UPL Q1 FY27 Results (NSE: UPL)
Signal: Growth decelerated
The read
The trajectory remains one of broad-based profitable growth: revenue reached ₹10,181 crore, +10% YoY, contribution rose 15% to ₹4,607 crore and contribution margin expanded 180bps to 45.2% on pricing, utilisation and mix; however, consolidated PAT of ₹10 crore remains far below the ₹89 crore standalone PAT because group-level earnings and subsidiaries determine the shareholder outcome.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,181 Cr | +10% | N/A |
| EBIT | ₹835 Cr | N/A | |
| Net profit | ₹10 Cr | N/A | |
| EPS | ₹0.12 | N/A | |
| EBIT margin | 16.4% |
P&L walk
Consolidated revenue was ₹10,181 crore, +10% YoY, while contribution increased 15% to ₹4,607 crore and contribution margin expanded 180bps to 45.2%; EBITDA was ₹1,667 crore at a 16.4% margin, EBIT was ₹835 crore and PAT was ₹10 crore.
Segments
The group platforms drove the consolidated outcome: UPL Corporation revenue was ₹6,374 crore, +7% YoY, with EBITDA of ₹532 crore, +38%; Advanta grew revenue 26% to ₹1,754 crore, while SUPERFORM grew 14% to ₹2,919 crore but EBITDA grew only 7% to ₹358 crore because higher overheads offset contribution growth.
Key positives
- Contribution increased to ₹4,607 crore, +15% YoY, and contribution margin expanded 180bps to 45.2%, indicating pricing, capacity utilisation and portfolio mix are supporting profitability.
- Revenue growth was broad-based at ₹10,181 crore, +10% YoY, with India revenue of ₹2,602 crore, +15%, North America revenue of ₹1,582 crore, +18%, and Advanta revenue of ₹1,754 crore, +26%.
- UPL Corporation EBITDA increased 38% YoY to ₹532 crore despite 7% revenue growth, while UPL SAS EBITDA increased 34% to ₹340 crore on favourable product mix.
- Net debt remained at $2.5 Bn versus Jun'25, while net debt/EBITDA improved to 2.4x from 2.6x, showing balance-sheet progress despite working-capital investment.
Key concerns
- Net working capital increased to 110 days, +24 days versus Jun'25, due to strategic inventory build-up and FX translation, tying up capital despite flat net debt.
- SUPERFORM revenue grew 14% to ₹2,919 crore but EBITDA grew only 7% to ₹358 crore, with EBITDA margin declining 70bps to 12.3% as higher overheads offset contribution growth.
- Consolidated PAT was only ₹10 crore versus standalone PAT of ₹89 crore, showing that subsidiaries and group-level items materially affect shareholder earnings.
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