UPL Ltd.
•2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | UPL | 568.70 | 23.77 | 48007.91 | 1.05 | -73.00 | 58.52 | 10181.00 | 10.47 | 12.00 | 13.43 |
| 2. | PIIND | 2496.00 | 32.51 | 37868.84 | 0.60 | 244.20 | -38.95 | 1702.30 | -10.43 | 16.00 | 21.69 |
| 3. | SUMICHEM | 553.65 | 47.69 | 27635.20 | 0.23 | 214.51 | 20.45 | 1063.35 | 0.62 | 23.39 | 21.94 |
| 4. | BAYERCROP | 4068.40 | 329.99 | 18284.24 | 3.69 | 321.60 | 15.39 | 1835.00 | -4.16 | 30.08 | 20.03 |
| 5. | SHARDACROP | 771.80 | 11.12 | 6963.22 | 1.94 | 88.02 | -38.36 | 1073.77 | 9.03 | 31.10 | 17.32 |
| 6. | DHANUKA | 995.20 | 14.94 | 4436.43 | 0.20 | 75.50 | 27.94 | 442.02 | 20.01 | 24.44 | 24.83 |
| 7. | RALLIS | 211.90 | 25.10 | 4120.80 | 1.42 | -14.15 | -274.26 | 507.54 | 7.70 | 13.23 | -0.56 |
| 8. | NACLIND | 174.00 | 329.49 | 4075.83 | 0.00 | 20.84 | 59.82 | 383.33 | -14.50 | 6.20 | 10.80 |
| 9. | BHAGCHEM | 290.25 | 136.75 | 3763.65 | 0.05 | 133.29 | 3249.84 | 1950.19 | 1475.55 | 4.55 | 15.65 |
| 10. | GSPCROP | 595.35 | 28.29 | 2769.49 | 0.17 | 263.94 | 1111.46 | 3859.95 | 1153.27 | 20.81 | 11.02 |
| 11. | BHARATRAS | 1279.90 | 14.85 | 2127.33 | 0.04 | 372.30 | 838.73 | 3381.60 | 796.03 | 16.63 | 15.19 |
| 12. | INSECTICID | 614.70 | 14.29 | 1788.64 | 0.33 | 43.87 | -24.49 | 611.52 | -11.52 | 15.97 | 11.10 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,963 | 10,170 | 9,887 | 14,078 | 9,067 | 11,090 | 10,907 | 15,573 | 9,216 | 12,019 | 12,269 | 18,335 | 10,181 | |
| 7,690 | 8,845 | 9,794 | 12,230 | 7,966 | 9,738 | 8,951 | 12,382 | 7,820 | 10,018 | 9,952 | 14,777 | 10,415 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 101 | 105 | 151 | 126 | 98 | 111 | 170 | 107 | 143 | 250 | 92 | 178 | 217 |
| Interest | 700 | 871 | 1,191 | 1,090 | 913 | 1,070 | 730 | 914 | 1,007 | 784 | 774 | 836 | 852 |
| Depreciation | 636 | 657 | 676 | 794 | 660 | 697 | 688 | 705 | 731 | 771 | 827 | 915 | 832 |
| -5 | -185 | -1,640 | -15 | -423 | -312 | 632 | 1,404 | -208 | 838 | 752 | 1,969 | -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 Profit | 0 | 0 | 0 | 0 | -527 | -585 | 853 | 1,079 | -176 | 612 | 490 | 1,294 | -73 |
| 1 | -3 | -17 | 1 | -6 | -6 | 10 | 11 | -2 | 7 | 5 | 13 | 0 | |
| Equity Capital | 150 | 150 | 150 | 150 | 150 | 150 | 155 | 159 | 159 | 169 | 169 | 169 | 169 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 150 | 150 | 150 | 150 | 150 | 150 | 155 | 159 | 159 | 169 | 169 | 169 | 169 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
- 8,963
- 7,690
- Operating Profit
- —
- OPM %
- —
- Other Income
- 101
- Interest
- 700
- Depreciation
- 636
- -5
- Tax %
- 3280.00%
- Net Profit
- 0
- 1
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 10,170
- 8,845
- Operating Profit
- —
- OPM %
- —
- Other Income
- 105
- Interest
- 871
- Depreciation
- 657
- -185
- Tax %
- 51.89%
- Net Profit
- 0
- -3
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 9,887
- 9,794
- Operating Profit
- —
- OPM %
- —
- Other Income
- 151
- Interest
- 1,191
- Depreciation
- 676
- -1,640
- Tax %
- 3.60%
- Net Profit
- 0
- -17
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 14,078
- 12,230
- Operating Profit
- —
- OPM %
- —
- Other Income
- 126
- Interest
- 1,090
- Depreciation
- 794
- -15
- Tax %
- -733.33%
- Net Profit
- 0
- 1
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 9,067
- 7,966
- Operating Profit
- —
- OPM %
- —
- Other Income
- 98
- Interest
- 913
- Depreciation
- 660
- -423
- Tax %
- -17.02%
- Net Profit
- -527
- -6
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 11,090
- 9,738
- Operating Profit
