1. UPL Corp sustainable solutions - \~12% CAGR FY26-FY31, $1 billion risk-adjusted sales by FY31 On track - At the Q4 FY26 call, management set an ambition for UPL Corp sustainable solutions to grow faster than the market at \~12% CAGR FY26-FY31, reaching $1 billion risk-adjusted sales by FY31. Q1 FY27 saw NPP brands Nutrio and Nuvita successfully launched; no full-year CAGR or sales figure yet as the FY31 horizon has not been reached.
2. Q1 FY27 guidance - revenue growth 10-14%, EBITDA growth 14-18% Delivered - At the Q4 FY26 call, management guided Q1 FY27 revenue growth of 10-14% and EBITDA growth of 14-18%. Q1 FY27 revenue came in at ₹10,181 crore, up 10% YoY, and EBITDA at ₹1,500 crore, up 15% YoY - revenue at the lower end, EBITDA within range.
3. UPL Specialty Chemicals transfer - 10 units to USCL on slump sale basis Delivered - The proposed realignment set out the transfer of a total of 10 units to USCL on a slump sale basis as a going concern. The Specialty Chemicals Business of UPL was transferred to Superform Chemistries Limited on 1st December 2025, completing the transfer.
4. NPP BioSolutions - \~20% CAGR over FY23-FY27 On track - At the Q4 FY22 call, management set an ambition for NPP BioSolutions to grow at \~20% CAGR over FY23-FY27, against a BioSolutions market growing at \~14% CAGR FY22-FY27. FY24 sustainable solutions revenue was \~$484 million, FY25 NPP copper/sulphur products grew 50% YoY, and Q3 FY26 sustainable solutions grew 11%; no explicit CAGR read has been disclosed.
5. Advanta monetization - $250 million secondary, $100 million primary Delivered - In November 2024 the board approved plans to unlock value in Advanta Enterprises Limited for USD 250 million and raise USD 100 million through fresh equity, to help deleverage; Q3 FY25 saw a definitive agreement with Alpha Wave Global to invest US$350 million. A 12.5% stake was sold for ₹3,040 crore (\~$350 million), with CCI clearance received and proceeds received in March before FY-end.
6. Asia region - double-digit growth in FY2023, outgrow market over five years Pending - In the FY22 annual report, management anticipated double-digit growth in the Asia region for FY2023 while planning to outgrow the market over the next five years. Asia region revenue grew 11% in FY2022 and FY23 India revenue rose 15% to ₹6,539 crore; no explicit FY2023 Asia region growth figure is found in our record.
7. NA region - double-digit growth in FY2023, outgrow market over five years Delivered - In the FY22 annual report, management expected the NA region to deliver double-digit growth in FY2023 and planned to outgrow the market over the next five years. FY23 North America revenue was ₹8,735 crore, up 12% - double-digit growth achieved - with the five-year ambition not yet assessable.
8. Maintain investment grade credit rating Missed - At the Q3 FY21 call, management committed to debt reduction and to maintaining an investment grade credit rating. Moody's downgraded UPL Corp to Ba1 on 6 Feb 2024, S&P lowered to BB on 7 Feb 2024 and Fitch to BB+ on 15 Feb 2024; later, Fitch and S&P outlooks moved to Stable in FY26, Moody's to stable in August 2025, and CARE upgraded UPL Limited to CARE AA+ in June 2026.
9. FY2021 guidance - 6-8% revenue growth, 10-12% EBITDA growth Delivered - At the Q3 FY21 call in January 2021, management maintained FY2021 guidance of 6-8% revenue growth and 10-12% EBITDA growth. FY21 revenue rose 8% to ₹38,694 crore and EBITDA rose 15% to ₹8,559 crore, beating the guided EBITDA ceiling.
10. Advanta Seeds revenue growth - 12-15% p.a. FY2027 ambition On track - In the FY22 annual report, management set an FY2027 ambition of Advanta Seeds revenue growth of 12-15% p.a.. Advanta revenue grew 12% in FY25 and 23% in FY26, and grew 26% in Q1 FY27 - within or above the ambition range, with the FY27 horizon not yet complete.
11. FY2027 ambition - long-term revenue growth 7-10% p.a. On track - In the FY22 annual report, management set an FY2027 ambition of long-term revenue growth of 7-10% p.a.. FY26 revenue grew 11% and FY27 growth is guided at 7-11%; with the fiscal year ending March 2027 still under way, the ambition is on track rather than settled.
