Tupy stock faces a leadership test as analysts lift targets

Tupy stock was trading at BRL 16.33 on B3 on September 29, 2026 at 11:18 a.m. BRT, while the company moved into a fresh leadership transition. Itaú BBA raised its target from BRL 13.00 to BRL 20.00 and upgraded its recommendation to outperform, according to InfoMoney on September 29, 2026.

Board transition raises the stakes

Jaime Luiz Kalsing resigned as a member and chairman of Tupy's board, with the change effective within 60 days or when an elected successor takes office. The board intends to nominate Gueitiro Matsuo Genso, the company's strategy, new business, innovation and M&A executive vice president, as a candidate for chairman, according to Finance News on September 29, 2026.

The same transition includes a commercial leadership change effective October 1, 2026, when Cristian Malevic is due to succeed Ricardo Sendim Fioramonte as commercial vice president. That gives investors a concrete governance event alongside the analyst upgrades.

Q2 figures show an uneven recovery

Tupy's second-quarter 2026 net revenue reached BRL 2.4753 billion, down 5.8 percent from the comparable quarter, while adjusted EBITDA was BRL 155.6 million with a 6.3 percent margin. The figures were reported for the quarter ended June 30, 2026, in the latest available analysis from TraderNews.

The margin improved by 2.00 percentage points from the first quarter, but remained 1.70 percentage points below the 8.00 percent level recorded in the second quarter of 2025. Net income was a BRL 10.9 million loss, compared with a BRL 23.9 million profit in the year-earlier quarter.

Targets point to operating recovery

Itaú BBA expects third-quarter 2026 revenue of BRL 2.6 billion and an EBITDA margin of 9.4 percent over the next 30 to 90 days. Its 2027 assumptions include 7.0 percent revenue growth and a 10.4 percent EBITDA margin, while a slower recovery in profitability and a stronger Brazilian real remain identified risks.

JPMorgan also kept a buy rating and raised its target from BRL 18.00 to BRL 23.00 for December 2027, according to InfoMoney on September 25, 2026. The target changes contrast with the weaker Q2 revenue base and make the recovery in margins the central test for the stock.

Next results are scheduled for November

Tupy's investor-relations calendar lists the next quarterly results for November 5, 2026, following the second-quarter release on August 6, 2026, according to the Tupy investor-relations page. On B3, TUPY3 had a market capitalization of BRL 2.1 billion as of September 29, 2026, giving the upcoming report a clear valuation and execution checkpoint.