UPL Limited has informed the Exchange about Credit Rating- Revision
UPL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.6 pts less than Nifty Midcap 150 and 1.5 pts less than its Pesticides & Agrochemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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S&P Global Ratings revised its outlook on UPL Corporation Limited (UPL Corp), the wholly owned subsidiary of UPL Limited, from 'Negative' to 'Stable', while affirming the 'BB' long-term issuer credit rating, 'BB' on senior unsecured notes, and 'B+' on subordinated perpetual securities. The revision reflects improving leverage driven by active debt repayment — UPL Corp raised around US$750 million through a US$350 million Advanta stake sale and a US$400 million rights issue, using proceeds to prepay a US$250 million term loan. S&P expects the FFO-to-debt ratio to improve to about 18% in FY2026 from 13% in FY2025, and to 20% by FY2027, supported by a gradual recovery in the global agrochemical industry. UPL Corp reported FY2025 revenue of INR 466 billion and adjusted EBITDA of INR 82.4 billion, 13% above S&P's estimate.
This is a positive development for UPL shareholders — the outlook upgrade signals reduced near-term credit risk for the key subsidiary and reflects strengthening financial health, which could ease borrowing costs and support investor confidence. The 'BB' rating itself remains unchanged and is still in speculative-grade territory, so continued deleveraging is needed for a full rating upgrade.