UPL logo

UPL

UPL NSE

Key Fundamentals

MidcapPesticides & AgrochemicalsChemicals
Market Cap
₹48,160 Cr
Volatility
Moderate
P/E Ratio
23.92
EBITDA
₹9,935 Cr
Return on Equity
5.38%
Debt to Equity
0.68
Book Value
₹411.13
EPS
₹0
52W High
₹812.2
52W Low
₹557.95

Tapetide Score

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

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.

Growth Rate

Revenue Growth
11.41% higher than 3Y
Net Income Growth
171% higher than 3Y
Cash Flow Change
-22.62% lower than 3Y
ROE
148% higher than 3Y
ROCE
44.67% lower than 3Y
EBITDA Margin (Avg.)
10.26% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk high

UPL Ltd, with a market cap of ₹48,160 Cr and a P/E of 20.8x, is showing signs of a TTM profit recovery at 36% growth after a difficult multi-year period marked by a 21% three-year profit CAGR decline. The company trades at a P/B of 1.4x with a three-year average ROE of just 2%, reflecting weak capital efficiency amid a challenging agrochemical cycle.

Bull Case 7
  • TTM compounded profit growth has rebounded sharply to 36%, signalling a potential earnings recovery after years of decline
  • TTM sales growth of 13% marks an acceleration from the negative 1% three-year sales CAGR, suggesting demand recovery in the agrochemical cycle
  • P/B ratio of 1.4x is modest for a global agrochemical player with a 10-year sales CAGR of 14%, offering potential valuation support
  • 10-year compounded sales CAGR of 14% demonstrates a long track record of top-line expansion through cycles
  • Consistent dividend payout ratio of 24.4% with a current yield of 1.04% provides some income cushion to shareholders
  • 10-year compounded profit CAGR of 6% shows the business has historically been able to grow earnings over full cycles despite near-term volatility
  • Last year ROE improved to 6% from a 3-year average of 2%, indicating the profitability trajectory is moving in the right direction
Bear Case 8
  • Three-year ROE averages just 2%, far below the cost of equity, indicating prolonged destruction of shareholder value
  • Low interest coverage ratio flags elevated financial risk given the company's leveraged balance sheet
  • Five-year compounded profit CAGR of -10% shows sustained earnings erosion over a meaningful period
  • Stock price CAGR of -17% over 1 year and -5% over 5 years reflects persistent market scepticism and capital loss for holders
  • Five-year sales CAGR of only 6% is weak for a commodity-chemicals business that needs volume growth to service its debt load
  • Three-year compounded sales CAGR of -1% indicates the top line actually contracted in recent years before the latest TTM uptick
  • Even the 10-year stock CAGR of just 3% has barely kept pace with inflation, suggesting poor long-term total returns
  • Dividend yield of 1.04% is modest and does not compensate adequately for the elevated financial and business risk profile

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Carbosulfan ban hits UPL directly Aug 25

    India banned import, sale, and manufacturing of carbosulfan insecticide, directly impacting UPL as a producer. The prohibition covers the full supply chain, halting all commercial activity related to the product.

  • Stock down 28% in 2026 Aug 25

    UPL shares have corrected ~28-30% from a Dec 2025 high of ₹812.2, with Jefferies noting El Niño remains a key risk factor for Latin American operations.

  • $110M acquisition cash outlay Aug 15

    The Hytech Egypt acquisition at ~4.3x FY25 revenue ($25.7M) represents a significant premium and sizable cash outlay, expected to create short-term pressure on share price pending regulatory approvals.

Positives 4
  • Jefferies sees 26% upside potential Aug 25

    Jefferies retained a buy rating with ₹715 target, projecting 14% YoY EBITDA growth and 50bps margin improvement in FY27. 15 of 19 analysts maintain buy ratings, with targets ranging from ₹640 (Kotak) to ₹880 (HSBC).

  • Advanta Egypt seed acquisition Aug 15

    UPL's subsidiary Advanta BV is acquiring Misr Hytech Seed International for ~$110M, gaining leadership in Middle East and Africa corn seed markets. Management expects ~30% IRR, with closing by Jan 31, 2027.

  • Advanta IPO has SEBI approval Aug 25

    UPL's seeds business Advanta has received SEBI approval for its IPO, with management planning to begin marketing soon. This could unlock significant value for shareholders.

  • Strategic portfolio optimization underway Aug 25

    UPL is exiting underperforming products, geographies, and JVs including closure of Bioplanta JV in Brazil. Jefferies expects strong double-digit revenue and EBITDA growth from Advanta in FY27.

Neutral 1
  • COO Tamhane resigns from UPL Aug 26

    Toshan Tamhane, Group COO who joined from McKinsey, has resigned effective Aug 31, 2026 to pursue entrepreneurial ventures after 5.5 years with UPL.

TL;DR: UPL is navigating a tough 2026 with a 28% stock correction and a domestic carbosulfan ban, but the investment thesis is shifting toward its seeds business Advanta, which has SEBI IPO approval and just completed a $110M strategic acquisition in Egypt. Analyst consensus remains overwhelmingly bullish with 15 of 19 buy ratings and targets implying 13-55% upside. The trend appears to be stabilizing as portfolio optimization, margin expansion, and Advanta's growth trajectory could drive a re-rating, though El Niño risk and near-term cash outflows from M&A warrant monitoring.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
Depreciation
636
657
676
794
660
697
688
705
731
771
827
915
832
PBT
-62
-389
-1,666
30
-455
-447
354
1,377
-190
784
671
1,892
-109
Tax %
-265%
-25%
-4%
367%
16%
31%
-141%
22%
-7%
22%
27%
32%
-33%
Net Profit
102
-293
-1,607
-80
-527
-585
853
1,079
-176
612
490
1,294
-73
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
-6%
53%
26%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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59 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

Others2.03%Govt.0.02%FIIs43.71%Public6.41%DIIs14.32%Promot.33.51%As ofJun 2026

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 Commodities sector, in the Fertilizers & Agrochemicals industry.
What is the market capitalisation of UPL Ltd?
UPL Ltd has a market capitalisation of ₹48,160 Cr, which places it in the Large Cap band.
What is the PE ratio of UPL Ltd?
UPL Ltd trades at a PE ratio of 23.92, on earnings per share of ₹0, against a book value of ₹411.13 per share.
What is the 52-week high and low of UPL Ltd?
Over the last 52 weeks UPL Ltd has traded between ₹557.95 and ₹812.2.
Does UPL Ltd pay dividends?
UPL Ltd has a dividend yield of 1.04%.
What is the Return on Equity (ROE) of UPL Ltd?
UPL Ltd reported a return on equity of 5.38%. 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 2004-01-23
Face Value ₹ 2
Issued Size 84,33,18,751

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