UPL Ltd.
•₹ 569-0.51%
2026-08-21
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
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 | 570.80 | 23.85 | 48185.18 | 1.05 | -73.00 | 58.52 | 10181.00 | 10.47 | 12.00 | 13.43 |
| 2. | PIIND | 2489.50 | 32.42 | 37770.23 | 0.60 | 244.20 | -38.95 | 1702.30 | -10.43 | 16.00 | 21.69 |
| 3. | SUMICHEM | 551.80 | 47.53 | 27542.86 | 0.24 | 214.51 | 20.45 | 1063.35 | 0.62 | 23.39 | 21.94 |
| 4. | BAYERCROP | 4068.85 | 330.02 | 18286.26 | 3.69 | 321.60 | 15.39 | 1835.00 | -4.16 | 30.08 | 20.03 |
| 5. | SHARDACROP | 763.40 | 11.00 | 6887.43 | 1.96 | 88.02 | -38.36 | 1073.77 | 9.03 | 31.10 | 17.32 |
| 6. | DHANUKA | 995.00 | 14.94 | 4435.54 | 0.20 | 75.50 | 27.94 | 442.02 | 20.01 | 24.44 | 24.83 |
| 7. | RALLIS | 212.75 | 25.20 | 4137.33 | 1.41 | -14.15 | -274.26 | 507.54 | 7.70 | 13.23 | -0.56 |
| 8. | NACLIND | 170.00 | 321.92 | 3982.14 | 0.00 | 20.84 | 59.82 | 383.33 | -14.50 | 6.20 | 10.80 |
| 9. | BHAGCHEM | 283.20 | 133.42 | 3672.23 | 0.05 | 133.29 | 3249.84 | 1950.19 | 1475.55 | 4.55 | 15.65 |
| 10. | GSPCROP | 590.25 | 28.05 | 2745.77 | 0.17 | 263.94 | 1111.46 | 3859.95 | 1153.27 | 20.81 | 11.02 |
| 11. | BHARATRAS | 1300.95 | 15.09 | 2162.32 | 0.04 | 372.30 | 838.73 | 3381.60 | 796.03 | 16.63 | 15.19 |
| 12. | INSECTICID | 606.00 | 14.09 | 1763.33 | 0.33 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 4 | 772 | 20 | 13 | 4 | 130 | 39 | 10 | 94 | 349 | 83 | 417 | 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 |
| 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 |
| 1 | 11 | -0 | -0 | -0 | 1 | 11 | 22 | 2 | 3 | 0 | 4 | 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% |
Jun 2023
- 1,355
- 1,254
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 26
- Depreciation
- 33
- 46
- Tax %
- 13.04%
- Net Profit
- 40
- 1
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 1,777
- 1,566
- Operating Profit
- —
- OPM %
- —
- Other Income
- 772
- Interest
- 25
- Depreciation
- 47
- 911
- Tax %
- 13.39%
- Net Profit
- 789
- 11
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 1,018
- 1,044
- Operating Profit
- —
- OPM %
- —
- Other Income
- 20
- Interest
- 45
- Depreciation
- 24
- -75
- Tax %
- 60.00%
- Net Profit
- -30
- -0
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 1,248
- 1,136
- Operating Profit
- —
- OPM %
- —
- Other Income
- 13
- Interest
- 49
- Depreciation
- 28
- 48
- Tax %
- -58.33%
- Net Profit
- 76
- -0
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 802
- 741
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 45
- Depreciation
- 34
- -14
- Tax %
- -0.00%
- Net Profit
- -14
- -0
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 1,090
- 1,064
- Operating Profit
- —
- OPM %
- —
- Other Income
- 130
- Interest
- 80
- Depreciation
- 28
- 48
- Tax %
- 6.25%
- Net Profit
- 45
- 1
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 150
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 1,427
- 1,325
- Operating Profit
- —
- OPM %
- —
- Other Income
- 39
- Interest
- 56
- Depreciation
- 39
- 301
