UPL Q2 FY27 results: net profit down 26.1% to ₹452 crore, revenue down 1.3%

How did UPL perform in Q2 FY27?

UPL’s consolidated Q2 FY27 revenue was ₹11,860 crore, down ₹159 crore or 1.3% from Q2 FY26. EBITDA rose ₹199 crore or 9.9% to ₹2,200 crore, and EBITDA margin increased 1.9 percentage points to 18.5%. Net profit was ₹452 crore, down ₹160 crore or 26.1%, while profit attributable to owners fell ₹132 crore or 23.9% to ₹421 crore. Basic EPS declined by ₹1.76 to ₹4.99.

Against Q1 FY27, revenue rose ₹1,679 crore or 16.5% to ₹11,860 crore. EBITDA increased ₹750 crore or 51.7% to ₹2,200 crore, and margin expanded 4.3 percentage points to 18.5%. UPL moved from a net loss of ₹73 crore to a net profit of ₹452 crore, while basic EPS rose by ₹4.87 to ₹4.99. The company also filed unaudited standalone results for the quarter and first half.

Total income, which includes other income, was ₹12,046 crore in Q2 FY27, down ₹223 crore or 1.8% from Q2 FY26 and up ₹1,648 crore or 15.8% from Q1 FY27. Profit before tax fell ₹91 crore or 10.9% year on year to ₹747 crore, but moved from a loss of ₹26 crore in Q1 FY27 to a profit of ₹747 crore.

What changed in UPL's costs and profit?

Total expenses fell ₹275 crore or 2.4% from Q2 FY26 to ₹11,298 crore, but the decline was smaller than the ₹479 crore or 7.8% increase in cost of materials to ₹6,615 crore. Other expenses rose ₹222 crore or 7.9% to ₹3,021 crore, finance costs increased ₹35 crore or 4.5% to ₹819 crore, and depreciation rose ₹48 crore or 6.2% to ₹819 crore. Employee cost declined ₹226 crore or 15.4% to ₹1,240 crore.

Other income fell ₹64 crore or 25.6% to ₹186 crore from ₹2,50 crore in Q2 FY26. The year-ago quarter included an exceptional-item gain of ₹142 crore, while Q2 FY27 recorded an exceptional-item charge of ₹1 crore. Tax was ₹163 crore, down ₹9 crore or 5.2% from ₹172 crore, and profit before tax declined ₹91 crore or 10.9% to ₹747 crore. The filing does not state reasons for the movements in individual cost lines.

The higher exceptional-item charge and lower other income weighed on the year-on-year profit comparison. These movements, alongside higher material, finance and depreciation costs, were reflected in the decline in net profit to ₹452 crore despite the increase in EBITDA to ₹2,200 crore and the 1.9 percentage-point rise in margin.

How did the first half of FY27 go?

UPL’s consolidated revenue for H1 FY27 was ₹22,041 crore, up ₹806 crore or 3.8% from ₹21,235 crore in H1 FY26. Total income rose ₹816 crore or 3.8% to ₹22,444 crore, while profit before tax increased ₹91 crore or 14.4% to ₹721 crore. Basic EPS increased ₹0.26 or 5.4% to ₹5.11.

Net profit for the first half was ₹379 crore, down ₹57 crore or 13.1% from ₹436 crore in H1 FY26. The consolidated half-year results therefore showed higher revenue and profit before tax, but lower net profit and a slightly higher EPS. The company filed both consolidated and standalone results for the quarter and half year.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹101,022 crore, against ₹95,205 crore at 31 March 2026. Total equity was ₹41,418 crore compared with ₹41,269 crore, while borrowings rose to ₹32,715 crore from ₹22,046 crore. Cash fell to ₹3,268 crore from ₹5,975 crore, inventories increased to ₹20,165 crore from ₹12,676 crore, and trade receivables rose to ₹18,637 crore from ₹17,874 crore.

H1 FY27 operating cash flow was negative ₹9,587 crore, compared with negative ₹4,811 crore in H1 FY26. Investing cash flow was negative ₹1,270 crore against negative ₹793 crore, while financing cash flow was positive ₹8,124 crore compared with negative ₹155 crore. Capital expenditure was ₹618 crore in H1 FY27, against ₹800 crore in the year-ago period.

How has UPL done over the last 8 quarters?

