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Hot Pursuit
UPL plunges as restructuring plan flags leverage risks
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(14:27, 23 Feb 2026)
The company announced restructuring plan to consolidate its India and international crop protection businesses into a new listed entity, UPL Global Sustainable Agri Solutions (UPL Global).

Under the scheme, UPL will first amalgamate UPL Sustainable Agri Solutions (SAS) with itself. This will be followed by a vertical demerger of its India crop protection business into UPL Global, along with the amalgamation of UPL Corp, which houses the international crop protection business, into UPL Global.

UPL Global Sustainable Agri Solutions will be listed on stock exchanges and will house both the India and international crop protection platforms upon completion of the proposed steps.

Meanwhile, the domestic brokerage has downgraded the stock to 'hold' from 'buy', citing unresolved concerns around leverage and dilution following the restructuring. Although it marginally raised its target price to Rs 816 per share from Rs 806 earlier implying an upside of around 28% from current levels. The brokerage cautioned near-term risks continue to cap investor confidence. The brokerage flagged that the exercise does not materially reduce net debt at the group level, with leverage being redistributed between the two resulting listed entities.

Mike Frank, CEO of UPL Global, added, 'Bringing our crop protection businesses under one platform creates the world's second largest listed pure-play crop protection platform. With a presence in more than 140 countries, this unified platform will enable us to deliver innovations to farmers faster, more efficiently to gain greater market share. This will position us to strengthen operational synergies and drive long-term value for our stakeholders.

Bikash Prasad, Group CFO of UPL, said, 'This structural simplification strengthens our financial foundation and accelerates our journey towards a more efficient and resilient UPL. By driving deleveraging, reinforcing balance sheet strength, and improving return metrics, we are creating a sharper, more focused organization designed to deliver sustainable long-term value for all shareholders.'

UPL is a global provider of sustainable agricultural products and solutions that cover the entire agrifood value chain. It is one of the largest agriculture companies worldwide, serving growers in more than 140 countries. UPL comprises of four pure-play platforms that include UPL Corporation (UPL Corp); UPL Sustainable Agri Solutions (UPL SAS); Advanta Enterprises; and Superform Chemistries (formerly known as UPL Speciality Chemicals).

The company's consolidated net profit declined 52.2% to Rs 396 crore despite 12.5% increase in net sales jumped 12.5% YoY to Rs 12,269 crore in Q3 FY26 over Q3 FY25.

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