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for Industry - Agrochemicals
UPLL reported a weak quarter as revenue declined 15% YoY, primarily due to lower agrochemical prices (down 15% YoY) and volume decline of 2% YoY. EBITDA margins contracted 450bp YoY largely due to higher rebates (~5% price impact) and liquidation of high-cost inventory, partly offset by an improved product mix and a lower cost of goods sold.
Dhanuka's share price had seen a recent run-up which leaves little margin of safety on the table, therefore as we roll forward our estimates to 15x Sep'FY26E we revise our BUY rating on the stock to HOLD with an -5% potential downside from CMP.
UPL reported a weak Q2FY24 primarily on channel destocking and higher pricing pressure. All segments reported revenue decline YoY. However, differentiated and sustainable product portfolio posted volume growth of 11% YoY. Also, the seed business recorded 10% revenue growth YoY.
Recommendation: With a strong run-up in stock price we foresee a limited upside potential from CMP of 4% and therefore revise our rating from BUY to HOLD.