- Tax %
- -190.37%
- Net Profit
- 874
- 11
- Equity Capital
- 155
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 155
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 2,011
- 2,081
- Operating Profit
- —
- OPM %
- —
- Other Income
- 10
- Interest
- 51
- Depreciation
- 34
- 1,712
- Tax %
- -1.58%
- Net Profit
- 1,739
- 22
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 1,660
- 1,567
- Operating Profit
- —
- OPM %
- —
- Other Income
- 94
- Interest
- 22
- Depreciation
- 33
- 132
- Tax %
- 7.58%
- Net Profit
- 122
- 2
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 159
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 1,512
- 1,431
- Operating Profit
- —
- OPM %
- —
- Other Income
- 349
- Interest
- 43
- Depreciation
- 32
- 355
- Tax %
- 23.38%
- Net Profit
- 272
- 3
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 1,390
- 1,334
- Operating Profit
- —
- OPM %
- —
- Other Income
- 83
- Interest
- 32
- Depreciation
- 32
- 61
- Tax %
- 47.54%
- Net Profit
- 32
- 0
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 1,186
- 1,063
- Operating Profit
- —
- OPM %
- —
- Other Income
- 417
- Interest
- 29
- Depreciation
- 28
- 465
- Tax %
- 22.80%
- Net Profit
- 359
- 4
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 1,397
- 1,400
- Operating Profit
- —
- OPM %
- —
- Other Income
- 123
- Interest
- 25
- Depreciation
- 25
- 120
- Tax %
- 25.83%
- Net Profit
- 89
- 0
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 169
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 1,365 | 1,415 | 1,454 | 1,711 | 1,737 | 2,688 | 1,300 | 1,223 | 300 | 1,296 | — |
| OPM % | 20 | 19 | 17 | 18 | 15 | 16 | 14 | 23 | 6 | 23 | — |
| Other Income | 422 | 466 | 615 | 506 | 124 | 634 | 448 | 822 | 170 | 1,031 | 972 |
| 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 |
| 418 | 576 | 486 | 538 | 434 | 1,261 | 681 | 949 | 2,045 | 1,013 | 1,001 | |
| Tax % | 41 | 5 | 17 | 14 | 49 | 7 | 16 | 4 | -29 | 23 | 25 |
| Net Profit | 245 | 548 | 405 | 461 | 220 | 1,176 | 573 | 909 | 2,643 | 785 | 752 |
| EPS | 5 | 11 | 5 | 6 | 3 | 15 | 13 | 12 | 33 | 9 | — |
| Dividend Payout % | 146 | 74 | 101 | 100 | 348 | 65 | 131 | 8 | 18 | 65 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 3 | 7 | 5 | 6 | 3 | 15 | 7 | 12 | 33 | 9 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 3 | 7 | 5 | 6 | 3 | 15 | 7 | 12 | 33 | 9 | — |
Mar 2017
- 6,939
- 5,996
- Operating Profit
- 1,365
- OPM %
- 20
- Other Income
- 422
- Interest
- 246
- Depreciation
- 655
- 418
- Tax %
- 41
- Net Profit
- 245
- EPS
- 5
- Dividend Payout %
- 146
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2018
- 7,263
- 6,314
- Operating Profit
- 1,415
- OPM %
- 19
- Other Income
- 466
- Interest
- 166
- Depreciation
- 666
- 576
- Tax %
- 5
- Net Profit
- 548
- EPS
- 11
- Dividend Payout %
- 74
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
Mar 2019
- 8,660
- 7,821
- Operating Profit
- 1,454
- OPM %
- 17
- Other Income
- 615
- Interest
- 240
- Depreciation
- 724
- 486
- Tax %
- 17
- Net Profit
- 405
- EPS
- 5
- Dividend Payout %
