UPL · Chemicals
UPL Ltd. reported revenue of ₹18,335 cr for January to March 2026, +17.7% on the year and +49.4% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹51,839 cr, +11.2% on the four before.
Operating profit (EBITDA) was ₹3,481 cr, a margin of 19.0%, −133 bps on the year and +76 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.0% to 20.3%, averaging 15.9%. Operating costs grew +19.7%, faster than revenue at +17.7%, so operating profit grew less than sales.
Net profit was ₹1,294 cr, +19.9% on the year and +164.1% on the quarter, with earnings per share of ₹12.57. Profit before other income, one-offs and tax grew 12.0%, so 8 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹2,220 cr, +170.7% 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 ₹22.98 over the last four quarters, the stock at ₹534.65 trades at 23.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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: 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹18,335 cr (+17.7% on the year) and net profit of ₹1,294 cr (+19.9% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +12.0% on the year, against +19.9% for reported profit.
None of the 8 checks that could run raised a question.
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