UPL · Chemicals
UPL Ltd. reported revenue of ₹9,216 cr for April to June 2025, +1.6% on the year and −40.8% on the quarter. Over the last four quarters revenue comes to ₹46,786 cr, +8.3% on the four before.
Operating profit (EBITDA) was ₹1,396 cr, a margin of 15.1%, +336 bps on the year and −517 bps on the quarter. Over the last 8 quarters the margin has ranged from 0.7% to 20.3%, averaging 12.3%. Operating costs grew −2.2% against revenue growth of +1.6%, so more of each rupee of sales reached operating profit.
The net loss was ₹176 cr, with earnings per share of −₹1.04.
Agri inputs are seasonal and move with the monsoon and with subsidy payments, so quarters are best compared with the same quarter a year earlier. The quarterly statements do not carry volumes, the monsoon and subsidy receivables; those come with the filing read.
On earnings per share of ₹14.13 over the last four quarters, the stock at ₹534.65 trades at 37.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 15.1%, +336 bps on the year (−517 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,887 cr | ₹14,078 cr | ₹9,067 cr | ₹11,090 cr | ₹10,907 cr | ₹15,573 cr | ₹9,216 cr | ₹12,019 cr | ₹12,269 cr | ₹18,335 cr | ₹10,181 cr | ₹11,860 cr |
| YoY | — | — | +1% | +9% | +10% | +11% | +2% | +8% | +12% | +18% | +10% | −1% |
| EBITDA margin | 0.7% | 13.1% | 11.8% | 11.0% | 15.4% | 20.3% | 15.1% | 16.6% | 18.2% | 19.0% | 14.2% | 18.5% |
| Other income, % of PBT | — | 220% | — | — | 27% | −12% | — | 32% | 5% | 9% | — | 30% |
| Exceptional items | — | — | — | — | — | — | — | −₹142 cr | — | — | ₹9.0 cr | ₹1.0 cr |
| Tax rate | — | — | — | — | — | 22% | — | 22% | 27% | 32% | — | 27% |
| Net profit | −₹1,607 cr | −₹80.0 cr | −₹527 cr | −₹585 cr | ₹853 cr | ₹1,079 cr | −₹176 cr | ₹612 cr | ₹490 cr | ₹1,294 cr | −₹73.0 cr | ₹452 cr |
| YoY | — | — | −617% | — | — | — | — | — | −43% | +20% | — | −26% |
| Core profit YoY | — | — | — | — | — | — | — | — | +144% | +12% | — | −37% |
| EPS | −₹14.41 | ₹0.47 | −₹4.55 | −₹5.25 | ₹9.81 | ₹10.61 | −₹1.04 | ₹6.75 | ₹4.70 | ₹12.57 | ₹0.12 | ₹4.99 |
| Flags | · | 1 | 1 | ✓ | ✓ | 1 | ✓ | 1 | ✓ | ✓ | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
UPL Ltd. reported revenue of ₹9,216 cr (+1.6% on the year) and net profit of −₹176 cr (— on the year) for April to June 2025.
None of the 5 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.