UPL Limited has informed the Exchange about Investor Presentation
UPL Limited, Uniphos House, C.D. Marg, 11th Road, Madhu Park, Khar (West), Mumbai – 400052, India
w: www.upl-ltd.com e: contact@upl-ltd.com t: +91 22 6856 8000
May 12, 2025
BSE Limited Mumbai
National Stock Exchange of India Ltd. Mumbai
SCRIP CODE – 512070/890209
SYMBOL: UPL/UPLPP1
Sub.: Investor presentation
Dear Sir/Madam,
This is with reference to our letter dated May 05, 2025 regarding intimation of schedule of Analysts / Institutional Investor Meeting to be held on May 12, 2025.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing investor presentation for the quarter and year ended 31st March, 2025 which will be presented to the investors and would also be available on our website at https://www.upl-ltd.com/investors/financial-results-and-reports/financial-results .
We request you to take the above information on records.
Thanking you,
Yours faithfully, For UPL Limited
Sandeep Deshmukh Company Secretary and Compliance Officer (ACS-10946)
Encl.: As above
Cc.: 1. London Stock Exchange 2. Singapore Stock Exchange
Registered Office: 3-11, GIDC, Vapi, Valsad - 396 195, Gujarat, India. P +91 260 2432716 CIN: L24219GJ1985PLC025132
Resilient Core. Future Ready.
Capital Markets Day 12 May 2025
Public
• Safe Harbor Statement
This document contains certain forward-looking statements with respect to the financial condition, results of operations and business
of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to these items. Examples of forward-looking
statements include statements made about our strategy, estimates of sales growth, future EBITDA and future developments in our
organic business. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”,
“believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their
nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are
many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-
looking statements. These factors include, but are not limited to, domestic and global economic and business conditions, the
successful implementation of our strategy and our ability to realize the benefits of this strategy, our ability to develop and market new
products, changes in legislation, legal claims, changes in exchange and interest rates, changes in tax rates, raw materials and
employee costs, our ability to identify and complete successful acquisitions and to integrate those acquisitions into our business, our
ability to successfully exit certain businesses or restructure our operations, the rate of technological changes, political, economic and
other developments in countries where UPL operates, industry consolidation and competition. As a result, UPL’s actual future results
may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors
that could cause future results to differ from such forward-looking statements, see also Risk management, of our Annual Report.
Capital Markets Day 2025
2
Public
• Agenda
Meet the presenters today
Jai Shroff
Chairman and Group CEO
Anand Vora
Chief Financial Officer
Mike Frank
CEO, UPL Corporation
Bhupen Dubey
CEO, Advanta Seeds
Ashish Dobhal
CEO, UPL SAS
Raj Tiwari
CEO, Superform
Capital Markets Day 2025
3
Resilient Core. Future Ready. FY25 Performance Jai Shroff, Chairman and Group CEO
Public
• FY25 Scorecard
Strong overall performance, in line with guidance | Industry Leader
Revenue Growth
4–8%
Guidance in FY25
8%
Achievement in FY25
EBITDA Growth
>50%
Guidance in FY25
Operational Free
Cash Flow Generation
47%
Achievement in FY25
$300–$400Mn
Guidance in FY25
$530Mn
Achievement in FY25
Upper End of Guidance
Near Guidance
Outperformed Guidance
Volume led growth across platforms and key markets
Led by strong H2 recovery; driven by product mix, rebate normalization, lower COGS
Net debt lowered by ~$1Bn, supported by strong operational free cash generation; WC days down by 33, through lower inventories, tighter credit controls
5
Public
Resilience through Global Footprint
Trusted globally, geographically diverse revenue base
1
Diversified presence
>140 countries outreach
Regional revenue mix (%)
38
15
13
13
21
Latin America
Europe
North America
India
Rest of World
2
Market leadership
5th largest global crop protection company
Leading player in biosolutions
3
Strong and well-diversified customers
<3% of total revenue from largest customer
Strategic partnership through associates (e.g. Origeo, Sinova)
Diversified crop segments across row crops and specialty crops in targeted geographies
Leading volume growth
Capital Markets Day 2025
6
Public
Resilience through Smart Business R&D
Customer focused R&D, with robust innovative product pipeline
1
Customer centric R&D
2
IP strength in formulations
3
Robust innovation pipeline
4
Broad portfolio spectrum
Farmer ‘pain point’ driven innovation and value creation
>15,000 product registrations
~2% of revenue from new launches
~38% share of differentiated and sustainable products
>$100 Mn new launches in FY25
>2,700 patents
>14% Innovation rate in crop protection platform
>900 hybrid and in-bred seed varieties over 40+ crops
>30% of current portfolio is IP protected
~30% Strong innovation index in seeds platform
Capital Markets Day 2025
7
Public
Resilience through Operational Excellence
Leveraging our uniqueness through safe and reliable operations
1
Safety and sustainability
2
Manufacturing excellence, supply reliability
3
Asset advantage
Ranked #1 Ag-chem company in ESG by DJSI(1); part of DJSI World Index
Safety training culture Global TRFR of 0.22; all lagging indicators improved vs. LY
High backward integration for major active ingredients (AIs)
Deep market penetration, with low-cost base
43 global manufacturing facilities to serve customers
12,000+ highly engaged and culturally diverse workforce Employee engagement score of 89 (+5 vs. LY), top quartile in the industry
Focus on sustainable technology Wind and solar power
Continued investment in manufacturing capabilities
(1) DJSI: Dow Jones Sustainability Index
Capital Markets Day 2025
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Public
Resilience through Strong Governance Across Platforms
Strong governance with highly experienced board members
Platform
International Crop Protection Platform
India Crop Protection Platform
UPL Corporation Ltd.