- 101
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2020
- 9,641
- 8,436
- Operating Profit
- 1,711
- OPM %
- 18
- Other Income
- 506
- Interest
- 272
- Depreciation
- 891
- 538
- Tax %
- 14
- Net Profit
- 461
- EPS
- 6
- Dividend Payout %
- 100
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 6
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 6
Mar 2021
- 11,345
- 9,732
- Operating Profit
- 1,737
- OPM %
- 15
- Other Income
- 124
- Interest
- 311
- Depreciation
- 977
- 434
- Tax %
- 49
- Net Profit
- 220
- EPS
- 3
- Dividend Payout %
- 348
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2022
- 16,449
- 14,395
- Operating Profit
- 2,688
- OPM %
- 16
- Other Income
- 634
- Interest
- 377
- Depreciation
- 1,044
- 1,261
- Tax %
- 7
- Net Profit
- 1,176
- EPS
- 15
- Dividend Payout %
- 65
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2023
- 9,032
- 8,180
- Operating Profit
- 1,300
- OPM %
- 14
- Other Income
- 448
- Interest
- 188
- Depreciation
- 431
- 681
- Tax %
- 16
- Net Profit
- 573
- EPS
- 13
- Dividend Payout %
- 131
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
Mar 2024
- 5,398
- 4,997
- Operating Profit
- 1,223
- OPM %
- 23
- Other Income
- 822
- Interest
- 144
- Depreciation
- 130
- 949
- Tax %
- 4
- Net Profit
- 909
- EPS
- 12
- Dividend Payout %
- 8
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 12
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 12
Mar 2025
- 5,330
- 5,200
- Operating Profit
- 300
- OPM %
- 6
- Other Income
- 170
- Interest
- 232
- Depreciation
- 135
- 2,045
- Tax %
- -29
- Net Profit
- 2,643
- EPS
- 33
- Dividend Payout %
- 18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 33
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 33
Mar 2026
- 5,748
- 5,483
- Operating Profit
- 1,296
- OPM %
- 23
- Other Income
- 1,031
- Interest
- 126
- Depreciation
- 125
- 1,013
- Tax %
- 23
- Net Profit
- 785
- EPS
- 9
- Dividend Payout %
- 65
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
TTM
- 5,485
- 5,228
- Operating Profit
- —
- OPM %
- —
- Other Income
- 972
- Interest
- 129
- Depreciation
- 117
- 1,001
- Tax %
- 25
- Net Profit
- 752
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- -4%
- 3 Years:
- 1%
- 1 Year:
- -20%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| 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 | |
| 40 | 313 | 907 | 539 | 704 | 1,521 | 566 | 1,827 | 569 | 836 | |
| Trade Payables | 2,188 | 2,353 | 2,817 | 3,297 | 4,444 | 6,451 | 6,701 | 1,451 | 2,810 | 1,207 |
| 1,453 | 1,415 | 2,207 | 1,968 | 2,349 | 3,460 | 3,609 | 6,113 | 2,474 | 1,817 | |
| Total Liabilities | 11,347 | 12,050 | 13,903 | 13,828 | 15,283 | 19,633 | 17,944 | 16,921 | 17,874 | 17,896 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 848 | 1,122 | 1,638 | 1,030 | 1,195 | 1,665 | 566 | 1,827 | 569 | 836 |
| Net Working Capital | 1,449 | 1,365 | 750 | 564 | 464 | 1,433 | 566 | -698 | 2,746 | 4,715 |
| Contingent Liabilities | 556 | 331 | 324 | 299 | 303 | 316 | 316 | 315 | 219 | 244 |
