UPL · Chemicals
UPL Ltd. reported revenue of ₹10,181 cr for April to June 2026, +10.5% on the year and −44.5% on the quarter. That is faster than this quarter has grown in recent years (+1.4% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹52,804 cr, +12.9% on the four before.
Operating profit (EBITDA) was ₹1,450 cr, a margin of 14.2%, −91 bps on the year and −474 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.0% to 20.3%, averaging 16.2%. Operating costs grew +11.6%, faster than revenue at +10.5%, so operating profit grew less than sales.
The net loss was ₹73.0 cr, with earnings per share of ₹0.12. Profit over the last four quarters totals ₹2,323 cr, +98.4% on the four before.
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 ₹24.14 over the last four quarters, the stock at ₹534.65 trades at 22.1 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.
Could not run on this quarter: Headline vs core profit, Other income carrying profit, 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.
| Metric | Q2 FY26 |
|---|---|
| Volumes (mt) | 0 |
| Channel inventory days (days) | 118 |
| Q2 Contribution Margin | 41.9% |
| Days Inventory Outstanding (days) | 124 |
| Days Sales Outstanding (DSO) (days) | 146 |
| Trailing 12-Month Net Debt to EBITDA (x) | 2.7 |
Read using the Agriculture, fertilisers and agrochemicals framework (named in the filing read). Primary valuation lens: P/E through the season.
Read more closely in this sector: Age of subsidy receivables · Channel inventory build.
| 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 ₹10,181 cr (+10.5% on the year) and net profit of −₹73.0 cr (— on the year) for April to June 2026.
None of the 6 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.