- —
- OPM %
- —
- Other Income
- 111
- Interest
- 1,070
- Depreciation
- 697
- -312
- Tax %
- -44.23%
- Net Profit
- -585
- -6
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 10,907
- 8,951
- Operating Profit
- —
- OPM %
- —
- Other Income
- 170
- Interest
- 730
- Depreciation
- 688
- 632
- Tax %
- -78.96%
- Net Profit
- 853
- 10
- Equity Capital
- 155
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 155
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 15,573
- 12,382
- Operating Profit
- —
- OPM %
- —
- Other Income
- 107
- Interest
- 914
- Depreciation
- 705
- 1,404
- Tax %
- 21.23%
- Net Profit
- 1,079
- 11
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 9,216
- 7,820
- Operating Profit
- —
- OPM %
- —
- Other Income
- 143
- Interest
- 1,007
- Depreciation
- 731
- -208
- Tax %
- 6.73%
- Net Profit
- -176
- -2
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 12,019
- 10,018
- Operating Profit
- —
- OPM %
- —
- Other Income
- 250
- Interest
- 784
- Depreciation
- 771
- 838
- Tax %
- 20.53%
- Net Profit
- 612
- 7
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 12,269
- 9,952
- Operating Profit
- —
- OPM %
- —
- Other Income
- 92
- Interest
- 774
- Depreciation
- 827
- 752
- Tax %
- 24.07%
- Net Profit
- 490
- 5
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 18,335
- 14,777
- Operating Profit
- —
- OPM %
- —
- Other Income
- 178
- Interest
- 836
- Depreciation
- 915
- 1,969
- Tax %
- 30.37%
- Net Profit
- 1,294
- 13
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 10,181
- 10,415
- Operating Profit
- —
- OPM %
- —
- Other Income
- 217
- Interest
- 852
- Depreciation
- 832
- -109
- Tax %
- 33.03%
- Net Profit
- -73
- 0
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 16,312 | 17,378 | 21,837 | 35,756 | 38,694 | 46,240 | 53,576 | 43,098 | 46,637 | 51,839 | 52,804 | |
| 13,331 | 13,880 | 18,080 | 28,983 | 30,343 | 36,726 | 43,380 | 38,559 | 39,037 | 42,567 | 45,162 | |
| Operating Profit | 3,476 | 3,927 | 4,089 | 7,039 | 8,610 | 9,810 | 10,673 | 5,022 | 8,086 | 9,935 | — |
| OPM % | 21 | 23 | 19 | 20 | 22 | 21 | 20 | 12 | 17 | 19 | — |
| Other Income | 495 | 429 | 332 | 266 | 259 | 296 | 477 | 483 | 486 | 663 | 737 |
| Interest | 782 | 791 | 998 | 1,643 | 2,060 | 2,295 | 2,963 | 3,852 | 3,627 | 3,401 | 3,246 |
| Depreciation | 672 | 675 | 881 | 2,012 | 2,173 | 2,359 | 2,547 | 2,763 | 2,750 | 3,244 | 3,345 |
| 1,922 | 2,305 | 1,773 | 2,764 | 4,181 | 4,966 | 5,150 | -2,087 | 829 | 3,157 | 3,450 | |
| Tax % | 10 | 12 | 11 | 21 | 16 | 11 | 14 | 10 | 1 | 30 | 27 |
| Net Profit | 1,733 | 2,030 | 1,575 | 2,178 | 3,495 | 4,437 | 4,414 | -1,878 | 820 | 2,220 | 2,535 |
| EPS | 34 | 40 | 20 | 23 | 36 | 46 | 46 | -16 | 11 | 23 | — |
| Dividend Payout % | 21 | 20 | 27 | 26 | 27 | 21 | 21 | -6 | 53 | 26 | — |
| Minority Interest | -6 | -8 | -84 | -402 | -624 | -811 | -844 | 678 | 77 | -298 | -750 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -295 |
| Adjusted EPS | 22 | 25 | 19 | 22 | 36 | 45 | 46 | -15 | 11 | 23 | — |
| Minority Interest | -6 | -8 | -84 | -402 | -624 | -811 | -844 | 678 | 77 | -298 | -750 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -295 |
| Adjusted EPS | 22 | 25 | 19 | 22 | 36 | 45 | 46 | -15 | 11 | 23 | — |
- 16,312
- 13,331
- Operating Profit
- 3,476
- OPM %
- 21
- Other Income
- 495
- Interest
- 782
- Depreciation
- 672
- 1,922
- Tax %
- 10
- Net Profit
- 1,733
- EPS
- 34
- Dividend Payout %
- 21
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 22
- 17,378
- 13,880
- Operating Profit
- 3,927
- OPM %
- 23
- Other Income
- 429
