UPL: EIGHT CONSECUTIVE QUARTERS OF EBITDA GROWTH

has reported its Q2 FY27 results, highlighting continued margin improvement despite challenging global agricultural markets. Reported Q2 highlights: - Revenue: ₹11,860 crore, up 1% year-on-year - EBITDA: ₹2,312 crore, up 5% - EBITDA margin: 19.5%, an expansion of 120 basis points - Specialty chemicals business recorded 50% growth - Operational PATMI stood at ₹422 crore The company highlighted higher specialty chemicals and seeds contribution, along with cost discipline. What to monitor next: - Global crop-protection demand - Inventory and working-capital movement - Debt levels and cash generation - Specialty chemicals growth - H2 FY27 operating performance My view: Margin expansion is encouraging, but working-capital days and debt remain important areas to monitor. The quality of cash flow will be critical to sustaining the improvement. Researchers Disclaimer: This analysis is for educational purposes only and represents the author's independent assessment. The author does not hold a position in the company discussed as of the date of this post. Please verify the latest company disclosures and consider your own risk tolerance before investing.