We maintain our HOLD rating on the stock.

UPL is well-positioned to deliver a stronger H2FY26, supported by normalization in LATAM demand, robust growth momentum in North America, and margin tailwinds from low-cost inventory and improved product mix.

UPL Limited has announced an internal realignment involving the integration of its Post Harvest Business (Decco) with the Advanta seed business.

Quarterly Update Q1FY26

We have revised our FY26E/FY27E EPS estimates by -4.4%/-9.0% factoring in a miss in Q1FY26 performance, slower-than-expected recovery in exports due to prolonged customer destocking, and regulatory headwinds in biologicals that have curtailed domestic growth.

We downgrade our rating from BUY to HOLD on the stock as the challenges are expected to continue in the near term, and we await clear signs of a sustained recovery.

We downgrade our rating from BUY to HOLD on the stock as the current valuations provide limited room for further appreciation.

UPL Ltd (UPLL) made a decent start to FY26, with EBITDA growing 14% YoY to INR13b, led by a better product mix (EBITDA margin up 150bp YoY), higher capacity utilization, and lower COGS (gross margins up 460bp YoY), despite revenue growth of 2% to INR92b.

UPL Limited announced that its Rights Issue Committee has approved the second and final call of INR 180 per partly paid-up equity share (INR 1 face value + INR 179 premium), representing 50.0% of the issue price of INR 360.

*over or under performance to benchmark index UPL Ltd is a global agriculture solutions company engaged in the agrochemicals and industrial chemicals business, with manufacturing sites globally. Through...

*over or under performance to benchmark index PI Industries manufactures plant protection and specialty plant nutrient products and solutions under its agri-inputs business. It is also a leading custom synthesis and manufacturing (CSM) company in India, providing contract research and contract...

Sharda Cropchem Limited (SCL) reported solid growth in 4Q FY25 as revenues increased by 39.4% y-o-y to Rs 1,828.5 crore. This robust quarterly growth was mirrored by a strong overall top-line performance for the entirety of FY25.

The quarter’s revenue reached Rs. 11,090 crore, marking a 9% increase y-o-y and a 22% q-o-q rise.

Sharda Cropchem Limited (SCL) reported solid growth in 2Q FY25 as revenues increased by 33.8% y-o-y to Rs 776.9 crore. A volume growth of 21% y-o-y was driven by strong performance at the agrochemical segment with Europe being the key contributor.

Based on our estimates, PI Industries is valued at 30x FY26E, with a target price of Rs 4,980 per share. This implies an upside potential of 6% from the CMP, with a HOLD recommendation.

Quarterly Update Q1FY25

We revise our SELL rating on the stock to HOLD as we rerate it at 22x FY26E to reflect a superior competitive position.

UPLL reported a weak quarter as revenue grew marginally (1% YoY), led by strong volume growth (up 16%) offset by lower agrochemical prices.