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UPL Ltd.

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upl-ltd.comBSE: 512070NSE: UPL
Market Cap₹ 48,443 Cr.
Current Price
High / Low₹ 812 / 558
Stock P/E24.0
Book Value₹ 411
Price to Book1.38
Dividend Yield1.05 %
ROCE12.0 %
ROE6.9 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Crop Protection: 81.5% • Seeds Business: 13.1% • Non Agro Activity: 5.4%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence
55%
View full sector analysis →

PROS

  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 17.49x)
  • Working capital cycle has improved - days down from 72 to 43
  • Company generates healthy free cash flow
  • Institutional investors have been accumulating - FII+DII up 3.7pp
  • Company has a consistent dividend-paying track record

CONS

  • Company has a low return on equity of 0.9% over last 3 years
  • Company has a low return on capital employed of 8.0%
  • Interest coverage is weak at 1.9x - earnings barely cover interest
  • Company has delivered a poor profit growth of -8.7% over past five years
  • Recurring exceptional / one-off items are inflating headline profit
  • Equity base is being diluted - shares outstanding up 12.7%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsPesticides & Agrochemicals
Part ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 100NIFTY MIDCAP 150NIFTY TOTAL MKT
S.No.Name
1.UPL573.8523.9848442.661.05-73.0058.5210181.0010.4712.0013.43
2.PIIND2257.5029.4034250.370.66244.20-38.951702.30-10.4316.0021.69
3.SUMICHEM477.0041.0923809.250.27214.5120.451063.350.6223.3921.94
4.BAYERCROP3980.00322.8217886.953.77321.6015.391835.00-4.1630.0820.03
5.SHARDACROP766.0511.046911.341.9688.02-38.361073.779.0331.1017.32
6.DHANUKA980.3014.724370.010.2075.5027.94442.0220.0124.4424.83
7.RALLIS202.0023.923928.271.49-14.15-274.26507.547.7013.23-0.56
8.NACLIND157.65298.533692.850.0020.8459.82383.33-14.506.2010.80
9.BHAGCHEM257.45121.293338.330.06133.293249.841950.191475.554.5515.65
10.GSPCROP471.5022.412193.360.21263.941111.463859.951153.2718.4611.02
11.BHARATRAS1157.6013.431924.060.04372.30838.733381.60796.0316.6315.19
12.INSECTICID604.3014.051758.380.3343.87-24.49611.52-11.5215.9711.10
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8,96310,1709,88714,0789,06711,09010,90715,5739,21612,01912,26918,33510,181
7,6908,8459,79412,2307,9669,7388,95112,3827,82010,0189,95214,77710,415
Operating Profit1,2731,325931,8481,1011,3521,9563,1911,3962,0012,3173,558-234
OPM %14.20%13.03%0.94%13.13%12.14%12.19%17.93%20.49%15.15%16.65%18.88%19.41%-2.30%
5818134214910394-16813439236162226
Interest7008711,1911,0909131,0707309141,007784774836852
Depreciation636657676794660697688705731771827915832
Profit before Tax-5-185-1,640-15-423-3126321,404-2088387521,969-109
Tax %3280.00%51.89%3.60%-733.33%-17.02%-44.23%-78.96%21.23%6.73%20.53%24.07%30.37%33.03%
Net Profit0000-527-5858531,079-1766124901,294-73
1.33-2.54-16.910.52-5.90-5.689.7011.20-1.986.754.6912.570.12

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
16,31217,37821,83735,75638,69446,24053,57643,09846,63751,83952,804
13,33113,88018,08028,98330,34336,72643,38038,55939,03742,56745,162
Operating Profit2,9813,4983,7576,7738,3519,51410,1964,5397,6009,2727,642
OPM %18.27%20.13%17.20%18.94%21.58%20.58%19.03%10.53%16.30%17.89%14.47%
414366-119-35721-2830723178724816
Interest7827919981,6432,0602,2952,9633,8523,6273,4013,246
Depreciation6726758812,0122,1732,3592,5472,7632,7503,2443,345
Profit before Tax1,9222,3051,7732,7644,1814,9665,150-2,0878293,1573,450
Tax %9.83%11.93%11.17%21.20%16.41%10.65%14.29%10.01%1.09%29.68%26.52%
Net Profit1,7332,0301,5752,1783,4954,4374,414-1,8788202,2202,535
EPS33.9239.7819.5223.2436.4045.8745.79-16.0011.2822.75—
Dividend Payout %20.50%20.18%27.36%25.84%26.65%21.10%21.01%-6.25%53.18%26.38%—