12. Differentiated and sustainable products - 50% by FY26 (original target) Missed - The FY21 annual report committed to increasing the share of differentiated and sustainable products from 29% (FY21) to 50% by FY26; the FY23 annual report moved the target to FY27, and Q4 FY24 reiterated \~50% by FY27. FY26 D&S share was 36%, so the original FY26 target of 50% was not achieved.
13. December 2026 debt obligation - $500 million to be met comfortably On track - At the Q1 FY27 call, management said the December 2026 debt obligation of $500 million will be met comfortably via a committed RCF of $300 million, \~$2 billion of uncommitted working capital lines and internal cash flows; the Q4 FY26 PPT had noted the $500 million sustainability-linked loan maturing December 2026 as "on track" for repayment. The remaining FY27 obligation is $500 million due December 2026; repayment has not yet fallen due.
14. New product launches - 15 crore revenue in FY27 On track - At the Q1 FY27 call, management said it is "on track to achieve" 15 crore in revenue from new product launches this year, with the Q4 FY26 PPT targeting UPL Corp FY27 new product launch revenues of \~$115 million. Q1 FY27 launches Propose and Constel in Brazil are "outperforming our initial expectations"; no full-year figure yet.
15. Medium-term net debt-to-EBITDA - less than 1.5x On track - At the Q1 FY27 call, management guided a medium-term net debt-to-EBITDA target of less than 1.5x, stating it remains "firmly on track". Q1 FY27 net debt-to-EBITDA was 2.4x and FY26 came in at <1.6x - the target has not yet been reached within the medium-term horizon.
16. FY27 guidance - revenue growth 7-11%, EBITDA growth 10-14% On track - At the Q1 FY27 call, management guided full-year FY27 revenue growth of 7%-11% and EBITDA growth of 10%-14%, confirmed in the Q1 FY27 PPT. Q1 FY27 revenue was ₹10,181 crore, up 10% YoY, and EBITDA ₹1,500 crore, up 15% YoY, with Q1 typically \~18-19% of full-year revenue.
17. Platform value unlocking - progress in 3-6 months Delivered - At the Q2 FY26 call, management said options to unlock shareholders' value - restructuring, strategic fundraising, potential liquidity events like IPO and platform listing - were being evaluated, with progress over the next 3 to 6 months; Q3 FY26 extended corporate actions for all platforms to a 1 to 3 year period. The Advanta DRHP was filed 19 January 2026, SEBI approval was received 3 June 2026 and crop protection reorganization CCI approval came 2 June 2026.
18. FY26 organic capex - $200-225 million Partial - At the Q2 FY26 call, management guided group organic capex of $200 million-$225 million for FY26, split roughly equally between tangible capex and intangible product registration. FY26 capex came in at $261 million, which the FY26 annual report characterized as "in line with guidance" - above the guided range.
19. FY26 UPL Corp revenue split - 60% post-patent / 40% differentiated Partial - At the Q2 FY26 call, management guided a FY26 UPL Corp revenue split of roughly 60% post-patent and 40% differentiated & sustainable. FY26 UPL Corp differentiated and sustainable share was 36% per the FY26 annual report, with the Q1 FY27 PPT also showing 36% - below the 40% target.
20. UPL Corp steady-state contribution margins - mid-30s Delivered - At the Q2 FY26 call, management guided UPL Corp steady-state contribution margins "in that mid-30s" on a full-year basis over the near term (FY27/FY28 horizon). Q2 FY26 contribution margin was 35.1%, Q3 FY26 37.7%, Q1 FY27 38.2%, and full-year FY26 came in at 35.1%.
21. SUPERFORM super specialty share - 30-35% in 24-36 months On track - At the Q2 FY26 call, management guided that within the next 24 to 36 months, around 30% to 35% of overall business share should be super specialty; Q1 FY27 moved the expectation to roughly 55% ag / 45% super specialty over three to four years. Non-agchem share rose to \~25% in Q2 FY26, specialty chemicals to 27% in Q3 FY26 and super specialty to 29% in Q1 FY27.
22. Associates and JVs - losses to turn positive in FY27 On track - At the Q2 FY26 call, management set an FY27 target that losses from associates and joint ventures "should be positive". Q1 FY27 share of loss from associates/JVs was ₹83 crore versus ₹102 crore in Q1 FY26 - still negative but narrowing.
23. FY26 debt repayment - \~$500 million due March 2026 Delivered - At the Q2 FY26 call, management was confident of meeting the \~$500 million debt repayment obligation due March 2026; Q3 FY26 pointed to around $700-800 million of cash release during Q4 FY26 to cover it. The $500 million loan due March 2026 was fully repaid from internal accruals and rights proceeds.
