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Systematix Report
According to the brokerage firm Systematix, UPL Ltd. delivered a resilient start to FY27, with earnings broadly in line with expectations and continued improvement in profitability despite a challenging operating environment.
However, near-term growth remains constrained by weather-related volume pressures, uncertain global demand and geopolitical risks.
Systematix maintains its Hold rating with updated price target of Rs 670 implying 5.7x FY28E Ebitda.
UPL Result highlights:
Revenue increased 10.5% YoY to Rs 10,180 crore, broadly in line with brokerage's estimate of Rs 10,140 crore, driven by 3% pricing growth and favourable currency movements, partly offset by a 3% decline in volumes. Ebitda increased 11.3% YoY to Rs 1,450 crore, 5% above our estimate of Rs 1,420 crore.
The company reported a PAT of Rs 10 crore, compared with a loss of Rs 90 crore in Q1 FY26, driven by Ebitda growth, lower net finance costs and favourable net exchange differences.
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