth (Vapi) Limited Associate Dalian Advanced Chemical Co.Ltd. Associate Eswatini Agricultural Supplies Limited Associate Hosemillas Holding S.A. Associate Kerala Enviro Infrastructure Limited Associate Nexus AG (Pty) Ltd Associate Novon Protecta (Pty) Ltd Associate Novon Retail Company (Pty) Ltd. Associate Serra Bonita Sementes S.A. Associate Silvix Forestry (Pty) Ltd. Associate Page 12 of 13
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BS R & Co. LLP 216 217 218 219 220 221 222 223 224 225 - &. Co_-<~ Limited Review Report (Continued) UPL Limited Sinova lnovacoes Agricolas S.A. Associate Societe des Produits lndustriels et Agricoles Associate Uniphos International China Ltd Associate Weather Risk Management Service Private Ltd Associate Augene Chemical private limited Joint Venture Bioplanta Nutricao Vegetal,lndustria e Comercio S.A. (Until 31 July Joint Venture 2026) Grow Chemical co., Ltd. Joint Venture Hodogaya UPL Co. Limited Joint Venture Longreach Plant Breeders Management Pty Limited Joint Venture Origeo Comercio de Produtos Agropecuarios S.A Joint Venture Joint Venture e;,'?--. ~nited Phosphorus (Bangladesh) Limited 14th Floor,~:-< -0::) Ce trai B Wing and North 1. wmg, ' '!~ * NesCJ IT Parl<:4, Nesco Center, Western horns, ,,:gnv,ay, \~ Gcrngaw, , t:c7t\, r✓ urnb2 1:\,1 J~3 ::~ Page 13 of 13
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UPL UPL Limited CIN NO : L24219GJ1985PLC025132 Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ENDED SEPTEMBER 30, 2026 (~ in Crore) Quarter ended Half Year ended Year ended Sr. Particulars September 30, June 30, September 30, September 30, September 30, March 31, No. 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Income Revenue from operations (refer note 10) 11,860 10,181 12,019 22,041 21,235 51,839 Other Income (refer note 6) 186 217 250 403 393 663 Ill Total Income (I+ II) 12,046 10,398 12,269 22,444 21,628 52,S02 IV Expenses a) Cost of Raw materials and packing materials consumed 6,615 5,621 6,136 12,236 11,097 23,928 b) Purchases of stock-in-trade 960 1,472 709 2,432 2,123 3,808 c) Changes in inventory of finished goods, work-in-progress, and stock-in-trade {2;176) {2,778) {1,092) (4,954) (3,298) (1,845) d) Employee benefits expense 1,240 1,527 1,466 2,767 2,788 5,807 e) Finance costs (refer note 2) 819 852 784 1,671 1,791 3,401 f) Depreciation and amortisation expense 819 832 771 1,651 1,502 3,244 g) Impairment loss on financial assets (net) 71 106 114 177 306 750 h) Exchange difference (net) on trade receivables, trade payables, etc. 112 so 204 162 111 316 i) Other expenses 2,838 2,733 2,481 5,571 4,711 9,803 Total Expenses 11,298 10,415 11,573 21,713 21,131 49,212 V Profit/ (loss) before share of loss of associates and joint ventures, exceptional items and (17) 696 tax(III-IV) 748 731 497 3,290 VI Share of loss of associates and joint ventures, net of tax (refer note 3) (132) (83) (54) (215) (36) (194) VII Profit/ (loss) before exceptional items and tax (V + VI) 616 (100) 642 516 461 3,096 VIII Exceptional Items loss/ (gain) (net) (refer note 4) (142) 10 (133) (61) IX Profit/ (loss) before tax (VII - VIII) 615 (109) 784 506 594 3,157 X Tax Expenses/ (credit) 163 (36) 172 127 158 937 (a) Current Tax 330 309 363 639 568 1,243 (b) Deferred Tax (167) (345) {191) (512) (410) (306) XI Profit/ (loss) for the period (IX - X) 452 (73) 612 379 436 2,220 XII Other Comprehensive Income/ (loss) for the period a) i) Items that will not be reclassified to profit or loss (5) 21 28 30 ii) Income tax relating to items that will not be reclassified to profit or loss 0 2 (3) b) i) Items that will be reclassified to profit or loss 285 (15) 995 270 1,420 3,546 ii) Income tax relating to items