UPL Limited — year ended March 31, 2026 (audited; quarterly figures include quarter ended March 31, 2026)
UPL Limited — AUDITED CONSOLIDATED STATEMENT OF FINANCIAL RESULTS (₹ in Crore)
| Sr. No. | Particulars | Quarter ended March 31, 2026 (Unaudited) (Refer note 9) | Quarter ended December 31, 2025 (Unaudited) | Quarter ended March 31, 2025 (Unaudited) (Refer note 9) | Year ended March 31, 2026 (Audited) | Year ended March 31, 2025 (Audited) |
|---|---|---|---|---|---|---|
| I | Income | |||||
| Revenue from operations | 18,335 | 12,269 | 15,573 | 51,839 | 46,637 | |
| II | Other Income | 178 | 92 | 107 | 663 | 486 |
| III | Total Income (I + II) | 18,513 | 12,361 | 15,680 | 52,502 | 47,123 |
| IV | Expenses | |||||
| a) Cost of Raw materials and packing materials consumed | 6,469 | 6,362 | 5,796 | 23,928 | 18,289 | |
| b) Purchases of stock-in-trade | 568 | 1,117 | 1,036 | 3,808 | 4,208 | |
| c) Changes in inventory of finished goods, work-in-progress, and stock-in-trade | 3,086 | (1,633) | 1,719 | (1,845) | 1,726 | |
| d) Employee benefits expense | 1,640 | 1,379 | 1,451 | 5,807 | 5,309 | |
| e) Finance costs (refer note 3) | 836 | 774 | 914 | 3,401 | 3,627 | |
| f) Depreciation and amortisation expense | 915 | 827 | 705 | 3,244 | 2,750 | |
| g) Impairment loss on financial assets (net) | 379 | 65 | 20 | 750 | 240 | |
| h) Exchange difference (net) on trade receivables, trade payables, etc. | 89 | 116 | 46 | 315 | 520 | |
| i) Other expenses | 2,546 | 2,546 | 2,314 | 9,803 | 8,745 | |
| Total Expenses | 16,528 | 11,553 | 14,001 | 49,212 | 45,414 | |
| V | Profit before share of loss of associates and joint ventures, exceptional items and tax (III – IV) | 1,985 | 808 | 1,679 | 3,290 | 1,709 |
| VI | Share of loss of associates and joint ventures, net of tax (refer note 4) | (77) | (81) | (27) | (194) | (472) |
| VII | Profit before exceptional items and tax (V + VI) | 1,908 | 727 | 1,652 | 3,096 | 1,237 |
| VIII | Exceptional Items loss/(gain) (net) (refer note 5) | 16 | 56 | 275 | (61) | 408 |
| IX | Profit before tax (VII – VIII) | 1,892 | 671 | 1,377 | 3,157 | 829 |
| X | Tax expenses | |||||
| (a) Current Tax (refer note 6) | 488 | 187 | 272 | 1,243 | 295 | |
| (b) Deferred Tax | 110 | (6) | 26 | (306) | (286) | |
| XI | Profit for the period (IX – X) | 1,294 | 490 | 1,079 | 2,220 | 820 |
| XII | Other Comprehensive Income | |||||
| a) i) Items that will not be reclassified to profit or loss | (23) | 25 | 30 | 30 | 19 | |
| ii) Income tax relating to items that will not be reclassified to profit or loss | (4) | (1) | 1 | (3) | 2 | |
| b) i) Items that will be reclassified to profit or loss | 1,738 | 388 | 416 | 3,546 | 21 | |
| ii) Income tax relating to items that will be reclassified to profit or loss | – | – | – | – | – | |
| Total Other Comprehensive Income for the period, net of tax | 1,711 | 412 | 447 | 3,573 | 42 | |
| XIII | Total Comprehensive Income for the period | 3,005 | 902 | 1,526 | 5,793 | 862 |
| Profit for the period | 1,294 | 490 | 1,079 | 2,220 | 820 | |
| Attributable to: | ||||||
| Owners of the Parent | 1,061 | 396 | 896 | 1,922 | 897 | |
| Non-controlling Interests | 233 | 94 | 183 | 298 | (77) | |
| Other Comprehensive Income for the period | 1,711 | 412 | 447 | 3,573 | 42 | |
| Attributable to: | ||||||
| Owners of the Parent | 1,398 | 320 | 433 | 2,754 | 63 | |
| Non-controlling Interests | 313 | 92 | 14 | 819 | (21) | |
| Total Comprehensive Income for the period | 3,005 | 902 | 1,526 | 5,793 | 862 | |
| Attributable to: | ||||||
| Owners of the Parent | 2,459 | 716 | 1,329 | 4,676 | 960 | |
| Non-controlling Interests | 546 | 186 | 197 | 1,117 | (98) | |
