UPL Ltd.

•

upl-ltd.comBSE: 512070NSE: UPL

Market Cap₹ 48,709 Cr.

Current Price

High / Low₹ 812 / 558

Stock P/E64.8

Book Value₹ 167

Price to Book3.42

Dividend Yield1.04 %

ROCE8.3 %

ROE6.0 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Agro Chemicals: 88.7% • Non Agro Activity: 11.3% • Unallocated: 0.0%

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

Company has delivered good profit growth of 29.0% CAGR over last 5 years
Company is almost debt free
Company has been maintaining a healthy dividend payout of 64.6%
Company comfortably covers its interest (9.0x coverage)
Institutional investors have been accumulating - FII+DII up 3.7pp
Company has a consistent dividend-paying track record

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (101.8% of PBT)
Recent results are weak - TTM profit is down 75.4% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.82x)
Company's sales have been declining over the last five years

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

Peer comparison

ChemicalsChemicalsPesticides & Agrochemicals

Part ofNIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTY TOTAL MKT

S.No.	Name
1.	UPL	577.00	24.11	48708.57	1.04	-73.00	58.52	10181.00	10.47	12.00	13.43
2.	PIIND	2396.05	31.20	36352.42	0.63	244.20	-38.95	1702.30	-10.43	16.00	21.69
3.	SUMICHEM	481.50	41.48	24033.87	0.27	214.51	20.45	1063.35	0.62	23.39	21.94
4.	BAYERCROP	3948.35	320.25	17744.71	3.80	321.60	15.39	1835.00	-4.16	30.08	20.03
5.	SHARDACROP	783.10	11.28	7065.17	1.92	88.02	-38.36	1073.77	9.03	31.10	17.32
6.	DHANUKA	977.80	14.68	4358.87	0.20	75.50	27.94	442.02	20.01	24.44	24.83
7.	RALLIS	203.90	24.15	3965.22	1.47	-14.15	-274.26	507.54	7.70	13.23	-0.56
8.	NACLIND	164.35	311.22	3849.79	0.00	20.84	59.82	383.33	-14.50	6.20	10.80
9.	BHAGCHEM	263.40	124.10	3415.48	0.06	133.29	3249.84	1950.19	1475.55	4.55	15.65
10.	GSPCROP	491.20	23.34	2285.00	0.20	263.94	1111.46	3859.95	1153.27	18.46	11.02
11.	BHARATRAS	1170.30	13.57	1945.16	0.04	372.30	838.73	3381.60	796.03	16.63	15.19
12.	INSECTICID	623.60	14.50	1814.54	0.32	43.87	-24.49	611.52	-11.52	15.97	11.10

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,355	1,777	1,018	1,248	802	1,090	1,427	2,011	1,660	1,512	1,390	1,186	1,397
	1,254	1,566	1,044	1,136	741	1,064	1,325	2,081	1,567	1,431	1,334	1,063	1,400
Operating Profit	101	211	-26	112	61	26	102	-70	93	81	56	123	-3
OPM %	7.45%	11.87%	-2.55%	8.97%	7.61%	2.39%	7.15%	-3.48%	5.60%	5.36%	4.03%	10.37%	-0.21%
	4	772	20	13	4	130	294	1,867	94	349	69	399	123
Interest	26	25	45	49	45	80	56	51	22	43	32	29	25
Depreciation	33	47	24	28	34	28	39	34	33	32	32	28	25
Profit before Tax	46	911	-75	48	-14	48	301	1,712	132	355	61	465	120
Tax %	13.04%	13.39%	60.00%	-58.33%	-0.00%	6.25%	-190.37%	-1.58%	7.58%	23.38%	47.54%	22.80%	25.83%
Net Profit	40	789	-30	76	-14	45	874	1,739	122	272	32	359	89
	0.53	10.51	-0.40	-0.13	-0.18	0.58	11.17	22.16	1.53	3.32	0.37	4.25	1.05