that will be reclassified to profit or loss Total Other Comprehensive Income /{loss) for the period, net of tax 281 (7) 1,016 274 1,450 3,573 XIII Total Comprehensive Income/ (loss) for the period 733 (80) 1,628 653 1,886 5,793 Profit/ (loss) for the period 452 (73) 612 379 436 2,220 Attributable to: Owners of the Parent 421 10 553 431 465 1,922 Non-controlling Interests 31 (83) 59 (52) (29) 298 Other Comprehensive Income/ (loss) for the period 281 (7) 1,016 274 1,450 3,573 Attributable to: Owners of the Parent 180 (8) 753 172 1,036 2,754 Non-controlling Interests 101 263 102 414 819 Total Comprehensive Income/ (loss) for the period 733 (80) 1,628 653 1,886 5,793 Attributable to: Owners of the Parent 601 2 1,306 603 1,501 4,676 Non-controlling Interests 132 (82) 322 50 385 1,117 XIV Paid up Equity Share Capital 169 169 169 169 169 169 (Face value of the share 'I: 2/- each) xv Other Equity 34,527 XVI Earnings per equity share (not annualised) (Face value of the share~ 2/- each) Basic(~) 4.99 0.12 6.75 5.11 4.85 22.32 Diluted(~) 4.99 0.12 6.74 5.11 4.84 22.32
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UPL UPL Limited Notes: CIN NO: L24219GJ198SPLC025132 Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 1. The above unaudited consolidated statement of financial results of UPL Limited ("the Company"), its subsidiaries (together referred to as "the Group"), and its associates and joint ventures were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors on November 02, 2026. The statutory auditors have expressed an unmodified review conclusion. The limited review report has been filed with the stock exchanges and is available on the Company's website. These unaudited consolidated statement of financial results have been prepared in accordance with the Indian Accounting Standards {Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. 2. Finance cost includes net exchange difference on account of (profit)/ loss arising on foreign currency loans, cost and mark to market losses on derivative contracts (including hedges) which is as follows: - Particulars Quarter Ended Half Year Ended Year ended Sep-26 I Jun-26 I Sep-25 Sep-26 I Sep-25 Mar-26 Amount in~ crore 136 I 93 I 31 229 I 302 328 3. The share of profit /(loss) from equity accounted investee for the quarter ended September 30, 2026 is considered on the basis of unaudited financial information of the respective associates/joint ventures for the period ended September 30, 2026, except for Sinova lnovacoes Agricola S.A., 3SB Produtos Agricolas S.A., Origeo Comercio De Produtos Agropecuarios S.A., Ho Semillas Holdings S.A, and Serra Bonita Sementas S.S. where the unaudited financial information for the period ended June 30, 2026 have been considered. 4. Exceptional items loss/ (gain) include the following: {" in crore) Particulars Quarter Ended Half Year Ended Year ended Sep-26 Jun-26 Sep-25 Sep-26 Sep-25 Mar-26 Restructuring cost 1 9 98 10 107 131 (Including severance cost, impairment) Impact of New Labour - - - - - 59 Codes Provision for VAT - - (240) - (240) (251) Total 1 9 {142) 10 {133) {61) 5. In case of three overseas subsidiaries of UPL Limited, the Indian income tax authorities have invoked provisions of 'Place of Effective Management in India' for AY 2017-18 to AY 2020-21, and the provisions related to 'control and management wholly in India' for AY 2014-15 to AY 2016-17 and have started tax proceedings against these companies in India during the earlier years. Based on legal advice, the subsidiaries have challenged the proceedings before the appropriate authorities. The subsidiaries have been advised by legal counsel that they have strong grounds to succeed in the above matters.