| XIV | Paid up Equity Share Capital (refer note 2) | |||||
| (Face value of the share ₹ 2/- each) | 169 | 169 | 159 | 169 | 159 | |
| XV | Other Equity | 34,527 | 29,054 | |||
| XVI | Earnings per equity share (not annualised) (refer note 2) | |||||
| (Face value of the share ₹ 2/- each) | ||||||
| Basic (₹) | 12.57 | 4.69 | 11.20 | 22.32 | 9.66 | |
| Diluted (₹) | 12.57 | 4.69 | 11.15 | 22.32 | 9.62 |
UPL Limited — AUDITED CONSOLIDATED BALANCE SHEET (₹ in Crore)
| Particulars | As at March 31, 2026 (Audited) | As at March 31, 2025 (Audited) |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Property, plant and equipment | 8,474 | 8,107 |
| Capital work-in-progress | 999 | 615 |
| Right-of-use assets | 1,440 | 1,324 |
| Goodwill | 22,954 | 20,675 |
| Other intangible assets | 9,285 | 8,978 |
| Intangible assets under development | 2,148 | 1,931 |
| Investments accounted for using the equity method | 1,262 | 1,394 |
| Financial assets | ||
| (i) Investments | 770 | 614 |
| (ii) Trade receivables | 469 | 7 |
| (iii) Loans | – | 21 |
| (iv) Other financial assets | 270 | 216 |
| Deferred tax assets (net) | 3,929 | 3,322 |
| Other tax assets (net) | 497 | 923 |
| Other non-current assets | 413 | 214 |
| Total non-current assets | 52,910 | 48,341 |
| Current assets | ||
| Inventories | 12,676 | 10,316 |
| Financial assets | ||
| (i) Investments | 634 | 320 |
| (ii) Trade receivables | 17,874 | 15,505 |
| (iii) Cash and cash equivalents | 5,975 | 9,478 |
| (iv) Bank balances other than (iii) above | 111 | 59 |
| (v) Loans | 203 | 25 |
| (vi) Other financial Assets | 1,027 | 746 |
| Current tax assets (net) | 415 | 341 |
| Other current assets | 3,247 | 2,827 |
| Total current assets | 42,162 | 39,617 |
| Assets classified as held for sale | 133 | 44 |
| Total Assets | 95,205 | 88,002 |
| Equity and Liabilities | ||
| Equity | ||
| Equity Share capital | 169 | 159 |
| Other equity | 34,527 | 29,054 |
| Equity attributable to owners of the Parent | 34,696 | 29,213 |
| Non-controlling interests | 6,573 | 5,627 |
| Non-controlling interests- Perpetual Subordinated Capital Securities | – | 2,986 |
| Total Non-controlling interests | 6,573 | 8,613 |
| Total Equity | 41,269 | 37,826 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 15,535 | 18,263 |
| (ii) Lease liabilities | 1,021 | 993 |
| (iii) Other financial liabilities | 30 | 26 |
| Provisions | 423 | 335 |
| Deferred tax liabilities (net) | 2,086 | 1,990 |
| Other non-current liabilities | 93 | – |
| Total non-current liabilities | 19,188 | 21,607 |
| Current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings # | 6,511 | 5,451 |
| (ii) Lease liabilities | 509 | 392 |
| (iii) Trade payables | ||
| Total outstanding dues of micro and small enterprises | 34 | 38 |
| Total outstanding dues of creditors other than micro and small enterprises | 11,984 | 10,829 |
| (iv) Rebate and refund liabilities | 5,084 | 3,781 |
| (v) Other financial liabilities | 3,663 | 2,919 |
| Other current liabilities | 5,809 | 4,390 |
| Provisions | 333 | 269 |
| Current tax liabilities (net) | 821 | 500 |
| Total current liabilities | 34,748 | 28,569 |
| Total liabilities | 53,936 | 50,176 |
| Total Equity and liabilities | 95,205 | 88,002 |
UPL Limited — AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (₹ in Crore)
| Sr. No | Particulars | For the year ended March 31, 2026 (Audited) | For the year ended March 31, 2025 (Audited) |
|---|---|---|---|
| A | Cash flow from operating activities | ||
| Profit before tax | 3,157 | 829 | |
| Adjustments for: | |||
| – Depreciation and amortisation expenses | 3,244 | 2,750 | |
| – Finance costs | 3,401 | 3,627 | |