UPL Sustainable Agri Solutions Ltd.
Global Seeds Platform
Advanta Enterprises Ltd.
Manufacturing and Specialty Chemicals
UPL Ltd. (Superform Chemistries Ltd.)
Marquee Investors
Number of Directors
Independent Directors (%)
Average Experience (Independent Directors)
Capital Markets Day 2025
13
53%
8
38%
12
50%
6
33%
35 years
33 years
30 years
30 years
9
Public
• Resilience through Leadership in Sustainability
Deepening our Roots into Sustainability
Our Goals 01 Reduce Environmental Footprint
02 Enhance World Food Security
03 Enhance Sustainable Sourcing
04 Strengthen Community Wellbeing
Carbon, Water and Waste Neutrality Roadmap
Reduction in intensity
By 2024-25 Planned Target
2024-25 Actual Performance
By 2034-35 Mid Term Target
By 2039-40 Long Term Target
CO2
Water
Waste
25%
20%
25%
37%
49%
52%
64%
64%
64%
Carbon Neutral
Water Neutral
Zero Waste to Landfill
SBTi Verified Targets
Included in DJSI World Index
Listed in CDP Leaderboard
#1
Rated 1st among Agrochemicals
Logo holder of RC and FTSE4Good
Committed for UNGC 10 Principles
10
Public
• FY25 Focus Update
Focus on value creation, through operational and financial excellence
Committed
Improve Capital Efficiency and Profitability
Faster Growth across Platforms
Unlocking Value of Platforms
Improve Cashflows; Focus on Deleveraging
Delivered
Lowered net debt by >$1 Bn, with strong EBITDA growth
Margin accretion led growth, turnaround in key markets; independent governance structure
Successfully raised $350M through Advanta
Operational free cash flow ~$530 Mn, deleveraging started
Future Ready
Strong platform financials to capture emerging opportunities
Capital Markets Day 2025
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11 11
Public
Strong Financial Recovery in FY25 FY25 Performance | Industry Leader Anand Vora, Chief Financial Officer
Public
UPL Ltd. in FY25
Key highlights - a year of strong recovery
8%
Revenue Growth
47%
EBITDA Growth
53
Net WC days
$1.6Bn
Net debt
Capital Markets Day 2025
Industry leading volume growth
• Strong recovery across key crop protection, seeds and specialty chemical
markets
• New product launches of ~$100 Mn led improved product mix across platforms
Margins improved by a strong 460bps
• Led by improved mix, rebate normalization, and lower COGS, along with
overheads optimisation and productivity enhancement
• EBITDA margins back to ~20%, two quarters in a row
Lowered by 33 days
Lowered by >$1Bn vs. LY
•
Inventory optimization and tighter credit controls led cash release
• Led by higher operating free cash flow of $530 Mn and gross proceeds from
capital transactions of $550 Mn
13
Public
Recovery in Q4FY25
Improved margins, volume led growth leading to strong EBITDA
Particulars (₹ in billion)
Revenue
Contribution Profit
Contribution Margin (%)
Fixed Overheads
EBITDA
EBITDA Margin (%)
Depreciation & Amortization
Net Finance Cost
FX Gain / (Loss)
Other Income / (Loss)
PBT
Tax
PAT before AI, MI and Exceptional items
PAT before MI
PAT after MI
Q4FY25
Q4FY24
Change (%)
Revenue Variance (Q4FY25 vs Q4FY24)
155.7
59.3
38.1%
26.9
32.4
20.8%
7.0
8.0
(0.8)
0.3
16.8
3.0
13.8
10.8
9.0
140.8
41.4
29.4%
22.1
19.3
13.7%
7.9
8.0
(2.5)
0.0
0.9
1.1
(0.2)
(0.8)
0.4
11%
43%
870bps
22%
68%
710bps
11%
1%
Volume
Price
1%
FX
EBITDA Variance (Q4FY25 vs Q4FY24) (₹ in billion)
4.0
19.3
13.9
-4.8
32.4
Q4FY24
Vol./ mix
Price, fx, cost
Fixed o/hs
Q4FY25
Strong revenue growth across platforms
CM: Margin accretion vs. LY, led by product mix, rebate normalization, and lower COGS
Higher SG&A vs. LY, due to bonus provisioning, LATAM delinquencies
EBITDA led by improved contribution margin
Net Profit strong recovery through overall business performance
Capital Markets Day 2025
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Public
Recovery in FY25
Strong volumes led growth; EBITDA in line with guidance
Particulars (₹ in billion)
Revenue
Contribution Profit
Contribution Margin (%)
Fixed Overheads
EBITDA
EBITDA Margin (%)
Depreciation & Amortization
Net Finance Cost
FX Gain / (Loss)
Other Income / (Loss)
PBT
Tax
PAT before AI, MI and Exceptional items
PAT before MI