- Interest
- 791
- Depreciation
- 675
- 2,305
- Tax %
- 12
- Net Profit
- 2,030
- EPS
- 40
- Dividend Payout %
- 20
- Minority Interest
- -8
- Share of Associates
- 0
- Adjusted EPS
- 25
- Minority Interest
- -8
- Share of Associates
- 0
- Adjusted EPS
- 25
- 21,837
- 18,080
- Operating Profit
- 4,089
- OPM %
- 19
- Other Income
- 332
- Interest
- 998
- Depreciation
- 881
- 1,773
- Tax %
- 11
- Net Profit
- 1,575
- EPS
- 20
- Dividend Payout %
- 27
- Minority Interest
- -84
- Share of Associates
- 0
- Adjusted EPS
- 19
- Minority Interest
- -84
- Share of Associates
- 0
- Adjusted EPS
- 19
- 35,756
- 28,983
- Operating Profit
- 7,039
- OPM %
- 20
- Other Income
- 266
- Interest
- 1,643
- Depreciation
- 2,012
- 2,764
- Tax %
- 21
- Net Profit
- 2,178
- EPS
- 23
- Dividend Payout %
- 26
- Minority Interest
- -402
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- -402
- Share of Associates
- 0
- Adjusted EPS
- 22
- 38,694
- 30,343
- Operating Profit
- 8,610
- OPM %
- 22
- Other Income
- 259
- Interest
- 2,060
- Depreciation
- 2,173
- 4,181
- Tax %
- 16
- Net Profit
- 3,495
- EPS
- 36
- Dividend Payout %
- 27
- Minority Interest
- -624
- Share of Associates
- 0
- Adjusted EPS
- 36
- Minority Interest
- -624
- Share of Associates
- 0
- Adjusted EPS
- 36
- 46,240
- 36,726
- Operating Profit
- 9,810
- OPM %
- 21
- Other Income
- 296
- Interest
- 2,295
- Depreciation
- 2,359
- 4,966
- Tax %
- 11
- Net Profit
- 4,437
- EPS
- 46
- Dividend Payout %
- 21
- Minority Interest
- -811
- Share of Associates
- 0
- Adjusted EPS
- 45
- Minority Interest
- -811
- Share of Associates
- 0
- Adjusted EPS
- 45
- 53,576
- 43,380
- Operating Profit
- 10,673
- OPM %
- 20
- Other Income
- 477
- Interest
- 2,963
- Depreciation
- 2,547
- 5,150
- Tax %
- 14
- Net Profit
- 4,414
- EPS
- 46
- Dividend Payout %
- 21
- Minority Interest
- -844
- Share of Associates
- 0
- Adjusted EPS
- 46
- Minority Interest
- -844
- Share of Associates
- 0
- Adjusted EPS
- 46
- 43,098
- 38,559
- Operating Profit
- 5,022
- OPM %
- 12
- Other Income
- 483
- Interest
- 3,852
- Depreciation
- 2,763
- -2,087
- Tax %
- 10
- Net Profit
- -1,878
- EPS
- -16
- Dividend Payout %
- -6
- Minority Interest
- 678
- Share of Associates
- 0
- Adjusted EPS
- -15
- Minority Interest
- 678
- Share of Associates
- 0
- Adjusted EPS
- -15
- 46,637
- 39,037
- Operating Profit
- 8,086
- OPM %
- 17
- Other Income
- 486
- Interest
- 3,627
- Depreciation
- 2,750
- 829
- Tax %
- 1
- Net Profit
- 820
- EPS
- 11
- Dividend Payout %
- 53
- Minority Interest
- 77
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 77
- Share of Associates
- 0
- Adjusted EPS
- 11
- 51,839
- 42,567
- Operating Profit
- 9,935
- OPM %
- 19
- Other Income
- 663
- Interest
- 3,401
- Depreciation
- 3,244
- 3,157
- Tax %
- 30
- Net Profit
- 2,220
- EPS
- 23
- Dividend Payout %
- 26
- Minority Interest
- -298
- Share of Associates
- 0
- Adjusted EPS
- 23
- Minority Interest
- -298
- Share of Associates
- 0
- Adjusted EPS
- 23
- 52,804
- 45,162
- Operating Profit
- —
- OPM %
- —
- Other Income
- 737
- Interest
- 3,246
- Depreciation
- 3,345
- 3,450
- Tax %
- 27
- Net Profit
- 2,535
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -750
- Share of Associates
- -295
- Adjusted EPS
- —
- Minority Interest
- -750
- Share of Associates
- -295
- Adjusted EPS
- —
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:
- -4%
- 3 Years:
- 1%
- 1 Year:
- -20%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 9%
- 3 Years:
- 1%
- Last Year:
- 7%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| 101 | 102 | 102 | 153 | 153 | 153 | 150 | 150 | 159 | 169 | |
| 7,212 | 9,067 | 14,613 | 16,144 | 17,747 | 21,502 | 26,688 | 24,637 | 29,054 | 34,527 | |
| 708 | 634 | 2,478 | 1,298 | 1,520 | 4,117 | 1,219 | 4,233 | 1,016 | 1,592 | |
| Trade Payables | 4,875 | 5,675 | 9,847 | 10,233 | 12,759 | 16,552 | 17,614 | 15,684 | 14,648 | 17,102 |
| 6,815 | 7,036 | 35,395 | 40,602 | 36,586 | 38,279 | 40,245 | 39,247 | 39,803 | 37,886 | |
| Total Liabilities | 19,711 | 22,514 | 62,435 | 68,430 | 68,765 | 80,603 | 85,916 | 83,951 | 84,680 | 91,276 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 4,071 | 4,437 | 32,149 | 35,322 | 34,765 | 36,193 | 38,713 | 39,056 | 39,084 | 42,153 | |
| Capital Work in Progress | 633 | 1,090 | 1,166 | 1,059 | 899 | 1,184 | 1,197 | 1,106 | 615 | 999 |
| 378 | 1,034 | 708 | 558 | 618 | 1,922 | 1,615 | 2,154 | 2,328 | 2,666 | |
| 4,156 | 4,538 | 9,133 | 7,850 | 9,422 | 13,078 | 13,985 | 12,776 | 10,316 | 12,676 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16,354 | 15,505 | 17,874 | |
| Cash & Bank | 2,895 | 2,894 | 2,851 | 6,752 | 4,853 | 6,120 | 6,097 | 6,036 | 9,537 | 6,086 |
| 7,578 | 8,521 | 16,428 | 16,889 | 18,208 | 22,106 | 24,309 | 6,469 | 7,295 | 8,822 | |
| Total Assets | 19,711 | 22,514 | 62,435 | 68,430 | 68,765 | 80,603 | 85,916 | 83,951 | 84,680 | 91,276 |
| Total Debt | 6,361 | 6,638 | 29,139 | 28,704 | 23,771 | 28,852 | 22,999 | 28,243 | 23,536 | 21,860 |
| Net Working Capital | 6,630 | 7,362 | 10,434 | 12,506 | 10,388 | 11,704 | 12,951 | 12,438 | 11,048 | 7,414 |
| Contingent Liabilities | 648 | 436 | 383 | 434 | 481 | 2,438 | 2,283 | 2,952 | 3,683 | 3,900 |
| Book Value per Share | 144.81 | 179.78 | 288.53 | 213.03 | 233.99 | 283.07 | 357.84 | 330.49 | 367.46 | 410.60 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Total Debt | 6,361 | 6,638 | 29,139 | 28,704 | 23,771 | 28,852 | 22,999 | 28,243 | 23,536 | 21,860 |
| Net Working Capital | 6,630 | 7,362 | 10,434 | 12,506 | 10,388 | 11,704 | 12,951 | 12,438 | 11,048 | 7,414 |
| Contingent Liabilities | 648 | 436 | 383 | 434 | 481 | 2,438 | 2,283 | 2,952 | 3,683 | 3,900 |
| Book Value per Share | 144.81 | 179.78 | 288.53 | 213.03 | 233.99 | 283.07 | 357.84 | 330.49 | 367.46 | 410.60 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
- 101
- 7,212
- 708
- Trade Payables
- 4,875
- 6,815
- Total Liabilities
- 19,711
- 4,071
- Capital Work in Progress
- 633
- 378
- 4,156
- 0
- Cash & Bank
- 2,895
- 7,578
- Total Assets
- 19,711
- Total Debt
- 6,361
- Net Working Capital
- 6,630
- Contingent Liabilities
- 648
- Book Value per Share
- 144.81
- Face Value
- 2.00
- Total Debt
- 6,361
- Net Working Capital
- 6,630
- Contingent Liabilities
- 648
- Book Value per Share
- 144.81
- Face Value
- 2.00
- 102
- 9,067
- 634
- Trade Payables
- 5,675
- 7,036
- Total Liabilities
- 22,514
- 4,437
- Capital Work in Progress
- 1,090
- 1,034
- 4,538
- 0
- Cash & Bank
- 2,894
- 8,521
- Total Assets
- 22,514
- Total Debt
- 6,638
- Net Working Capital
- 7,362
- Contingent Liabilities
- 436
- Book Value per Share
- 179.78
- Face Value
- 2.00
- Total Debt
- 6,638
- Net Working Capital
- 7,362
- Contingent Liabilities
- 436
- Book Value per Share
- 179.78
- Face Value
- 2.00
- 102
- 14,613
- 2,478
- Trade Payables
- 9,847
- 35,395
- Total Liabilities
- 62,435
- 32,149
- Capital Work in Progress
- 1,166
- 708
- 9,133
- 0
- Cash & Bank
- 2,851
- 16,428
- Total Assets
- 62,435
- Total Debt
- 29,139
- Net Working Capital
- 10,434
- Contingent Liabilities
- 383
- Book Value per Share
- 288.53
- Face Value
- 2.00
- Total Debt
- 29,139