| – Impairment loss on Financial assets | 750 | 240 | |
| – Assets written off | 9 | 10 | |
| – Gain on sale of property, plant and equipment (net) | (9) | (61) | |
| – Interest income on loans and others | (496) | (346) | |
| – Unwinding of interest on trade payables and trade receivables | (474) | (340) | |
| – Excess provisions in respect of earlier years written back (net) | (2) | (27) | |
| – Share based payments | 70 | 39 | |
| – Share of loss of associates and joint ventures (net of tax) | 194 | 472 | |
| – Exceptional Items (gain)/ loss (net) | (208) | 264 | |
| – Profit on sale of investment (net) | (27) | (25) | |
| – Fair value (gain)/ loss on financial instruments at fair value through profit or loss | (10) | 5 | |
| Operating profit before working capital changes | 9,599 | 7,437 | |
| Working capital adjustments | |||
| – (Increase) / Decrease in Inventories | (2,360) | 2,460 | |
| – (Increase) / Decrease in trade receivables and other assets | (4,500) | 560 | |
| – Increase in trade and other payables | 5,687 | 677 | |
| Cash generated from operations | 8,426 | 11,134 | |
| Income taxes paid (net) (refer note 6) | (571) | (983) | |
| Net cash generated from operating activities | 7,855 | 10,151 | |
| B | Cash flow from investing activities | ||
| Purchase of property, plant and equipment including Capital-work-in-progress and capital advances | (1,666) | (813) | |
| Purchase of intangible assets including assets under development | (740) | (882) | |
| Proceeds from sale of property, plant and equipment | 53 | 440 | |
| Payment of deferred liabilities | (207) | (185) | |
| Investment in associates and joint ventures | (22) | (680) | |
| Purchase of non-current investments | (65) | (9) | |
| Proceeds from sale of non-current investments | 25 | – | |
| Purchase of current investments (net) | (313) | (48) | |
| Sundry loans (given) / received back (net) | (162) | (17) | |
| (Investments in)/ Proceeds from fixed deposit and margin money, earmarked balances with bank (net) | (52) | 34 | |
| Dividend received from associates and joint ventures | 275 | 21 | |
| Interest received | 512 | 299 | |
| Net cash used in investing activities | (2,362) | (1,840) | |
| C | Cash flow from financing activities | ||
| Repayment of non-current borrowings | (4,742) | (2,137) | |
| Proceeds / (repayment) from current borrowings (net) | 575 | (3,217) | |
| Repayment of Perpetual bond | (3,409) | – | |
| Proceeds from rights issue (net of share issue expenses) (refer note 2) | 1,700 | 1,633 | |
| Interest paid and other financial charges | (2,879) | (3,328) | |
| Repayment of lease liabilities (including interest) | (641) | (530) | |
| Proceeds from equity dilution in subsidiaries (net of expenses) | – | 2,863 | |
| Dividend paid to non-controlling interest by subsidiaries | (9) | – | |
| Dividend paid | (478) | (77) | |
| Net cash used in financing activities | (9,883) | (4,793) | |
| D | Effect of foreign exchange on cash and cash equivalents | 887 | 17 |
| Net (decrease) / increase in cash and cash equivalents (A+B+C+D) | (3,503) | 3,535 | |
| Cash and cash equivalents as at the beginning of the year | 9,478 | 5,943 | |
| Cash and cash equivalents as at the end of the year | 5,975 | 9,478 |
UPL Limited — AUDITED CONSOLIDATED SEGMENT INFORMATION (₹ in crore)
| Sr. No. | Particulars | Quarter ended March 31, 2026 (Unaudited) (Refer note 9) | Quarter ended December 31, 2025 (Unaudited) | Quarter ended March 31, 2025 (Unaudited) (Refer note 9) | Year ended March 31, 2026 (Audited) | Year ended March 31, 2025 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Segment Revenue | |||||
| a | Crop protection | 15,422 | 9,995 | 13,123 | 42, |