UPL Q2 FY27 Results (NSE: UPL)
Signal: Revenue declined
The read
The trajectory is a sequential recovery rather than a clean earnings acceleration: revenue increased 16.5% QoQ but fell 1.3% YoY, gross margin expanded 240bps YoY to 54.5%, and PAT declined 26.1% YoY to ₹452 crore as associate/JV losses reached ₹132 crore and depreciation rose 6.2%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,860 Cr | -1.3% | +16.5% |
| Net profit | ₹452 Cr | -26.1% | |
| EPS | ₹4.99 | -26.1% |
P&L walk
Revenue of ₹11,860 crore declined 1.3% YoY but increased 16.5% QoQ; gross margin expanded 240bps YoY to 54.5%, while PAT fell 26.1% YoY to ₹452 crore, weighed by ₹132 crore of associate and joint-venture losses and higher depreciation.
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