India, Oct. 5 -- UPL has made significant progress in reducing its debt burden while simultaneously improving profitability. With further growth investments planned, the key question is whether the company can continue repairing its balance sheet without slowing its expansion. This article examines the trade-off between deleveraging, capex, and working-capital requirements.

UPL was trading at around Rs539 per share, with a market capitalization of roughly Rs42,347 crore. The stock's 52-week range was approximately Rs498-Rs812, while its P/E was around 21x.

Debt Has Fallen Sharply UPL's balance-sheet repair has been substantial. Value research data shows debt-to-equity declining from 1.14x in FY24 to 0.81x in FY25 and 0.63x in FY26. On ...