Please find enclosed letter dated May 11, 2026

Revenue Growth 20pctPat Growth 25pctEbitda Margin ExpansionDebt Equity ThresholdExceptional ItemResults View source PDF

UPL · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-2.7%1-day move

₹644.50

prior close

₹666.30

base price

In-mkt

timing

5m10m15m30m1D2D3D4D5D7D15D1M2M3M

+1.3+1.0+1.1-0.0-2.7-1.8-1.1-1.9-0.7-1.2-0.2-7.7-8.3—

Up moveDown movePending

AI summary

UPL Limited reported record FY26 results with revenue of ₹51,839 crore (up 11% YoY) and EBITDA of ₹9,588 crore (up 18% YoY). The company achieved remarkable profit growth with PBT approximately 4x versus previous year and Operational PATMI more than 2.5x versus LY. Q4 also showed strong performance with revenue of ₹18,335 crore (up 18% YoY). Management significantly deleveraged the balance sheet, reducing gross debt by $850 million versus LY, bringing Net Debt/EBITDA to 1.6x from 2.1x. All segments contributed positively with UPL Corp (+11%), Advanta (+23%), and SUPERFORM (+1%) driving growth. North America and Europe were the strongest regions.

Likely market impact

Strong earnings beat with exceptional profit growth and meaningful debt reduction demonstrates operational strength despite macro headwinds. The improved leverage ratio and cash generation signal financial health, which should be positive for the stock.