PAT after MI
FY25
466.4
181.7
39.0%
100.5
81.2
17.4%
27.5
30.9
(7.1)
1.4
17.1
0.1
17.0
8.2
9.0
FY24
431.0
149.9
34.8%
94.7
55.2
12.8%
27.6
30.9
(12.9)
0.4
(15.9)
(2.1)
(13.8)
(18.8)
(12.0)
Change (%)
Revenue Variance (FY25 vs FY24)
8%
21%
420bps
6%
47%
460bps
13%
3%
Volume
Price
2%
FX
EBITDA Variance (FY25 vs FY24) (₹ in billion)
14.1
-5.8
17.7
55.2
FY24
Vol./ mix
Price, fx, cost
Fixed o/hs
81.2
FY25
Robust growth across platforms
CM: Margin accretion through product mix, rebate normalization, and lower COGS
Higher SG&A vs. LY, mainly due to bonus provisioning, and LATAM delinquencies
Strong EBITDA driven by contribution and robust H2 performance
Net Profit strong recovery, led by robust overall delivery
Capital Markets Day 2025
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Public
FY25 Working Capital
Improved inventory management and better collections led sharp drop in working capital Inventory
Receivables
Payables
FY25
FY24
FY25
FY24
FY25
FY24
₹103.2 billion
₹127.8 billion
₹130.7 billion
₹146.0 billion
₹166.2 billion
₹172.4 billion
DIO
DSO
108
102
124
81
DPO
130
146
Net Working Capital
FY24
₹101.4 billion
FY25
₹67.6 billion
Net Days
86
53
FY25
FY24
FY25
FY24
FY25
FY24
FY25
FY24
Note: As a risk management measure, receivables are factored on non-recourse basis to banks. Non-recourse receivables factoring as of 31 Mar ’25: ₹88.8 Bn ($1,038 Mn), 31 Mar’24: ₹85.3 Bn ($1,023Mn)
DIO lowered by 27 days (~₹25 Bn) through improved operational efficiency, and inventory management
DSO lowered by 22 days (>₹15 Bn) despite 11% yoy revenue growth in Q4, through better collections, tighter credit control
Working Capital lowered by 33 days vs. Mar, 24
Capital Markets Day 2025
16
Public
Net Debt Reduction
Net debt lowered by ~$1.04 Bn vs. LY
Net Debt Position
Particulars ₹ billion
FY25
FY24 Change (%)
Particulars $ million
FY25
FY24 Change (%)
Gross Debt
₹237.1
₹284.4
(₹47.2)
Gross Debt
$2,774
$3,410
($635)
Cash and Cash Equivalent
₹98.6
₹62.6
₹35.9
Cash and Cash Equivalent
$1,153
$751
$402
Net Debt
₹138.6
₹221.7
(₹83.2)
Net Debt
$1,621
$2,659
($1,037)
Net Debt Adjusted for Currency Impact(1)
₹135.2
₹221.7
(₹86.5)
Net debt to EBITDA
1.7x
4.0x
• Higher operating free cash flow • Two key capital transactions Rights issue:
$200 Mn; Advanta stake sale: $350 Mn
(1) Excluding impact of INR depreciation in FY25 (from INR 83.41 on 31 Mar’24 to INR 85.48 on 31 Mar’25). INR depreciation impact was INR 3.4 Bn
Capital Markets Day 2025
17
Public
Resilient Core. Future Ready. UPL Corporation Ltd. Mike Frank, Chief Executive Officer
Public
UPL Corp in FY25
Key highlights (1/2): driving growth through efficiency and innovation
Improved Business Quality
1
• Industry leading vol. growth; higher penetration in key markets
• Outpaced peers: revenue, EBITDA recovery, lower net WC days,
led to free cash generation
• Differentiated/ sustainable mix up to ~38%
Building Market Excellence, Driving Innovation
2
• Launched >200 new products (~$93 Mn); CM%: ~40%
• Innovation rate: >14%
• Dithane® acquisition; cyproflanilide in-licensing
Organizational Readiness
3
• High employee engagement score, in top quartile
• Increased focus, visibility on talent pipeline, succession planning
• Disciplined SG&A spend
19
UPL Corp in FY25
Key highlights (2/2): driving growth through efficiency and innovation
Regulatory and R&D
4
• Application of GenAI for dossier preparation
(regulatory powerhouse)
• Increased use to drive global regulatory
operational efficiency
Supply Chain Management
5
• Successful execution of green field projects (China formulation plant, Bio Plant/ RSA)
• Lower inventory forward coverage (<100 days
from ~137 days)
Process Improvement
6
• Leveraged data & analytics: implementing churn/ cross-sell across 20 countries with positive impact
• Successful implementation of S4HANA
20
UPL Corp Q4FY25
Industry leading volume growth, EBITDA margins over 19%
Particulars (₹ in billion)
Q4FY25
Q4FY24
Change (%)
Revenue
Contribution Margin (%)
SG&A
EBITDA
In % Revenue
120.7
32.5%
16.1
23.1
19.2%
101.9
22.7%
13.9
9.2
9.0%
18%
990bps
16%
152%
1,020bps
