UPL Ltd logo

UPL Ltd

UPL NSE

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.

AI Verdict: HOLD Confidence: 5%

UPL shows TTM sales growth of 11% and a strong profit recovery of 113% TTM, but 3-year ROE of just 2% and poor long-term stock CAGR of -5% over 5 years signal persistent structural challenges. With 72% analyst buy ratings but weak return ratios, the risk-reward is balanced at current levels.

Key Fundamentals

MidcapPesticides & AgrochemicalsChemicals
Market Cap
₹51,144 Cr
Volatility
Moderate
P/E Ratio
25.91
EBITDA
₹9,078 Cr
Return on Equity
-5.74%
Debt to Equity
1.02
Book Value
₹411.13
EPS
₹0
52W High
₹812.2
52W Low
₹565.15

Technical Indicators

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 1.97% over last 3 years.

Growth Rate

Revenue Growth
10.01% ↘
Net Income Growth
133.41% ↘
Cash Flow Change
337.35% ↗
ROE
-137.80% ↘
ROCE
157.73% ↗
EBITDA Margin (Avg.)
0.64% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

UPL shows TTM sales growth of 11% and a strong profit recovery of 113% TTM, but 3-year ROE of just 2% and poor long-term stock CAGR of -5% over 5 years signal persistent structural challenges. With 72% analyst buy ratings but weak return ratios, the risk-reward is balanced at current levels.

Bull Case 7
  • Strong TTM profit growth of 113% indicates a sharp earnings recovery from the trough
  • 72.22% of analysts (13 out of 18) rate UPL as a Buy, reflecting consensus optimism on turnaround
  • TTM sales growth of 11% shows revenue momentum is returning after 3-year sales CAGR of -1%
  • P/B ratio of 1.49x is undemanding for a global agrochemical player with diversified operations
  • 10-year compounded sales growth of 14% demonstrates long-term business scalability
  • Healthy dividend payout ratio of 24.4% provides income support with current yield of 0.98%
  • 10-year stock CAGR of 6% and 10-year ROE of 10% confirm the company can generate value over full cycles
Bear Case 8
  • 3-year ROE of just 2% is extremely poor, indicating inadequate returns on shareholder equity
  • Low interest coverage ratio suggests elevated debt servicing burden relative to operating profits
  • 5-year stock CAGR of -5% means shareholders have destroyed wealth over a meaningful period
  • 5-year compounded profit CAGR of -9% reflects sustained earnings deterioration despite revenue growth
  • 3-year compounded profit CAGR of -20% highlights severe mid-term earnings contraction
  • 5-year compounded sales growth of only 6% is below industry expectations for an agrochemical major
  • Last year ROE of 6% remains well below cost of equity, indicating value destruction continues
  • Only 1-year stock return of -4% shows the market has not yet priced in the recovery narrative

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Neutral 2
  • ₹57.70 Cr NSE block trade Jun 19

    Approximately 947,991 shares traded at ₹608.65 per share in a single block deal worth ₹57.70 crores, indicating institutional-level activity.

  • Subsidiary acquires Advanta Investment Jun 1

    UPL's step-down subsidiary acquired 100% of Advanta Investment Limited for US$1 to invest in technology and IP ventures related to seeds.

