UPL Results Analysis

Operating Revenue for Q2FY26 is Rs. 12,019 Cr., 8.4% Growth YoY, Total Income is Rs. 12,269 Cr., 9.53% Growth YoY, EBITDA is Rs. 2,001 Cr., 48% Growth YoY, EBITDA Margin is 16.65% improved by 446 Basis points YoY, PBT Rs. 784 Cr. turned profitable from loss of Rs. 447 Cr. YoY, PAT Rs. 612 Cr., turned profitable from loss of Rs. 585 Cr. YoY. On QoQ basis Operating Revenue has 30.4% Growth, EBITDA is also grown by 43.34%, EBITDA Margin improved by 150 Basis points, PBT and PAT turns profitable from loss in previous quarter. Net debt/EBITDA improved to 2.7x (vs 5.4x LY); net debt/equity 0.6x (vs 0.9x). FY26 guidance raised: revenue growth 4–8% (unchanged range), EBITDA growth 12–16% (from 10–14%), U.S. tariff headwinds are embedded in guidance