UPL Limited — Credit Ratings, 04-06-2025: Credit Rating- Revision

Fitch has affirmed UPL Corporation Limited’s Long-Term IDR at 'BB' and revised the outlook to Stable from Negative. This reflects improved financial health driven by significant deleveraging in FY25, supported by strong EBITDA recovery, efficient working capital management, and USD 550 million raised through a stake sale and rights issue. Fitch expects EBITDA leverage to improve further to 4.1x in FY26 from 5.2x in FY25, alongside better interest coverage at 2.8x. The enhanced liquidity and credit profile are likely to reduce borrowing costs and boost investor confidence, granting the company greater financial flexibility going forward.