COMPOUNDED SALES GROWTH

10 Years:
14%
5 Years:
6%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
7%
5 Years:
-8%
3 Years:
-19%

STOCK PRICE CAGR

10 Years:
3%
5 Years:
-5%
3 Years:
0%
1 Year:
-18%

RETURN ON EQUITY

10 Years:
15%
5 Years:
9%
3 Years:
1%
Last Year:
7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 17

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2025

Jul 11

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2024

Aug 12

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2023

Aug 3

₹ 5

Rs.10.0000 per share(500%)Final Dividend

2022

Jul 27

₹ 5

Rs.10.0000 per share(500%)Final Dividend

2021

Jul 14

₹ 5

Rs.10.0000 per share(500%)Final Dividend

2018

Aug 9

₹ 4

Rs.8.0000 per share(400%)Dividend

2017

Jun 22

₹ 3.50

Rs.7.0000 per share(350%)Dividend

2016

Jun 16

₹ 2.50

Rs.5.0000 per share(250%)Dividend

2019

Aug 2

₹ 4

Rs.8.0000 per share(400%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
101102102153153153150150159169
Minority Interest33193,4543,3123,6934,6478,5717,8998,6136,573
7,2129,06714,61316,14417,74721,50226,68824,63729,05434,527
6,4466,73928,99629,30025,04429,75122,65129,42020,29818,271
Trade Payables4,8755,6759,84710,23312,75916,55217,61415,68414,64817,102
1,0449125,4239,2889,3697,99810,2426,16111,90814,634
Total Liabilities19,71122,51462,43568,43068,76580,60385,91683,95184,68091,276
4,0714,43732,14935,32234,76536,19338,71339,05639,08442,153
Capital Work in Progress6331,0901,1661,0598991,1841,1971,106615999
3781,0347085586181,9221,6152,1542,3282,666
4,1564,5389,1337,8509,42213,07813,98512,77610,31612,676
000000016,35415,50517,874
Cash & Bank2,8952,8942,8516,7524,8536,1206,0976,0369,5376,086
7,5788,52116,42816,88918,20822,10624,3096,4697,2958,822
Total Assets19,71122,51462,43568,43068,76580,60385,91683,95184,68091,276

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
2,9893,1493,1619,5587,9377,5009,0131,82210,1517,855
Cash from Investing-999-2,093-30,920-2,643-2,101-3,819-1,490-2,478-1,840-2,362
Cash from Financing140-80128,894-2,175-6,713-1,921-6,227164-4,793-9,883
1,726-553303,921-1,6027563473,518-4,390

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
32.5232.5233.5133.5033.5033.5033.5033.5133.51
34.5134.2232.5234.2234.9037.0138.8441.7842.39
15.7417.6418.7018.3618.0917.1716.7114.6314.32
0.000.000.000.000.000.000.010.020.02
13.9212.2812.3310.9310.579.458.788.748.44

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07
Copy of Newspaper Publication

2026-09-07 - UPL Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02
Credit Rating- Revision

2026-09-02 - UPL Limited has informed the Exchange about revision in credit rating outlook by CRISIL Ratings Limited.

2026-08-26
Resignation of Director/KMP/SMP

2026-08-26 - UPL Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-26
Resignation

2026-08-26 - UPL Limited has informed the Exchange about change in Senior Management Personnel.

2026-08-15
Acquisition

2026-08-15 - UPL Limited has informed the Exchange about Acquisition of Misr Hytech Seed International S.A.E., an Egyptian entity by Advanta Holdings B.V.

2026-08-14
Credit Rating- Revision

2026-08-14 - UPL Limited has informed the Exchange about revision in credit rating outlook by S&P from "Stable" to "Positive" for UPL Corporation Limited.

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - UPL Limited has informed the Exchange about Schedule of Analyst/ institutional meet.

2026-08-06
Shareholders meeting

2026-08-06 - UPL Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-06
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - UPL Limited has informed the Exchange about Earnings Transcript for Q1 FY27.

News

Recent coverage and analyst commentary for UPL

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