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UPL UPL Limited CIN NO: L24219GJ198SPLC025132 Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 6. (a) During the quarter ended June 30, 2026, the Hon'ble Bombay High Court upheld the arbitral award in favour of the Company in respect of a long-outstanding disputed insurance claim. As the insurance company did not file any appeal or obtain a stay against the judgment within the prescribed period. Accordingly, the Company has recognised~ 55 crores, comprising the principal claim amount, interest and legal costs, under Other Income during the quarter ended June 30, 2026. The amount was received during the current quarter ended September 30, 2026. (b) During the quarter and half year ended September 30, 2026, the Group has recognized Other Income aggregating~ 75 crore on reversal of a provision relating to VAT refund receivables of one of the subsidiary on a closure of earlier period VAT assessments. 7. The Board of Directors based on recommendations of the Audit Committee and Committee of Independent Directors, approved a Composite Scheme of Arrangement ("the Scheme") on February 20, 2026, involving the amalgamation of UPL Sustainable Agri Solutions Limited ("UPL SAS" / "India Crop Protection business") into UPL Limited, de merger of the India Crop Protection business into UPL Global Sustainable Agri Solutions Limited ("UPL Global"), and amalgamation of UPL Crop Protection Holdings Limited ("UPLCL") into UPL Global. The appointed date for the merger of UPL SAS is April 1, 2026, the demerger and the UPLCL merger will be effective from the Scheme's Effective Date. The Scheme would be implemented under Sections 230 to 232, 234 and other applicable provisions of the Companies Act, 2013. The Company has received the approval from the Competition Commission of India on June 2, 2026. BSE Limited and National Stock Exchange of India Limited have also provided their Observation Letters dated July 29, 2026. The Scheme is subject to receipt of other approvals/ consents from the shareholders, regulators and NCLT. Accordingly, no effect has been given to the Scheme in these Unaudited Consolidated Statement of Financial Results for the quarter and half year ended September 30, 2026. 8. Unaudited Consolidated Statement of Assets and Liabilities, Unaudited Consolidated Statement of Cashflows and Unaudited Consolidated Segment Information prepared in accordance with Ind AS 108, Operating Segments are annexed herewith. 9. The Board of Directors of the Company, at its meeting held on May 11, 2026, recommended a final dividend of~ 6 per equity share (i.e., 300% on equity shares of~ 2 each) for the year ended March 31, 2026. The dividend was approved by the shareholders at the Annual General Meeting held on August 06, 2026, and was paid on same day. 10. During the quarter and half year ended September 30, 2026, the Group has recognised Other Operating Income aggregating~ 57 crore towards a settlement for early termination of the job work manufacturing arrangement.
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UPL UPL Limited CIN NO : L24219GJ1985PLC025132 Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 11. The Unaudited Consolidated Statement of Financial Results are rounded to the nearest Crores, except when otherwise indicated. Amounts represented by 1 0 1 (zero) construes value less than ~ fifty lakhs. Place: Mumbai Date: November 02, 2026 For and on behalf of UP "ted l -W Raj Kumar~ DIN -09772257 Whole-time Director
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UPL UPL Limited UNAUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Particulars Assets Non-current assets Property, plant and equipment Capital work-in-progress Right-of-use assets Goodwill Other Intangible assets Intangible assets under development Investments accounted for using the equity method Financial assets (i) Investments (ii) Trade receivables (iii) Other financial assets Deferred tax assets (net) Other tax assets (net) Other non-current assets Total non-current assets Current assets Inventories Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other Financial Assets Current tax assets (net) Other current assets Total current assets Assets classified as held for sale Total Assets Equity and liabilities Equity Equity Share capital Other equity Equity attributable to owners of the Parent Non-controlling interests Total Equity Liabilities Non-current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions Deferred tax liabilities (net) Other non current liabilities Total non-current liabilities Current liabilities Financial liabilities (i) Borrowings# (ii) Lease liabilities (iii) Trade payables Total outstanding dues of micro a Total outstanding dues of creditors (iv) Rebate and refund liabilities (v) Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) Total current liabilities Total liabilities rprises (~ in Crore) As at September 30, 2026 March 31, 2026 (Unaudited) (Audited) 8,321 8,474 1,308 999 1,485 1,440 23,194 22,954 8,738 9,285 2,211 2,148 1,840 1,262 818 770 1 469 319 270 4,410 3,929 421 497 379 413 53,445 52,910 20,165 12,676 698 634 18,637 17,874 3,268 5,975 64 111 3 203 831 1,027 479 415 3,300 3,247 47,445 42,162 132 133 101,022 95,205 169 169 34,655 34,527 34,824 34,696 6,594 6,573 41,418 41,269 10,926 15,535 1,003 1,021 15 30 457 423 2,014 2,086 144 93 14,559 19,188 21,789 6,511 522 509 30 34 14,016 11,984 5,296 5,084 1,276 3,663 1,011 5,809 347 333 758 821 45,045 34,748 59,604 53,936 Total equity and liabilities 101,022 95,205 # As on September 30, 2026, current borrowings include~ 9,573 Crore (As at March 31, 2026 ~ 4,733 Crore) of current maturity of long-term debt payable within the next 12 months.
