UPL is currently undergoing a turnaround effort with a $400 million rights issue and the backing of a strategic partner.

This comes after the company was removed from the Nifty 50 earlier this year due to a decrease in market capitalization.

The company's stock is currently trading at levels not seen since 2017, which can be attributed to a challenging environment characterized by sluggish demand, declining sales volumes, and a global price slump caused by China's overcapacity.

UPL has been dealing with a significant debt burden, which increased to ₹29,931 crore in FY24 from ₹23,379 crore the previous year.

As of September, net debt has decreased to ₹27,530 crore, but finance costs have risen to ₹1,070 crore due to an increase in the average borrowing rate from 6.2% to 7%.

These struggles with a stretched working capital cycle and mounting debt continue to pose challenges for UPL as it aims to stabilize its operations.