Q1 2027 UPL Ltd Earnings Call Transcript

Aug 3, 2026 / 11:00 AM GMT

Release Date Price: $14

Transcript

Key Points

Positve

UPL Ltd (LSE:UPLL) delivered its 7th consecutive quarter of revenue and EBITDA growth, with Q1 FY27 revenue up 3% and EBITDA up 15%.
The company achieved its strongest first-quarter net income in three years, with profit before tax turning positive at INR 19 crore from a loss of INR 88 crore.
Contribution margin expanded by 100 basis points to 45.2%, driven by decisive pricing action and a favorable portfolio mix.
The India crop protection business saw a significant EBITDA margin expansion of ~750 basis points, supported by improved product mix and new brand launches.
The company received CCI approval for the reorganization of its crop protection business and approval for the Advanta IPO, marking key strategic milestones.
UPL Ltd (LSE:UPLL) improved its gearing ratio to 2.4x from 2.6x, and gross debt reduced by over $100 million despite seasonal working capital buildup.
The specialty chemicals business grew 51% in revenue, led by strong volume and price growth in the lubricant segment.
The company is on track to achieve $150 million in revenue from new product launches this year, with strong adoption of new brands in Brazil.
UPL Ltd (LSE:UPLL) reaffirmed its FY27 guidance of 7-11% revenue growth and 10-14% EBITDA growth, with confidence in volume-led recovery.
The company's sustainable solutions portfolio is expected to generate $700 million in revenue for the full year, with recent successful launches of MPP brands.

Negative

UPL Ltd (LSE:UPLL) faced weather-led planting delays across India, US, and Europe, impacting volume growth in crop protection.
The company experienced a 3% decline in volume, largely due to severe weather, heatwaves in Europe, and volume pressure in Latin America.
Persistent farm income pressure and geopolitical uncertainties, including the West Asia conflict, elevated input costs and supply chain volatility.
Net working capital days increased by 24 days to 110 days, driven by higher inventory (up 13 days) and receivables (up 12 days).
The company's India crop protection business saw lower volumes due to delayed monsoon, though pricing offset the impact.
Higher planned depreciation and increased losses from joint ventures and associates partially offset operational improvements.
The company remains cautious on the agrochemical segment outlook due to continued uncertainties from the West Asia war and El Nino conditions.
The CEO of UPL Corp, Mike Frank, announced his resignation, which could create leadership transition uncertainty.
The company's net debt in US dollar terms was flat year-on-year due to planned additional capex and strategic investments.
The company noted that the 30% EBITDA margin in the India business is partly seasonal and will normalize in Q2, indicating potential margin volatility.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

UPLL.NS - UPL Ltd
Q1 2027 UPL Ltd Earnings Call
Aug 03, 2026 / 11:00AM GMT

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Gentlemen, good day and welcome to the UPL Limited Q1FR 2027 earnings conference call as a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Should you need assistance during this conference call, please signal an operator by pressing and 0 on your touchstone phone, please note that this conference is being recorded.

I now hand the conference over to Mr.

Anurag Gupta, thank you, and

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