TL;DR: Recent news flow for UPL is light and largely neutral, with no clear bullish catalysts or new risks emerging. A ₹57.70 Cr block trade suggests institutional repositioning but direction is unclear. The Advanta acquisition is a nominal-cost strategic move into seed-tech IP. With no material headwinds or positives in the latest cycle, the near-term outlook depends on broader sector trends and upcoming quarterly results.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
16,569
8,963
10,170
9,887
14,078
9,067
11,090
10,907
15,573
9,216
12,019
12,269
18,335
Expenses
13,847
7,747
9,049
9,820
12,230
7,998
9,873
9,229
12,409
7,820
10,072
10,033
14,854
Operating Profit
2,722
1,216
1,121
67
1,848
1,069
1,217
1,678
3,164
1,396
1,947
2,236
3,481
OPM %
16%
14%
11%
1%
13%
12%
11%
15%
20%
15%
16%
18%
19%
Other Income
302
58
18
134
66
49
103
94
-168
152
392
36
162
Interest
906
700
871
1,191
1,090
913
1,070
730
914
1,007
784
774
836
Depreciation
727
636
657
676
794
660
697
688
705
731
771
827
915
PBT
1,391
-62
-389
-1,666
30
-455
-447
354
1,377
-190
784
671
1,892
Tax %
22%
-265%
-25%
-4%
367%
16%
31%
-141%
22%
-7%
22%
27%
32%
Net Profit
1,080
102
-293
-1,607
-80
-527
-585
853
1,079
-176
612
490
1,294
EPS in Rs
9.38
1.97
-2.24
-14.41
0.47
-4.55
-5.25
9.81
10.61
-1.04
6.56
4.7
12.57
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
20%
17%
18%
20%
17%
19%
22%
21%
19%
10%
15%
18%
Other Income
-11
149
363
351
-197
-515
62
91
464
231
78
724
Interest
517
704
735
783
963
1,481
2,060
2,295
2,963
3,852
3,627
3,401
Depreciation
425
676
672
675
880
2,012
2,173
2,359
2,547
2,763
2,750
3,244
PBT
1,410
1,117
1,922
2,305
1,773
2,764
4,181
4,966
5,150
-2,087
829
3,157
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
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
Div. Payout %
19%
23%
20%
20%
27%
26%
27%
21%
21%
-6%
53%
26%
Figures in ₹ Crores

Balance Sheet

  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
36,933
Total Liabilities
14,284
16,869
20,212
22,955
62,435
68,428
68,765
80,603
86,115
85,140
86,012
95,205
Fixed Assets
4,031
3,862
4,071
4,437
32,149
35,321
34,765
36,193
38,713
39,056
39,084
44,301
CWIP
583
484
792
1,319
1,855
2,073
2,117
2,501
2,818
2,965
2,546
999
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
47,239
Total Assets
14,284
16,869
20,212
22,955
62,435
68,428
68,765
80,603
86,115
85,140
86,012
95,205
Figures in ₹ Crores

Cash Flow

  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
0
Investing
-463
-1,734
-1,022
-2,059
-31,282
-2,666
-2,426
-3,575
-1,354
-2,509
-1,823
0
Financing
-991
469
140
-801
28,893
-2,175
-6,713
-1,921
-6,227
164
-4,793
0
Net Cash Flow
-45
131
1,703
-21
-33
3,898
-1,927
1,000
170
-24
3,535
0
Free Cash Flow
878
703
1,382
1,435
803
6,804
5,147
3,931
5,462
367
8,896
0
CFO/OP
71
78
99
90
71
141
95
79
88
81
156
0
Figures in ₹ Crores

Ratios

  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
167
179
Days Payable
195
213
228
255
330
199
244
274
236
196
176
169
Cash Conversion Cycle
98
124
93
76
171
75
51
64
76
141
112
135
Working Capital Days
45
48
84
94
127
59
52
36
46
52
9
9
ROCE %
21%
19%
22%
21%
10%
10%
13%
14%
14%
3%
8%
10%

