Please find enclosed letter dated May 11, 2026

Mgmt Guided Margin ImprovementCfo Debt Reduction RoadmapInvestor Communications 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

₹668.85

base price

In-mkt

timing

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+1.6+0.6+0.3-0.2-2.7-1.8-1.1-1.9-0.7-1.2-0.2-7.7-8.3—

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AI summary

UPL Limited reported strong FY26 results, beating its full-year guidance on revenue (+11% to ₹51,839 crore vs 4-8% guidance), EBITDA (+18% to ₹9,588 crore vs 12-16% guidance), and Net Debt/EBITDA (<1.6x vs 1.6-1.8x guidance). PATMI more than doubled to ₹1,921 crore. The company repaid $500 million in debt in March 2026 and reduced net debt by ~$400 million. Gross debt fell from $3,174 million to $2,325 million. All three global rating agencies upgraded the outlook from 'Negative' to 'Stable'. The four platforms showed mixed performance: UPL Corp (core crop protection) grew revenue 11% and EBITDA 20%; Advanta (seeds) led with 23% revenue and 30% EBITDA growth; UPL SAS (India crop protection) delivered 24% EBITDA growth on flat revenue; SUPERFORM (specialty chemicals) grew EBITDA 10%. For FY27, management guided to 10-14% revenue growth and 14-18% EBITDA growth.

Likely market impact

Strong operational execution and financial discipline have strengthened the balance sheet, with deleveraging ahead of schedule. The beat on margins and cash generation signals improving earnings quality, which should be positive for the stock given the challenging agricultural macro environment.