UPL Ltd

- UPL Limited plans a Rights Issue with the second and final call of Rs. 180 per partly paid equity share amounting to Rs. 1,688 crores ($200 million), representing 50% of the total issue price of Rs. 360 per share. The record date is August 1, 2025, with proceeds expected by end of September 2025, subject to regulatory clearance (Page 4). - Recently prepaid a scheduled $250 million long-term loan due in September 2025, showcasing strong liquidity (Page 3). - Redeemed perpetual bonds totaling $400 million in May 2025 at the first call (Page 3). - Overall focus remains on capital efficiency, deleveraging, and strengthening the balance sheet with continued strong liquidity generation (Pages 3 and 7).

The transcript does not explicitly mention current or future capex or specific strategic capital investments. However, some relevant points related to investment and growth initiatives include: - Advanta (Seeds platform) is exploring inorganic options and routinely scouting for assets that fit the portfolio, indicating potential future strategic acquisitions (Page 15). - Focus on operational efficiency and strategic sourcing is emphasized, contributing to a favorable cost position in Crop Protection (Page 5). - The company continues to invest in marketing excellence and new product pipeline development, targeting $130 million of new revenue from product launches, mostly in the second half of the year (Page 10). - Capital efficiency and deleveraging remain priorities, as evidenced by debt reduction and improved gearing ratios (Pages 4, 7). - Capacity building includes recruitment and overhead increases that relate to next 3-4 quarters, implying ongoing investment in human capital and operations (Page 23). No specific capex values or projects were detailed.

- UPL Limited expects FY '26 revenue growth of 4% to 8% and EBITDA growth of 10% to 14% compared to last year (Page 13). - India crop protection (UPL SAS) saw strong 13% revenue growth in Q1 driven by 9% volume growth and 4% pricing improvement (Page 11). - Advanta (seeds platform) delivered double-digit revenue growth of 20%, with robust volume expansion of 12%, and anticipates further growth with new market entries and product launches (Pages 11, 23). - SUPERFORM, the specialty chemicals platform, grew 9% led by volume and expects continued volume-driven growth (Pages 11, 23). - Latin America, particularly Brazil, faced Q1 headwinds but is expected to recover with good growth in H2 FY '26 (Page 9, 21). - Pricing declines were modest at 1% in Q1 with some early signs of price increases in key products, suggesting potential positive pricing trends ahead (Pages 24, 14). - Growth outlook is margin accretion-led with stronger second-half contributions and ongoing operational efficiencies (Pages 13, 10).

- UPL Limited maintains FY '26 guidance of 4% to 8% revenue growth and 10% to 14% EBITDA growth versus last year. (Page 13) - The company expects margin accretion-led growth for the rest of FY '26, reflecting improved operational efficiency and product mix. (Page 13) - Q1 showed double-digit EBITDA growth with margin improvement of 150 basis points, indicating positive earnings momentum. (Page 12) - Initiatives such as new product launches (targeting $130 million revenue from product launches mostly in H2 FY '26) support growth. (Page 10) - Working capital management and debt reduction efforts improve financial health, supporting sustainable profit growth. (Pages 6 and 11) - Advanta seeds platform and SUPERFORM specialty chemicals platform showed double-digit and robust volume-led growth, respectively, supporting earnings. (Page 11) - Pricing and volume are expected to improve in Q2, particularly in Latin America and Europe. (Pages 23 and 22)

- The current order book is stronger compared to the same time last year. - This stronger order book is primarily seen in the Latin America business, specifically in Brazil. - In Brazil, dealers and retailers negotiate terms and place orders for the upcoming season around this time. - The order book concept is particularly relevant to the Latin America region. - The strong order book reflects positive demand expectations for the upcoming season in Latin America.