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	6,939	7,263	8,660	9,641	11,345	16,449	9,032	5,398	5,330	5,748	5,485
	5,996	6,314	7,821	8,436	9,732	14,395	8,180	4,997	5,200	5,483	5,228
Operating Profit	943	949	839	1,205	1,613	2,054	852	401	130	265	257
OPM %	13.59%	13.07%	9.69%	12.50%	14.22%	12.49%	9.43%	7.43%	2.44%	4.61%	4.69%
	376	459	611	496	109	628	448	822	2,282	999	940
Interest	246	166	240	272	311	377	188	144	232	126	129
Depreciation	655	666	724	891	977	1,044	431	130	135	125	117
Profit before Tax	418	576	486	538	434	1,261	681	949	2,045	1,013	1,001
Tax %	41.39%	4.86%	16.67%	14.31%	49.31%	6.74%	15.86%	4.21%	-29.24%	22.51%	24.88%
Net Profit	245	548	405	461	220	1,176	573	909	2,643	785	752
EPS	4.81	10.78	5.30	6.03	2.88	15.39	12.96	12.12	33.25	9.29	—
Dividend Payout %	146.07%	74.45%	100.74%	99.57%	347.73%	65.05%	130.89%	8.25%	18.05%	64.59%	—

COMPOUNDED SALES GROWTH

10 Years:: 0%
5 Years:: -13%
3 Years:: -14%

COMPOUNDED PROFIT GROWTH

10 Years:: 7%
5 Years:: 29%
3 Years:: 11%

STOCK PRICE CAGR

10 Years:: 3%
5 Years:: -5%
3 Years:: -1%
1 Year:: -17%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 14%
3 Years:: 15%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	101	102	102	153	153	153	150	150	159	169
	7,565	7,867	7,870	7,871	7,633	8,048	6,918	7,380	11,862	13,867
	951	1,134	1,369	1,082	1,177	2,803	2,605	3,250	2,025	1,496
Trade Payables	2,188	2,353	2,817	3,297	4,444	6,451	6,701	1,451	2,810	1,207
	542	594	1,745	1,425	1,876	2,178	1,570	4,690	1,018	1,157
Total Liabilities	11,347	12,050	13,903	13,828	15,283	19,633	17,944	16,921	17,874	17,896
	5,116	4,902	4,981	5,354	5,598	5,477	4,319	738	749	791
Capital Work in Progress	249	624	821	804	638	809	856	104	104	11
	593	594	1,441	1,406	1,441	2,374	3,208	3,687	5,533	5,967
	1,355	1,452	1,866	1,316	1,943	2,929	1,677	346	440	485
	0	0	0	0	0	0	0	2,249	3,694	3,313
Cash & Bank	71	126	100	163	334	825	739	192	137	108
	3,963	4,352	4,694	4,785	5,329	7,219	7,145	9,605	7,217	7,221
Total Assets	11,347	12,050	13,903	13,828	15,283	19,633	17,944	16,921	17,874	17,896

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,167	619	731	1,861	1,750	2,492	1,984	-411	-923	-2,243
Cash from Investing	268	-305	-439	-435	-1,175	-1,481	1,210	-462	843	783
Cash from Financing	-1,295	-158	-241	-1,277	-502	-643	-2,689	325	38	1,385
	-6	34	-16	61	143	225	188	-548	-42	-75

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
32.52	32.52	33.51	33.50	33.50	33.50	33.50	33.51	33.51
34.51	34.22	32.52	34.22	34.90	37.01	38.84	41.78	42.39
15.74	17.64	18.70	18.36	18.09	17.17	16.71	14.63	14.32
0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.02
13.92	12.28	12.33	10.93	10.57	9.45	8.78	8.74	8.44

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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UPL Ltd.

