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UPL Share Price Target

UPL Ltd.
NSE: UPL | BSE: 512070 | ISIN: INE628A01036 | Sector: Chemicals

UPL Rating

4.8/5 (18 Ratings)
UPL Share Price *
299.6 -6.15 (-2.01%)
* (quote may be delayed)

17 UPL share price target reports by brokerages below. See what is analyst's view on UPL share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.


You can also find UPL share price target tomorrow or next week from UPL discussion forum.

UPL Share Price Forecast - Consensus
No. of reports in last year
17
No. of analysts
8
Average Consensus Forecast
737.20
Consensus Potential
58.42%

UPL Share Price Target - Broker Reports - 2020

20-Feb-20
Price @ Call: 589.77
Target: 704
BUY

11-Feb-20
Price @ Call: 573.5
Target: 704
BUY
UPL results were a beat vs NBIE and the street – Adjusted PAT came in at Rs7.76bn vs our estimate of Rs4.2bn and Blomberg estimate of Rs7.4bn. Gross margin came in line at 42%. EBITDA margin was a beat at 23.6% vs 3QFY20E of 18.5%. We have raised earnings by 23%/6% for FY20E/FY21E. We maintain Buy based on 29.7% upside from CMP to our revised PE-based TP of Rs704 (up 2.6%). Key catalysts: i) potential improvement in margins and cash flows from higher value products as well as Arysta merger synergy to support 40.5% EPS CAGR over FY20- 22E ii) likely easing of working capital pressures and reduction in net debt/EBITDA ratio from 6.82x in FY19 to 2.05x by FY22E, which should address concerns over the debt overhang iii) Attractive FCF yield of 12.1% on FY22E and iv) stock trades at attractive valuation at 11.2x PE on Sept21E EPS post the 9.6% correction over the last one month. This gives comfort on potential risk to the chemical business posed by China disruption from the corona virus.
... Read more

7-Feb-20
Price @ Call: 547.69
Target: 740
BUY
UPL’s topline growth of 81% YoY @ Rs 89 bn (PLe Rs 94.7 bn) and APAT growth of 41% @ Rs 7.8 bn (PLe Rs 7.8 bn) was driven by LatAM (up 21% YoY) & India business (up 42% YoY) and integration & cost control benefits on employee cost and other expenses. UPL continues to gain significant market share in Brazil (across Corn, Soy, Cotton, Cane and plantation crops), North America and India (certain segments). UPL’s capabilities in manufacturing and outsourcing are progressing well to increase its competitiveness. It has maintained its topline, EBITDA and debt reduction guidance for FY20 as the growth momentum is expected to continue in 4Q. Globally, the company is emerging as a reliable partner in manufacturing for companies who are diversifying their sourcing away from China and its clout is expected to increase further if business disruption gets elongated due to Coronavirus in China. Size has changed the game for UPL and its negotiating power has increased with both vendors and clients. Maintain Buy with target price of Rs 740 based on 8.0x Sep’21E EV/EBITDA.
... Read more

3-Jan-20
Price @ Call: 595
Target: 686
BUY
The management also sounded positive on near term outlook, especially for LatAm based on (i) the delayed pick-up in sowing data for key crops and soya rust infestation and (ii) encouraging performance of UPL’s Spectro (insecticide) as well as Arysta’sClethodim (herbicide) in Brazil, a leading CPC market in the world with reported annual sales of more than US$10bn.Key concerns: (i) the recent US-China partial trade deal that may impact Brazil crops and CPC sales on the margin - however management expects higher crop exports from the US to partly offset the trade deal impact and (ii) increase in working capital, which is likely to reverse with improving business prospects in the 2HFY20.We have tweaked our TP up 3% from 665 to Rs686 based on Sept21E PE of 14.5x ( 8% discount to global peers and 4% discount to SD-1 on 5 year median) Maintain Buy based on Sept 21PE with TP of Rs686 (15.3% upside from CMP).
... Read more

UPL Share Price Target - Broker Reports - 2019

7-Nov-19
Price @ Call: 584.33
Target: 740
BUY
Despite hiccups in 1H’20, UPL is expected to sail though in 2H due to its continuous focus on resistance management, cost leadership along with proprietary/generic products, diversified presence across all crops & geographies. Size has changed the game for UPL and its negotiating power is expected to increase with both vendors and clients. Its increased clout in the market enables it to maximize revenue and profits along with gaining market share. We have introduced FY22 nos, downgraded our EBITDA & PAT estimates for FY20/21 and reduced out target EV/EBITDA multiple to 8.0x (from 8.5x) due to higher than expected share of revenue from LatAM (lowest margin contribution geography). We maintain our earnings estimates and expect revenue, EBITDA and APAT to grow at CAGR of 34%, 53% and 35% between FY19-21E. Maintain Buy with target price of Rs 740 (Previous- 752) based on 8.0x Sep’21E EV/EBITDA.
... Read more

