UPL Limited Earnings Summary — Q4 FY2026
UPL Ltd Reports Strong Q4 Recovery with Net Profit Surging to ₹1,294 Crores
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 44.5% sequentially in Q1 FY2027.
- Revenue of ₹10,181 Cr is 10.5% higher year-on-year.
- Revenue has compounded at -13.4% annualised over the last 10 quarters.
- Net profit of ₹10 Cr is 111.4% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at -60.3% annualised across the period.
- Operating margin stands at 13.4% in Q1 FY2027.
- Operating margin compressed by 172 bps year-on-year.
- Over the last two years operating margin has expanded by 164 bps.
- PBT margin is -1.1%.
- Expenses grew 12.7% against revenue growth of 10.5%.
- Operating profit of ₹1,367 Cr is 2.1% lower year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 45/100 (Moderate) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 10,181 | 18,335 | 12,269 | 12,019 | 9,216 | 15,573 | 10,907 | 11,090 | 9,067 | 14,078 |
| Expenses | Stable | 8,814 | 14,854 | 10,033 | 10,072 | 7,820 | 12,409 | 9,229 | 9,873 | 7,998 | 12,230 |
| Operating Profit | Volatile | 1,367 | 3,481 | 2,236 | 1,947 | 1,396 | 3,164 | 1,678 | 1,217 | 1,069 | 1,848 |
| Operating Margin | Stable | 13.4% | 19.0% | 18.2% | 16.2% | 15.2% | 20.3% | 15.4% | 11.0% | 11.8% | 13.1% |
| Other Income | Volatile | 208 | 162 | 36 | 392 | 152 | -168 | 94 | 103 | 49 | 66 |
| Interest | Stable | 852 | 836 | 774 | 784 | 1,007 | 914 | 730 | 1,070 | 913 | 1,090 |
| Depreciation | Stable | 832 | 915 | 827 | 771 | 731 | 705 | 688 | 697 | 660 | 794 |
| Profit Before Tax | Volatile | -109 | 1,892 | 671 | 784 | -190 | 1,377 | 354 | -447 | -455 | 30 |
| Tax | Volatile | -36 | 598 | 181 | 172 | -14 | 298 | -499 | 138 | 72 | 110 |
| Net Profit | Volatile | 10 | 1,061 | 396 | 553 | -88 | 896 | 828 | -443 | -384 | 40 |
| Net Margin | Volatile | 0.1% | 5.8% | 3.2% | 4.6% | -0.9% | 5.8% | 7.6% | -4.0% | -4.2% | 0.3% |
Key Takeaways
- Delivered robust sequential growth with revenue climbing nearly 50% compared to Q3.
- Net profit saw a significant rebound to ₹1,294 Cr, recovering from volatile mid-year performance.
- Operating Profit Margins (OPM) improved to 19%, nearing the higher end of the historical band.
- Borrowings reduced significantly to ₹23,576 Cr from ₹25,099 Cr in the prior year.
- The tax rate normalized to 32% in the current quarter compared to unusual credits in previous periods.
- Depreciation costs reached a high of ₹915 Cr, reflecting the company's heavy global asset base.
Management Guidance
Management is maintaining a focus on 'Cash Flow First' to aggressive deleverage the balance sheet while navigating global generic pricing cycles.
Sentiment Shift
Improving
A strong exit to the fiscal year with improving margins and debt reduction suggests the company is moving past the severe FY24 downturn.
Outlook
The outlook is cautiously optimistic as the company stabilizes its interest burden and capitalizes on its massive global distribution footprint, though commodity price sensitivity remains a risk.
From the Annual Report (Key Quotes)
“The current focus is on debt reduction and navigating a challenging global pricing environment for generics.”
“Management's focus has shifted appropriately from top-line growth to 'Cash Flow First'.”
“Credibility remains tied to their ability to hit net-debt-to-EBITDA targets.”
Official Quarterly Documents
This summary is AI-generated from UPL Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.