24. FY26 net debt-to-EBITDA - 1.6x-1.8x by end FY26 Delivered - At the Q2 FY26 call, management expected net debt-to-EBITDA of 1.6x-1.8x by end of FY26, significantly lower than the prior year's 2.1x adjusted for perpetual bonds, reiterated at Q3 FY26. FY26 net debt-to-EBITDA came in at <1.6x, with the reported financials showing debt of ₹23,576 crore and D/E 0.68.
25. Perpetual bond - decision on rollover or redemption Delivered - At the Q4 FY25 call, management said a short-notice board meeting would be called to decide between rolling over or redeeming the perpetual bond, with the decision announced shortly; Q3 FY25 had expected the decision in the next couple of months. $400 million of perpetual bonds were redeemed at first call in May 2025.
26. Working capital days - mid-60s target Delivered - At the Q4 FY25 call, management asked analysts to "pen in mid-60s" working capital days; Q2 FY26 framed a sustainable cycle of \~65-70 days versus 53 days the prior year and Q3 FY26 pointed to March 2026 at around 70 days. FY25 working capital days were 53 and FY26 came in at 57, below the guided range, with Q1 FY27 at 110 seasonally.
27. India innovation rate - 20%+ currently, exceed 35% in next three years On track - At the Q4 FY25 call, management stated the India innovation rate was 20%+ currently and expected to exceed 35% in the next three years. FY25 India innovation rate was running at 20%+; no later disclosure on the 35% trajectory is found in our record, with the three-year horizon not yet reached.
28. Innovation rate - \~17.5% in FY26, mid-20s by end of decade Partial - At the Q4 FY25 call, management expected the innovation rate at about 17.5% in FY26 (vs 14% in FY25), rising to mid-20s (24-25%) by end of decade; the Q4 FY26 PPT set FY27 at \~18% with a pathway to >20% by FY30. FY26 innovation rate came in at \~16% - short of 17.5% - with the end-of-decade target revised to >20% by FY30.
29. UPL Corp new product launches - $130 million revenue in FY26 Delivered - At the Q4 FY25 call, management targeted over $130 million of new revenue in FY26 from 20+ new product launches across all regions, confirmed in the Q4 FY25 PPT; Q2 FY26 positioned the company to "firmly surpass" the target and Q3 FY26 to exceed it. FY26 delivered \~$160 million of new product launch revenue, with UPL Corp delivering over $160 million.
30. FY26 guidance - revenue growth 4-8%, EBITDA growth 10-14% Delivered - At the Q4 FY25 call, management guided FY26 consolidated revenue growth of 4% to 8% and EBITDA growth of about 10% to 14%; Q2 FY26 upgraded EBITDA growth to 12%-16%, reiterated at Q3 FY26. FY26 revenue was ₹51,839 crore, up 11%, and EBITDA ₹9,588 crore, up 18% - above both the original and upgraded guidance.
31. Advanta gross margins - return to 55%+ in FY25 Delivered - At the Q4 FY24 call, management guided Advanta gross margins to return to 55%+ in FY25, after contribution margin fell from 54.7% to 48% in Q4 FY24. Q4 FY25 Advanta contribution margin was 57.3% and FY25 contribution margin 57.8% - above the 55% level.
32. UPL SAS market share - 2x in Maize and Sugarcane, 1.5x in Rice by FY29 On track - At the Q4 FY24 call, UPL SAS targeted a 2x increase in market share in Maize and Sugarcane and 1.5x in Rice by FY29. Q4 FY25 reported a big chunk of FY25 growth from strategy crops - corn, rice and sugarcane - offsetting a cotton decline; no explicit market share figures have been disclosed yet.
33. UPL SAS differentiated and sustainable share - from 25% to 35% Delivered - At the Q4 FY24 call, UPL SAS guided its differentiated and sustainable share to increase from 25% to 35%; Q4 FY25 raised the ambition to 45% in FY26 from \~40% in FY25. FY25 UPL SAS differentiated share reached \~40%, surpassing the original 35% target.
34. UPL Corp new product launches - $85 million revenue in FY25 Delivered - At the Q4 FY24 call, UPL Corp expected over $85 million of new product revenue in FY25, reiterated at Q1 FY25 and Q2 FY25, with the Q4 FY24 PPT noting \~4X in four years. New products in global crop protection delivered over $93 million in FY25, about 2% of revenue - above the $85 million target.
