UPL reported a 24% drop in net profit to Rs 421 crore for Q2FY27, while revenue stood at Rs 11,860 crore. The company said, "Revenue is broadly flat YoY, favourable FX tailwinds offset by global crop protection volume decline." Better margins and cost management helped improve operational profit during the quarter.
UPL's net profit declined 23.87% year-on-year (YoY) in Q2FY27 at Rs 421 crore, from Rs 553 crore in Q2FY26.
UPL's consolidated revenue from operations stood at Rs 11,860 crore, down 1.32% YoY from Rs 12,019 crore in Q2FY26.
On a sequential basis, the company's revenue declined 16.49% quarter-on-quarter (QoQ).
UPL Q2 results: EBITDA rises 5%
The company said, "Revenue is broadly flat YoY, favourable FX tailwinds offset by global crop protection volume decline."
EBITDA rose 5% year-on-year to Rs 2,312 crore, while the EBITDA margin expanded 120 basis points to 19.5%.
Specialty chemicals and seeds drive growth
UPL reported strong growth across select business segments during the quarter. Specialty Chemicals recorded 50% growth, while the Seeds and Post-harvest businesses grew 12%.
Regionally, North America and the rest of the world (RoW) each recorded 19% growth, helping offset weakness in global crop protection volumes.
The company said operational discipline and lower selling, general and administrative expenses (SG&A) helped offset higher input costs and supported the improvement in profitability.
Operational profit rises by Rs 11 crore
UPL's operational profit after tax and minority interest (PATMI), excluding exceptional items, stood at Rs 422 crore. This was Rs 11 crore higher than the year-ago period, mainly due to higher EBITDA and other income.
The improvement in operating profitability came despite largely flat revenue, indicating the impact of cost management and better margins during the quarter.
Working capital and debt remain key focus areas
UPL's net working capital increased to $2.2 billion in September 2026, with the working capital cycle stretching to 145 days from 118 days a year earlier. Higher inventory levels were the primary reason for the increase.
The company said it would focus on improving inventory conversion and cash generation in the second half of FY27.
UPL's total net debt stood at $3 billion at the end of September 2026, up $312 million from a year earlier. The increase reflected higher working capital requirements, planned capital expenditure and investments.
About UPL
UPL is a global provider of sustainable agricultural products and solutions, with businesses spanning crop protection, seeds, biosolutions, post-harvest solutions and specialty chemicals. Headquartered in India, the company operates across more than 138 countries and offers a wide range of agricultural inputs to help farmers protect crops, improve productivity and adopt sustainable farming practices. UPL focuses on research and innovation to develop solutions across the agricultural value chain, from seed treatment and crop protection to post-harvest management.