Key Takeaways
- Revenue growth across all regions: UPL Ltd reported an 8% increase in revenue year-over-year, reaching $5.60 billion for FY25, led by strong volume performance in crop protection, seeds, and specialty chemicals.
- Significant margin expansion: FY25 EBITDA rose 47% to $970 million, with EBITDA margin improving 460 basis points to 17.4%.
- Return to profitability: Net profit for the full year was $110 million, a turnaround from a $140 million loss in FY24.
- Strong deleveraging: Net debt decreased by over $1 billion, now standing at $1.66 billion, driven by improved free cash flow and capital transactions.
- Q4 momentum: Fourth-quarter revenue reached $1.87 billion, with EBITDA of $390 million and net profit of $110 million.
Q4 FY25 Financial Overview
| Metric | Q4 FY25 | Q4 FY24 | YoY % |
|---|---|---|---|
| Revenue (USD) | $1.87B | $1.69B | +11% |
| Contribution Profit | $710M | $500M | +43% |
| EBITDA | $390M | $230M | +68% |
| EBITDA Margin | 20.8% | 13.7% | +710 bps |
| Net Profit | $110M | ~$5M | — |
Full Year FY25 Results
| Metric | FY25 | FY24 | YoY % |
| Revenue (USD) | $5.60B | $5.17B | +8% |
| Contribution Profit | $2.18B | $1.80B | +21% |
| EBITDA | $970M | $660M | +47% |
| EBITDA Margin | 17.4% | 12.8% | +460 bps |
| Net Profit | $110M | -$140M | — |
UPL Executive Commentary
Jai Shroff, Chairman & Group CEO, UPL Ltd: “Our performance this year reflects the strength of our resilient core and the strategic actions we have taken to build a future-ready enterprise. The significant improvement in profitability and operational efficiency, alongside consistent revenue growth and net debt reduction by around $1 billion validates our commitment towards sustainable value creation.”
Mike Frank, CEO, UPL Corporation: “We are proud to deliver a strong finish to the year, marked by industry-leading volume growth and increased market penetration in key geographies. Improved SG&A control and operational excellence led to a nearly 800 basis point improvement in margins.”
UPL Ltd Regional Performance (USD Billion)
| Region | Q4 FY25 | Q4 FY24 | YoY % | FY25 | FY24 | YoY % |
| Latin America | $610M | $596M | +2% | $2.11B | $2.07B | +2% |
| Europe | $373M | $370M | +1% | $863M | $793M | +9% |
| North America | $324M | $184M | +77% | $728M | $467M | +56% |
| India | $168M | $144M | +17% | $714M | $660M | +8% |
| Rest of World | $394M | $396M | -1% | $1.18B | $1.18B | 0% |
| Total | $1.87B | $1.69B | +11% | $5.60B | $5.17B | +8% |
Debt Position
As of March 31, 2025, net debt stood at $1.66 billion, down from $2.66 billion the previous year. This $1 billion reduction is attributed to:
- Operating free cash flow: $534 million
- Capital transactions: $550 million from rights issue and Advanta stake sale
Working Capital Improvements For UPL
Net working capital days reduced from 86 in FY24 to 53 days in FY25 due to improved inventory management and tighter credit control.
UPL Ltd has also announced a ₹6 (approximately $0.072) per share dividend for shareholders. The company enters FY26 with enhanced margins, stronger balance sheet, and a sharper business model aimed at continued growth.
Read the company’s financial results here.
Discover their stock performance here.
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