UPL Q2 FY27 Results: Consolidated Net Profit ₹452 Crore on Total Income of ₹12,046 Crore
- Earnings
- agrochemicals and seeds
Reviewed byRachit TripathiBlacklitt Research
UPL said in a filing on 02 Nov 2026 that consolidated total income for the quarter ended 30 Sep 2026 was ₹12,046 crore and consolidated net profit was ₹452 crore, against ₹12,269 crore and ₹612 crore a year earlier. Standalone total income was ₹1,895 crore and standalone net profit was ₹99 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹12,046 crore, down 1.8% YoY and up 15.8% QoQ
- Net profit and EPS: ₹452 crore, down 26.1% YoY; basic EPS ₹4.99 against ₹6.75 a year earlier
- Other income: ₹186 crore, down 25.6% YoY; ₹75 crore recognised on a VAT provision reversal (note 6(b))
- Exceptional items: Loss of ₹1 crore, against a gain of ₹142 crore a year earlier (note 4)
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,895 crore, up 3.4% YoY and 24.7% QoQ
- Net profit and EPS: ₹99 crore, down 63.6% YoY; basic EPS ₹1.17 against ₹3.32
- Revenue from operations: ₹1,826 crore, up 20.8% YoY; other income ₹69 crore against ₹321 crore
- Profit before tax: ₹132 crore against ₹355 crore a year earlier, down 62.8%
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 12,046.00 | 12,269.00 | -1.8% | 10,398.00 | +15.8% | |
| Revenue from operations | 11,860.00 | 12,019.00 | -1.3% | 10,181.00 | +16.5% |
| Other income | 186.00 | 250.00 | -25.6% | 217.00 | -14.3% |
| 452.00 | 612.00 | -26.1% | -73.00 | n/a | |
| Finance costs | 819.00 | 784.00 | +4.5% | 852.00 | -3.9% |
| Depreciation | 819.00 | 771.00 | +6.2% | 832.00 | -1.6% |
| Tax expense | 163.00 | 172.00 | -5.2% | -36.00 | n/a |
| Net profit margin | 3.75% | 4.99% | -1.24 pp | -0.70% | +4.45 pp |
| Tax as share of profit before tax | 26.5% | 21.9% | +4.57 pp | n/a | n/a |
| EPS, basic (₹) | 4.99 | 6.75 | -26.1% | 0.12 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated profit before tax was ₹615 crore for the quarter, against ₹784 crore a year earlier, a fall of 21.6%. Tax expense was ₹163 crore against ₹172 crore, and its share of profit before tax was 26.5%, against 21.9%. Finance costs were ₹819 crore, and note 2 puts ₹136 crore of them under the net exchange difference on foreign currency loans, cost and mark-to-market on derivative contracts, 16.6% of the total.
Two items sit in the income lines. Note 6(b) records ₹75 crore recognised in other income for the quarter and half year ended 30 Sep 2026, on reversal of a provision for VAT refund receivables at one subsidiary, on closure of earlier-period VAT assessments. Note 10 records ₹57 crore of other operating income for the quarter and half year, from a settlement for early termination of a job work manufacturing arrangement.
Exceptional items were a loss of ₹1 crore for the quarter, all restructuring cost including severance cost and impairment (note 4). The quarter a year earlier shows a gain of ₹142 crore, printed as (142), made up of restructuring cost of ₹98 crore and a Provision for VAT line of (240).
The June quarter carried ₹55 crore recognised in other income from an arbitral award in an insurance claim that the Bombay High Court upheld (note 6(a)); the amount was received in the quarter ended 30 Sep 2026. Other income for the June quarter was ₹217 crore, and consolidated net profit was a loss of ₹73 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,895 | 1,833 | +3.4% | 1,520 | +24.7% | |
| Revenue from operations | 1,826 | 1,512 | +20.8% | 1,397 | +30.7% |
| Other income | 69 | 321 | -78.5% | 123 | -43.9% |
| 99 | 272 | -63.6% | 89 | +11.2% | |
| Profit before tax | 132 | 355 | -62.8% | 120 | +10.0% |
| Finance costs | 24 | 43 | -44.2% | 25 | -4.0% |
| Depreciation | 26 | 32 | -18.8% | 25 | +4.0% |
| Net profit margin | 5.22% | 14.84% | -9.61 pp | 5.86% | -0.63 pp |
| EPS, basic (₹) | 1.17 | 3.32 | -64.8% | 1.05 | +11.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 3.4% YoY to ₹1,895 crore. Revenue from operations rose 20.8% to ₹1,826 crore, while other income fell 78.5% to ₹69 crore from ₹321 crore. Standalone net profit fell 63.6% to ₹99 crore, and profit before tax fell 62.8% to ₹132 crore from ₹355 crore.
Standalone finance costs were ₹24 crore against ₹43 crore a year earlier, and depreciation was ₹26 crore against ₹32 crore. Standalone basic EPS was ₹1.17, against ₹3.32, down 64.8%.
Inference
Consolidated current borrowings were ₹21,789 crore at 30 Sep 2026, against ₹6,511 crore at 31 Mar 2026, and include ₹9,573 crore of current maturity of long-term debt (₹4,733 crore at 31 Mar 2026). Non-current borrowings were ₹10,926 crore, against ₹15,535 crore. Inventories were ₹20,165 crore, against ₹12,676 crore, and cash and cash equivalents were ₹3,268 crore, against ₹5,975 crore. Net cash used in operating activities was ₹9,587 crore for the half year, against ₹4,811 crore a year earlier.
The board recommended a final dividend of ₹6 per equity share (300% on ₹2 shares) for the year ended 31 Mar 2026. Shareholders approved it at the AGM on 06 Aug 2026, and it was paid the same day. A composite scheme approved by the board on 20 Feb 2026 would amalgamate UPL Sustainable Agri Solutions Limited into UPL Limited, demerge the India Crop Protection business into UPL Global Sustainable Agri Solutions Limited, and amalgamate UPL Crop Protection Holdings Limited into UPL Global. The Competition Commission of India approved it on 02 Jun 2026, BSE and NSE issued observation letters on 29 Jul 2026, and it still needs approvals from shareholders, regulators and NCLT. These results give it no effect.
Indian income tax authorities have started proceedings against three overseas subsidiaries, invoking place of effective management provisions for AY 2017-18 to AY 2020-21 and control and management wholly in India provisions for AY 2014-15 to AY 2016-17 (note 5). The subsidiaries have challenged the proceedings, and their legal counsel has advised that they have grounds to succeed. The filing gives no reason for the rise in inventories or current borrowings, and no outlook.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
