UPL Limited (UPL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

UPL Limited is a global provider of sustainable agriculture products — crop protection chemicals, seeds and specialty chemicals — and its Q2 print arrives with the monsoon season closed 12.2% below normal, the weakest since 2015. The key things the results will speak to are whether the FY27 guidance of 7-11% revenue and 10-14% EBITDA growth survives its stated weather and West Asia assumptions, and how margins hold against the 18.3% EBITDA margin base of Q2 FY26.

UPL Limited Q2 Results Date and Time

The board meets on November 2, 2026 to consider the Q2/H1 FY27 unaudited financial results with Limited Review Reports, under Regulation 29 of SEBI LODR.

An earnings call is scheduled for 16:00 IST on November 2, 2026, the same day as the board meeting. The trading window for Designated Persons has been closed from September 30, 2026 until 48 hours after results dissemination.

What to expect from UPL Limited's Q2 FY27 results

The Q2 print will test whether UPL's FY27 guidance of 7-11% revenue growth and 10-14% EBITDA growth stays intact, after the two conditions management attached to it — no further adverse weather including El Nino, and no major West Asia escalation — were both tested during the July-September window. The India kharif season closed 12.2% below normal with August rainfall at 84% of LPA and September at 92%, and Q1 FY27 standalone India revenue had already declined 15.84% YoY on the delayed monsoon; group volumes were (3)% in Q1 with UPL Corp at (7)% and UPL SAS at (8)%, and management has said it expects volume recovery in the global crop protection business. On costs, WPI inflation accelerated to 11.39% in September, August international sulphur prices were up 262% YoY and ammonia up 23% YoY, and UPL's Q1 working-capital build was attributed to higher replacement input costs ahead of the Q2 season — against a demanding Q2 FY26 EBITDA margin base of 18.3%. Offsetting factors include the ~1.5% rupee depreciation over the window (94.33 to 95.79) that supports the 140+ country export book where FX added +10% to Q1 revenue growth, and Brazil's planting season opening with healthy demand and the Bloomberg Agriculture Spot Index up 13% in the three months through September. Working capital is the other watch-point: NWC stood at 110 days at Q1 FY27, up ~24 days YoY, with S&P expecting fiscal 2027 working capital requirements to rise by INR 14 billion, and the US$500 Mn sustainability-linked term loan maturing December 2026. The call will likely cover whether the 7-11% / 10-14% ranges are reaffirmed, narrowed or re-based, alongside updates on the Composite Scheme, the Advanta IPO and the Hytech Egypt acquisition approvals due on or before January 31, 2027.

Key Things To Watch

FY27 guidance tracking: Management maintained FY27 guidance at the Q1 release, explicitly conditioned on no further adverse weather and no major West Asia escalation.

• Revenue growth 7-11% and EBITDA growth 10-14% for FY 2027 — Q1 FY27 delivered +10% revenue (low end) and +15% EBITDA
• Watch whether the West Asia and El Nino assumptions are reaffirmed after the monsoon closed 12.2% below normal and the conflict re-escalated with Brent above $100/bbl on September 9
• Management framing: 'With a proven track record of meeting and often beating our guidance targets, we fully expect this to continue in this year'

Deleveraging path and December 2026 maturity

• Net debt/EBITDA stood at 2.4x at Q1 FY27 vs <1.6x at FY26-end; Q1 EBITDA of Rs. 1,500 Cr is the smallest of the last four quarters (Rs. 2,205-3,646 Cr), so the seasonal reset is visible in the data
• Watch the H2 trajectory and the US$500 Mn sustainability-linked term loan maturing December 2026
• Management: 'Our deleveraging trajectory remains fully intact'

Working capital normalization

• NWC at 110 days at Q1 FY27, up ~24 days YoY, with inventory +13 days and receivables +12 days from the Q1 build
• S&P expects fiscal 2027 working capital requirements to rise by INR 14 billion
• Watch whether inventory and receivables days normalize post the Q2 season, which is the seasonal working-capital peak

Composite Scheme of Arrangement

• Pending shareholder, regulatory and NCLT approvals — any timeline update is a key catalyst
• CCI approval received June 2, 2026; BSE/NSE observation letters (no adverse observations) July 29, 2026
• Management frames the reorganization as 'firmly on track towards a single focused global crop protection platform'

Volume recovery in crop protection

• Q1 FY27 group volumes were (3)%, with UPL Corp at (7)% and UPL SAS at (8)% on European weather and a delayed India season
• Management expects volume recovery in the global crop protection business; the V/P/F split vs Q2 FY26's V +7% / P +2% / F +3% will show whether it materialised
• Advanta seeds volumes grew +12% in Q1 FY27 with field corn (India, Indonesia, Latin America), rice (India) and sunflower (Argentina) driving growth