UPL · Chemicals
UPL Ltd. reported revenue of ₹1,397 cr for April to June 2026, — on the year and — on the quarter.
Operating profit (EBITDA) was ₹47.0 cr, a margin of 3.4%, — on the year and — on the quarter.
Net profit was ₹89.0 cr, — on the year and — on the quarter, with earnings per share of ₹1.05.
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.
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.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 102% of profit before tax.
Source: Results filing
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or 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).
| 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.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹1,512 cr | ₹1,397 cr | ₹1,826 cr |
| YoY | — | — | +21% |
| EBITDA margin | 7.2% | 3.4% | 6.2% |
| Other income, % of PBT | 90% | 102% | 52% |
| Exceptional items | — | — | — |
| Tax rate | 23% | 26% | 25% |
| Net profit | ₹272 cr | ₹89.0 cr | ₹99.0 cr |
| YoY | — | — | −64% |
| Core profit YoY | — | — | +85% |
| EPS | ₹3.32 | ₹1.05 | ₹1.17 |
| Flags | 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 ₹1,397 cr (— on the year) and net profit of ₹89.0 cr (— on the year) for April to June 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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