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UPL UPL Limited Sr. No Particulars A Cash flow from operating activities Profit before tax Adjustments for: Depreciation and amortisation expenses Finance costs Impairment loss on Financial assets Assets written off UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS Gain on sale of property, plant and equipment (net) Interest income on loans and others Unwinding of interest on trade payables and trade receivables Excess provisions in respect of earlier years written back (net) Share based payments (net) Share of loss of associates and joint ventures (net of tax) Exceptional Items loss/ (gain) (net) Profit on sale of investment (net) Fair value {gain)/ loss on financial instruments at fair value through profit or loss Operating profit before working capital changes Working capital adjustments (Increase) in Inventories (Increase) in trade receivables and other assets (Decrease) in trade and other payables Cash (used in) operations Income taxes paid (net) Net cash used in operating activities B Cash flow from investing activities Purchase of property, plant and equipment including Capital-work-in-progress and capital advances Purchase of intangible assets including assets under development Proceeds from sale of property, plant and equipment Payment of deferred liabilities Investment in associates and joint ventures Purchase of non current investments Proceeds from sale of non current investments Purchase of current investments (net) Sundry loans received back Proceeds from/ (Investments in) fixed deposit and margin money, earmarked balances with bank (net) Dividend received from associates and joint ventures Interest received Net cash used in investing activities C Cash flow from financing activities Proceeds from current borrowings {net) Repayment of Perpetual bond Proceeds from rights issue (net of share issue expenses) Interest paid and other financial charges Repayment of lease liabilities (including interest) Dividend paid Net cash generated from/ (used in) financing activities D Effect of foreign exchange on cash and cash equivalents Net decrease in cash and cash equivalents (A+B+C+D) Cash and cash equivalents as at t (" in Crore) For the half year ended September 30, September 30, 2026 2025 (Unaudited) (Unaudited) 506 594 1,651 1,502 1,671 1,791 177 306 5 1 (8) (4) (212) (340) (312) (313) (77) (4) (30) 33 215 36 (142) (18) (16) {3) 3 3,565 3,447 (7,489) (5,877) (323) (1,452) (4,651) (962) (8,898) (4,844) (689) 33 (9,587) (4,811) {618) {800) {180) {189) 45 6 (15) (47) (908) (9) (40) (2) 26 (28) {278) 200 39 47 (35) 10 151 217 345 (1,270) (793) 10,418 3,902 {3,409) 1,685 (1,370) {1,561) (417) {294) (507) (478) 8,124 (155) 26 339 (2,707) (5,420) 5,975 9,478 3,268 4,058
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Sr. No. 1 a b C 2 a b C Sr. No. 1 2 UPL UPL Limited UNAUDITED CONSOLIDATED SEGMENT INFORMATION (" in crore) Quarter ended Half Year ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Segment Revenue Crop protection 9,034 7,659 9,736 16,693 16,982 42,399 Seeds & Post harvest 1,858 1,750 1,676 3,608 3,081 6,830 Non agro 1,060 848 655 1,908 1,294 2,803 Total 11,952 10,257 12,067 22,209 21,357 52,032 Less: Inter - segment revenue (92) (76) (48) (168) (122) (193) Revenue from operations 11,860 10,181 12,019 22,041 21,235 51,839 Segment Results Crop protection 1,214 677 1,113 1,891 1,755 5,738 Seeds & Post harvest 425 288 341 713 567 1,425 Non agro 154 145 111 299 228 344 Total 1,793 1,110 1,565 2,903 2,550 7,507 Less: (i) Finance costs 819 852 784 1,671 1,791 3,401 (ii} Unallocable expenditure 226 275 85 501 262 816 (iii) Share of loss of associates and joint ventures, net of tax 132 83 54 215 36 194 (iv) Exceptional items loss/ (gain) (net) (refer note 4) 1 9 (142) 10 (133) (61) a) Crop protection 1 9 (142) 10 (133) (66) b) Seeds & Post harvest - - - - 5 c) Non agro - - - - - - Profit/ (loss) before Tax 615 (109) 784 506 594 3,157 As at Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Segment