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UPL Bull Vs Bear | Is the agrochemical major poised for more upside or time for caution?UPL Share Price | Brokerage firm Jefferies has a “buy” rating on the stock and raised its target price to ₹810 per share, while Motilal Oswal Financial Services has a “neutral” rating on UPL with a target price of ₹660.By CNBCTV18.com May 13, 2025, 12:56:18 PM IST (Published)2 Min ReadShares of agrochemicals major UPL Ltd declined over 5% on Tuesday, May 13, as brokerages remained divided on the stock.

Brokerage firm Jefferies has a “buy” rating on the stock and raised its target price to ₹810 per share, which is a potential upside of 20% from Monday's closing level. Jefferies highlighted the company’s reduction in net debt to $1.6 billion from $2.7 billion in March 2024. It also noted healthier cash flows and improved working capital as key positives.

On the other hand, Motilal Oswal Financial Services has a “neutral” rating on UPL with a target price of ₹660, a little lower from the Tuesday's closing price of ₹675.9 on the BSE.

The brokerage noted that while the company's earnings before interst taxes depreciation and amortisation (EBITDA) growth was supported by demand recovery and a better product mix, macro conditions remained challenging. It said UPL is positioning itself for a stronger second half in the financial year 2026.

For the financial year 2024, UPL reported a revenue growth of 8% from the previous year at ₹46,640 crore, at the upper end of its guided 4-8% range. Its EBITDA increased 47% to ₹8,120 crore, missing the company’s prior guidance of 55% growth. The company noted that the fourth quarter revenue growth was led by an 11% rise in volumes.

The management guided 4–8% revenue growth and 10-14% EBITDA growth in FY26, driven by higher volumes and an improved product mix.

However, this guidance disappointed investors and analysts, who were hoping for a stronger recovery following a volatile operating environment over the past year. UPL announced plans to launch new products worth over $130 million in FY26.

Of the 25 analysts that have coverage on the stock, 17 have a "buy" rating, six have a "hold" rating and two have a "sell" rating.

Shares of UPL were trading 4.2% lower at ₹647.5 apiece on the BSE at around 11:08 am.

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