UPL shares are back in focus. This time because of HSBC.
The brokerage is positive on the stock and sees further upside from current levels. HSBC has raised its target price on UPL Ltd to ₹925 per share. Earlier, the target was ₹850.
At the new target, the stock offers around 15% upside from the last closing price. HSBC has maintained a “Buy” rating.
What’s Driving the Positive View
According to the analyst, UPL’s subsidiary Advanta plays a key role here.
Advanta is seen as a long-term value creator. It has a strong delivery model and steady execution. HSBC believes this business can continue to support growth and value creation for the parent company.
This is not just a short-term story.
Possible Listing of Advanta Could Unlock Value
HSBC also referred to media reports suggesting that UPL is considering listing Advanta in the capital markets.
If that happens, it could be a big positive. Value could get unlocked. The parent company may also use the opportunity to reduce debt.
Advanta’s numbers support the optimism.
Over the last five years, Advanta has delivered around 18% CAGR in revenue and nearly 23% CAGR in EBITDA. Compared to many other seed companies in India and globally, Advanta’s performance stands out.
Management Outlook Remains Steady
Back in November 2025, UPL had guided for EBITDA growth of 12% to 16%. This was higher than its earlier estimate of 10% to 14%.
For FY26, the company has maintained its revenue growth guidance at 4% to 8%. That signals confidence, even in a challenging global environment for agrochemicals.
How the Stock Is Trading
On January 8, UPL shares traded mostly flat.
On the BSE, the stock touched a high of around ₹810.40, about 1% above the previous close. It also slipped to a low of ₹799.25 during the session.
UPL’s market capitalisation is close to ₹68,000 crore. The face value of the share is ₹2.
Despite recent consolidation, the stock has delivered strong returns. Over the past one year, UPL shares are up nearly 50%. In the last three months, the price has risen around 20%.
What Analysts Are Saying Overall
Sentiment among analysts remains largely positive.
Out of 22 analysts tracking the stock:
- 16 have a “Buy” rating
- 4 recommend “Hold”
- 2 have a “Sell” call
Promoter holding stood at 33.50% as of the end of September 2025.
Bottom Line
HSBC’s target hike adds confidence to the UPL story. The Advanta business, possible listing plans, and steady guidance are key factors investors are watching.
Still, agrochemical stocks can be volatile. A lot will depend on execution and market conditions going forward.
For now, UPL remains firmly on the radar.