Numbers after considering proforma adjustments
Revenue Variance (Q4FY25 vs. Q4FY24)
16%
4%
2%
Volume
Price
FX
Revenue
• Strong recovery, led by volumes, mainly in North
America and Europe
• Fungicide volumes (e.g., mancozeb) grew >30% • Herbicides recovery in North America and LATAM
regions, supported by volumes
Contribution Margin
• Accretion led by product mix, rebate normalization
(mainly North America), and lower COGS
SG&A
EBITDA
• Adjusting for ECL and bonus provisions, SG&A
increased by 4%
• Significant improvement led by contribution, supported by operating leverage from productivity enhancement
• Margins back to ~19%, two quarters in a row
21
UPL Corp Q4FY25 by Regions
Volume led growth across regions, primarily in North America and Europe
Region-wise Revenue (₹ in billion)
11.5
101.9
(0.0)
6.5
1.3
120.7
LATAM
• Volume growth offset by pricing and unfavorable fx • Challenges w.r.t. distributor delinquencies persist
North America
• Strong volume recovery (+65% vs. LY), led by key
herbicides and fungicides
• Margin recovery supported by rebate normalization
Europe
• Strong fungicides volumes (e.g., captan), herbicides (e.g., clethodim, metamitron), supported by pricing • NPP growth (>20% vs. LY), led by higher volumes in
copper / sulphur products
ROW
• Africa flat; volumes offset by pricing and fx • Growth led by China and SE Asia
Q4FY24
LATAM
NA
Europe
ROW
Q4FY25
22
UPL Corp FY25
Strong volume growth; significant EBITDA recovery vs. LY
Particulars (₹ in billion)
Revenue
Contribution Margin (%)
SG&A
EBITDA
In % Revenue
FY25
343.8
32.5%
61.5
50.3
14.6%
Numbers after considering proforma adjustments
Revenue Variance (FY25 vs. FY24)
16%
3%
Volume
Price
FY24
Change (%)
• Strong overall volumes, driven by North America,
308.8
26.1%
59.7
20.9
6.8%
11%
640bps
3%
141%
790bps
Europe and LATAM
Revenue
• Fungicide volumes growth across key regions • Herbicide recovery, mainly in North America and LATAM
regions, driven by volumes
Contribution Margin
• Accretion led by product mix, rebate normalization, and
lower COGS
SG&A
EBITDA
• Adjusting for ECL and bonus provisions, SG&A reduced
by 1%
• Strong recovery through improved contribution, partly
offset by higher SG&A
2%
FX
23
UPL Corp FY25 by Regions
Strong volume growth led by North America, Europe, and LATAM
Region-wise Revenue (₹ in billion)
11.4
0.7
343.8
LATAM
22.0
308.8
2.9
North America
Europe
• Volume growth in Brazil (Evolution®, Feroce®, Select®), and other LATAM offset by pricing and fx pressure; pre- emergent herbicides impacted, in Argentina, Mexico
• Moderate NPP growth through volumes (e.g.,
Kasumin®, Biozyme®)
• Significant volume growth across portfolios, led by
herbicides (Interline®, Moccasin®)
• Strong in-season demand, channel inventories at
normal levels
• Strong volume growth across key portfolios, led by
fungicides (Proxanil®, captan)
• ~28% growth in NPP, led by volumes in copper/ sulphur, mainly in the Mediterranean region
FY24
LATAM
NA
Europe
ROW
FY25
ROW
• Moderate growth in Africa, despite robust volumes • Growth in China offset by decline in Japan (insecticides),
glyphosate in Australia
24
UPL Corp FY25
Volume led increased share of differentiated / sustainable segment, with improved margins Segment Revenue Share (%)
FY24
FY25
35
65
~300 bps increase in segment revenue share
38
62
Differentiated/ sustainable
Post patent
Both Differentiated and Sustainable segments have grown by ~10% – 11% each
in FY25, led by volumes
• Growth primarily in LATAM, Europe, supported by North America • Key differentiated products include Feroce® and Evolution® in Brazil, and
herbicides in North America
• Among NPP products, strong volume led growth in copper/ sulphur products
(+50% vs. LY) and Yukon®, mainly in Europe
25
UPL Corp FY25
Strong Differentiated Launches, Drive Innovation and Margin Accretion Accelerated volume growth continues to demonstrate wider product acceptance
Brand
Winger®
Feroce®
Shenzi®
Evolution®
Portfolio
Herbicides
Insecticide
Insecticide
Fungicide | MMX Platform
UPL Value Capture
Effective tool for weed control in row crops, straightening our offer to farmers.
