India, June 4 -- In a year marked by falling commodity prices, US tariff headwinds, and geopolitical stress, most agrochem companies were playing defence. One global player did the opposite it cleaned up its balance sheet, expanded margins, and delivered a profit turnaround that few saw coming. The numbers are hard to ignore for any investor watching this space.

The Debt Cleanup That Changed Everything UPL Limited's most compelling FY26 achievement is the speed at which it cut its debt burden. Gross debt fell by $850 Mn to $2,325 Mn, while net debt declined by approximately $400 Mn to $1,616 Mn. The net debt to EBITDA ratio dropped from 2.1x in FY25 to below 1.6x in FY26 - beating the company's own guided range of 1.6-1.8x.

The delevera...