7-Oct-19
Price @ Call: 584.43
Target: 651
BUY

13-Aug-19
Price @ Call: 533.35
Target: 745
BUY
Behemoth in the making
UPL’s FY19 annual report highlighted a) potential opportunities in Arysta Lifescience, b) its initiatives towards manufacturing key molecules and achieving self-sufficiency, c) immense growth prospects for glufosinate and its swelling product portfolio backed by strong R&D. Acquisition of Arysta Lifescience helped UPL establish as a global leader in crop protection products. The strength of UPL lies in manufacturing, proprietary off-patent & specialty products, deep marketing reach and R&D capabilities. UPL is working on building competences for expanding digital services and processes by investing in artificial intelligence tools to analyse customer needs, using robotic sensors to access real-time on-field farmer data etc. Continued focus on resistance management, cost leadership along with proprietary/generic products, diversified presence across all crops & geographies helped UPL to outperform industry growth as well as mitigate the impact of volatility arising out of trade wars and natural calamities. Maintain Buy with revise target price of Rs745 based on 8.5x FY21E EV/EBITDA (Previous – Rs752).
... Read more

2-Aug-19
Price @ Call: 574.03
Target: 753
BUY
UPL results on track Maintain. Buy UPL has reported financials including Arysta for 1QFY20 vs UPL excluding Arysta in 1QFY19. Financials for 1QFY20 include provisions related to Arsyta deal on inventory (Rs4.2bn) that has affected gross margins, EBITDA and depreciation. The results including these adjustments have come in line with our estimates (which also include the above adjustments) at the EBITDA level. PAT has come in lower because of lower than expected other income. EBITDA margin came in lower at 15.7% vs our estimate of 17.4% on revenue reported at Rs79.1bn (beat of 8%).
... Read more

1-Aug-19
Price @ Call: 594.5
Target: 752
BUY
UPL’s continuous focus on resistance management, cost leadership alongwith proprietary/generic products, diversified presence across all crops & geographies has enabled it to outperform industry growth plus minimise the impact of volatility arising out of trade wars and natural calamities. We maintain our earnings estimates and expect revenue, EBITDA and APAT to grow at CAGR of 35%, 48% and 29% between FY19-21E. Maintain Buy with target price of Rs 752 based on 8.5x FY21E EV/EBITDA.
... Read more

26-Jun-19
Price @ Call: 630.25
Target: 752.67
BUY
We believe that some of these concerns are either premature or unsubstantiated at this stage and in any case largely priced in, following the above correction in the stock. The more pertinent concerns are related to accounting, earnings and cashflows from the Arysta business. We maintain our forecasts and upgrade our rating on the stock from Accumulate to Buy based on our TP of Rs1,129 that implies 20.4% upside from CMP.
... Read more

23-May-19
Price @ Call: 675.99
Target: 761.33
ACCUMULATE
We believe the growth appears reasonable, given the strong global footing in a consolidating market leading to potentially higher market share and improving margins. We expect revenues to grow at a CAGR of 32.8% over FY19-21E and PAT to grow at a CAGR of 31.5% over FY19-21E. At a CMP of INR 1,016, UPL is trading at a valuation of 17.8x FY20E EPS and 15.8x FY21E EPS. We valued the company by assigning a P/E multiple of 20x on the FY20E EPS of INR 57.1 and arrived at a target price of INR 1,142.0 (potential upside – 12.4% ). We have an ACCUMULATE rating on the stock.
... Read more

24-May-19
Price @ Call: 673.93
Target: 804
BUY
We have factored a synergy gain of USD 45mn and USD 70mn for FY20E and FY21E (we thus believe that with managements expectation of USD200mn synergy, there are upside risks to our estimates). UPL is expected to deliver a OCF yield of 9.9/9.1% and a FCFF yield of 7.2/6.1% in FY20E/FY21E, respectively, which lead us to assume a 10x EV/EBITDA multiple to arrive at a TP of ` 1,206 (implied P/E multiple of 13.7x FY21 EPS). We resume coverage, with a Buy rating.
... Read more