- Net Working Capital
- 10,434
- Contingent Liabilities
- 383
- Book Value per Share
- 288.53
- Face Value
- 2.00
- 153
- 16,144
- 1,298
- Trade Payables
- 10,233
- 40,602
- Total Liabilities
- 68,430
- 35,322
- Capital Work in Progress
- 1,059
- 558
- 7,850
- 0
- Cash & Bank
- 6,752
- 16,889
- Total Assets
- 68,430
- Total Debt
- 28,704
- Net Working Capital
- 12,506
- Contingent Liabilities
- 434
- Book Value per Share
- 213.03
- Face Value
- 2.00
- Total Debt
- 28,704
- Net Working Capital
- 12,506
- Contingent Liabilities
- 434
- Book Value per Share
- 213.03
- Face Value
- 2.00
- 153
- 17,747
- 1,520
- Trade Payables
- 12,759
- 36,586
- Total Liabilities
- 68,765
- 34,765
- Capital Work in Progress
- 899
- 618
- 9,422
- 0
- Cash & Bank
- 4,853
- 18,208
- Total Assets
- 68,765
- Total Debt
- 23,771
- Net Working Capital
- 10,388
- Contingent Liabilities
- 481
- Book Value per Share
- 233.99
- Face Value
- 2.00
- Total Debt
- 23,771
- Net Working Capital
- 10,388
- Contingent Liabilities
- 481
- Book Value per Share
- 233.99
- Face Value
- 2.00
- 153
- 21,502
- 4,117
- Trade Payables
- 16,552
- 38,279
- Total Liabilities
- 80,603
- 36,193
- Capital Work in Progress
- 1,184
- 1,922
- 13,078
- 0
- Cash & Bank
- 6,120
- 22,106
- Total Assets
- 80,603
- Total Debt
- 28,852
- Net Working Capital
- 11,704
- Contingent Liabilities
- 2,438
- Book Value per Share
- 283.07
- Face Value
- 2.00
- Total Debt
- 28,852
- Net Working Capital
- 11,704
- Contingent Liabilities
- 2,438
- Book Value per Share
- 283.07
- Face Value
- 2.00
- 150
- 26,688
- 1,219
- Trade Payables
- 17,614
- 40,245
- Total Liabilities
- 85,916
- 38,713
- Capital Work in Progress
- 1,197
- 1,615
- 13,985
- 0
- Cash & Bank
- 6,097
- 24,309
- Total Assets
- 85,916
- Total Debt
- 22,999
- Net Working Capital
- 12,951
- Contingent Liabilities
- 2,283
- Book Value per Share
- 357.84
- Face Value
- 2.00
- Total Debt
- 22,999
- Net Working Capital
- 12,951
- Contingent Liabilities
- 2,283
- Book Value per Share
- 357.84
- Face Value
- 2.00
- 150
- 24,637
- 4,233
- Trade Payables
- 15,684
- 39,247
- Total Liabilities
- 83,951
- 39,056
- Capital Work in Progress
- 1,106
- 2,154
- 12,776
- 16,354
- Cash & Bank
- 6,036
- 6,469
- Total Assets
- 83,951
- Total Debt
- 28,243
- Net Working Capital
- 12,438
- Contingent Liabilities
- 2,952
- Book Value per Share
- 330.49
- Face Value
- 2.00
- Total Debt
- 28,243
- Net Working Capital
- 12,438
- Contingent Liabilities
- 2,952
- Book Value per Share
- 330.49
- Face Value
- 2.00
- 159
- 29,054
- 1,016
- Trade Payables
- 14,648
- 39,803
- Total Liabilities
- 84,680
- 39,084
- Capital Work in Progress
- 615
- 2,328
- 10,316
- 15,505
- Cash & Bank
- 9,537
- 7,295
- Total Assets
- 84,680
- Total Debt
- 23,536
- Net Working Capital
- 11,048
- Contingent Liabilities
- 3,683
- Book Value per Share
- 367.46
- Face Value
- 2.00
- Total Debt
- 23,536
- Net Working Capital
- 11,048
- Contingent Liabilities
- 3,683
- Book Value per Share
- 367.46
- Face Value
- 2.00
- 169
- 34,527
- 1,592
- Trade Payables
- 17,102
- 37,886
- Total Liabilities
- 91,276
- 42,153
- Capital Work in Progress
- 999
- 2,666
- 12,676
- 17,874
- Cash & Bank
- 6,086
- 8,822
- Total Assets
- 91,276
- Total Debt
- 21,860
- Net Working Capital
- 7,414
- Contingent Liabilities
- 3,900
- Book Value per Share
- 410.60
- Face Value
- 2.00
- Total Debt
- 21,860
- Net Working Capital
- 7,414
- Contingent Liabilities
- 3,900
- Book Value per Share
- 410.60
- Face Value
- 2.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,585 | 2,839 | 2,356 | 8,739 | 7,212 | 6,496 | 7,751 | 2,321 | 10,151 | 7,855 | |