Assets Crop protection 77,537 74,678 70,894 77,537 70,894 70,194 Seeds & Post harvest 8,983 8,494 6,666 8,983 6,666 8,107 Non agro 2,504 2,433 1,947 2,504 1,947 2,162 Unallocated 11,998 12,896 11,884 11,998 11,884 14,742 Total Assets 101,022 98,501 91,391 101,022 91,391 95,205 Segment Liabilities Crop protection 20,013 21,838 19,708 20,013 19,708 23,684 Seeds & Post harvest 2,022 2,157 2,032 2,022 2,032 2,847 Non agro 555 520 303 555 303 551 Unallocated 37,014 32,798 31,638 37,014 31,638 26,854 Total Liabilities 59,604 57,313 53,681 59,604 53,681 53,936 Notes: The group CEO/COO/CFO/Executive directors reviewed and evaluated the Group's operating performance to make decisions about resource to be allocated and have been identified as the CODM. Utilizing the internal reporting information provided to the CODM, it has been determined that the Group has 3 business reporting segments.The business of each segment comprises of: a) Crop protection- This is the main area of the Group's operation and includes manufacturing and marketing of conventional agrochemical products, and other agricultural related products. b) Seeds & Post harvest -This includes manufacture and marketing of seeds & post harvesting solutions. c) Non agro- This includes manufacturing and marketing of industrial chemical and other non agricultural related products.
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited standalone financial results of UPL Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of UPL Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of UPL Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Mumbai 02 November 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 \ • \~, Tarufi\Kjn~er y,·P~1inkr Membership No/1 O;~cl3 UDIN:26105003BMBCFS7034 Registered Office: 8 SR & Co. (a partnership firm with Registration No. BA61223) converted into 8 S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central 8 Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 1
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UPLLimited UPL (CIN No.: L24219GJ1985PLC025132) Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat- 396195 UNAUDITED STANDALONE STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 ('tin Crores) Sr Particulars uarter ended Half ear ended Year ended No. September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Unaudited (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Income Revenue from operations 1,826 1,397 1,512 3,223 3,172 5,748 II Other income (refer note 41 69 123 321 192 415 906 III Total Income (1+111 1,895 1,520 1,833 3,415 3,587 6,654 IV Expenses a) Cost of materials consumed 591 455 626 1,046 1,105 1,799 bl Purchases of stock-in-trade 741 950 586 1,691 1,502 2,512 cl Changes in inventories of finished goods, work-in-progress and stock-in-trade 71 (3421 (841 (271) (1621 86 dl Cost of packing materials consumed 57 75 54 132 114 202 el Employee benefits expense 54 64 61 118 126 238 fl Finance costs 24 25 43 49 65 126 gl Depreciation and amortisation expense 26 25 32 51 65 125 hl Impairment loss/(write back) on financial assets (netl 2 1 0 3 0 (1) i) Exchange difference (netl on trade receivables, trade payables, etc. (81 0 (281 (81 (52) (1211 j) Other expenses 205 147 188 352 337 643 Total expenses 1,763 1,400 1,478 3,163 3,100 5,609 V Profit before exceptional item and tax (III - IV) 132 120 355 252 487 1,045 VI Exceptional Items (refer note 51 32 VII Profit before tax (V -VI) 132 120 355 252 487 1,013 VIII Tax expenses Current tax 41 37 84 78 95 217 Deferred tax (81 (6) (1) (14) (2) 11 IX Profit for the period (VII -VIII) 99 89 272 188 394 785 X Other Comprehensive Income (i) Items that will not be reclassified to profit or loss (3) 1 (1) (2) (0) (1) (ii) Income tax relating to items that will not be reclassified to profit or loss 1 (0) 0 0 D 0 Total Other Comprehensive (Loss1/Income for the period, net of tax (2) 1 (1) (2) (01 (11 XI Total Comprehensive Income for the period (IX+X) 97 90 271 186 394 784 XII Paid up equity share capital 169 169 169 169 169 169 (Face Value of the Share - '{ 2 eachl XIII Other equity 13,867 XIV Earnings per equity share (not annualised) (Face value of'{ 2 each l Basic('{) 1.17 1.05 3.32 2.23 4.83 9.46 Diluted('{) 1.17 1.05 3.32 2.23 4.83 9.46 Page 1 of4