| Book Value per Share | 151.80 | 156.25 | 156.31 | 104.89 | 101.78 | 107.20 | 94.24 | 100.40 | 151.21 | 166.11 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Total Debt | 848 | 1,122 | 1,638 | 1,030 | 1,195 | 1,665 | 566 | 1,827 | 569 | 836 |
| Net Working Capital | 1,449 | 1,365 | 750 | 564 | 464 | 1,433 | 566 | -698 | 2,746 | 4,715 |
| Contingent Liabilities | 556 | 331 | 324 | 299 | 303 | 316 | 316 | 315 | 219 | 244 |
| Book Value per Share | 151.80 | 156.25 | 156.31 | 104.89 | 101.78 | 107.20 | 94.24 | 100.40 | 151.21 | 166.11 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Mar 2017
- 101
- 7,565
- 40
- Trade Payables
- 2,188
- 1,453
- Total Liabilities
- 11,347
- 5,116
- Capital Work in Progress
- 249
- 593
- 1,355
- 0
- Cash & Bank
- 71
- 3,963
- Total Assets
- 11,347
- Total Debt
- 848
- Net Working Capital
- 1,449
- Contingent Liabilities
- 556
- Book Value per Share
- 151.80
- Face Value
- 2.00
- Total Debt
- 848
- Net Working Capital
- 1,449
- Contingent Liabilities
- 556
- Book Value per Share
- 151.80
- Face Value
- 2.00
Mar 2018
- 102
- 7,867
- 313
- Trade Payables
- 2,353
- 1,415
- Total Liabilities
- 12,050
- 4,902
- Capital Work in Progress
- 624
- 594
- 1,452
- 0
- Cash & Bank
- 126
- 4,352
- Total Assets
- 12,050
- Total Debt
- 1,122
- Net Working Capital
- 1,365
- Contingent Liabilities
- 331
- Book Value per Share
- 156.25
- Face Value
- 2.00
- Total Debt
- 1,122
- Net Working Capital
- 1,365
- Contingent Liabilities
- 331
- Book Value per Share
- 156.25
- Face Value
- 2.00
Mar 2019
- 102
- 7,870
- 907
- Trade Payables
- 2,817
- 2,207
- Total Liabilities
- 13,903
- 4,981
- Capital Work in Progress
- 821
- 1,441
- 1,866
- 0
- Cash & Bank
- 100
- 4,694
- Total Assets
- 13,903
- Total Debt
- 1,638
- Net Working Capital
- 750
- Contingent Liabilities
- 324
- Book Value per Share
- 156.31
- Face Value
- 2.00
- Total Debt
- 1,638
- Net Working Capital
- 750
- Contingent Liabilities
- 324
- Book Value per Share
- 156.31
- Face Value
- 2.00
Mar 2020
- 153
- 7,871
- 539
- Trade Payables
- 3,297
- 1,968
- Total Liabilities
- 13,828
- 5,354
- Capital Work in Progress
- 804
- 1,406
- 1,316
- 0
- Cash & Bank
- 163
- 4,785
- Total Assets
- 13,828
- Total Debt
- 1,030
- Net Working Capital
- 564
- Contingent Liabilities
- 299
- Book Value per Share
- 104.89
- Face Value
- 2.00
- Total Debt
- 1,030
- Net Working Capital
- 564
- Contingent Liabilities
- 299
- Book Value per Share
- 104.89
- Face Value
- 2.00
Mar 2021
- 153
- 7,633
- 704
- Trade Payables
- 4,444
- 2,349
- Total Liabilities
- 15,283
- 5,598
- Capital Work in Progress
- 638
- 1,441
- 1,943
- 0
- Cash & Bank
- 334
- 5,329
- Total Assets
- 15,283
- Total Debt
- 1,195
- Net Working Capital
- 464
- Contingent Liabilities
- 303
- Book Value per Share
- 101.78
- Face Value
- 2.00
- Total Debt
- 1,195
- Net Working Capital
- 464
- Contingent Liabilities
- 303
- Book Value per Share
- 101.78
- Face Value
- 2.00
Mar 2022
- 153
- 8,048
- 1,521
- Trade Payables
- 6,451
- 3,460
- Total Liabilities
- 19,633
- 5,477
- Capital Work in Progress