| Cash from Investing | -999 | -2,093 | -30,920 | -2,643 | -2,101 | -3,819 | -1,490 | -2,478 | -1,840 | -2,362 |
| Cash from Financing | 140 | -801 | 28,894 | -2,175 | -6,713 | -1,921 | -6,227 | 164 | -4,793 | -9,883 |
| 1,726 | -55 | 330 | 3,921 | -1,602 | 756 | 34 | 7 | 3,518 | -4,390 | |
| Free Cash Flow | 1,971 | 1,187 | -27,623 | 3,970 | 6,331 | 3,188 | 3,033 | -406 | 8,280 | 560 |
| OCF / Net Profit | 1.49 | 1.40 | 1.50 | 4.01 | 2.06 | 1.46 | 1.76 | -1.24 | 12.38 | 3.54 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -14,164 | -12,947 | -11,101 | 16,116 | 20,426 | 14,655 |
| OCF / Net Profit | 1.49 | 1.40 | 1.50 | 4.01 | 2.06 | 1.46 | 1.76 | -1.24 | 12.38 | 3.54 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -14,164 | -12,947 | -11,101 | 16,116 | 20,426 | 14,655 |
- 2,585
- Cash from Investing
- -999
- Cash from Financing
- 140
- 1,726
- Free Cash Flow
- 1,971
- OCF / Net Profit
- 1.49
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.49
- Cumulative 5-Year FCF
- 0
- 2,839
- Cash from Investing
- -2,093
- Cash from Financing
- -801
- -55
- Free Cash Flow
- 1,187
- OCF / Net Profit
- 1.40
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.40
- Cumulative 5-Year FCF
- 0
- 2,356
- Cash from Investing
- -30,920
- Cash from Financing
- 28,894
- 330
- Free Cash Flow
- -27,623
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 0
- 8,739
- Cash from Investing
- -2,643
- Cash from Financing
- -2,175
- 3,921
- Free Cash Flow
- 3,970
- OCF / Net Profit
- 4.01
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 4.01
- Cumulative 5-Year FCF
- 0
- 7,212
- Cash from Investing
- -2,101
- Cash from Financing
- -6,713
- -1,602
- Free Cash Flow
- 6,331
- OCF / Net Profit
- 2.06
- Cumulative 5-Year FCF
- -14,164
- OCF / Net Profit
- 2.06
- Cumulative 5-Year FCF
- -14,164
- 6,496
- Cash from Investing
- -3,819
- Cash from Financing
- -1,921
- 756
- Free Cash Flow
- 3,188
- OCF / Net Profit
- 1.46
- Cumulative 5-Year FCF
- -12,947
- OCF / Net Profit
- 1.46
- Cumulative 5-Year FCF
- -12,947
- 7,751
- Cash from Investing
- -1,490
- Cash from Financing
- -6,227
- 34
- Free Cash Flow
- 3,033
- OCF / Net Profit
- 1.76
- Cumulative 5-Year FCF
- -11,101
- OCF / Net Profit
- 1.76
- Cumulative 5-Year FCF
- -11,101
- 2,321
- Cash from Investing
- -2,478
- Cash from Financing
- 164
- 7
- Free Cash Flow
- -406
- OCF / Net Profit
- -1.24
- Cumulative 5-Year FCF
- 16,116
- OCF / Net Profit
- -1.24
- Cumulative 5-Year FCF
- 16,116
- 10,151
- Cash from Investing
- -1,840
- Cash from Financing
- -4,793
- 3,518
- Free Cash Flow
- 8,280
- OCF / Net Profit
- 12.38
- Cumulative 5-Year FCF
- 20,426
- OCF / Net Profit
- 12.38
- Cumulative 5-Year FCF
- 20,426
- 7,855
- Cash from Investing
- -2,362
- Cash from Financing
- -9,883
- -4,390
- Free Cash Flow
- 560
- OCF / Net Profit
- 3.54
- Cumulative 5-Year FCF
- 14,655
- OCF / Net Profit
- 3.54
- Cumulative 5-Year FCF
- 14,655
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 34.14 | 39.65 | 29.24 | 23.22 | 37.53 | 47.40 | 47.60 | -16.00 | 11.28 | 22.75 |
| Book Value (₹) | 144.81 | 179.78 | 288.53 | 213.03 | 233.99 | 283.07 | 357.84 | 330.49 | 367.46 | 410.60 |
| Dividend per Share (₹) | 7.00 | 8.00 | 8.00 | 6.00 | 10.00 | 10.00 | 10.00 | 1.00 | 6.00 | 6.00 |
| Cash EPS (₹) | 30.45 | 33.92 | 30.79 | 52.54 | 71.07 | 85.21 | 89.02 | 11.32 | 44.91 | 64.66 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 20.84% | 18.43% | 15.86% | 16.78% | 18.89% | 17.92% | 16.56% | 8.54% | 13.50% | 14.79% |
