Trading Overview and Price Action
On 23 Feb 2026, UPL Ltd. opened sharply lower at ₹714.75, down approximately 5% from the previous close of ₹752.35. The stock continued to slide throughout the morning session, hitting an intraday low of ₹677.15, marking a 10% decline from the prior day’s close. This downward momentum resulted in a day-end last traded price (LTP) of ₹677.15, representing a steep 12.5% drop on the day.
The weighted average price for the session was closer to the day’s low, indicating that the bulk of the volume was executed near the bottom end of the price range. This suggests strong selling pressure and a lack of immediate buying support at higher levels.
Volatility was notably high, with an intraday volatility of 5.48%, underscoring the stock’s turbulent price movement. UPL’s price currently trades below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a bearish technical setup in the short to medium term.
Sector and Market Context
The Pesticides & Agrochemicals sector itself declined by 4.15% on the same day, with UPL underperforming the sector by 6.75%. This relative weakness highlights the stock’s vulnerability amid broader sectoral headwinds. Meanwhile, the benchmark Sensex managed a modest gain of 0.64%, reflecting a divergence between the broader market and the agrochemical segment.
UPL’s consecutive fall over the last two trading sessions has resulted in an 11.49% negative return, signalling sustained selling pressure. The stock’s mid-cap market capitalisation stands at ₹57,162.61 crores, placing it among the larger entities within its industry but still susceptible to volatility typical of mid-cap stocks.
Institutional Interest and Liquidity
Delivery volume data from 20 Feb 2026 reveals a significant rise in investor participation, with 11.39 lakh shares delivered — a 47.46% increase compared to the five-day average delivery volume. This surge in delivery volume indicates heightened institutional interest, possibly from mutual funds or foreign portfolio investors adjusting their positions amid the recent price correction.
Liquidity remains robust, with the stock’s traded value comfortably supporting trade sizes up to ₹2.5 crores based on 2% of the five-day average traded value. This liquidity profile makes UPL an attractive option for large institutional trades without causing excessive market impact.
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Mojo Score Upgrade and Analyst Ratings
UPL Ltd. has recently seen an upgrade in its MarketsMOJO Mojo Grade from Hold to Buy, effective 19 Feb 2026. The stock’s Mojo Score currently stands at 71.0, reflecting improved fundamentals and positive analyst sentiment. This upgrade suggests that despite recent price weakness, the company’s underlying financial health and growth prospects have strengthened.
However, the Market Cap Grade remains at 2, indicating that while UPL is a sizeable mid-cap, it does not yet possess the scale or stability of large-cap peers. Investors should weigh this factor alongside the stock’s valuation and sector dynamics.
Financial and Valuation Insights
While detailed financial metrics are not disclosed in this session, the Mojo Score upgrade implies favourable earnings trends, revenue growth, or margin improvements. The agrochemical industry is currently navigating challenges such as fluctuating raw material costs and regulatory pressures, which may have contributed to the recent price volatility.
Investors should monitor upcoming quarterly results and management commentary for clarity on how UPL plans to sustain growth and manage cost pressures. Peer comparison within the Pesticides & Agrochemicals sector will also be critical to assess relative valuation and market positioning.
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Outlook and Investor Considerations
Given the recent sharp price decline and high volatility, UPL Ltd. presents a mixed picture for investors. The strong institutional interest and upgraded Mojo Grade suggest confidence in the company’s medium-term prospects. However, the technical weakness and sectoral headwinds caution for potential near-term downside or consolidation.
Investors with a higher risk appetite may view the current price levels as an opportunity to accumulate, especially if upcoming earnings reports confirm operational resilience. Conversely, more conservative investors might prefer to wait for a clear technical recovery above key moving averages before committing fresh capital.
Monitoring delivery volumes and value traded in the coming sessions will be essential to gauge whether the selling pressure is abating or intensifying. Additionally, tracking sectoral developments and government policies impacting agrochemicals will provide further context for UPL’s performance.
Summary
UPL Ltd. remains one of the most actively traded stocks by value on 23 Feb 2026, with over ₹203 crores exchanged amid a 12.5% price drop. Institutional participation is rising, as evidenced by increased delivery volumes, while the stock faces technical challenges trading below all major moving averages. The recent upgrade to a Buy rating by MarketsMOJO reflects improved fundamentals, though investors should remain cautious given sectoral pressures and market volatility.
Overall, UPL’s current trading activity underscores its significance within the Pesticides & Agrochemicals sector and highlights the importance of closely analysing both technical and fundamental factors before making investment decisions.
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