- 809
- 2,374
- 2,929
- 0
- Cash & Bank
- 825
- 7,219
- Total Assets
- 19,633
- Total Debt
- 1,665
- Net Working Capital
- 1,433
- Contingent Liabilities
- 316
- Book Value per Share
- 107.20
- Face Value
- 2.00
- Total Debt
- 1,665
- Net Working Capital
- 1,433
- Contingent Liabilities
- 316
- Book Value per Share
- 107.20
- Face Value
- 2.00
Mar 2023
- 150
- 6,918
- 566
- Trade Payables
- 6,701
- 3,609
- Total Liabilities
- 17,944
- 4,319
- Capital Work in Progress
- 856
- 3,208
- 1,677
- 0
- Cash & Bank
- 739
- 7,145
- Total Assets
- 17,944
- Total Debt
- 566
- Net Working Capital
- 566
- Contingent Liabilities
- 316
- Book Value per Share
- 94.24
- Face Value
- 2.00
- Total Debt
- 566
- Net Working Capital
- 566
- Contingent Liabilities
- 316
- Book Value per Share
- 94.24
- Face Value
- 2.00
Mar 2024
- 150
- 7,380
- 1,827
- Trade Payables
- 1,451
- 6,113
- Total Liabilities
- 16,921
- 738
- Capital Work in Progress
- 104
- 3,687
- 346
- 2,249
- Cash & Bank
- 192
- 9,605
- Total Assets
- 16,921
- Total Debt
- 1,827
- Net Working Capital
- -698
- Contingent Liabilities
- 315
- Book Value per Share
- 100.40
- Face Value
- 2.00
- Total Debt
- 1,827
- Net Working Capital
- -698
- Contingent Liabilities
- 315
- Book Value per Share
- 100.40
- Face Value
- 2.00
Mar 2025
- 159
- 11,862
- 569
- Trade Payables
- 2,810
- 2,474
- Total Liabilities
- 17,874
- 749
- Capital Work in Progress
- 104
- 5,533
- 440
- 3,694
- Cash & Bank
- 137
- 7,217
- Total Assets
- 17,874
- Total Debt
- 569
- Net Working Capital
- 2,746
- Contingent Liabilities
- 219
- Book Value per Share
- 151.21
- Face Value
- 2.00
- Total Debt
- 569
- Net Working Capital
- 2,746
- Contingent Liabilities
- 219
- Book Value per Share
- 151.21
- Face Value
- 2.00
Mar 2026
- 169
- 13,867
- 836
- Trade Payables
- 1,207
- 1,817
- Total Liabilities
- 17,896
- 791
- Capital Work in Progress
- 11
- 5,967
- 485
- 3,313
- Cash & Bank
- 108
- 7,221
- Total Assets
- 17,896
- Total Debt
- 836
- Net Working Capital
- 4,715
- Contingent Liabilities
- 244
- Book Value per Share
- 166.11
- Face Value
- 2.00
- Total Debt
- 836
- Net Working Capital
- 4,715
- Contingent Liabilities
- 244
- Book Value per Share
- 166.11
- Face Value
- 2.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,021 | 497 | 664 | 1,773 | 1,820 | 2,349 | 1,667 | -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 | |
| Free Cash Flow | 598 | -267 | -318 | 612 | 853 | 1,296 | 1,667 | -411 | -1,072 | -2,243 |
| OCF / Net Profit | 4.17 | 0.91 | 1.64 | 3.85 | 8.27 | 2.00 | 2.91 | -0.45 | -0.35 | -2.86 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,478 | 2,176 | 4,110 | 4,017 | 2,333 | -763 |
| OCF / Net Profit | 4.17 | 0.91 | 1.64 | 3.85 | 8.27 | 2.00 | 2.91 | -0.45 | -0.35 | -2.86 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,478 | 2,176 | 4,110 | 4,017 | 2,333 | -763 |
Mar 2017
- 1,021
- Cash from Investing
- 268
- Cash from Financing
- -1,295
- -6
- Free Cash Flow
- 598
- OCF / Net Profit
- 4.17
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 4.17