Superior offering against sucking pest for soy, corn
Focus to strengthen offering in soybean, corn and cotton, increase share with platform
Better multi-site tech, superior disease solution / resistance mgmt; higher productivity stability
Key Geographies
LATAM, ROW
BRAZIL
GLOBAL
BRAZIL
Growth Driver
Successful NPL in FY25
+80% Volume Growth vs. LY
+24 New Countries in FY25
+17% Volume Growth vs. LY
26
UPL Corp FY26
FY26 Outlook
Capital Markets Day 2025
27
UPL Corp FY26
Continue to Lead Industry Through Focused Operational Strategies
1
2
3
Deliver Operational Excellence
Drive Improved Margins
Create Organizational Efficiencies
To deliver best-in-class customer outcomes
Disciplined resource allocation and portfolio management, to deliver both contribution and EBITDA margin expansion
By transforming our Operating Model to bring in efficiencies and growth
Capital Markets Day 2025
28
UPL Corp FY26 Priorities
Driving growth, efficiency and operational excellence
Accelerate Innovation • Prioritizing product
registrations (new AIs)
•
Improved innovation rate
• Higher NPLs (>$130 Mn) in
FY26
Profitable Growth • Margin over volumes (product mix, NPLs)
Cash • Better credit terms, improve billing cycles for payables
• SKU rationalization
• Reduce low margin sales
•
Implement channel “sell- out” globally
• Accelerate cyproflanilide regulatory timelines
• Maintain industry leading
working capital days
• Continue to drive sales closer
to season (e.g., Brazil)
Capital Markets Day 2025
29
Sustainability at UPL Corp
Maintain leading position in our sustainability portfolio - NPP Focus on delivering new AIs and expanding our market footprint
Overview
Volume led revenue growth and profitability, despite challenges demonstrate our product acceptance
Ambition to grow faster vs. market (~13% CAGR in FY25-FY30)
Key Focus Areas and Drivers
Portfolio Strategy
GTM Strategy “Closer to Farmer”
Geographic Expansion
• “Hero products”, through new volumes,
• Demand generation / sell-out for existing
• Successful launches in Brazil (e.g.,
portfolio rationalization
products
• Innovation (in-house, partnerships):
• ProNutiva® expansion
expand biocontrol, microbials, pherormones, enzymes
• Label extension in new segments (e.g., corn
in LATAM region)
Nuvita®, Nimaxxa®), North America (Gaxy®, Vacciplant®)
• Leverage market access through partnership (e.g., Europe, LATAM)
>$700 Mn
Sales (ex. India) by FY27
10
New technology in development pipeline
Sustainable Solutions
Capital Markets Day 2025
30
UPL Corp FY26
Increased focus on differentiated and sustainable offering pipeline
Peak Pipeline Composition (%)
Peak Pipeline Value (PPV) and Other Pipeline Metrics
20
~$4.3 Bn
Risk Adjusted Peak Sales(2) Outlook
80
Post Patent Solutions
Differentiated and Sustainable Solutions
$1.5 Bn
Risk Adjusted Annual Sales expected by FY30
26
New molecules(3) in development pipeline
~25%
FY30 innovation rate(1) Annual Target
17
Platforms of solutions in development
Notes: 1 Innovation sales is defined as sales from products launched in the last 5 years. Innovation rate is innovation sales rate compared to total annual sales. 2 Considers the highest expected sales by project in any given year, risk adjusted per internal estimates assigning technical probability of success to the best of our knowledge at the time of the projection; does not consider commercial risks 3 New molecules defined as new Active Ingredients and BioSolutions
Capital Markets Day 2025
31
Resilient Core. Future Ready. UPL SAS Ashish Dobhal, Chief Executive Officer
32
Public
UPL SAS in FY25
FY25 key highlights | Transformed to drive sustainable growth
Operational Excellence and Working Capital Efficiency
Market & Channel Optimization
Strategic Portfolio
1
• Prudent credit policies
and working capital usage
2
• Placement aligned closely with season, dynamic forecasting
3
• Reduced SG&A and increased
trainings
1
• Expanded beyond traditional focus: corn, sugarcane, rice
2
• Strengthened channels through
strategic partnerships
3
• Aligned go-to-market with evolving demand pockets
1
2
• Herbicides, new products and NPP biggest contributors for growth
• Resurgence of legacy brands Saathi®, Saaf®, Lancer Gold®
3
• Pruned low-margin product tail
Digital enablement of Distribution Channel and Field Force
33
UPL SAS Q4FY25
Volume driven revenue growth, good margin recovery with strong free cash flows
Particulars (₹ in billion)
Q4FY25
Q4FY24
Change (%)
Revenue
Contribution Margin (%)
Fixed Overheads
EBITDA
6.8
27.8%
1.0
0.9
4.3
5.7%
0.7
(0.4)
2,210bps
46%
NA
EBITDA Margin (%)
13.8%
(9.4%)
2,320bps
Note: Above financials pertain to India Crop Protection business only based on proforma adjustments and exclude ‘Nurture’
57%
Revenue
• Strong volume led growth (+57%), on account of good
rabi season liquidation
Contribution Margin
• Margin accretion led by favorable product mix (e.g.,
Iris®, Patela®, Saathi®, Electron®, Cascade®, among others)
EBITDA
• Driven by higher contribution, partly offset by increased overheads from personnel expense normalization vs. LY, A&P spends for new products, among others
Cash from Operations
• Significant improvement, led by major reduction in
receivable and inventory days vs. LY
Capital Markets Day 2025
34
Public
UPL SAS FY25
Volume led growth and strong margins
Particulars (₹ in billion)
Revenue
FY25
32.3
FY24
28.5
Change (%)
13%
Contribution Margin (%)
26.8%
19.2%
760bps
Fixed Overheads
EBITDA
4.3
4.4
4.1
1.3
3%
232%
EBITDA Margin (%)
13.7%
4.7%
900bps
Note: Above financials pertain to India Crop Protection business only based on proforma adjustments and exclude ‘Nurture’
