We have examined the official financial filings of UPL Limited for the quarter and year ended March 31, 2026. If you are tracking this company, we have compiled a straightforward, factual breakdown of their latest numbers, including the recently announced dividend, exactly as reported to the stock exchanges.
The 300% Dividend Recommendation
The filing states that the Board of Directors has recommended a dividend of 300% for the financial year ending March 31, 2026.
To explain this corporate concept simply, a dividend is a distribution of a portion of a company’s earnings directly back to its shareholders.
Because the face value of one UPL equity share is ₹2, a 300% dividend equates to a payout of ₹6 per share.
This recommendation requires shareholder approval at the upcoming Annual General Meeting (AGM). Once approved, the company notes that the dividend will be paid within 30 days of the AGM.
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Quarterly Financial Performance (Q4 FY26)
For the fourth quarter (Q4) of FY26, UPL reported total revenue from operations of ₹18,335 crores.
- Quarter-on-Quarter (QoQ): Compared to the immediate previous quarter (Q3 FY26) revenue of ₹12,269 crores, we see an absolute increase of ₹6,066 crores, representing a 49.44% change.
- Year-on-Year (YoY): Compared to the same quarter last year (Q4 FY25) revenue of ₹15,573 crores, this is an absolute growth of ₹2,762 crores, marking a 17.74% change.
Next, we reviewed Profit After Tax (PAT), which is the actual profit remaining after all operating expenses and taxes are paid. The company posted a PAT of ₹1,294 crores in Q4 FY26.
- QoQ Change: This is an absolute increase of ₹804 crores (164.08%) from the ₹490 crores reported in Q3 FY26.
- YoY Change: This represents an absolute increase of ₹215 crores (19.93%) from the ₹1,079 crores reported in Q4 FY25.
Full-Year Financial Performance (FY26)
When we analyzed the full-year (FY-to-FY) data, the total consolidated revenue for the 12 months of FY26 was ₹51,839 crores. Compared to the ₹46,637 crores reported in FY25, this reflects an absolute increase of ₹5,202 crores, or an 11.15% change.
The annual PAT for FY26 stood at ₹2,220 crores. Compared to the FY25 PAT of ₹820 crores, this shows an absolute profit growth of ₹1,400 crores, which translates to a 170.73% increase for the year.
Balance Sheet and Asset Status
A balance sheet provides a snapshot of a company’s assets (what it owns) and liabilities (what it owes) at a specific point in time.
As of March 31, 2026, the auditor’s report highlighted the total assets of the group’s subsidiaries before consolidation adjustments:
- The company’s 169 audited subsidiaries hold massive total assets amounting to ₹283,443 crores.
- An additional 16 unaudited subsidiaries hold total assets of ₹3,693 crores.
Furthermore, the company’s balance sheet was strengthened during the year through a Rights Issue.
UPL successfully raised ₹1,700 crores via second (final) call money and first call reminder notices on previously issued partly paid-up shares.
Cash Flow Status
Cash flow represents the net amount of cash and cash equivalents moving into and out of a business. It is a vital indicator of a company’s liquidity.
Based on the auditor’s review of the group’s subsidiaries for the year ended March 31, 2026 (before consolidation adjustments):
- The 169 audited subsidiaries reported a combined net cash outflow of ₹2,557 crores.
- The 16 unaudited subsidiaries reported a combined net cash inflow of ₹3 crores.
Exceptional Items and Corporate Updates
Our review of the financial notes identified several “exceptional items.” In corporate accounting, these are unusual, one-time events that fall outside regular daily business operations:
- Restructuring Costs: The company recorded a restructuring cost of ₹131 crores for the year. This includes a one-time cost of ₹98 crores related to the closure of its Bassen manufacturing facility, which covers employee severance and asset impairment.
- International Tax Rulings: In Brazil, a Supreme Court ruling regarding state VAT allowed UPL Brasil to reverse a previously recorded tax provision. This resulted in a one-time gain of ₹251 crores for the current year.
- New Labour Codes: The company has made financial provisions for incremental gratuity related to the Indian government’s newly notified consolidation of labor laws.
- Rights Issue Adjustments: Shares on which call money remained unpaid were canceled. As a result, 27 lakhs was transferred to Retained Earnings, while 42 lakhs was received toward interest on arrears.
- Proposed Reorganization: The Board has approved a scheme to amalgamate UPL Sustainable Agri Solutions Limited into UPL Limited and to demerge the India Crop Protection business. The filing notes that this scheme is pending regulatory and shareholder approvals and is not yet reflected in these financial statements.
Company Background and Scale of Operations
Incorporated in 1985, UPL Limited operates globally in the agricultural and chemical sectors. We observed three main business divisions in their segment reporting: Crop Protection (manufacturing conventional agrochemicals), Seeds & Post Harvest, and a Non-Agro segment (focusing on industrial chemicals).
This article is written for informational purposes only. Do not consider it as any kind of investment or trading advice. Investing money in the stock market carries risk, so before making any financial decision, always consult a professional advisor. The author is not a SEBI-registered investment advisor. This analysis is based on consumer trends and publicly available data for educational purposes. The author or platform will not be responsible for any profit or loss. This platform, in compliance with the Right to Freedom of Speech and Expression granted under Article 19(1)(a) of the Constitution of India, only functions to further share publicly available company news and filings. Full care has been taken for accuracy, but complete accuracy cannot be guaranteed. For credibility, do make sure to check the original documents issued by the company, the link to which has been provided in the article.
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