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UPL

UPL NSE
₹529.00 +11.15 (+2.15%)
P/E
22.09
View as Markdown
MCP
Close 4 Nov 2026 ₹529.00 −204.35 −27.9% 1Y
Start ₹733.35

Key Fundamentals

MidcapFertilizers & AgrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.10%
Debt to Equity
0.68
EPS (TTM)
₹23.95
Book Value
₹412.65
Market Cap
—
P/E (TTM)
22.09
P/B
1.28
ROE
5.64%
Dividend Yield
1.16%
EBITDA
₹9,935 Cr
52W High
₹812.20
52W Low
₹476.45
Day Range
₹511.05 – ₹529.40
Volume
24,98,890

Peer Comparison

Commodities › Chemicals › Pesticides & Agrochemicals

UPL peer comparison
UPL (this company)
₹529.0022.09₹43,728 Cr1.281.16%5.64%10.10%₹52,804 Cr₹2,323 Cr
PI Industries
₹2,187.0028.48₹33,248 Cr2.950.69%11.20%15.00%₹6,516 Cr₹1,164 Cr
Sumitomo Chemical
₹328.1028.24₹15,980 Cr4.430.41%17.60%23.50%₹3,192 Cr₹581 Cr
Bayer CropScience
₹3,249.9019.95₹14,602 Cr4.924.57%23.70%29.10%₹5,595 Cr₹733 Cr
Sharda Cropchem
₹677.959.77₹6,015 Cr1.882.23%23.20%30.20%₹5,357 Cr₹626 Cr
Dhanuka Agritech
₹942.7515.83₹4,217 Cr2.500.21%18.50%23.80%₹1,953 Cr₹268 Cr
Rallis
₹189.6717.23₹3,734 Cr1.681.58%10.20%14.10%₹2,962 Cr₹214 Cr
Median 7 companies₹677.9519.95₹14,602 Cr2.501.16%17.60%23.50%₹5,357 Cr₹626 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

51 Average

Data confidence 100/100

Category scores

Quality
55
Average
Returns, margins, earnings quality 22% weight
Valuation
82
Strong
Cheap vs sector & own history 24% weight
Growth
50
Average
Sales & profit trajectory 9% weight
Financial Health
23
Poor
Solvency, leverage, coverage 9% weight
Momentum
14
Poor
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 24.4%

Weaknesses

3
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 6.02% over past five years.
  • Company has a low return on equity of 1.87% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish775
OscillatorsNeutral171
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.62
Neutral
MACD (12,26,9)
−4.83
Bullish
SMA (50)
543.59
Bearish
SMA (200)
614.76
Bearish

As of

Analyst Rating

Based on 16 analysts
BUY75%

12 of 16 analysts rate Buy, 4 Hold, 0 Sell.

As of

BUY
12
75%
HOLD
4
25%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.95%
5Y+6.02%
3Y−1.09%
1Y+11.15%
TTM+12.86%

Net profit

Net profit growth by window
10Y+8.84%
5Y−8.68%
3Y−20.47%
1Y+170.73%
TTM+98.38%

Operating cash flow

Operating cash flow growth by window
10Y+18.86%
5Y+1.72%
3Y+0.45%
1Y−22.62%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.80 pp
5Y−4.07 pp
3Y−1.52 pp
1Y+2.23 pp
TTM+1.17 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹16,312 Cr
Mar 2018₹17,378 Cr
Mar 2019₹21,837 Cr
Mar 2020₹35,756 Cr
Mar 2021₹38,694 Cr
Mar 2022₹46,240 Cr
Mar 2023₹53,576 Cr
Mar 2024₹43,098 Cr
Mar 2025₹46,637 Cr
Mar 2026₹51,839 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,733 Cr
Mar 2018₹2,030 Cr
Mar 2019₹1,575 Cr
Mar 2020₹2,178 Cr
Mar 2021₹3,495 Cr
Mar 2022₹4,437 Cr
Mar 2023₹4,414 Cr
Mar 2024−₹1,878 Cr
Mar 2025₹820 Cr
Mar 2026₹2,220 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,770 Cr +22.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk high

UPL Ltd trades at ₹536.4 as of 2026-10-28 with a market cap of ₹45,281 Cr, sitting 34% below its 52-week high of ₹812.2. The company shows TTM sales growth of 13% and TTM profit growth of 36%, but carries a legacy of weak 3-year and 5-year compounded profit growth at -21% and -10% respectively, alongside a low 3-year average ROE of roughly 2%.

