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UPL Q4 Results Review: Motilal Oswal Maintains 'Neutral' Stance On The Stock Post Inline Performance
Motilal Oswal reiterates Neutral with a target price of Rs 660 (based on 11x FY27 EPS).
13 May 2025, 10:43 AM IST 
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UPL reported revenue of Rs 155.7 billion (in-line) in Q4 FY25, up 11% YoY. (Photo source: Company website)
UPL reported a strong quarter as Ebitda jumped 68% YoY (on a low base) to Rs 32.3 billion, fueled by a strong demand recovery (volume-driven growth; 11% YoY in Q4), better product mix, rebate normalization, and lower cost of goods sold. Despite the challenging macro environment, UPL reported an industry-leading volume growth of ~13% YoY in FY25.
