UPL Limited has submitted its quarterly compliance certificate to stock exchanges, fulfilling regulatory requirements under SEBI's depositories regulations for the quarter ended March 31, 2026.

Regulatory Filing Details

The company filed the certificate under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 on April 17, 2026. Company Secretary and Compliance Officer Sandeep Deshmukh submitted the documentation to both BSE Limited and National Stock Exchange of India Ltd.

Registrar Confirmation

MUFG Intime India Private Limited, formerly known as Link Intime India Pvt. Ltd., serves as UPL's Registrar and Share Transfer Agent. The registrar provided confirmation on April 5, 2026, regarding compliance with dematerialisation processes during the quarter.

Ashok Shetty, Sr. Vice President-Corporate Registry at MUFG Intime India, confirmed that:

• Securities received from depository participants for dematerialisation were properly confirmed to depositories
• Security certificates received were mutilated and cancelled after due verification
• Depository names were substituted in the register of members within prescribed timelines
• All securities comprised in certificates have been listed on relevant stock exchanges

Company Information

UPL Limited operates from its registered office at Uniphos House, C.D. Marg, 11th Road, Madhu Park, Khar (West), Mumbai. The company trades on stock exchanges with scrip code 512070 on BSE and symbol UPL on NSE.

Compliance Framework

The quarterly certificate filing ensures adherence to SEBI's regulatory framework governing depositories and participants. This routine compliance demonstrates the company's commitment to maintaining proper securities handling and investor protection standards as mandated by securities market regulations.

UPL Limited has received renewed analyst attention as Morgan Stanley resumed coverage with an Equal Weight rating and established a target price of ₹658. The global investment firm's assessment reflects a balanced view of the agrochemical company's prospects amid evolving market conditions.

Positive Factors Drive Rating

Morgan Stanley's analysis highlighted several encouraging developments that support their rating decision:

The brokerage firm particularly emphasized UPL's strong volume outperformance compared to peers, indicating the company's competitive positioning within the agrochemical sector remains robust despite broader industry challenges.

Near-term Challenges Acknowledged

While maintaining a constructive medium-term outlook, Morgan Stanley identified several factors that could create headwinds in the near term:

• Supply disruptions affecting operational efficiency
• Feedstock risks impacting cost structures
• Demand concerns in key markets

These challenges reflect broader industry dynamics that agrochemical companies are navigating, including supply chain complexities and evolving agricultural demand patterns.

Growth Expectations for FY27-28

Morgan Stanley's projections for UPL indicate confidence in the company's ability to capitalize on improving market conditions. The expected volume growth of 3-6% in FY27-28, coupled with anticipated market share gains, suggests the firm believes UPL is well-positioned to benefit from the recovering agrochemical cycle.

The Equal Weight rating with a target price of ₹658 reflects Morgan Stanley's balanced assessment, acknowledging both the company's competitive strengths and the near-term uncertainties that characterize the current operating environment in the agrochemical industry.