UPL Q3 FY26 results highlight sustained financial momentum, with UPL Limited reporting consolidated revenue of ₹12,269 crore for the third quarter ended December 2025, marking a 12% year-on-year growth.
The performance was driven by higher volumes, favourable foreign exchange impact, and strong execution across platforms and geographies.
During UPL Q3 FY26, EBITDA increased 13% year-on-year to ₹2,434 crore, while contribution rose 17% to ₹5,227 crore, supported by a 160 basis point expansion in contribution margins to 42.6%.
Profit Before Tax (PBT) surged 90% year-on-year to ₹671 crore, reflecting improved operational efficiency and disciplined financial management.
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UPL Q3 FY26 Financial Performance Highlights
For UPL Q3 FY26, consolidated revenue growth was supported by strong performance across seeds, crop protection, and specialty chemicals.
- Advanta delivered a 22% year-on-year growth, while the crop protection business grew 8%, driven primarily by volume expansion.
- Specialty chemicals recorded a 42% increase compared to the same quarter last year.
Regionally, UPL Q3 FY26 saw strong growth led by Europe with a 21% increase and the Rest of the World segment growing 32%. India and the Americas also maintained positive momentum during the quarter.
EBITDA margins for the quarter stood at 19.8%, remaining flat year-on-year, while contribution margin expansion was aided by improved product mix, higher capacity utilisation, and lower input costs.
UPL Q3 FY26: Nine-Month Performance Snapshot
For the nine months ended December 2025,
- UPL Q3 FY26 results show revenue of ₹33,504 crore, up 8% year-on-year
- Contribution for the period increased 17% to ₹14,268 crore, with margins expanding 320 basis points to 42.6%.
- EBITDA for the nine-month period rose 22% year-on-year to ₹5,941 crore, with EBITDA margins improving by 200 basis points to 17.7%.
The company reported broad-based growth across all regions and platforms during the period.
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UPL Q3 FY26 Balance Sheet and Debt Position
As part of UPL Q3 FY26 performance, net debt stood at ₹23,317 crore as of December 2025, reflecting a reduction of ₹2,553 crore compared to the previous year.
- The Net Debt-to-EBITDA ratio improved to 2.5x from 3.8x in December 2024, while Net Debt-to-Equity declined to 0.6x from 0.8x.
- Net working capital for the quarter stood at 116 days, compared to 107 days in the same period last year.
UPL Q3 FY26: Platform-Wise Performance
During UPL Q3 FY26, UPL Corporation reported revenue of ₹9,163 crore, up 8% year-on-year, while EBITDA rose 6% to ₹1,752 crore.
Advanta posted revenue of ₹1,574 crore, growing 22% year-on-year, supported by strong demand across India, Latin America, Thailand, and Indonesia.
- UPL SAS recorded revenue growth of 4% to ₹558 crore, with significant improvement in contribution margins
- Superform Chemistries reported an 11% decline in revenue but a 13% rise in contribution, driven by favourable mix and lower input costs.
UPL Q3 FY26 Management Commentary
Commenting on UPL Q3 FY26 performance, Jai Shroff, Chairman & Group CEO of UPL Limited, stated that the company delivered another record quarter, supported by its diversified business model, intellectual property portfolio, digital capabilities, and focus on innovation and sustainability.
Bikash Prasad, Group CFO, highlighted the company’s disciplined financial management, sustained EBITDA growth, and balance sheet strengthening, adding that UPL remains on track with its FY26 guidance, supported by a seasonally strong fourth quarter.
