Motilal Oswal keeps UPL at Neutral with Rs 580 target after Q2 results
Motilal Oswal reiterates Neutral on UPL and a Rs 580 target after second-quarter EBITDA rose 8% to INR23.8b, TradingView reports.
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what happened
Motilal Oswal's research report on UPL, reported by TradingView, describes a steady second quarter. EBITDA climbed 8% year on year to INR23.8 billion, helped by a richer product mix. Advanta posted 19% EBITDA growth, UPL SAS 3% and Superform 19%.
UPL SAS was the weak spot: its EBITDA fell 14% year on year as sales volumes slipped on poor weather and strained liquidity among distributors. Lower prices and costlier raw materials added to the pressure.
The brokerage expects revenue, EBITDA and adjusted profit to grow at roughly 8%, 9% and 26% a year over FY26-28E. It keeps a Neutral rating and a Rs 580 target, based on 12 times earnings, a 45% discount to the stock's five-year average P/E.
why it matters
Overall the report reads as neutral for the stock: weakness at UPL SAS in volumes and pricing is partly offset by growth in other units. A Neutral rating gives no clear signal on the shares, and the valuation gap sits in the broker's model rather than in the current price.
tags
instruments
sources
- Neutral UPL; target of Rs 580: Motilal Oswal — TradingView, 3 November 2026 at 10:54 UTC
- Neutral NSDL; target of Rs 800: Motilal Oswal — TradingView, 3 November 2026 at 10:54 UTC
- Neutral Escorts Kubota; target of Rs 2200: Motilal Oswal — TradingView, 3 November 2026 at 10:54 UTC
- Neutral CDSL; target of Rs 1300: Motilal Oswal — TradingView, 3 November 2026 at 10:54 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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