UPL delivers strong Q3 FY2026 with revenue up 12% and EBITDA up 13%, cuts net debt-to-EBITDA to 2.5x and keeps full-year growth guidance
Summary:
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Consolidated Q3 FY2026 revenue grew 12% year-on-year to ₹12,269 crore, while contribution margin expanded 160 bps to 42.6%, lifting EBITDA 13% to ₹2,434 crore with margin steady at 19.8%.
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Operational PATMI (excluding prior-year tax reversal) rose 45% to ₹452 crore as higher EBITDA, lower net finance costs and reduced JV losses more than offset increased depreciation and FX/hedging charges.
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For 9M FY2026, revenue increased 8% to ₹33,504 crore and EBITDA 22% to ₹5,941 crore, with EBITDA margin up 200 bps to 17.7% and operational PATMI swinging from a ₹458 crore loss to a ₹784 crore profit.
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Net debt (currency-adjusted) declined by over ₹2,500 crore year-on-year to ₹23,317 crore, bringing net debt-to-EBITDA down to 2.5x (from 3.8x) and net debt-to-equity to 0.6x, despite seasonal working-capital build and redemption of a US$400 million perpetual bond.
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Management reiterated FY2026 guidance of 4–8% revenue growth and 12–16% EBITDA growth, citing broad-based volume gains across crop protection and seeds, improved product mix, margin tailwinds in the SUPERFORM platform, and continued financial discipline.