UPL Ltd logo

UPL Ltd

UPL NSE

Key Fundamentals

MidcapPesticides & AgrochemicalsChemicals
Market Cap
₹47,839 Cr
Volatility
Moderate
P/E Ratio
23.38
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
₹558.05

Insights

Beta

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

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47 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

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 1.87% over last 3 years.

Growth Rate

Revenue Growth
11.41% ↗
Net Income Growth
170.73% ↗
Cash Flow Change
-22.62% ↘
ROE
147.93% ↗
ROCE
44.67% ↗
EBITDA Margin (Avg.)
10.26% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk high

UPL Ltd is an agrochemical company with a market cap of ₹47,746 Cr trading at a PE of 20.6x. After a difficult multi-year period of declining profits (compounded profit CAGR of -21% over 3 years), the company is showing signs of recovery with TTM sales growth of 13% and profit growth of 36%. In FY25, UPL reported 8% revenue growth, 47% EBITDA growth, and 175% growth in net profits while reducing net debt by ₹83.2 Bn to ₹138.6 Bn.

Bull Case 8
  • Strong TTM revenue growth of 13% signals recovery after 3-year compounded sales CAGR of -1%
  • TTM profit growth of 36% shows sharp earnings recovery after years of decline
  • FY25 EBITDA grew 47% YoY, reaching the upper end of management guidance
  • Net debt reduced by ₹83.2 Bn (approximately $1.04 Bn) in FY25 to ₹138.6 Bn, driven by strong operating free cash flow of ₹44.5 Bn
  • 10-year compounded sales CAGR of 14% demonstrates long-term revenue scaling ability in global agrochemicals
  • PE of 20.6x is reasonable for a cyclical recovery story given 175% net profit growth in FY25
  • Consistent dividend payout of 24.4% with current yield of 1.06% provides some shareholder return
  • Q2 FY25 volumes grew 16% YoY indicating underlying demand recovery across geographies
Bear Case 8
  • 3-year ROE average of just 1.87% indicates very poor capital efficiency and value destruction for shareholders
  • Low interest coverage ratio suggests debt servicing remains a significant burden on earnings
  • 5-year compounded profit CAGR of -10% shows prolonged earnings destruction despite global presence
  • Stock has delivered -17% return over 1 year and -5% CAGR over 5 years, significantly underperforming broader markets
  • 5-year compounded sales growth of only 6% is poor for a company that made large debt-funded acquisitions
  • Price-to-book of 1.38x with last year ROE of just 6% implies the company barely earns its cost of equity
  • Net debt of ₹138.6 Bn even after significant reduction remains elevated relative to ₹47,746 Cr market cap
  • 10-year compounded profit CAGR of only 6% versus 14% sales CAGR indicates persistent margin compression over the long term

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

AI News Digest

Anthropic anthropic claude-opus-4.6 5h ago
Headwinds 2
  • CEO Mike Frank stepping down Aug 3

    CEO Mike Frank resigns effective August 31, 2026 after 4.5 years due to personal commitments, creating leadership uncertainty at the top.

  • Q1FY26 net loss persists Aug 4

    UPL posted a consolidated net loss of ₹73 crore in Q1FY26. While narrower than ₹176 crore loss YoY, the company remains unprofitable.

Positives 5
  • Advanta acquires Egyptian seed firm Aug 14

    UPL subsidiary Advanta Holdings acquiring Misr Hytech Seed International for ~US$110 million, targeting leadership in Middle East and Africa seed market with closing by Jan 31, 2027.

  • Revenue grows 10.5% YoY in Q1 Aug 4

    Consolidated revenue rose 10.5% YoY to ₹10,181 crore in Q1FY26, and net loss narrowed significantly from ₹176 crore to ₹73 crore.

  • Exchanges clear Composite Scheme Jul 29

    BSE issued 'no adverse observations' and NSE gave 'No Objection' on July 29 for UPL's Composite Scheme of Arrangement involving four entities.

  • AGM approves ₹6 dividend Aug 6

    Shareholders approved ₹6 per share dividend and re-elected Jaidev Shroff as director at the AGM held August 6, 2026.

  • Acquires US water treatment firm Jul 28

    UPL NA Inc acquired 100% of Sustainable Tech Inc, USA for US$1 on July 27, expanding presence in aquatics and water treatment sector.

Neutral 3
  • Demuric acquires 21.41% UPL stake Jul 22

    Demuric Holdings acquired 21.41% in UPL via amalgamation scheme on July 21, 2026, raising total holding to 22.03%.

  • Bioplanta stake divested for $20 Jul 29

    UPL Brasil sold entire stake in negative net worth JV Bioplanta Nutricao Vegetal for USD 20, closing by July 31, 2026.

  • Q1 FY27 earnings call scheduled Jul 27

    Board meeting and Q1 FY27 earnings call scheduled for August 3, 2026 at 16:30 IST to discuss June quarter results.

TL;DR: UPL is showing revenue recovery with 10.5% YoY growth and narrowing losses, while actively pursuing inorganic growth through the $110M Egyptian seed acquisition and US water treatment deal. Key risks include continued net losses and CEO departure creating near-term leadership transition uncertainty. The Composite Scheme clearance and promoter consolidation via Demuric suggest structural changes ahead. The trend is gradually improving on the top line, but profitability remains the key watchpoint for coming quarters.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
FIIs 43.71%
Promoters 33.51%
DIIs 14.32%
Public 6.41%
Others 2.03%
Government 0.02%
Total 100.00%
  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 2026Jun 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%
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%
43.71%
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%
14.32%
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%
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%
6.41%
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%
2.03%
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
2,72,868

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 Chemicals sector within the Pesticides & 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 ₹47839.08 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 23.38. 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 ₹558.05 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 1.06%. 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 5.38%. 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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