Shareholding Pattern

As of Mar 2026
FIIs 43.10%
Promoters 33.51%
DIIs 14.63%
Public 6.58%
Others 2.15%
Government 0.02%
Total 99.99%
  Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Jul 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Jan 2025Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026Mar 2026
Promoters
27.86%
27.86%
27.84%
27.72%
27.75%
27.91%
27.92%
27.89%
27.89%
27.89%
27.89%
27.89%
27.89%
27.88%
27.88%
28.02%
28.12%
28.12%
28.12%
28.41%
28.62%
29.13%
29.13%
30.74%
32.52%
32.52%
32.52%
32.52%
32.52%
32.52%
32.52%
33.51%
33.50%
33.50%
33.50%
33.50%
33.50%
33.51%
33.51%
FIIs
50.26%
49.09%
47.86%
55.24%
48.97%
50.64%
50.21%
0.00%
0.00%
51.34%
52.12%
51.77%
50.18%
48.82%
45.42%
43.61%
45.98%
46.03%
43.29%
42.20%
43.02%
43.64%
42.77%
42.71%
42.62%
41.99%
37.60%
37.69%
36.95%
37.82%
37.53%
35.46%
35.46%
37.21%
37.82%
39.88%
40.99%
41.76%
43.10%
DIIs
10.78%
10.69%
17.58%
10.25%
9.47%
8.73%
9.66%
7.54%
5.26%
9.59%
10.63%
5.13%
12.27%
12.86%
15.93%
16.35%
15.85%
16.18%
17.97%
18.66%
17.80%
16.47%
17.19%
16.20%
14.40%
15.24%
17.27%
16.82%
15.32%
15.74%
17.65%
18.89%
18.89%
18.56%
18.10%
17.16%
16.72%
16.12%
14.63%
Government
0.19%
0.19%
0.34%
0.19%
0.24%
0.35%
0.35%
0.35%
0.35%
0.35%
0.31%
0.31%
0.31%
0.31%
0.31%
0.31%
0.10%
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.02%
0.02%
Public
6.24%
6.26%
6.38%
6.60%
6.92%
6.99%
6.71%
6.35%
6.18%
6.25%
6.13%
6.06%
6.21%
6.73%
6.94%
8.46%
7.02%
7.01%
7.74%
7.52%
7.56%
7.73%
7.90%
7.76%
7.72%
7.77%
9.92%
10.27%
11.94%
10.97%
9.39%
8.86%
8.86%
7.95%
7.62%
6.84%
6.57%
6.53%
6.58%
Others
4.67%
5.91%
0.00%
0.00%
6.65%
5.37%
5.15%
57.87%
60.32%
4.58%
2.92%
8.84%
3.14%
3.40%
3.53%
3.25%
2.93%
2.67%
2.88%
3.21%
3.00%
3.04%
3.01%
2.60%
2.73%
2.48%
2.70%
2.70%
3.27%
2.95%
2.90%
3.28%
3.29%
2.78%
2.95%
2.61%
2.21%
2.07%
2.15%
No. of Shareholders
67,467
72,340
79,714
96,718
1,09,118
1,05,954
97,186
83,271
82,466
84,836
93,464
96,104
1,17,424
1,60,252
1,63,629
2,45,797
1,75,437
1,93,760
2,37,555
2,45,135
2,40,012
2,45,370
2,69,168
2,53,054
2,53,548
2,80,819
3,83,299
4,08,028
4,83,514
4,38,889
3,76,289
3,63,219
3,59,355
3,23,800
3,06,975
2,84,675
2,68,604
2,71,360
2,76,989

Documents

Frequently Asked Questions about UPL Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: UPL and BSE: 512070. You can view its live share price, financials, and ratios on Tapetide.
Which sector does UPL Ltd belong to?
UPL Ltd operates in the Commodities sector within the Fertilizers & Agrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of UPL Ltd?
UPL Ltd has a market capitalisation of approximately ₹51143.99 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of UPL Ltd?
The Price-to-Earnings (PE) ratio of UPL Ltd is 25.91. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of UPL Ltd?
Over the past 52 weeks, UPL Ltd has traded between a low of ₹565.15 and a high of ₹812.2. This range helps investors understand the stock's price volatility and recent trading levels.
Does UPL Ltd pay dividends?
Yes, UPL Ltd has a dividend yield of 1.00%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of UPL Ltd?
UPL Ltd has a Return on Equity (ROE) of -5.74%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research UPL Ltd on Tapetide?
On Tapetide, you can view UPL Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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