Jefferies on UPL ; Buy, TP Rs 610

While Revenue was broadly in line, Ebitda/PAT beat JEFe. While volume declined due to adverse weather, fx helped, leading to flat revenue y/y. EBITDA growth y/y was strong in Advanta and UPL SAS. Working capital and net debt expanded y/y. UPL maintained its FY27 guidance, implying mid-teens y/y growth in 2HFY27 Stock has corrected 35% since restructuring announcement Project 15% EBITDA growth in FY27E

UPL LIMITED

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