- Cumulative 5-Year FCF
- 0
Mar 2018
- 497
- Cash from Investing
- -305
- Cash from Financing
- -158
- 34
- Free Cash Flow
- -267
- OCF / Net Profit
- 0.91
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.91
- Cumulative 5-Year FCF
- 0
Mar 2019
- 664
- Cash from Investing
- -439
- Cash from Financing
- -241
- -16
- Free Cash Flow
- -318
- OCF / Net Profit
- 1.64
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.64
- Cumulative 5-Year FCF
- 0
Mar 2020
- 1,773
- Cash from Investing
- -435
- Cash from Financing
- -1,277
- 61
- Free Cash Flow
- 612
- OCF / Net Profit
- 3.85
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 3.85
- Cumulative 5-Year FCF
- 0
Mar 2021
- 1,820
- Cash from Investing
- -1,175
- Cash from Financing
- -502
- 143
- Free Cash Flow
- 853
- OCF / Net Profit
- 8.27
- Cumulative 5-Year FCF
- 1,478
- OCF / Net Profit
- 8.27
- Cumulative 5-Year FCF
- 1,478
Mar 2022
- 2,349
- Cash from Investing
- -1,481
- Cash from Financing
- -643
- 225
- Free Cash Flow
- 1,296
- OCF / Net Profit
- 2.00
- Cumulative 5-Year FCF
- 2,176
- OCF / Net Profit
- 2.00
- Cumulative 5-Year FCF
- 2,176
Mar 2023
- 1,667
- Cash from Investing
- 1,210
- Cash from Financing
- -2,689
- 188
- Free Cash Flow
- 1,667
- OCF / Net Profit
- 2.91
- Cumulative 5-Year FCF
- 4,110
- OCF / Net Profit
- 2.91
- Cumulative 5-Year FCF
- 4,110
Mar 2024
- -411
- Cash from Investing
- -462
- Cash from Financing
- 325
- -548
- Free Cash Flow
- -411
- OCF / Net Profit
- -0.45
- Cumulative 5-Year FCF
- 4,017
- OCF / Net Profit
- -0.45
- Cumulative 5-Year FCF
- 4,017
Mar 2025
- -923
- Cash from Investing
- 843
- Cash from Financing
- 38
- -42
- Free Cash Flow
- -1,072
- OCF / Net Profit
- -0.35
- Cumulative 5-Year FCF
- 2,333
- OCF / Net Profit
- -0.35
- Cumulative 5-Year FCF
- 2,333
Mar 2026
- -2,243
- Cash from Investing
- 783
- Cash from Financing
- 1,385
- -75
- Free Cash Flow
- -2,243
- OCF / Net Profit
- -2.86
- Cumulative 5-Year FCF
- -763
- OCF / Net Profit
- -2.86
- Cumulative 5-Year FCF
- -763
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 4.79 | 10.75 | 7.94 | 6.03 | 2.88 | 15.37 | 7.64 | 12.12 | 33.25 | 9.29 |
| Book Value (₹) | 151.80 | 156.25 | 156.31 | 104.89 | 101.78 | 107.20 | 94.24 | 100.40 | 151.21 | 166.11 |
| 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 (₹) | 11.40 | 15.22 | 14.16 | 16.95 | 15.01 | 27.84 | 12.84 | 13.29 | 34.94 | 10.77 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 18.76% | 19.19% | 16.79% | 15.91% | 13.52% | 14.50% | 11.24% | 7.43% | 2.35% | 4.58% |
| Net Margin % | 3.37% | 7.43% | 4.68% | 4.29% | 1.71% | 6.34% | 4.96% | 16.84% | 47.76% | 13.56% |
| ROE % | 4.22% | 7.01% | 5.08% | 5.76% | 2.78% | 14.71% | 7.51% | 12.45% | 27.04% | 6.03% |
| ROCE % | 7.38% | 8.39% | 7.76% | 8.68% | 8.26% | 17.38% | 9.93% | 12.87% | 20.75% | 8.30% |
| 2.12% | 4.68% | 3.12% | 3.32% | 1.51% | 6.74% | 3.05% | 5.21% | 15.19% | 4.39% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 96 | 98 | 100 | 100 | 102 | 95 | 178 | 269 | 196 | 221 |
| Inventory Days | 66 | 69 | 70 | 54 | 46 | 48 | 73 | 68 | 26 | 29 |
