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UPL

UPL NSE

Key Fundamentals

MidcapPesticides & AgrochemicalsChemicals
Market Cap
₹45,032 Cr
Volatility
Moderate
P/E Ratio
21.58
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
₹532.6

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

4d ago
AI opinion · based on fundamentals
Risk high

UPL Ltd has a market capitalisation of about ₹46,248 Cr and trades at a P/E of 20 and a P/B of 1.34. Trailing-twelve-month sales grew 13% and profit grew 36%. Over 3 years, however, sales fell at a -1% CAGR, profit fell at a -21% CAGR, and ROE averaged about 2%. The stock has returned -15% over 1 year and -4% CAGR over 5 years, and the company has low interest coverage.

Bull Case 7
  • TTM compounded profit growth of 36% suggests earnings are recovering after a 3-year profit CAGR of -21%.
  • TTM sales growth of 13% is well above the 3-year sales CAGR of -1%, which points to a pickup in revenue.
  • A P/B of 1.34 is modest relative to the company's 10-year average ROE of 10%, so the valuation already reflects a lot of the recent weakness.
  • ROE improved to 6% last year from a 3-year average of about 2%, which suggests profitability is starting to normalise.
  • The company has kept a dividend payout of 24.4% and offers a 1.09% dividend yield despite the earnings downturn.
  • The 10-year sales CAGR of 14% shows the business has grown substantially over a full cycle.
  • With a market cap of about ₹46,248 Cr, the company has the scale to benefit if margins recover.
Bear Case 8
  • The 3-year average ROE of 1.87% is well below typical cost-of-equity levels, so the company has not been earning enough on shareholder capital.
  • Profit has fallen at a 3-year CAGR of -21% and a 5-year CAGR of -10%, so earnings are still below levels from several years ago.
  • Low interest coverage points to a heavy debt-servicing burden that could squeeze profits if earnings weaken again. Debt-to-equity data was not provided.
  • The 5-year sales CAGR of 6.02% and 3-year sales CAGR of -1% show weak top-line momentum over the medium term.
  • The stock has returned -15% over 1 year, -2% CAGR over 3 years, -4% CAGR over 5 years and only 2% CAGR over 10 years.
  • A P/E of 20 is not low for a company whose last-year ROE was 6%. It assumes the TTM profit growth of 36% will last.
  • The 36% TTM profit growth comes off a depressed base after a -21% 3-year profit CAGR, so it may partly be a cyclical rebound rather than lasting improvement.
  • The 1.09% dividend yield offers limited income support compared with the stock's -15% 1-year return.

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

AI News Digest

8d ago
Neutral 1
  • COO Tamhane resigns from UPL Aug 26

    UPL accepted Toshan Tamhane's resignation as Group COO, effective August 31, 2026. Tamhane, a former McKinsey executive, departs after 5.5 years to pursue entrepreneurial ventures.

TL;DR: Limited news flow for UPL this period, with the only development being a senior leadership departure. The COO's exit is planned well in advance (effective Aug 2026) and appears amicable, limiting immediate operational risk. Watch for a successor announcement and any broader management reshuffling in coming weeks.

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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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 Chemicals sector, in the Pesticides & Agrochemicals industry.
What is the market capitalisation of UPL Ltd?
UPL Ltd has a market capitalisation of ₹45,032 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 21.58, 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 ₹532.6 and ₹812.2.
Does UPL Ltd pay dividends?
UPL Ltd has a dividend yield of 1.11%.
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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