Revenue reached its highest point in the series at ₹18,335 crore in Q4 FY26 and its lowest at ₹9,216 crore in Q1 FY26. It then rose to ₹11,860 crore in Q2 FY27. EBITDA margin peaked at 20.5% in Q4 FY25 and bottomed at 14.2% in Q1 FY27 before recovering to 18.5% in the latest quarter.

Net profit reached ₹1,294 crore in Q4 FY26 and a loss of ₹176 crore in Q1 FY26. It returned to a profit of ₹452 crore in Q2 FY27. The latest quarter therefore showed higher revenue, profit and margin than Q1 FY27, although profit remained below the year-ago quarter’s ₹612 crore and revenue was below Q4 FY26’s peak.

Which businesses drove the quarter?

Crop protection remained the largest reported segment, with revenue of ₹9,034 crore in Q2 FY27, down 7.2% from ₹9,736 crore in Q2 FY26. Segment EBIT rose to ₹1,214 crore from ₹1,113 crore, and the reported EBIT margin was 13.4%.

Seeds & Post harvest reported revenue of ₹1,858 crore, up 10.9% from ₹1,676 crore, with EBIT of ₹425 crore compared with ₹341 crore and an EBIT margin of 22.9%. Non agro revenue rose 61.8% to ₹1,060 crore from ₹655 crore, while EBIT increased to ₹154 crore from ₹111 crore; its EBIT margin was 14.5%.

What else did the company announce?

Alongside the results, the board approved the appointment of S R B C & CO LLP as statutory auditors for five consecutive years, from the conclusion of the 43rd AGM in 2027 until the conclusion of the 48th AGM in 2032, subject to members’ approval. B S R & Co. LLP will complete its second term at the conclusion of the 43rd AGM.

The board also appointed Shatmanyu Shrivastava as a non-executive, non-independent additional director nominated by Life Insurance Corporation of India, subject to members’ approval, and appointed Sameer Tandon as senior management personnel responsible for APAC, Africa and Europe. The same-day filings did not mention a dividend or fund raise.

What did UPL's management say?

Management maintained FY27 guidance for revenue growth of 7–11% and EBITDA growth of 10–14%. It said the guidance assumes no further adverse weather or major disruption in West Asia affecting logistics and input prices. Management also said FY27 strategic priorities remain improvement in margins, PATMI, deleveraging and returns.

Management identified El Niño, US tariff uncertainty, geopolitical volatility and stressed farm economics as macro risks. It said UPL Corp Q2 revenue fell 8%, EBITDA fell 14% and EBIT fell 29%, with Brazil demand and pricing headwinds and the European heatwave affecting volumes. Management said Advanta and SUPERFORM expanded while UPL Corp contracted.

Management reported seasonal working-capital pressures, with net debt rising to $2,993 Mn from $2,681 Mn and net debt/EBITDA at 2.9x from 2.7x. It said the increase was mainly alongside higher working capital, planned capex and investments. Management also said H1 FY27 FCFF was negative ₹11,464 crore and FCFE was negative ₹12,600 crore, while FCFE adjusted for seasonal working-capital changes was positive ₹508 crore.

Management highlighted planned capacity and integration priorities, including a captive solar project targeting ₹60+ Cr of cost savings by Q3FY27 and a phosgene and biocide intermediates project targeting ₹500+ Cr of peak revenue by Q3FY27. It also expects $1.5B FY30 sales from new molecules and said the UPL Corp innovation pipeline contains 27 new molecules.

How did UPL shares react?

After the filing appeared, UPL’s price rose 1.5% in the first five minutes, 1.0% after 15 minutes and 2.0% after 30 minutes. From the previous close of ₹513.35, the stock closed 0.5% higher on the reaction day at a base price of ₹507.20. By the next day’s close, it was up 0.2% from that pre-results close.

The industry’s other Pesticides & Agrochemicals stocks recorded a median reaction-day move of 2.2%, so UPL’s 0.5% move was 1.7 percentage points below the sector median. The Nifty Midcap 150 rose 1.3% on the reaction day. Earlier results-day moves included 2.9% on 3 August 2026, 3.8% on 11 May 2026, negative 0.3% on 2 February 2026 and negative 6.1% on 1 August 2025.

How did other Pesticides & Agrochemicals companies do?

Thirteen other Pesticides & Agrochemicals companies that filed for the quarter had a median revenue growth of 3.0%. Five grew more slowly than UPL, while eight grew faster than UPL. Five of the 13 reported higher profit.