Contribution Margin
• Strong volume led growth (+13%), driven by herbicides (Centurion®, Canora®, Iris®, Patela®, Sweep Power®, Ferio®, among others), new launches, NPP portfolio
Revenue
•
•
Improved share of strategic crops (e.g., corn, rice, sugarcane) offset decline in cotton
Improvement led by portfolio rationalization, new launches and stable input cost
‘Nurture’ Performance Update (FY25)
GMV ₹2 Bn
EBITDA (₹0.9Bn), narrowed vs. (₹1.0Bn) LY
Nurture.retail growing exclusive product basket
Highlights Rise in active user up by 45% Engagement time up by 60% in the App Making headway towards sustainable food chain and collaboration with value chain partners
Capital Markets Day 2025
EBITDA
• Driven by improved contribution and overall efforts in
optimization for leaner and efficient structure
Cash from Operations
• Significant improvement, led by major reduction in
receivable and inventory days vs. LY
35
Public
UPL SAS FY26
Key business priorities
Continued operating excellence
Drive ESG
▪ Improve margins (crop
▪ Expand differentiated/
diversification, tail rationalization, NPP portfolio, new launches)
sustainable segment (FY26: ~45% from ~40% in FY25)
▪ Productivity based spending (tech enabled efficiencies)
▪ Tighter credit control, commercial policy to sustain optimized WC
▪ Shashwat Mithaas -
sugarcane, Rice Carbon Program, ProNutiva®, NPP
▪ Health and safety drive; insurance to farmers/ retailers
▪ Formalized sustainability
committee, cyber risk policies
Digital transformation
▪ Farmily : empowering
business through digital engagement with channel partners
▪ Nurture : Tech platform helping farmers build a resilient and sustainable farming eco-system
▪ Swift Squad / Distributor 360
Sales uplift via digital tracking of demand generation and superior customer analytics
Strong NPL pipeline, with ~₹2 Bn revenue expected in FY26 (first year of sales)
Capital Markets Day 2025
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Public
Resilient Core. Future Ready. Advanta Enterprises Bhupen Dubey, Chief Executive Officer
Public
Advanta in FY25
Advanta ranked among top 10 seeds company globally
Rank Company
1
2
3
4
5
6
7
8
9
Bayer
Corteva Agriscience
Syngenta
BASF
Vilmorin
KWS
Longping High-Tech
DLF
AgReliant Genetics
10
11
12
Advanta
Sakata
Takii
Source: Agbioinvestor
Capital Markets Day 2025
Seed Company Sales Fiscal 2023
2022 ($M)
10,768
2023 ($M)
11,879
8,979
3,797
1,967
1,787
1,734
1,091
1,283
550
443
550
443
9,472
3,762
2,121
1,982
1,904
1,279
1,230
556
501
501
380
Change (%)
10.3
5.5
-0.9
7.9
10.9
9.8
17.2
-4.1
1.1
13.1
-9.0
-14.2
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Public
Advanta in FY25
Key highlights | Continue to deliver double digit growth
12%
Revenue Growth
11%
EBITDA Growth
Led by a mix of volume and prices
Sustained strong margins
• Strong traction across key products, with good growth across major regions
• Strong recovery in H2, despite product availability challenges in H1
Portfolio expansion
Strengthening our leadership position
• Strong demand for field corn across tropical regions • Launch of 80 new products across all crops, geographies (new commercial) •
‘Igrowth’: leadership position for grain sorghum across Americas
Best-in-class valuation multiples
Capital Markets Day 2025
Enterprise valuation of ~$2.8 Bn
• Recently concluded ~12.5% stake sale to Alpha Wave for a total consideration of
$350 Mn
39
Public
Advanta Q4FY25
Robust revenue growth and increased profitability in challenging environment
Revenue +37% vs. LY
EBITDA +160% vs. LY
• Volume: 29%; Price: +6%, FX: +1% • Higher volumes and improved realizations in corn,
sorghum, canola and vegetables
• Healthy volume traction in sorghum, field corn and
vegetables
• Significant improvement in margins, driven by favorable crop mix, partly offset by higher production costs due to weather, and lower recoveries in India, Australia, Thailand and Indonesia
• Lower fixed overheads as % of sales vs. LY
Particulars (₹ in billions)
Q4FY25
Q4FY24 Change (%)
Revenue
Contribution Margin (%)
Fixed Overheads
EBITDA
15.4
57.3%
4.3
4.5
11.2
48.0%
3.6
1.7
37%
930bps
18%
160%
EBITDA Margin (%)
29.5%
15.6%
1,390bps
Regional Mix (Q4FY25 vs. Q4FY24)
6
18
6
20
Q4FY25
45
41
Q4FY24
32
33
Asia / AME
Americas
Australia
Europe
Capital Markets Day 2025
40
Public
Advanta FY25
Healthy all-round operational performance
Particulars (₹ in billions)
Revenue
Contribution Margin (%)
Fixed Overheads
EBITDA
FY25
46.3
57.8%
14.9
11.8
FY24 Change (%)
41.5
57.1%
13.0
10.7
12%
70bps
15%
11%
EBITDA Margin (%)
25.5%
25.7%
(20bps)
Regional Mix (FY25 vs. FY24)
2
11
2
11
FY25
52
FY24
49
35
38
Asia / AME
Americas
Australia
Europe
Revenue +12% vs. LY
• Volume: +7%, Price: +4%, FX: +1%
• Strong traction in field corn, sunflower, canola, sorghum, led by higher volumes, realizations
EBITDA +11% vs. LY
• Continued strong performance in FY25 (record sales
and collections vs. prior years)
•
Improved contribution margins driven by overall higher volume growth and favorable product mix
• Higher fixed overheads, in-line with future growth
strategy; controlled spend despite Argentina inflationary impact, and other investments
• Robust FY25 operating profitability (building on past performance: EBITDA CAGR +19% from FY22-FY25)
Capital Markets Day 2025
41
Public
Advanta
Traction across key crops led by targeted initiatives
Key Crops
Field Corn
Grain & Forage Sorghum
Sunflower & Canola
Vegetables & Fresh Corn
Key Technology Brands
Note: *Other Crops account for the balance 4%.