Bull Case 8
  • TTM revenue growth has accelerated to 13%, a meaningful improvement over the 3-year compounded sales CAGR of -1%, suggesting a cyclical recovery in the agrochemicals business
  • TTM profit growth of 36% indicates a sharp earnings rebound, which has brought trailing EPS to ₹23.95
  • P/E of 22.4x on TTM earnings is moderate for a large-cap specialty chemicals name, and could compress further if profit recovery sustains
  • Price-to-book of 1.3x is undemanding relative to the company's 10-year compounded sales CAGR of 14% and long-term ROE averaging around 10% over 10 years
  • Debt-to-equity ratio of 0.68 is manageable and reflects progress on deleveraging compared to historically elevated leverage levels
  • The company maintains a consistent dividend payout of 24.4%, translating to a dividend yield of 1.16% at the current price
  • Stock is trading at ₹536.4, roughly 13% above its 52-week low of ₹476.45, which may indicate a base formation after a prolonged correction
  • 10-year compounded sales CAGR of 14% and 10-year compounded profit CAGR of 6% demonstrate the company's long-term ability to grow through cycles
Bear Case 8
  • Stock has declined 24% over the past 1 year and delivered a negative 5-year CAGR of -6%, reflecting sustained value erosion for shareholders
  • 3-year compounded profit CAGR of -21% points to a prolonged earnings downcycle that only recently began reversing
  • 3-year average ROE of approximately 2% is very low, indicating poor capital efficiency through the recent cycle
  • Current ROE of 5.38% and ROCE of 10.85% remain below levels typically expected from a company of this scale in the chemicals sector
  • 5-year compounded sales growth of just 6% is weak for a global agrochemical player operating in a structural growth market
  • Low interest coverage ratio signals that debt-servicing costs consume a significant share of operating profits, leaving limited margin for error
  • The stock trades 34% below its 52-week high of ₹812.2, suggesting the market has materially de-rated the business over the past year
  • 5-year compounded profit CAGR of -10% shows that the earnings weakness is not merely a short-term blip but a multi-year trend

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

12h ago

TL;DR: UPL delivered a resilient Q2 with consolidated EBITDA growing 8% YoY to ₹23.8B, led by strong 19% growth in Advanta and Superform segments. However, the core UPL SAS business declined 14% YoY on weather disruptions, channel tightness, and cost pressures.

Headwinds 1
  • UPL SAS EBITDA down 14% YoY Nov 03

    UPL SAS segment EBITDA declined 14% year-on-year due to weaker volumes from adverse weather, tight channel liquidity, softer pricing, and higher input costs.

Positives 4
  • Consolidated EBITDA up 8% YoY Nov 03

    UPL delivered Q2 EBITDA of ₹23.8 billion, growing 8% year-on-year, driven by a better platform mix across business segments.

  • Advanta and Superform up 19% Nov 03

    Advanta and Superform segments each grew EBITDA 19% year-on-year in Q2, partially offsetting weakness in UPL SAS.

  • Strong multi-year growth outlook Nov 03

    Revenue, EBITDA, and adjusted PAT are expected to grow at approximately 8%, 9%, and 26% CAGR respectively over FY26-28E.

Neutral 2
  • New statutory auditors appointed Nov 02

    S R B C & Co LLP appointed as statutory auditors for a five-year term starting from the 43rd AGM in 2027, replacing B S R & Co. LLP whose second term concludes.

  • Board and management changes Nov 02

    Shatmanyu Shrivastava approved as Additional Director nominated by LIC, and Sameer Tandon (President - APAC, Africa and Europe) appointed as Senior Management Personnel.

Quarterly Results

₹ Cr
UPL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
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
11,860
Expenses
7,747
9,049
9,820
12,230
7,998
9,873
9,229
12,409
7,820
10,072
10,033
14,854
8,814
—
Operating Profit
1,216
1,121
67
1,848
1,069
1,217
1,678
3,164
1,396
1,947
2,236
3,481
1,367
—
OPM %
14%
11%
0.7%
13%
12%
11%
15%
20%
15%
16%
18%
19%
13%
—
Other Income
58
18
134
66
49
103
94
−168
152
392
36
162
208
—
Interest
700
871
1,191
1,090
913
1,070
730
914
1,007
784
774
836
852
819
Depreciation
636
657
676
794
660
697
688
705
731
771
827
915
832
819
PBT
−62
−389
−1,666
30
−455
−447
354
1,377
−190
784
671
1,892
−109
615
Tax %
−265%
−25%
−4%
367%
16%
31%
−141%
22%
−7%
22%
27%
32%
−33%
27%
Net Profit
102
−293
−1,607
−80
−527
−585
853
1,079
−176
612
490
1,294
−73
452
EPS (₹)
1.97
−2.24
−14.41
0.47
−4.55
−5.25
9.81
10.61
−1.04
6.56
4.7
12.57
0.12
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
UPL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
12,091
14,048
16,312
17,378
21,837
35,756
38,694
46,240
53,576
43,098
46,637
51,839
52,804
Expenses
9,728
11,700
13,346
13,966
18,024
28,984
30,342
36,711
43,380
38,801
39,509
42,761
43,773
Operating Profit
2,363
2,348
2,966
3,412
3,813
6,772
8,352
9,529
10,196
4,297
7,128
9,078
9,031
OPM %
20%
17%
18%
20%
17%
19%
22%
21%
19%
10%
15%
18%
17%
Other Income
−11
149
363
351
−197
−515
62
91
464
231
78
724
798
Interest
517
704
735
783
963
1,481
2,060
2,295
2,963
3,852
3,627
3,401
3,246
Depreciation
425
676
672
675
880
2,012
2,173
2,359
2,547
2,763
2,750
3,244
3,345
PBT
1,410
1,117
1,922
2,305
1,773
2,764
4,181
4,966
5,150
−2,087
829
3,157
3,238
Tax %
17%
15%
10%
12%
11%
21%
16%
11%
14%
−10%
1%
30%
—
Net Profit
1,187
952
1,733
2,030
1,575
2,178
3,495
4,437
4,414
−1,878
820
2,220
2,323
EPS (₹)
15.82
13
20.18
23.57
17.35
20.66
33.4
42.18
42.28
−14.21
10.62
22.78
23.95
Div. Payout %
19%
23%
20%
20%
27%
26%
27%
21%
21%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
53%
26%
—

