MUMBAI, 12 May 2025: UPL Ltd (NSE: UPL, BSE: 512070, LSE: UPLL) announced a robust financial performance for the fiscal year ended March 31, 2025, delivering a strong fourth quarter and full-year results marked by solid revenue growth, improved profitability, and a significant reduction in net debt.
In Q4 FY25, UPL reported revenues of ₹155.7 billion, an increase from ₹140.8 billion in Q4 FY24, driven by 11% volume growth across all business segments. EBITDA surged 68% to ₹32.4 billion, with EBITDA margins improving by 710 basis points to 20.8%. Net profit for the quarter stood at ₹9.0 billion, a significant turnaround from ₹0.4 billion in the corresponding period last year.
Full-Year Highlights
For the full year FY25, UPL’s revenue grew by 8% to ₹466.4 billion, supported by strong demand in the crop protection, seeds, and specialty chemicals markets. EBITDA rose 47% to ₹81.2 billion, with margins increasing by 460 basis points to 17.4%.
The company also reported a remarkable net profit of ₹9.0 billion, a sharp reversal from a loss of ₹12.0 billion in FY24.
Strategic Financial Strengthening
One of the most notable highlights of FY25 was UPL’s focus on strengthening its balance sheet. The company reduced its net debt by ₹83.2 billion ($1.04 billion), bringing it down to ₹138.6 billion ($1.62 billion) as of March 31, 2025. This was achieved through strong free cash flow generation of ₹44.5 billion and proceeds from two capital initiatives, including a rights issue and Advanta stake sale totaling ₹47 billion ($550 million).
Working capital efficiency also improved significantly. Net working capital days dropped from 86 to 53 days, aided by inventory optimization and improved credit management.
Leadership Commentary
Jai Shroff, Chairman and Group CEO of UPL Ltd., stated:
“Our performance this year reflects the strength of our resilient core and the strategic actions we have taken to build a future-ready enterprise. Net profit growth, enhanced operational efficiency, and strategic fund-raising demonstrate our ongoing commitment to sustainable value creation.”
Mike Frank, CEO of UPL Corporation, added:
“Industry-leading volume growth, better market penetration, and strict SGCA control helped deliver meaningful savings and strong EBITDA margin expansion. We are entering FY26 with strong momentum and a leaner, more agile financial structure.”
Dividend Announcement
UPL’s board has also recommended a dividend of ₹6 per equity share, reflecting confidence in the company’s long-term outlook and its commitment to rewarding shareholders.
Conclusion
UPL’s FY25 performance underscores a strategic turnaround, driven by volume-led growth, operational discipline, and fiscal prudence. With strong cash flows, lower debt, and improved margins, UPL is poised to navigate FY26 with greater confidence and competitiveness in the global agri and specialty chemicals sectors.
