India's UPL tumbles as analysts not too enthused about restructuring

UPL

23/02/2026 05:14

** Shares of agrochemicals maker UPL UPLL.NS fall 12% to 661 rupees, their steepest intraday drop since March 25, 2020

** UPL is reorganising its India and overseas crop‑protection businesses into a newly listed unit, UPL Global

** Nuvama says the move may streamline operations but does little to ease UPL’s debt overhang

** Notes total debt stays broadly unchanged, split between UPL Global and the remaining India business

** Kotak says the reorganisation mainly offers an exit to PE investors, not value‑unlocking

** Biggest drawback is likely emergence of sizeable holding‑company discounts on UPL's stakes in UPL Global SAS, Advanta, Kotak says

** Public shareholders to see dilution in their indirect stake in UPL Global, which more than offsets the 11.6% additional direct stake they will receive - Kotak

** 17 analysts have a "buy" rating on UPL on avg; median PT is 833 rupees - data compiled by LSEG

** UPLL down ~5% so far this year

 (Reporting by Yagnoseni Das in Bengaluru)

 ((Yagnoseni.Das@thomsonreuters.com;))