UPL Q4 Results Review: Motilal Oswal Maintains 'Neutral' Stance On The Stock Post Inline Performance

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Motilal Oswal Report

UPL Ltd. has witnessed resilient growth in H2 FY25 despite macro headwinds. Building on this momentum, the company is likely to experience further growth in FY26 (largely in H2; H1 to be subdued due to geopolitical risks).

This growth will be propelled by healthy volume growth across key regions (North America, LATAM, and ROW), while pricing will remain soft. Further, new product contribution would see a healthy ramp-up, while Advanta Seeds will continue witnessing growth in both existing and new products.  We expect revenue/Ebitda/adjusted PAT CAGR at 7%/14%/52% over FY25-27.

Reiterate Neutral with a target price of Rs 660 (based on 11x FY27 EPS).

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