| Net Margin % | 10.39% | 9.53% | 6.11% | 5.19% | 7.67% | 8.10% | 6.85% | -3.53% | 1.46% | 3.54% |
| ROE % | 36.86% | 24.63% | 13.19% | 14.05% | 20.44% | 22.43% | 18.20% | -7.28% | 3.04% | 6.95% |
| ROCE % | 21.71% | 20.94% | 9.29% | 9.60% | 13.47% | 15.26% | 16.16% | 3.43% | 8.42% | 12.00% |
| 9.58% | 9.62% | 3.71% | 3.33% | 5.09% | 5.94% | 5.30% | -2.21% | 0.97% | 2.52% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 118 | 100 | 126 | 102 | 96 | 92 | 95 | 119 | 103 | 97 |
| Inventory Days | 87 | 74 | 97 | 74 | 69 | 75 | 77 | 92 | 75 | 67 |
| Payable Days | 206 | 237 | 260 | 196 | 220 | 242 | 229 | 248 | 229 | 224 |
| -2 | -63 | -37 | -19 | -54 | -76 | -57 | -38 | -50 | -60 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.86x | 0.72x | 1.98x | 1.49x | 1.14x | 1.33x | 0.86x | 1.14x | 0.81x | 0.63x |
| Interest Coverage (x) | 3.46x | 3.91x | 2.78x | 2.68x | 3.03x | 3.16x | 2.74x | 0.46x | 1.23x | 1.93x |
| 1.94x | 1.96x | 1.64x | 1.75x | 1.53x | 1.42x | 1.45x | 1.46x | 1.39x | 1.21x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 16.12% | 6.54% | 25.66% | 63.74% | 8.22% | 19.50% | 15.87% | -19.56% | 8.21% | 11.15% |
| Operating Profit Growth % | 28.22% | 12.97% | 4.13% | 72.14% | 22.32% | 13.94% | 8.80% | -52.95% | 61.01% | 22.87% |
| Net Profit Growth % | 82.04% | 17.14% | -22.41% | 38.29% | 60.47% | 26.95% | -0.52% | -142.55% | 143.66% | 170.73% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -133.61% | 170.52% | 101.59% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 56.39x | 24.96x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.38x | 1.73x | 1.38x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.22% | 0.94% | 1.06% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.23x | 7.99x | 6.42x |
- EPS (₹)
- 34.14
- Book Value (₹)
- 144.81
- Dividend per Share (₹)
- 7.00
- Cash EPS (₹)
- 30.45
- Operating Margin %
- 20.84%
- Net Margin %
- 10.39%
- ROE %
- 36.86%
- ROCE %
- 21.71%
- 9.58%
- Debtor Days
- 118
- Inventory Days
- 87
- Payable Days
- 206
- -2
- Debt to Equity (x)
- 0.86x
- Interest Coverage (x)
- 3.46x
- 1.94x
- Revenue Growth %
- 16.12%
- Operating Profit Growth %
- 28.22%
- Net Profit Growth %
- 82.04%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 39.65
- Book Value (₹)
- 179.78
- Dividend per Share (₹)
- 8.00
- Cash EPS (₹)
- 33.92
- Operating Margin %
- 18.43%
- Net Margin %
- 9.53%
- ROE %
- 24.63%
- ROCE %
- 20.94%
- 9.62%
- Debtor Days
- 100
- Inventory Days
- 74
- Payable Days
- 237
- -63
- Debt to Equity (x)
- 0.72x
- Interest Coverage (x)
- 3.91x
- 1.96x
- Revenue Growth %
- 6.54%
- Operating Profit Growth %
- 12.97%
- Net Profit Growth %
- 17.14%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 29.24
- Book Value (₹)
- 288.53
- Dividend per Share (₹)
- 8.00
- Cash EPS (₹)
- 30.79
- Operating Margin %
- 15.86%
- Net Margin %
- 6.11%
- ROE %
- 13.19%
- ROCE %
- 9.29%
- 3.71%
- Debtor Days
- 126
- Inventory Days
- 97
- Payable Days
- 260
- -37
- Debt to Equity (x)
- 1.98x
- Interest Coverage (x)
- 2.78x
- 1.64x
- Revenue Growth %
- 25.66%
- Operating Profit Growth %
- 4.13%
- Net Profit Growth %
- -22.41%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 23.22
- Book Value (₹)
- 213.03
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 52.54
- Operating Margin %
- 16.78%
- Net Margin %
- 5.19%
- ROE %
- 14.05%
- ROCE %
- 9.60%
- 3.33%
- Debtor Days
- 102
- Inventory Days
- 74
- Payable Days
- 196
- -19
- Debt to Equity (x)
- 1.49x
- Interest Coverage (x)
- 2.68x
- 1.75x
- Revenue Growth %
- 63.74%
- Operating Profit Growth %
- 72.14%