Balance Sheet

₹ Cr
UPL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
86
86
101
102
102
153
153
153
150
150
159
169
Reserves
5,775
5,803
7,214
9,067
14,613
19,129
20,734
24,508
26,708
24,657
29,054
34,527
Borrowings
3,281
5,258
6,443
6,638
29,139
29,388
24,519
26,746
23,939
29,754
25,099
23,576
Other Liabilities
5,143
5,722
6,454
7,148
18,581
19,758
23,359
29,196
35,318
30,579
31,700
34,847
Total Liabilities
14,284
16,869
20,212
22,955
62,435
68,428
68,765
80,603
86,115
85,140
86,012
93,119
Fixed Assets
4,031
3,862
4,071
4,437
32,149
35,321
34,765
36,193
38,713
39,056
39,084
42,153
CWIP
583
484
792
1,319
1,855
2,073
2,117
2,501
2,818
2,965
2,546
3,147
Investments
764
335
378
1,034
708
558
618
1,922
1,615
2,154
2,328
2,666
Other Assets
8,906
12,188
14,971
16,165
27,723
30,476
31,265
39,987
42,969
40,965
42,054
45,153
Total Assets
14,284
16,869
20,212
22,955
62,435
68,428
68,765
80,603
86,115
85,140
86,012
93,119

Cash Flow

₹ Cr
UPL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,409
1,396
2,585
2,839
2,356
8,739
7,212
6,496
7,751
2,321
10,151
7,855
Investing
−463
−1,734
−1,022
−2,059
−31,282
−2,666
−2,426
−3,575
−1,354
−2,509
−1,823
−1,475
Financing
−991
469
140
−801
28,893
−2,175
−6,713
−1,921
−6,227
164
−4,793
−9,883
Net Cash Flow
−45
131
1,703
−21
−33
3,898
−1,927
1,000
170
−24
3,535
−3,503
Free Cash Flow
878
703
1,382
1,435
803
6,804
5,147
3,931
5,462
367
8,896
5,502
CFO/OP
71
78
99
90
71
141
95
79
88
81
156
93

Ratios

UPL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
115
133
127
127
195
121
115
121
124
138
121
126
Inventory Days
178
204
194
204
306
153
180
216
187
198
155
179
Days Payable
195
213
228
255
330
199
244
274
236
196
164
169
Cash Conversion Cycle
98
124
93
76
171
75
51
64
76
141
113
135
Working Capital Days
45
48
84
94
127
59
52
36
46
52
9
5
ROCE %
21%
19%
22%
21%
10%
10%
13%
14%
14%
3%
8%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view UPL insights

68 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • FIIs 43.67%
  • Promoters 33.51%
  • DIIs 14.31%
  • Public 6.50%
  • Others 2.00%
  • Government 0.01%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about UPL

What does UPL Ltd do?
UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.
Where is UPL Ltd (UPL) listed?
UPL Ltd trades as UPL on the NSE and under code 512070 on the BSE.
Which sector does UPL Ltd belong to?
UPL Ltd is classified under the Chemicals sector, in the Pesticides & Agrochemicals industry.
What is the PE ratio of UPL Ltd?
UPL Ltd trades at a PE ratio of 22.09 as of 4 Nov 2026, on earnings per share of ₹23.95, against a book value of ₹412.65 per share.
What is the 52-week high and low of UPL Ltd?
Over the last 52 weeks UPL Ltd has traded between ₹476.45 and ₹812.2 as of 4 Nov 2026.
Does UPL Ltd pay dividends?
UPL Ltd has a dividend yield of 1.16%.
What is the Return on Equity (ROE) of UPL Ltd?
UPL Ltd reported a return on equity of 5.64%. Its debt-to-equity ratio is 0.68.

Company Information

UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.

Website upl-ltd.com
CEO Mr. Jaidev Rajnikant Shroff B.Sc.
Employees 12,000
Listed 23 Jan 2004
Face Value ₹2

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