| Payable Days | 198 | 211 | 185 | 201 | 226 | 201 | 389 | 351 | 184 | 167 |
| -36 | -43 | -15 | -47 | -77 | -59 | -138 | -13 | 38 | 83 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.11x | 0.14x | 0.21x | 0.13x | 0.15x | 0.20x | 0.08x | 0.24x | 0.05x | 0.06x |
| Interest Coverage (x) | 2.70x | 4.47x | 3.02x | 2.98x | 2.40x | 4.34x | 4.62x | 7.59x | 9.81x | 9.04x |
| 1.57x | 1.43x | 1.14x | 1.11x | 1.07x | 1.14x | 1.06x | 0.84x | 1.62x | 2.47x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 16.02% | 4.67% | 19.23% | 11.33% | 17.67% | 44.99% | -45.09% | -40.23% | -1.26% | 7.84% |
| Operating Profit Growth % | 0.22% | 3.66% | 2.76% | 17.68% | 1.52% | 54.75% | -51.64% | -5.92% | -75.47% | 332.00% |
| Net Profit Growth % | -36.36% | 123.67% | -26.09% | 13.83% | -52.28% | 434.55% | -51.28% | 58.64% | 190.76% | -70.30% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 58.64% | 174.30% | -72.06% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 36.08x | 19.14x | 61.11x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.54x | 4.21x | 3.42x |
| 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 | 29.29x | 170.03x | 37.58x |
Mar 2017
- EPS (₹)
- 4.79
- Book Value (₹)
- 151.80
- Dividend per Share (₹)
- 7.00
- Cash EPS (₹)
- 11.40
- Operating Margin %
- 18.76%
- Net Margin %
- 3.37%
- ROE %
- 4.22%
- ROCE %
- 7.38%
- 2.12%
- Debtor Days
- 96
- Inventory Days
- 66
- Payable Days
- 198
- -36
- Debt to Equity (x)
- 0.11x
- Interest Coverage (x)
- 2.70x
- 1.57x
- Revenue Growth %
- 16.02%
- Operating Profit Growth %
- 0.22%
- Net Profit Growth %
- -36.36%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 10.75
- Book Value (₹)
- 156.25
- Dividend per Share (₹)
- 8.00
- Cash EPS (₹)
- 15.22
- Operating Margin %
- 19.19%
- Net Margin %
- 7.43%
- ROE %
- 7.01%
- ROCE %
- 8.39%
- 4.68%
- Debtor Days
- 98
- Inventory Days
- 69
- Payable Days
- 211
- -43
- Debt to Equity (x)
- 0.14x
- Interest Coverage (x)
- 4.47x
- 1.43x
- Revenue Growth %
- 4.67%
- Operating Profit Growth %
- 3.66%
- Net Profit Growth %
- 123.67%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 7.94
- Book Value (₹)
- 156.31
- Dividend per Share (₹)
- 8.00
- Cash EPS (₹)
- 14.16
- Operating Margin %
- 16.79%
- Net Margin %
- 4.68%
- ROE %
- 5.08%
- ROCE %
- 7.76%
- 3.12%
- Debtor Days
- 100
- Inventory Days
- 70
- Payable Days
- 185
- -15
- Debt to Equity (x)
- 0.21x
- Interest Coverage (x)
- 3.02x
- 1.14x
- Revenue Growth %
- 19.23%
- Operating Profit Growth %
- 2.76%
- Net Profit Growth %
- -26.09%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 6.03
- Book Value (₹)
- 104.89
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 16.95
- Operating Margin %
- 15.91%
- Net Margin %
- 4.29%
- ROE %
- 5.76%
- ROCE %
- 8.68%
- 3.32%
- Debtor Days
- 100
- Inventory Days
- 54
- Payable Days
- 201
- -47
- Debt to Equity (x)
- 0.13x
- Interest Coverage (x)
- 2.98x
- 1.11x
- Revenue Growth %
- 11.33%
- Operating Profit Growth %
- 17.68%
- Net Profit Growth %
- 13.83%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 2.88