FY25 Revenue Share* (%)
Growth Drivers & Differentiating Factors
New Pre-commercial and Commercial
41%
25%
17%
• New market segments accessed through new products resulting in addressable
market expansion
• ‘Igrowth’ continues to position our grain sorghum leadership across Americas • Agility to overcome inventory shortages and maximize market opportunities in
Argentina and Australia
• Sunflower driven by high oil % and yield on renewed portfolio in Argentina, go-to-
market in Europe
• Expanded portfolio in Australia, driving market growth along with higher MS%
13%
• Bounced back on okra leadership (India) through new regional product launches • Portfolio expansion in other vegetables (peas, cauliflower, cabbage) • Building exclusive verticals in markets outside India, to focus and enhance
customer service
# 19 hybrids # 7 countries
# 13 hybrids # 7 countries
# 8 hybrids # 3 countries
# 37 hybrids # 3 countries
42
UPL Ltd. FY25 HSE Performance Raj Tiwari, Chief Executive Officer, Superform
Public
Safety Culture Transformation Journey
April’22
Establish Framework
Influence & Implement Change
5 months
9 months
Build Sustainability
12 months
May’24
Diagnostics2
Build Thinking & Strategy
10 months
March’25
Safety Culture Journey owned and sustained by UPL
▪ Diagnostic Assessment ▪ Build awareness ▪
Leadership Commitment
▪ Build Competence ▪ Handhold Implementation ▪ Build Line Management accountability ▪
Communicate and Engage
▪ ▪
▪
Penetrate Engagement Line management leads implementation Standardize processes
2nd Diagnostic Assessment
▪ ▪ Develop further capability for building the thinking
Organization
▪ Build the Safety Team accountability to take over
the role of Swasya
▪ 3 tier Active Governance Structure ▪ Ongoing monitoring of KPI ▪ Team Accountability ▪ Continual learning and implementation
▪ Human Process Consulting by an Augmented
Approach for Safety Culture Change
▪ Ongoing monitoring and sustenance of KPI ▪ Continual learning and implementation ▪ Capability building for leading safety
44
Public
Resilient Core. Future Ready. Superform Raj Tiwari, Chief Executive Officer
45
Public
Global Players are Increasingly adopting China + 1 Strategy and India is Well Positioned
Better Market Access
Trends impacting Indian Specialty Chemicals
Low Labor Cost
Import Substitution: Push towards self reliance, supply security for key intermediates, reduce forex outflows.
China+1 Strategy
Strong IPR Regime
India Advantage
Skilled Labor
Lower Capital Cost
Low Energy Cost
Well Developed Logistic Network
Sustainable Manufacturing, green chemistries, alternate energy sources, decarbonization are common themes across all industries.
India Emerging as Alternate Supply Location De-risk Supply Chains. Increasing FDI’s in Indian chemical sector.
End-to-end Integrated Value Chains to achieve cost competence and reduce supply disruption. India emerging as a hub for renewable energy, semiconductor industry, green hydrogen and derivatives.
Government Leading the Push towards Promoting Domestic Industry through PLI schemes, capital subsidies, guaranteed off-takes, trade remedies, plugging gaps in policy framework.
46
Public
Introducing Superform
Capital Markets Day 2025
Public
Our Strategy
Our idea
Our purpose
Our proposition
Change chemistry, Change everything.
To reinvent chemistry as the world’s most powerful force for positive change
Superform delivers high performance chemistries at scale to create wonderful impact for the world
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Public
Specialty Chemicals Restructuring | A standalone business will better serve the market
Develop & apply specialty chemistries beyond AgChem
Focus on new capabilities & partnerships
Scale up Spec Chem business faster. Unlock shareholder value for spec chem business
Achieve better operational efficiency, enhanced agility & focused approach
Revenue share in Superform
75%
AgChem
Natural Plant Protection
Spec Chem
Health & Nutrition
25% Revenue share in Superform
Animal Health
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Public
Chemistry Focused Strategies | Driving product innovation & growth
Superform’s Competitive Advantage
Large scale of operations to achieve global cost competitiveness
Access to high-quality, low- cost feedstock and economical cost of power
Complex chemistries requiring advance technology and excellence
At-site integration for use in down-stream derivatives. No transportation involved.
Key Chemistries
Emerging Trends
Superform’s Strategy
Phosphorus
Cynation
COCI2
Phosgene
Sulphur
• Global regulatory changes driving shift towards phosphorus
based FR’s
• Resurgence of lubricants demands • Phosphorous intermediates for Li-ion batteries.
• Backward integration by venturing into the manufacturing of YP • Product innovation in emerging phosphorus based FR’s market • Manufacture PCL5 to be used in manufacturing battery
chemicals
• Market growth driven by end use industries such as gold mining,
• Planned expansion of HCN - key feedstock
energy drinks, etc.