35. Total crop protection pipeline - \~$1.5 billion annual sales by FY27, \~$5 billion peak On track - At the Q4 FY24 call, management outlined a total crop protection pipeline of \~$5 billion risk-adjusted peak revenue per annum, with \~$1.5 billion annual sales expected by FY27, \~75% incremental; Q4 FY25 revised peak sales to \~$4.3 billion and the $1.5 billion to FY30, and the Q4 FY26 PPT showed \~$4.4 billion peak with $1.5 billion by FY30. The FY26 pipeline carries 27 new molecules and 17 platforms in development, 80% differentiated and sustainable; no FY27 $1.5 billion figure was disclosed.
36. NPP segment - \~14% CAGR and $700 million revenue by FY27 On track - At the Q4 FY24 call, management set an NPP ambition to outpace the \~10% market CAGR with \~14% CAGR over the next three years, and \~$700 million NPP pipeline revenue by FY27 from 10 new active ingredients; Q4 FY25 reiterated the $700 million and Q1 FY27 reiterated approximately $700 million of full-year sustainable solutions revenue. FY24 sustainable solutions revenue was \~$484 million, FY25 NPP copper/sulphur products grew 50% YoY and Q1 FY27 NPP brands Nutrio and Nuvita launched across most geographies; no FY27 full-year revenue figure yet.
37. Differentiated and sustainable products - \~50% of UPL Corp revenue by FY27 On track - At the Q4 FY24 call, UPL Corp reiterated a target of \~50% of sales from differentiated and sustainable products by FY27, with the FY27 innovation rate expected in the mid-20s; Q4 FY25 set the near-term mark at 45-50% by FY27 with the current mix at 38%. FY24 D&S share was 35%, FY25 38% and FY26 36% per the FY26 annual report, while the innovation rate moved from 14% in FY25 to \~16% in FY26 - the 50% target remains unreached with one year to go.
38. Net debt-to-EBITDA below 2x by end FY25 Delivered - At the Q4 FY24 call, management expected to end FY25 with net debt to EBITDA below 2; Q2 FY25 framed it at around 2-2.2 excluding rights and Advanta monetization, below 2 once rights proceeds landed, and Q3 FY25 at around 2 with those proceeds. FY25 net debt/EBITDA came in at 1.7x versus 4.0x in FY24.
39. FY25 guidance - revenue growth 4-8%, EBITDA growth >50%, operating cash $300-400 million Delivered - At the Q4 FY24 call, management guided FY25 consolidated revenue growth of 4-8%, at least 50% EBITDA growth (roughly ₹8,000 crore), and operating cash of about $300-400 million to reduce debt; the guidance was maintained through Q3 FY25. FY25 revenue was ₹46,640 crore, up 8% - the upper end; EBITDA ₹8,120 crore, up 47%; and operating cash flow ₹4,451 crore (\~$530 million) - above the cash guidance.
40. Rights issue - up to $500 million, proceeds to repay debt Delivered - At the Q3 FY24 call, management announced a rights issue of up to USD 500 million to repay debt, with announcement expected before end of February 2024; the size was revised down to about $400 million at Q2 FY25, with the first call of $100 million received December 2024 and the balance to be called in H1 FY26. The rights issue of ₹3,380 crore (\~$400 million) was oversubscribed almost two times, with the final call of ₹1,688 crore received September 2025 - the full amount raised by September 2025.
41. Net debt target - end FY24 around $2.5 billion operating, \~$2.0-2.2 billion post-rights Missed - At the Q3 FY24 call, management targeted end-FY24 net debt at around $2.5 billion from the operating side, down from $3.7 billion as of December 2023, with rights proceeds reducing it further by $400-500 million to roughly $2.0-2.2 billion; Q4 FY24 shifted the rights issue to end Q2/beginning Q3 FY25. FY24 net debt instead increased by $600 million to $2.66 billion, and rights proceeds did not arrive in FY24.
42. FY24 guidance - revenue down 18-20%, EBITDA down 45-50%, net loss ₹1,200-1,400 crore Delivered - At the Q3 FY24 call, management guided FY24 revenue lower by 18-20% and EBITDA lower by 45-50% versus FY23, with a net loss likely around ₹1,200-1,400 crore. FY24 revenue was ₹43,098 crore, down 20%; EBITDA ₹5,500 crore, down 51%; and net loss ₹1,200 crore, "pretty much in line with what we had guided for at the end of Q3".
43. SG&A reduction - $100 million in FY25 vs FY23 base Delivered - At the Q3 FY24 call, management guided it was on track to reduce SG&A by $100 million in FY25 versus the FY23 base, majority structural, reiterated at Q4 FY24 and Q1 FY25 with \~50% from manpower rationalization. The Q4 FY24 call reported FY24 fixed overheads cut by $150 million, of which \~$100 million structural with the benefit continuing into FY25, and Q3 FY25 confirmed the 18-month efficiency effort largely complete with the run rate holding.