UPL

“And we do see a lot of opportunity in terms of capacity expansion, backward integration, getting into biofuel complex.”

“UPL Corp revenue for the quarter was ₹7,972 crores, 8% lower than last year. Volumes were 16% lower and pricing, 2% lower, partly offset by a 10% currency effect.”

“Looking ahead, the second half is seasonally the larger half for UPL Corp.”

“Against this backdrop, quarter 2 revenue grew 1% to ₹921 crores. Volumes were 8% lower as prolonged dry spells slowed channel offtake, but our calibrated pricing actions contributed a healthy 9% improvement.”

“So the price impact is obviously going to fade as the costs catch up, but the portfolio impact will remain, and we expect to be able to see a healthy EBITDA increase by the end of the year. I wouldn't comment about specific numbers.”

“In the quarter, Superform grew revenue by an outstanding 28% to ₹3,579 crores with pricing up 26% and volumes up 2%.”

“Brazil and LATAM, El Nino weighed on demand with a decline in our fungicide portfolio in Brazil and softer herbicide demand elsewhere in the region.”

“In Europe, the severe heat wave dampened volumes, mainly in fungicides.”

“Africa as a continent, right now, it is around $1 billion seed market organized commercial.”

“the commodity price of corn has gone up nearly double actually when we compare to year opening, ₹1,600 a quintal to ₹3,000 a quintal.”

“In Brazil and the wider Southern Cone, tight channel liquidity and restricted credit led to cautious just-in-time purchasing that has pushed demand later into the season.”

“As a result, EBITDA grew 5% to ₹2,312 crores with margin up 120 basis points to a very solid 19.5%.”

“For the first half, EBITDA increased by 9% to ₹3,812 crores with margin expanding 80 basis points to 17.3% despite a higher cost and uncertain environment.”

“For the quarter, contribution grew 1% to ₹5,087 crores and contribution margin expanded 100 basis points to 42.9%, driven by a better product and platform mix”

“For quarter 2, contribution was ₹2,705 crores with contribution margin at 33.9%, 120 basis points lower, mainly reflecting higher input cost of manufacturing and pricing pressure.”

“EBITDA for the quarter came in at ₹1,083 crores at a margin of 13.6%.”

“Net working capital stood at 145 days, 27 days higher than last September, driven mainly by 2 factors.”

“First, inventory days increased by 16 days, reflecting higher input costs, lower crop protection volumes, a deliberate build-up ahead of seasonally larger second half, longer transit time for shipments and the effect of currency translation.”

“On a trailing 12-month basis, net debt-to-EBITDA stood at 2.9x compared with 2.7x last year.”

“On cash flows, free cash flow to equity adjusted for seasonal working capital was ₹508 crores for the first half compared with ₹1,733 crores last year.”

“On this basis, structural debt stood at around $800 million as of 30th September 2026 against a reported net debt of approximately $3 billion, which translates to a healthy 0.7x gearing, flat versus March.”

“Advanta, our seeds and post-harvest platform, has agreed to acquire 99.98% of Misr Hytech Seed International in Egypt for approximately $110 million, subject to the closing conditions.”

“But it is very value-accretive. That we can say. And it opens up our presence in Middle East and wider Africa.”

“So it still is under the regulatory approval process.”

“And we felt that Egypt business, Hytech, is a very high-value genetics, primarily in our area of tropical corn and sorghum.”

“We had updated the market in terms of the various approvals that we had got from the regulators, lenders, Competition Commission of India, and we'll make appropriate disclosures in accordance with the applicable regulatory requirements as and when there are any material developments.”

“the Board has approved the appointment of Mr. Shatmanyu Shrivastava as an additional director, nonexecutive, non-independent, with effect from November 2, 2026. Mr. Shrivastava has been nominated by Life Insurance Corporation of India, and his appointment remains subject to the approval of our shareholders.”

“decided to appoint EY and post-shareholders' approval, they will be on-boarded. So they will be for the group as well as all the platforms.”

“Sameer Tandon, Divisional President, APAC, Africa and Europe for UPL Corp; and Ashish Dobhal, Divisional President, Americas for UPL Corp.”

“So obviously, the KPMG or BSR team is completing its 10-year term. And after that, reappointment is not allowed.”

“So I think the other income that you are saying is the ₹57 crores is the settlement that we got from one of the global corporate. And again, it is a part of our operations.”

“The current balance that you see, it was always part of the operational working capital. And hence, the reversal of this provision also is going into the operational item.”

“In corn, industry has been impacted. And there are reports by our own team that the market returns are coming in excess of 10% to 30%, depending on the hybrids and the competitor, etcetera. We are on the low single-digit side of return coming up that part.”

“The key assumptions that we had taken at that point in time that there are no further adverse weather conditions, including El Nino. And you all know that El Nino is becoming super El Nino.”

“Second key assumption was that there are no major escalation in the West Asia conflict.”

“El Nino is going to become super El Nino is only strengthening it. And between November to March, it will only increase.”

“Geopolitical tensions, particularly in West Asia, kept freight, energy-linked inputs and active ingredient costs elevated, while U.S. tariff-related uncertainties continue to weigh on trade flows.”

“We reported revenue of ₹11,860 crores, broadly stable at 1% lower than last year. Volumes declined by 10%, pricing was flat and currency contributed a positive 9%.”

“For first half, revenue grew 4% to ₹22,041 crores, led by a strong growth of 18% in Advanta and 21% in Superform, which offset a 2% decline in UPL Corp.”

“For the first half, operational PATMI adjusting for exceptional items grew a robust 33% to ₹441 crores, driven by margin-led EBITDA growth and a lower effective tax rate.”

“And H1 is relatively smaller first half for us, 40% approximately revenue comes in H1 and 60% comes during H2.”

“Last year, we reduced the number from $58 million loss a year ago to $22 million in the last year.”