UPL shares can create value for shareholders, HSBC says projecting another 15% upside

Shares of UPL Ltd. are in focus on Thursday, January 8, after brokerage firm HSBC raised its target price by nearly 9%.

HSBC has a "buy" rating on UPL and a new target price of ₹925 per share from the previous ₹850 apiece, projecting a 15% upside potential from its previous closing price.

The analyst said UPL's subsidiary Advanta is a long-term value creator with a robust delivery mechanism. It sees drivers in place that will support growth and value creation going forward.

HSBC cited media reports suggesting UPL is looking at a potential listing for Advanta on the capital markets, which it said could unlock value and

support debt reduction for the parent company.

The brokerage said Advanta has delivered an impressive revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) compound annual growth rate (CAGR) of 18% and 23%, respectively, over the last five years. It added that Advanta has markedly outperformed other seed companies in India and globally.

In November 2025, UPL said it sees its EBITDA growing between 12% to 16%, from its previous growth projection of 10% to 14%.

It has also maintained its revenue growth guidance for the financial year 2026 to be between 4%-8%.

Of the 22 analysts who have coverage on UPL, 16 have a "buy" rating, four have a "hold" rating and two have a "sell" rating.

UPL shares ended the previous session 0.6% up at ₹804.5 apiece. The stock has gained 49% in the past year.

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