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UPL - Mixed bag Q2

5 Nov 2026, 12:18PM

Revenue remained broadly flat as the fall in volumes was offset by favourable forex conditions, while EBITDA outperformed on cost optimization and better platform mix.
An adverse weather and softer demand weighed on volumes, while Advanta and SUPERFORM continued to deliver strong growth and support earnings resilience.
Management maintained its FY27 guidance of 7-11% revenue growth and 10-14% EBITDA growth, implying a stronger H2FY27 supported by seasonality, new launches and continued momentum in growth platforms
Despite improving profitability, visibility on a sustained recovery in core crop protection volumes remains limited.

				Rs Cr
Particular	FY25A	FY26A	FY27E	FY28E
Revenue	4,737	4,996	6,798	8,305
EBITDA Margin%	24.4%	25.8%	27.1%	27.9%
Adjusted PAT	546	595	920	1,203
Y-o-y growth %	24.3%	9.0%	54.6%	30.7%
Adjusted EPS	49.7	54.2	83.7	109.5
P/E(x)	100.6	92.3	59.7	45.7
EV/EBITDA(x)	43.7	39.6	29.3	23.1
RoNW(%)	8.3	7.9	11.1	12.9
RoCE%	8.3	8.5	11.4	13.7

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