• Value added play into downstream products such as EDTA, DPG
• Consolidation happening in the industry with market growth
NPGN, CAA70% and IPDA
shifting to Asia and Africa
• 3, 4 DCPI is used in manufacturing Diuron Technical having
• JV for manufacturing and marketing 3, 4 DCPI
applications in Paints and Agro
• Currently, 3, 4 DCPI in India is entirely imported from China • Double digit growth for 2-EHCF and IPDI driven by renewable
energy & infra sector
• Growth led by key end use industries viz, mining, water
treatment & leather
• Superform to manufacture Diuron Technical for Paints and Agro
•
•
Future products pipeline include formulations, IPDI, 2-EHCF
Expansion of existing capacity of Na2S and NaSH (liq.) and extension to NaSH 70% flakes
• Derisking of global supply chains; shift towards China +1 strategy
• Value added play into downstream products such as SIOB,
DMSO, Mercaptans.
50
Public
Superform
Key highlights
1
2
3
4
YoY revenue growth of 6%; specialty chem business grew by ~24%
Entered into six binding/ non-binding MoUs for contract manufacturing; peak revenue potential of ₹15 - ₹20 Bn
New products: MCF, EDTA, Diuron, DHDT, Caffeine, Propargite, Prothioconazole
Inventory reduced by ₹3.3 Bn yoy
Capital Markets Day 2025
51
Public
Superform
Moderate revenue growth, unfavorable mix led margin contraction
Particulars (₹ in billion)
Revenue
Contribution Margin (%)
Fixed Overheads
EBITDA
EBITDA Margin (%)
FY25
101.8
22.3%
11.2
11.4
FY24
96.0
YoY (%)
6%
24.3%
(200bps)
11.0
12.3
2%
(7%)
11.2%
12.8%
(160bps)
FY25 Performance Update
• Revenue driven by recovery in specialty chemicals, overall demand upside, new launches, enhanced capacities
• Flat overheads driven by structural optimization
• EBITDA margins declined
160bps, due to some captive pricing pressure, under- absorbed factory costs
Specialty chemicals revenue and EBITDA (₹ in billion)
Revenue
EBITDA
N.B.: The Specialty Chemicals Business of UPL was transferred to Superform Chemistries Limited on 1st December 2025. The Animal Health and Health & Nutrition business were transferred to Superform in Feb, 2025. The carved accounts of Superform are audited only for FY 2023-24 & FY 2024-25 Capital Markets Day 2025
52
Public
UPL Group FY26 Outlook Anand Vora, Chief Financial Officer
Public
UPL Ltd. in FY26
FY26 Guidance
Revenue Growth
EBITDA Growth
4 - 8%
10-14%
54
Annexure
Public
Annexure
Q4 and FY25 Net Finance Cost Breakdown
Particulars (₹ in billion)
Interest on Borrowings
Interest on Leases & Others
Other Financial Charges
NPV – Interest & Finance
Interest Income
Net Finance Cost
Q4FY25
Q4FY24
Change (%)
4.6
2.7
0.6
0.8
(0.8)
8.0
5.7
2.4
0.4
0.8
(1.2)
8.0
(18%)
13%
40%
6%
(38%)
(0%)
FY25
21.1
8.0
2.0
3.3
(3.5)
30.9
FY24
Change (%)
20.9
8.4
1.6
4.5
(4.5)
30.9
1%
(5%)
27%
(27%)
(22%)
0%
Capital Markets Day 2025
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Public
Annexure
Balance Sheet FY25
Particulars (₹ in billion)
YTD Mar'25
YTD Mar’24
Particulars (₹ in billion)
YTD Mar'25
YTD Mar’24
Equity Share Capital
Other Equity
Total Equity
Non-Controlling Interests
Non-Controlling Interest - Perpetual Bonds
Borrowings
Lease Liabilities
Other Long-term Liabilities
Deferred Tax (Net)
Provisions and Others
Total Liabilities
Capital Markets Day 2025
1.6
290.6
292.2
56.3
29.9
237.1
13.8
0.3
(13.3)
17.5
633.7
1.5
Fixed Assets
246.6
Tangible Assets
248.1
Intangible Assets
49.1
29.9
Right of use assets
Goodwill
284.4
Total Fixed Assets
13.2
Investments
2.2
Inventory
(11.9)
Trade receivables
16.1
Trade payables
631.0
Other liabilities
Working Capital
Cash and Bank
Loans and advances and other current assets
Total Assets
87.2
109.1
13.2
206.8
416.3
16.3
103.2
130.6
(146.4)
(19.7)
67.6
98.6
34.9
633.7
95.5
110.2
12.7
201.8
420.2
14.9
127.8
146.0
(156.9)
(15.6)
101.4
62.6
31.9
631.0
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Public
Annexure
Debt Profile as of 31 March 2025
Debt by Security (%)
Debt by Tenure (%)
Long term
Short term
Short term loan includes $500 M 5-year term loan maturing in Mar 26
23
77
Unsecured
Secured
USD
BRL
INR
Others
100
Debt by Currency (%)
4 1
95
Capital Markets Day 2025
All data as of March 31, 2025
58
Public
Capital Markets Day 2025
59
Public