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UPLLimited UPL (CIN No.: L24219GJ1985PLC025132) Regd. Office: 3-11,G.I.D.C., Vapi, Dist.: Valsad, Gujarat- 396195 UNAUDITED STANDALONE STATEMENT OF FINANCIAL RESULTS FOR :fHE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 Notes: 1 The above unaudited standalone statement of financial results of UPL Limited ("the Company") were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors on November 2, 2026. The statutory auditors have expressed an unmodified review conclusion. The limited review report has been filed with the stock exchanges and is available on the Company's website. These unaudited standalone statement of financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules 2015 as amended from time to 2 The Board of Directors based on recommendations of the Audit Committee and Committee of Independent Directors, approved a Composite Scheme of Arrangement ("the Scheme") on February 20, 2026, involving the amalgamation of UPL Sustainable Agri Solutions Limited ("UPL SAS" / "India Crop Protection business") into UPL Limited, demerger of the India Crop Protection business into UPL Global Sustainable Agri Solutions Limited ("UPL Global"), and amalgamation of UPL Crop Protection Holdings Limited ("UPLCL") into UPL Global. The appointed date for the merger of UPL SAS is April 1, 2026, the demerger and the UPLCL merger will be effective from the Scheme's Effective Date. The Scheme would be implemented under Sections 230 to 232, 234 and other applicable provisions of the Companies Act, 2013. The Company has received the approval from the Competition Commission of India on June 2, 2026. BSE Limited and National Stock Exchange of India Limited have also provided their Observation Letters dated July 29, 2026. The Scheme is subject to receipt of other approvals / consents from the shareholders, regulators and NCL T. Accordingly, no effect has been given to the Scheme in these unaudited standalone statement of financial results for the quarter and half year ended September 30, 2026. 3 The Board of Directors of the Company, at its meeting held on May 11, 2026, recommended dividend of 300% on equity shares of~ 2/- each fully paid up (i.e.~ 6/ per equity share). The dividend was approved by the shareholders at the Annual General Meeting held on August 6, 2026, and was paid on same day. 4 During the quarter ended June 30, 2026, the Hon'ble Bombay High Court upheld the arbitral award in favour of the Company in respect of a long-outstanding disputed insurance claim. As the insurance company did not file any appeal or obtain a stay against the judgment within the prescribed period, accordingly the Company has recognised ~ 55 crores, comprising the principal claim amount, interest and legal costs, under Other Income during the quarter ended June 30, 2026. The amount was received during the current quarter ended September 30, 2026. 5 Exceptional items include the following: ('{ in Crores) Particulars 0uarter ended Halfvear ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Impact of New Labour Codes 14 Restructuring Expenses 18 (refer note 2 above) Total 32 6 The Consolidated financial results of the Company contain segment information as per Ind AS 108-0perating Segments, accordingly separate segment information is not included in the standalone financial results. 7 Unaudited Standalone Statement of Assets and Liabilities and Unaudited Standalone Statement of Cashflows are annexed herewith. 8 The unaudited standalone statement of financial results are rounded to the nearest crore, except when otherwise indicated. Amounts represented by 'O' (zero) construes value less than Rs. fifty Iakhs. Place: Mumbai Date: November 2, 2026 Page 2 of 4 ~ iwari DIN - 09772257 Whole-time Director