- Book Value (₹)
- 101.78
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 15.01
- Operating Margin %
- 13.52%
- Net Margin %
- 1.71%
- ROE %
- 2.78%
- ROCE %
- 8.26%
- 1.51%
- Debtor Days
- 102
- Inventory Days
- 46
- Payable Days
- 226
- -77
- Debt to Equity (x)
- 0.15x
- Interest Coverage (x)
- 2.40x
- 1.07x
- Revenue Growth %
- 17.67%
- Operating Profit Growth %
- 1.52%
- Net Profit Growth %
- -52.28%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 15.37
- Book Value (₹)
- 107.20
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 27.84
- Operating Margin %
- 14.50%
- Net Margin %
- 6.34%
- ROE %
- 14.71%
- ROCE %
- 17.38%
- 6.74%
- Debtor Days
- 95
- Inventory Days
- 48
- Payable Days
- 201
- -59
- Debt to Equity (x)
- 0.20x
- Interest Coverage (x)
- 4.34x
- 1.14x
- Revenue Growth %
- 44.99%
- Operating Profit Growth %
- 54.75%
- Net Profit Growth %
- 434.55%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 7.64
- Book Value (₹)
- 94.24
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 12.84
- Operating Margin %
- 11.24%
- Net Margin %
- 4.96%
- ROE %
- 7.51%
- ROCE %
- 9.93%
- 3.05%
- Debtor Days
- 178
- Inventory Days
- 73
- Payable Days
- 389
- -138
- Debt to Equity (x)
- 0.08x
- Interest Coverage (x)
- 4.62x
- 1.06x
- Revenue Growth %
- -45.09%
- Operating Profit Growth %
- -51.64%
- Net Profit Growth %
- -51.28%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 12.12
- Book Value (₹)
- 100.40
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 13.29
- Operating Margin %
- 7.43%
- Net Margin %
- 16.84%
- ROE %
- 12.45%
- ROCE %
- 12.87%
- 5.21%
- Debtor Days
- 269
- Inventory Days
- 68
- Payable Days
- 351
- -13
- Debt to Equity (x)
- 0.24x
- Interest Coverage (x)
- 7.59x
- 0.84x
- Revenue Growth %
- -40.23%
- Operating Profit Growth %
- -5.92%
- Net Profit Growth %
- 58.64%
- 58.64%
- P/E (x)
- 36.08x
- P/B (x)
- 4.54x
- Dividend Yield %
- 0.22%
- 29.29x
Mar 2025
- EPS (₹)
- 33.25
- Book Value (₹)
- 151.21
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 34.94
- Operating Margin %
- 2.35%
- Net Margin %
- 47.76%
- ROE %
- 27.04%
- ROCE %
- 20.75%
- 15.19%
- Debtor Days
- 196
- Inventory Days
- 26
- Payable Days
- 184
- 38
- Debt to Equity (x)
- 0.05x
- Interest Coverage (x)
- 9.81x
- 1.62x
- Revenue Growth %
- -1.26%
- Operating Profit Growth %
- -75.47%
- Net Profit Growth %
- 190.76%
- 174.30%
- P/E (x)
- 19.14x
- P/B (x)
- 4.21x
- Dividend Yield %
- 0.94%
- 170.03x
Mar 2026
- EPS (₹)
- 9.29
- Book Value (₹)
- 166.11
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 10.77
- Operating Margin %
- 4.58%
- Net Margin %
- 13.56%
- ROE %
- 6.03%
- ROCE %
- 8.30%
- 4.39%
- Debtor Days
- 221
- Inventory Days
- 29
- Payable Days
- 167
- 83
- Debt to Equity (x)
- 0.06x
- Interest Coverage (x)
- 9.04x
- 2.47x
- Revenue Growth %
- 7.84%
- Operating Profit Growth %
- 332.00%
- Net Profit Growth %
- -70.30%
- -72.06%
- P/E (x)
- 61.11x
- P/B (x)
- 3.42x
- Dividend Yield %
- 1.06%
- 37.58x
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