UPL Q1 FY27 Results: Revenue Rises 10% To ₹10,181 Crore, EBITDA Grows 15%

UPL Limited has kicked off FY27 on a strong note, extending a run of margin gains that has now lasted seven straight quarters. Broad-based pricing action, a favourable currency backdrop, and improving contribution across its four platforms helped the agrochemicals major post its best Q1 bottom line in three years, even as crop protection volumes stayed under pressure from delayed monsoons and El Niño-linked weather disruptions. So what exactly powered this turnaround for UPL?

What Were UPL’s Q1 FY27 Key Highlights?

The company's seventh consecutive quarter of revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) growth was driven by broad-based pricing gains, favourable currency movement, and margin expansion across its four platforms.

Net working capital stood at 110 days, up from 86 days a year ago, largely due to seasonal inventory build-up and delayed monsoon-linked receivables.

How Did UPL’s Business Perform Across Platforms And Regions?

Pricing improved 3% overall, while crop protection volumes remained under pressure because of weather-related planting delays. Among key businesses, Advanta posted 26% growth, SUPERFORM grew 14% and UPL Corp recorded 7% revenue growth with EBITDA rising 38%. UPL SAS reported flat revenue but a 34% increase in EBITDA.

Regional performance remained broad-based, with India growing 15%, North America 18%, Latin America 8%, Europe 4% and the rest of the world 7%. Contribution margin expanded by 180 basis points due to better capacity utilisation, a favourable product mix and pricing discipline. Lower finance costs also supported profitability.

What Did UPL Management Say About The Quarter?

Chairman and Group CEO Jai Shroff said the company entered FY27 with "strong momentum and high-quality, profitable growth". Group CFO Bikash Prasad highlighted improved margins, stronger return ratios and disciplined execution. UPL guided for FY27 revenue growth of 7-11% and EBITDA growth of 10-14%.

How Did The Market React To UPL’s Q1 FY27 Results?

UPL shares closed at ₹620 on NSE on results day, up 2.60%, as investors cheered the sharply narrower loss and a return to positive PATMI, margin improvement and FY27 projection.

UPL had its best Q1 performance in recent years with broad-based revenue growth, growing margins and a return to positive PATMI, even as seasonal working capital and macro headwinds continued. With guidance in place and a ratings upgrade in hand, the focus now moves to execution on deleveraging and the proposed Advanta IPO through the rest of FY27.

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