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UPL Limited UPL Unaudited Standalone Statement of Assets and Liabilities Assets Non-current assets Property, plant and equipment Capital work-in-progress Right of use assets Other intangible assets Intangible assets under development Financial assets (i) Investments (ii) Loans (iii) Other financial assets Deferred tax Assets (net) Other tax assets (net) Other non-current assets Total Non-current assets Current assets Inventories Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets Other current assets Total Current assets Total Assets Equity and liabilities Equity Equity share capital Other equity Total Equity Liabilities Non-current liabilities: Financial liabilities (i) Lease liabilities Provisions Other non-current liabilities Total Non-current liabilities Current liabilities: Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables -Total outstanding dues of micro and small enterprises - Total Outstanding dues of creditors other than micro and small enterprise (iv) Other financial liabilities Other current liabilities Provisions Current tax liabilities Total Current liabilities Total liabilities Total equity and lia Page 3 of 4 Asat September 30, 2026 Unaudited 686 183 27 49 21 6,014 2,602 97 70 35 9,784 956 90 3,186 47 19 81 87 2,707 7,173 16,957 169 13,548 13,717 22 52 397 471 697 9 8 1,345 70 624 4 12 2,769 3,240 16,957 (t in Crores) Asat March 31, 2026 Audited 712 11 30 49 29 5,908 3,037 98 55 82 19 10,030 485 59 3,313 29 79 4 92 3,860 7,921 17,951 169 13,867 14,036 24 49 636 709 836 9 15 1,192 83 1,067 4 3,206 3,915 17,951
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UPLLimited UPL Unaudited Standalone Statement of Cash Flows Particulars Cash flow from operating activities Profit before tax Adjustments for Depreciation and amortisation expense Finance costs Impairment loss on financial assets Assets written off Interest Income (Gain)/loss on sale of investments Gain on sale of property plant and equipment ( net) (Gain) on fair value offinancial assets at FVTPL Dividend Income Share in profit from investment in LLP Unrealised exchange difference (net) Operating profit before working capital changes Working capital adjustments (Increase) in inventories Decrease/(Increase) in trade receivables and other assets (Decrease) in trade and other payables Cash from/(used in) Operations Income tax refund (net) Net cash generated from/(used in) operating activities Cash flow from investing activities Purchase of property, plant and equipment (including Capital work in progress and capital advances) Purchase of intangible assets (including Intangible assets under development) Investments in subsidiaries Purchase of current investments-mutual funds Proceeds from sale of current investments-mutual funds Loans to subsidiary Repayment of Loans by subsidiary Proceeds from Sale of non current investments Share in profit from investment in LLP Purchase of non current investments Dividend Income Interest received Proceeds/(Purchase) affixed deposits and margin money (net) Net cash generated from/(used in) investing activities Cash flow from financing activities Interest and other financial charges Proceeds from issue of right equity shares -net of expenses Repayments from other current borrowings (net) Proceeds from /(repayment of) borrowings from subsidiaries (net) Repayment oflease liabilities (including interest) Sundry loans (net) Dividend paid Net cash (used in)/generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginn • Cash and cash equivalents at the e ~ Page 4 of 4 (:tin Crores) Half ear ended September 30, September 30, 2026 2025 (Unaudited) (Unaudited) 252 487 51 65 49 65 3 (0) 0 0 (171) (307) (2) 35 (0) (2) (1) (100) (5) 68 36 248 275 (471) (301) 1,182 (1,059) (555) (680) 404 (1,765) 16 482 420 (1,283) (183) (9) (0) (16) (100) (958) (2,109) 929 1,911 (77) 435 219 190 (4) (784) 100 175 262 60 (71) 277 (307) (28) (57) 1,685 (170) (139) 940 (5) (4) 3 (507) (478) (679) 1,919 18 329 29 104 47 433