22-May-19
Price @ Call: 668.67
Target: 724
BUY
Maintain Buy with revised a PT of Rs. 1,086:
UPL is better placed to benefit from globalrecovery in the agri commodity space over the next 2-3 years. UPL (ex Arysta) reported revenue and earnings growth of 14% and 10% y-o-y, respectively, during FY2019. With synergiesand integration benefits flowing through, webelieve growth momentum should accelerate further, as the acquisition will further strengthen UPL’s position in the global agri chem market. We maintain our Buy rating on the stock with a revised price target (PT) of Rs. 1,086.
... Read more

21-May-19
Price @ Call: 678.13
Target: 711.33
NEUTRAL
While the Arysta acquisition bodes well from the medium- term growth and synergy (cost synergy of USD200m+ and revenue synergy of USD350m+ over three years) perspective, it has resulted in a significant rise in net D/E from 0.4x in FY18 to 1.8x in FY19. As a result, RoCE dipped from 19.8% in FY18 to 10.3% in FY19, and we expect it to recover only up to 12.3% in FY21. We maintain our estimates of 9%/14%/20% revenue/EBITDA/PAT growth in FY21. Moreover, the stock has run up ~85% over the last one year, providing limited room for a further upside. We, thus, downgrade the stock to Neutral, valuing it at 14x FY21E EPS (~10% discount to its five-year average trading multiple, primarily due to its highly leveraged balance sheet). Our target price of INR1,067 implies a 5% upside.
... Read more

21-May-19
Price @ Call: 678.13
Target: 752.67
ACCUMULATE
The management was upbeat on the progress in integration with Arysta on strategy, culture and operations during the post-result analyst meet. UPL reaffirmed the targets for merger synergies, but extended the timeline for cost savings from two years to three years. We have revised our forecasts based on the FY19 results- raised earnings in legacy UPL( ex- Arysta) on the healthy growth outlook; but cut our forecast for consolidated UPL-Arysta earnings on reduced Arysta estimates. We are downgrading our rating on UPL from Buy to Accumulate on our marginally reduced TP of Rs1129/sh (0.44% cut) following the 31-49% rally in the stock over the last 6-12 months.
... Read more

20-May-19
Price @ Call: 646.8
Target: 800
BUY

19-May-19
Price @ Call: 650.37
Target: 751.33
BUY
Our estimateson EBITDA growth and finance cost is conservative than the management’sguidance hence there might be upside risks to our earnings projection. The downside risk to our earnings projection can come from the expected volatility that the LatAM agchem industry may see as a result of widespread swine flu in Asia & Africa and change in protein consumption mix as a consequence of that. We retain BUY recommendation with revise target price of INR 1126 based on 8.5x FY21E EV/EBITDA (Previous- 8.0x).
... Read more

27-Mar-19
Price @ Call: 602.8
Target: 756
BUY
Indian generics agrochemicals company UPL Ltd (UPLL) is set for robust growth after the recent US$4.2bn all-cash buyout of global competitor Arysta LifeScience Inc. The Indian multinational is present across the entire crop protection chemicals (CPC) and seeds chain. UPLL caters to all categories focused on key crops and geographies, including Latin America (LatAm), its largest market. UPLL is present in 133 countries with 79% of its revenues coming from overseas markets. We forecast FY19-21E EPS CAGR of 41% for the UPLL-Arysta combine (including synergies). We initiate coverage on UPLL with a Buy rating and a target price of Rs1,134, up 24.2% from the current market price.
... Read more

13-Mar-19
Price @ Call: 597.4
Target: 690
BUY
We remain positive on UPLL’s holistic growth prospects and maintain our estimates (revenue/PAT CAGR of 32%/19% over FY18-21) and value UPLL at a P/E of 14x (~10% discount to its three-year average trading multiple, primarily due to the highly leveraged balance sheet). Our TP of INR1,035 implies 15% upside. Maintain Buy.
... Read more