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Name

UPL

577.00

24.11

48708.57

1.04

-73.00

58.52

10181.00

10.47

12.00

13.43

PIIND

2396.05

31.20

36352.42

0.63

244.20

-38.95

1702.30

-10.43

16.00

21.69

SUMICHEM

481.50

41.48

24033.87

0.27

214.51

20.45

1063.35

0.62

23.39

21.94

BAYERCROP

3948.35

320.25

17744.71

3.80

321.60

15.39

1835.00

-4.16

30.08

20.03

SHARDACROP

783.10

11.28

7065.17

1.92

88.02

-38.36

1073.77

9.03

31.10

17.32

DHANUKA

977.80

14.68

4358.87

0.20

75.50

27.94

442.02

20.01

24.44

24.83

RALLIS

203.90

24.15

3965.22

1.47

-14.15

-274.26

507.54

7.70

13.23

-0.56

NACLIND

164.35

311.22

3849.79

0.00

20.84

59.82

383.33

-14.50

6.20

10.80

BHAGCHEM

263.40

124.10

3415.48

0.06

133.29

3249.84

1950.19

1475.55

4.55

15.65

GSPCROP

491.20

23.34

2285.00

0.20

263.94

1111.46

3859.95

1153.27

18.46

11.02

BHARATRAS

1170.30

13.57

1945.16

0.04

372.30

838.73

3381.60

796.03

16.63

15.19

INSECTICID

623.60

14.50

1814.54

0.32

43.87

-24.49

611.52

-11.52

15.97

11.10

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,355

1,777

1,018

1,248

802

1,090

1,427

2,011

1,660

1,512

1,390

1,186

1,397

1,254

1,566

1,044

1,136

741

1,064

1,325

2,081

1,567

1,431

1,334

1,063

1,400

Operating Profit

101

211

-26

112

102

-70

123

-3

OPM %

7.45%

11.87%

-2.55%

8.97%

7.61%

2.39%

7.15%

-3.48%

5.60%

5.36%

4.03%

10.37%

-0.21%

772

130

294

1,867

349

399

123

Interest

Depreciation

Profit before Tax

911

-75

-14

301

1,712

132

355

465

120

Tax %

13.04%

13.39%

60.00%

-58.33%

-0.00%

6.25%

-190.37%

-1.58%

7.58%

23.38%

47.54%

22.80%

25.83%

Net Profit

789

-30

-14

874

1,739

122

272

359

0.53

10.51

-0.40

-0.13

-0.18

0.58

11.17

22.16

1.53

3.32

0.37

4.25

1.05

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

6,939

7,263

8,660

9,641

11,345

16,449

9,032

5,398

5,330

5,748

5,485

5,996

6,314

7,821

8,436

9,732

14,395

8,180

4,997

5,200

5,483

5,228

Operating Profit

943

949

839

1,205

1,613

2,054

852

401

130

265

257

OPM %

13.59%

13.07%

9.69%

12.50%

14.22%

12.49%

9.43%

7.43%

2.44%

4.61%

4.69%

376

459

611

496

109

628

448

822

2,282

999

940

Interest

246

166

240

272

311

377

188

144

232

126

129

Depreciation

655

666

724

891

977

1,044

431

130

135

125

117

Profit before Tax

418

576

486

538

434

1,261

681

949

2,045

1,013

1,001

Tax %

41.39%

4.86%

16.67%

14.31%

49.31%

6.74%

15.86%

4.21%

-29.24%

22.51%

24.88%

Net Profit

245

548

405

461

220

1,176

573

909

2,643

785

752

EPS

4.81

10.78

5.30

6.03

2.88

15.39

12.96

12.12

33.25

9.29

—

Dividend Payout %

146.07%

74.45%

100.74%

99.57%

347.73%

65.05%

130.89%

8.25%

18.05%

64.59%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

101

102

153

150

159

169

7,565

7,867

7,870

7,871

7,633

8,048

6,918

7,380

11,862

13,867

951

1,134

1,369

1,082

1,177

2,803

2,605

3,250

2,025

1,496

Trade Payables

2,188

2,353

2,817

3,297

4,444

6,451

6,701

1,451

2,810

1,207

542

594

1,745

1,425

1,876

2,178

1,570

4,690

1,018

1,157

Total Liabilities

11,347

12,050

13,903

13,828

15,283

19,633

17,944

16,921

17,874

17,896

5,116

4,902

4,981

5,354

5,598

5,477

4,319

738

749

791

Capital Work in Progress

249

624

821

804

638

809

856

104

593

594

1,441

1,406

1,441

2,374

3,208

3,687

5,533

5,967

1,355

1,452

1,866

1,316

1,943

2,929

1,677

346

440

485

2,249

3,694

3,313

Cash & Bank

126

100

163

334

825

739

192

137

108

3,963

4,352

4,694

4,785

5,329

7,219

7,145

9,605

7,217

7,221

Total Assets

11,347

12,050

13,903

13,828

15,283

19,633

17,944

16,921

17,874

17,896

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

1,167

619

731

1,861

1,750

2,492

1,984

-411

-923

-2,243

Cash from Investing

268

-305

-439

-435

-1,175

-1,481

1,210

-462

843

783

Cash from Financing

-1,295

-158

-241

-1,277

-502

-643

-2,689

325

1,385

-6

-16

143

225

188

-548

-42

-75

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

32.52

33.51

33.50

33.51

34.51

34.22

32.52

34.22

34.90

37.01

38.84

41.78

42.39

15.74

17.64

18.70

18.36

18.09

17.17

16.71

14.63

14.32

0.00

0.01

0.02

13.92

12.28

12.33

10.93

10.57

9.45

8.78

8.74

8.44

UPL Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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UPL Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI