UPL Limited has informed the Exchange about revision in credit rating outlook by Moody s for UPL Corporation Limited.
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 0.4 pts less than Nifty Midcap 150 and 1.5 pts more 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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Moody's has affirmed the Ba2 corporate family rating and senior unsecured debt rating of UPL Corporation Limited (wholly owned subsidiary of UPL Limited), but revised its outlook from 'Negative' to 'Stable' — a positive credit signal. The upgrade in outlook is driven by improving working capital management, $400 million in perpetual notes repaid in May 2025, and expected decline in gross debt/EBITDA leverage to around 4.0x by March 2027 (from approximately 5.0x at March 2025). UPL reported FY25 revenue of INR460 billion ($5.5 billion) and EBITDA of INR68.8 billion ($813 million). Revenue growth is expected at ~4% in FY26, tapering to 1.5–2%, with EBITDA margins improving toward 18% over the next 2–3 years. Liquidity remains adequate with $637 million cash as of June 2025 and expected operating cash flow of $1.6 billion through March 2027.
The outlook revision from Negative to Stable is a credit-positive development, reducing the near-term risk of a downgrade and signaling improving financial health. This should be favorably received by investors, potentially lowering future borrowing costs and reflecting positively on UPL's stock sentiment.