5-Feb-19
Price @ Call: 513.83
Target: 628.67
BUY

5-Feb-19
Price @ Call: 513.83
Target: 650
BUY

24-Jan-19
Price @ Call: 508.73
Target: 603.33
BUY

10-Jan-19
Price @ Call: 516.57
Target: 536.67
HOLD

11-Jan-19
Price @ Call: 521.79
Target: 669.33
BUY

UPL Share Price Target - Broker Reports - 2018

18-Dec-18
Price @ Call: 498.77
Target: 518
HOLD

28-Nov-18
Price @ Call: 511.5
Target: 616
BUY

30-Oct-18
Price @ Call: 424.24
Target: 526.67
BUY

29-Oct-18
Price @ Call: 417.56
Target: 479.33
BUY

29-Oct-18
Price @ Call: 414.47
Target: 518.67
BUY

27-Oct-18
Price @ Call: 406.06
Target: 499.33
BUY

27-Oct-18
Price @ Call: 406.06
Target: 473.33
BUY

3-Aug-18
Price @ Call: 424.07
Target: 508.67
BUY

2-Aug-18
Price @ Call: 427.23
Target: 466.67
BUY

1-Aug-18
Price @ Call: 428.93
Target: 449.33
BUY

1-Aug-18
Price @ Call: 428.93
Target: 499.33
BUY

24-Jul-18
Price @ Call: 408.16
Target: 490
BUY

23-Jul-18
Price @ Call: 366.83
Target: 449.33
BUY

20-Jul-18
Price @ Call: 364.77
Target: 442.67
BUY

16-Jul-18
Price @ Call: 375.83
Target: 523.33
BUY

19-Jun-18
Price @ Call: 462
Target: 638.67
BUY

2-May-18
Price @ Call: 490.61
Target: 665.33
BUY

30-Apr-18
Price @ Call: 488.93
Target: 567.33
BUY

30-Apr-18
Price @ Call: 488.93
Target: 620
BUY

30-Apr-18
Price @ Call: 488.93
Target: 586.67
ACCUMULATE

2-May-18
Price @ Call: 487.77
Target: 658.67
BUY

30-Apr-18
Price @ Call: 502.83
Target: 700
BUY

27-Apr-18
Price @ Call: 504.22
Target: 630
BUY

27-Feb-18
Price @ Call: 719.12
Target: 925
BUY

8-Feb-18
Price @ Call: 701.25
Target: 890
BUY

UPL Share Price Target - Broker Reports - 2017

13-Nov-17
Price @ Call: 732.74
Target: 950
BUY

9-Nov-17
Price @ Call: 736.3
Target: 980
BUY

31-Oct-17
Price @ Call: 823.25
Target: 963
BUY

21-Oct-17
Price @ Call: 793.11
Target: 887
BUY

4-Oct-17
Price @ Call: 795.45
Target: 980
BUY

31-Jul-17
Price @ Call: 877
Target: 1026
BUY

1-Aug-17
Price @ Call: 876
Target: 1015
BUY

3-Jul-17
Price @ Call: 840
Target: 1095
BUY

9-May-17
Price @ Call: 804
Target: 887
BUY

2-May-17
Price @ Call: 806
Target: 1015
BUY

2-May-17
Price @ Call: 805.85
Target: 860
BUY

25-Jan-17
Price @ Call: 740
Target: 843
BUY

UPL Share Price Target - Broker Reports - 2016

2-Nov-16
Price @ Call: 687
Target: 842
BUY

2-Nov-16
Price @ Call: 698
Target: 740
HOLD

28-Oct-16
Price @ Call: 696
Target: 800
ACCUMULATE

19-Jul-16
Price @ Call: 552.6
Target: 630
BUY

  • UPL - Share Price Target Potential

    keyboard_arrow_down
    BrokerageTargetPotential
    Nirmal Bang70456.57%
    Prabhudas Lilladher74058.68%
    Axis Direct65153.03%
    KRChoksey761.3359.84%
    Dolat Capital80461.97%
  • UPL Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3317.9
    Upside Target 2312.7
    Upside Target 1305.4
    Pivot300.2
    Downside Target 1292.9
    Downside Target 2287.7
    Downside Target 3280.4
  • UPL Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3360.05
    Upside Target 2345.9
    Upside Target 1322
    Pivot307.85
    Downside Target 1283.95
    Downside Target 2269.8
    Downside Target 3245.9
  • UPL Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3786.8
    Upside Target 2660.2
    Upside Target 1493.35
    Pivot366.75
    Downside Target 1199.9
    Downside Target 273.3
    Downside Target 3-93.55
  • UPL Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3312.7
    Upside Target 2307.93
    Upside Target 1304.98
    Pivot300.2
    Downside Target 1295.43
    Downside Target 2292.48
    Downside Target 3287.7
  • UPL Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3345.9
    Upside Target 2331.36
    Upside Target 1322.39
    Pivot307.85
    Downside Target 1293.31
    Downside Target 2284.34
    Downside Target 3269.8
  • UPL Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3660.2
    Upside Target 2548.1
    Upside Target 1478.85
    Pivot366.75
    Downside Target 1254.65
    Downside Target 2185.4
    Downside Target 373.3
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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