UPL LIMITED Q2 FY27 RESULTS: EBITDA GROWS 5% DESPITE REVENUE

UPL Limited reported a mixed Q2 FY27 performance, with revenue declining marginally by 1% YoY, while EBITDA increased 5%, supported by improved margins and operational cost discipline. Key Financial Highlights Q2 FY27 Revenue: ₹11,860 Cr (-1% YoY) EBITDA: ₹2,312 Cr (+5% YoY) EBITDA Margin: 19.5% (+120 bps) Contribution: ₹5,087 Cr (+1% YoY) Operational PATMI: ₹422 Cr H1 FY27 Revenue: ₹22,041 Cr (+4% YoY) EBITDA: ₹3,812 Cr (+9% YoY) EBITDA Margin: 17.3% (+80 bps) Operational PATMI: ₹441 Cr (+33% YoY) Business Highlights Advanta revenue grew 12% to ₹1,875 Cr, with EBITDA up 19%. SUPERFORM revenue increased 28% to ₹3,579 Cr, with EBITDA growth of 19%. UPL Corporation revenue declined 8%, while EBITDA fell 14%. UPL SAS revenue increased 1%, with EBITDA growing 3%. Key Concerns Net debt increased to ₹28,684 Cr from September 2025. Net debt/EBITDA stood at 2.9x. Working capital increased to 145 days from 118 days. Weak crop protection volumes continued to impact revenue. Investor Takeaway UPL delivered its eighth consecutive quarter of EBITDA and margin growth. Strong performance in Advanta and SUPERFORM supported profitability despite pressure in the crop protection business. However, rising debt and working capital remain key monitorable factors. Overall View: Improving operating margins, but balance sheet strength and revenue recovery remain important. Disclaimer: For information and educational purposes only. Not investment advice or a recommendation to buy or sell any security.