UPL’s consolidated revenue stood at INR 1,20,190 Mn, up 8.4% YoY (+30.4% QoQ), slightly above our estimates (+1.8%), led by improved traction across Latin America and North America, and stable performance in Europe. Growth was volume-driven, aided by normalization of channel inventory and a favorable product mix in key markets. The India (UPL SAS) business was impacted by erratic monsoons and delayed sowing, but new product launches and improved pricing in herbicides cushioned the decline. UPL Corp reported strong recovery in Brazil and North America, supported by higher off-take in fungicides and differentiated formulations.
OutlookWe value UPL Ltd at a 15.0x Sept’27 EPS, implying a target price of INR 813, as we roll forward our valuation to Q2FY28E. Accordingly, we maintain our “ACCUMULATE” rating on the shares of UPL Ltd.
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