Divya Agarwal
New Delhi [India], March 06: UPL Limited (UPL) filed comprehensive documentation for its Composite Scheme of Arrangement including Joint Valuation Report, Fairness Opinion and FAQs on the its website, following Board approval on February 20, 2026. The company said in its latest filing that it will continue to have revenue streams from Superform (UPL’s specialities chemical arm) and formulations, ensuring that it remains a strategic operating holding entity with significant scale and size. It added that UPL will function as the incubation arm for scaling businesses, besides continuing to house the R&D, formulation supply contracts, etc.
- UPL Limited to remain a strategic operating company with revenue streaming from Superform and formulations
- UPL Limited to continue as the incubation arm for scaling businesses, R&D, formulation supply contracts, etc.
Post restructuring, UPL will continue to accrue revenue from formulation streams as well as the full consolidation of Superform, which reported revenue of more than Rs 10,000 crore and EBITDA of over Rs 1,100 crore in FY25. It added that Superform will continue to remain a wholly owned subsidiary for the foreseeable future. The company also highlighted that its high-margin super-specialty segment continues to grow faster than the broader platform, with growth of more than 25% in the first nine months of FY26 compared with the previous year. Management expects agchem and super-specialty revenue mix to sustainably improve from the current ~75:25 to more equitable proportion, going forward.
It also said, “UPL’s proposed structure is distinct as our holdings operate within a tightly defined ecosystem. This strategic focus allows UPL to leverage deep industry expertise and maintain a cohesive growth strategy, mitigating the complexity discount often seen in diversified industrials. Because UPL’s portfolio is curated for a strategic fit rather than for financial diversification, the market is expected to recognize the compounded value of UPL’s integrated model.”
It also said that UPL will continue to evaluate and incubate new adjacent businesses such as bioethanol, sustainable aviation fuel (SAF), and e-methanol production. Additionally, UPL Limited will continue to directly hold all critical central functions including R&D and treasury, among others which will result in improved synergies between the group entities, apart from a continued financial leverage for the overall group, at a favourable rate of financing.
Shares of UPL have been in focus following a reorganisation earlier this month to integrate its Indian and international crop protection businesses into a new entity, UPL Global, the world’s second-largest listed pure-play crop protection platform. According to UPL, the move is expected to simplify the organisational structure, unlock shareholder value, and sharpen focus on deleveraging by improving operational synergies.
