According to reports from Motilal Oswal Financial Services Ltd, the brokerage has maintained a Neutral rating on UPL Ltd with a target price of ₹600. The recommendation was issued in Motilal Oswal's research report dated August 03, 2026. As per Motilal Oswal Financial Services Ltd, this rating is part of their comprehensive sector update covering multiple companies across different sectors.
As reported by Motilal Oswal, UPL Ltd delivered a strong 1Q operating performance with EBITDA growing 23% YoY to ₹16.1 billion. This growth was driven by price increases and a better product mix. The company's subsidiaries also showed robust performance, with EBITDA growth of 38% YoY in UPL Corp, 24% YoY in Advanta, and 34% YoY in UPL SAS. According to Motilal Oswal Financial Services Ltd, this strong operational performance continues to support the company's growth trajectory.
According to Motilal Oswal's analysis, the company's growth will be supported by improving pricing discipline, increasing contribution from higher-margin businesses, healthy volume-led growth in global crop protection, healthy performance from Advanta & Superform, and disciplined cost management. The brokerage expects the company to achieve revenue/EBITDA/Adjusted PAT CAGR of 8%/9%/28% over FY26-28E. As per Motilal Oswal Financial Services Ltd, these growth drivers position the company well for sustained performance in the coming years.