- Net Profit Growth %
- 38.29%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 37.53
- Book Value (₹)
- 233.99
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 71.07
- Operating Margin %
- 18.89%
- Net Margin %
- 7.67%
- ROE %
- 20.44%
- ROCE %
- 13.47%
- 5.09%
- Debtor Days
- 96
- Inventory Days
- 69
- Payable Days
- 220
- -54
- Debt to Equity (x)
- 1.14x
- Interest Coverage (x)
- 3.03x
- 1.53x
- Revenue Growth %
- 8.22%
- Operating Profit Growth %
- 22.32%
- Net Profit Growth %
- 60.47%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 47.40
- Book Value (₹)
- 283.07
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 85.21
- Operating Margin %
- 17.92%
- Net Margin %
- 8.10%
- ROE %
- 22.43%
- ROCE %
- 15.26%
- 5.94%
- Debtor Days
- 92
- Inventory Days
- 75
- Payable Days
- 242
- -76
- Debt to Equity (x)
- 1.33x
- Interest Coverage (x)
- 3.16x
- 1.42x
- Revenue Growth %
- 19.50%
- Operating Profit Growth %
- 13.94%
- Net Profit Growth %
- 26.95%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 47.60
- Book Value (₹)
- 357.84
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 89.02
- Operating Margin %
- 16.56%
- Net Margin %
- 6.85%
- ROE %
- 18.20%
- ROCE %
- 16.16%
- 5.30%
- Debtor Days
- 95
- Inventory Days
- 77
- Payable Days
- 229
- -57
- Debt to Equity (x)
- 0.86x
- Interest Coverage (x)
- 2.74x
- 1.45x
- Revenue Growth %
- 15.87%
- Operating Profit Growth %
- 8.80%
- Net Profit Growth %
- -0.52%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- -16.00
- Book Value (₹)
- 330.49
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 11.32
- Operating Margin %
- 8.54%
- Net Margin %
- -3.53%
- ROE %
- -7.28%
- ROCE %
- 3.43%
- -2.21%
- Debtor Days
- 119
- Inventory Days
- 92
- Payable Days
- 248
- -38
- Debt to Equity (x)
- 1.14x
- Interest Coverage (x)
- 0.46x
- 1.46x
- Revenue Growth %
- -19.56%
- Operating Profit Growth %
- -52.95%
- Net Profit Growth %
- -142.55%
- -133.61%
- P/E (x)
- 0.00x
- P/B (x)
- 1.38x
- Dividend Yield %
- 0.22%
- 11.23x
- EPS (₹)
- 11.28
- Book Value (₹)
- 367.46
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 44.91
- Operating Margin %
- 13.50%
- Net Margin %
- 1.46%
- ROE %
- 3.04%
- ROCE %
- 8.42%
- 0.97%
- Debtor Days
- 103
- Inventory Days
- 75
- Payable Days
- 229
- -50
- Debt to Equity (x)
- 0.81x
- Interest Coverage (x)
- 1.23x
- 1.39x
- Revenue Growth %
- 8.21%
- Operating Profit Growth %
- 61.01%
- Net Profit Growth %
- 143.66%
- 170.52%
- P/E (x)
- 56.39x
- P/B (x)
- 1.73x
- Dividend Yield %
- 0.94%
- 7.99x
- EPS (₹)
- 22.75
- Book Value (₹)
- 410.60
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 64.66
- Operating Margin %
- 14.79%
- Net Margin %
- 3.54%
- ROE %
- 6.95%
- ROCE %
- 12.00%
- 2.52%
- Debtor Days
- 97
- Inventory Days
- 67
- Payable Days
- 224
- -60
- Debt to Equity (x)
- 0.63x
- Interest Coverage (x)
- 1.93x
- 1.21x
- Revenue Growth %
- 11.15%
- Operating Profit Growth %
- 22.87%
- Net Profit Growth %
- 170.73%
- 101.59%
- P/E (x)
- 24.96x
- P/B (x)
- 1.38x
- Dividend Yield %
- 1.06%
- 6.42x
Documents
Announcements
- 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.
- 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.
Annual Reports
Credit Ratings
- 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.
- Credit Rating- Revision
2026-06-25 - UPL Limited has informed the Exchange about revision in rating.
- Credit Rating- Revision
2025-08-06 - UPL Limited has informed the Exchange about revision in credit rating outlook by Moody s for UPL Corporation Limited.
Concalls
Aug 2026
May 2026
Feb 2026

