UPL Ltd

A legacy rooted in purpose, a future built on vision

It is with immense pride and heartfelt gratitude that I write to you as the Chairman Emeritus of UPL. What began as a humble venture in a small Indian town has grown into a globally respected leader in sustainable agriculture. This journey has been extraordinary, shaped by bold ambition, relentless innovation, and a steadfast commitment to excellence. Today, UPL stands at the forefront of agricultural transformation, redefining industry benchmarks and championing sustainability across continents.

The FY25 was a year of recovery. Led by our action-oriented approach, we bounced back across our performance parameters. Financial year 2023-24 brought exceptional challenges for the global agrochemical industry. Yet, through it all, UPL demonstrated resilience and agility. By staying laser-focused on alleviating farmers' real-world challenges, we not only regained market share but returned to growth ahead of many industry peers. This recovery is a testament to our adaptive capabilities and deep-rooted connection with the farming community. The strength of our performance is reflected in our numbers consolidated revenues reported 8% yoy growth while EBITDA grew by 47%. Through strong focus, we have significantly improved our working capital positions.

Today, the urgency for sustainable agriculture is undeniable. With the global population continuing to grow, food production must increase significantly, even as the availability of arable land diminishes. At the same time, climate extremes, such as floods, droughts, and erratic weather patterns, along with increasing geopolitical tensions, are putting additional strain on the global food supply chain. In this context, UPL remains deeply committed to its mission: to reimagine sustainability and ensure sustainable food systems for millions of people worldwide. Across continents, we are undertaking purposeful initiatives including partnerships aimed at revolutionising agriculture, making it more efficient, more inclusive, and environmentally more responsible. A prime example is our collaboration with Croda International Plc to develop BANZAI , the first proven biostimulant foliar spray for cocoa. It enhances pod production and retention, is environmentally safe, and leaves no harmful residues, ensuring high-quality cocoa paste and chocolate without compromising sustainability or safety. As a global leader in crop protection and integrated agri-solutions, we are strategically sharpening our focus on scaling our key platforms, UPL Corporation, UPL SAS, Advanta and SUPERFORM. Each of these entities is a powerhouse in its own right, and we are committed to harnessing their individual strengths to deliver value across the agricultural ecosystem. At the same time, we are prioritising financial discipline, strengthening cash flows, deleveraging our balance sheet, and unlocking the intrinsic value of our platforms to build a more robust and future-ready UPL.

At UPL, we recognise the profound impact of every decision we make and the responsibility that comes with it. That is why we are deeply committed to embedding sustainability into every facet of our value chain, from responsible sourcing of raw materials, adoption of environmentally conscious manufacturing practices, to ensuring full transparency and accountability across our supply chain. We believe that true transformation requires collective effort, and we are working closely with our suppliers, partners, and stakeholders to build a more resilient, inclusive, and future-ready agricultural ecosystem. Our focus is to create shared value across the chain, for farmers, consumers, business partners, and the planet. Transparency and accountability are not merely operational standards for us; they are the cornerstones of our corporate ethos. By fostering open communication and collaborative partnerships, we aim to cultivate trust, inspire innovation, and accelerate the transition to more sustainable agricultural practices. I am proud to share that these efforts have earned UPL the distinction of being ranked the No. 1 agrochemicals company in the 2024 Dow Jones Sustainability Indices (DJSI) for the second year in a row. We also secured the fourth-highest score globally

At UPL, we recognise the profound impact of every decision we make and the responsibility that comes with it.in the broader chemicals industry, a remarkable validation of our leadership in sustainability. Our inclusion in both the DJSI World and Emerging Markets Indices once again underscores our consistent and sector-leading ESG performance, as recognised by the S&P Global 2024 Corporate Sustainability Assessment. At UPL, we believe agriculture lies at the heart of the world's sustainability journey. Our mission to Reimagining Sustainability is grounded in our belief that agriculture can be a powerful force for good, empowering farmers, ensuring global food security, advancing climate resilience, and creating a better, greener future for generations to come. At UPL, ensuring the safety and wellbeing of our workforce is not just a responsibility, it is a core value that shapes our culture and operations. Our commitment to achieving ‘Zero Harm' drives us to implement robust safety practices, invest in continuous training, and build a work environment where every individual is protected and respected. We are proud to be well ahead of our sustainability targets, reaffirming our position among the world's leading chemical companies. This progress reflects our deep commitment to environmental stewardship, innovation, and responsible growth ensuring that we build a more sustainable and resilient future for all. At UPL, we remain committed to building a sustainable future for all, guided by the values of "Open Hearts" and "Always Human." Our CSR approach is rooted in inclusion, empowerment, and collaboration aligned with the UN SDGs and national priorities. We aim to leave a lasting impact by uplifting communities and creating shared values globally.

At the same time, we remain deeply aligned with the highest standards of corporate governance. Through transparent decision-making, ethical leadership, and strict compliance, we aim to strengthen confidence across our stakeholder ecosystem and build lasting credibility that supports our long-term growth and impact.

As we look to the future, I extend my deepest appreciation to our employees, farmers, partners, and stakeholders around the world. Your belief in our mission fuels our journey. With optimism and determination, we move forward, committed to building a more sustainable, inclusive, and food-secure future.

Let us continue to lead this transformation together.

Warm regards,

Chairman Emeritus