UPL Ltd
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.
- Market Cap ₹ 51,237 Cr.
- Current Price ₹ 630
- High / Low ₹ 699 / 459
- Stock P/E 96.5
- Book Value ₹ 142
- Dividend Yield 0.16 %
- ROCE 1.49 %
- ROE 5.43 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 33.1%
Cons
- Stock is trading at 4.43 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -11.2% over past five years.
- Company has a low return on equity of 10.9% over last 3 years.
- Earnings include an other income of Rs.2,555 Cr.
- Company has high debtors of 253 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 99.6 days to 218 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Agro Chemicals Industry: Pesticides / Agrochemicals - Indian
Part of BSE 500 BSE 200 Nifty 500 BSE MidCap Nifty Midcap 100
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,968 | 5,335 | 5,981 | 6,939 | 7,263 | 8,660 | 9,641 | 11,345 | 16,449 | 9,032 | 5,398 | 5,330 | |
4,303 | 4,793 | 5,143 | 5,996 | 6,314 | 7,821 | 8,436 | 9,725 | 14,392 | 8,178 | 4,996 | 5,178 | |
Operating Profit | 666 | 542 | 838 | 943 | 949 | 839 | 1,205 | 1,620 | 2,057 | 854 | 402 | 152 |
OPM % | 13% | 10% | 14% | 14% | 13% | 10% | 12% | 14% | 13% | 9% | 7% | 3% |
298 | 260 | 481 | 279 | 428 | 556 | 496 | 98 | 625 | 848 | 1,120 | 2,555 | |
Interest | 242 | 35 | 192 | 149 | 135 | 185 | 272 | 307 | 377 | 188 | 144 | 231 |
Depreciation | 169 | 187 | 619 | 655 | 666 | 724 | 891 | 977 | 1,044 | 431 | 130 | 135 |
Profit before tax | 552 | 581 | 508 | 418 | 576 | 486 | 538 | 434 | 1,261 | 1,083 | 1,248 | 2,341 |
Tax % | 25% | 20% | 24% | 41% | 5% | 17% | 14% | 49% | 7% | 10% | 3% | -26% |
416 | 463 | 385 | 245 | 548 | 405 | 461 | 220 | 1,176 | 975 | 1,208 | 2,939 | |
EPS in Rs | 5.75 | 6.41 | 5.32 | 2.86 | 6.39 | 4.71 | 5.36 | 2.56 | 13.68 | 11.55 | 14.31 | 34.81 |
Dividend Payout % | 41% | 46% | 56% | 144% | 74% | 101% | 100% | 348% | 65% | 77% | 6% | 16% |
Compounded Sales Growth | |
---|---|
10 Years: | 0% |
5 Years: | -11% |
3 Years: | -31% |
TTM: | -1% |
Compounded Profit Growth | |
---|---|
10 Years: | 1% |
5 Years: | 2% |
3 Years: | -23% |
TTM: | -56% |
Stock Price CAGR | |
---|---|
10 Years: | 6% |
5 Years: | 12% |
3 Years: | -5% |
1 Year: | 27% |
Return on Equity | |
---|---|
10 Years: | 8% |
5 Years: | 10% |
3 Years: | 11% |
Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 86 | 86 | 86 | 101 | 102 | 102 | 153 | 153 | 153 | 150 | 150 | 159 |
Reserves | 3,222 | 3,438 | 7,661 | 7,567 | 7,867 | 7,870 | 7,871 | 7,633 | 8,048 | 6,918 | 7,380 | 11,862 |
1,420 | 1,377 | 1,650 | 930 | 1,122 | 1,638 | 1,112 | 1,329 | 1,778 | 617 | 1,852 | 597 | |
2,355 | 2,739 | 2,362 | 2,749 | 2,959 | 4,293 | 4,692 | 6,168 | 9,654 | 10,259 | 7,539 | 5,323 | |
Total Liabilities | 7,083 | 7,639 | 11,759 | 11,347 | 12,050 | 13,903 | 13,828 | 15,283 | 19,633 | 17,944 | 16,921 | 17,941 |
1,572 | 1,649 | 5,397 | 5,116 | 4,902 | 4,981 | 5,354 | 5,598 | 5,477 | 4,319 | 738 | 773 | |
CWIP | 118 | 370 | 209 | 272 | 663 | 889 | 886 | 722 | 909 | 867 | 118 | 104 |
Investments | 671 | 873 | 588 | 593 | 594 | 1,441 | 1,406 | 1,441 | 2,374 | 3,208 | 3,513 | 5,528 |
4,721 | 4,747 | 5,565 | 5,366 | 5,891 | 6,592 | 6,182 | 7,522 | 10,873 | 9,550 | 12,552 | 11,536 | |
Total Assets | 7,083 | 7,639 | 11,759 | 11,347 | 12,050 | 13,903 | 13,828 | 15,283 | 19,633 | 17,944 | 16,921 | 17,941 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,139 | 497 | -63 | 1,021 | 497 | 664 | 1,773 | 1,820 | 2,349 | 1,667 | -411 | -923 | |
-84 | -131 | 364 | 268 | -305 | -439 | -435 | -1,175 | -1,481 | 1,210 | 94 | 843 | |
-1,199 | -459 | -322 | -1,295 | -158 | -241 | -1,277 | -502 | -643 | -2,689 | 325 | 38 | |
Net Cash Flow | -144 | -93 | -21 | -6 | 34 | -16 | 61 | 143 | 225 | 188 | 8 | -42 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 104 | 97 | 114 | 103 | 101 | 115 | 120 | 130 | 124 | 231 | 152 | 253 |
Inventory Days | 120 | 152 | 156 | 137 | 135 | 133 | 86 | 113 | 108 | 99 | 30 | 38 |
Days Payable | 188 | 222 | 212 | 220 | 219 | 202 | 216 | 259 | 238 | 396 | 125 | 243 |
Cash Conversion Cycle | 35 | 27 | 57 | 19 | 18 | 47 | -10 | -16 | -7 | -66 | 57 | 48 |
Working Capital Days | 75 | 57 | 100 | 75 | 78 | 66 | 37 | 32 | 33 | 17 | 64 | 218 |
ROCE % | 16% | 13% | 10% | 7% | 8% | 7% | 9% | 8% | 17% | 10% | 13% | 1% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Credit Rating
1d - S&P revises UPL Corp's credit outlook to Stable from Negative; 'BB' rating affirmed on improving leverage.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
19 May - Transcript of UPL Capital Markets Day 2025 on FY25 financial results available online.
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Notice Of Redemption In Relation To USD 400 Million Perpetual Subordinated Capital Securities Issued By UPL Corporation Limited, Mauritius, A Wholly Owned Subsidiary.
15 May - UPL to redeem USD 400 million perpetual subordinated bonds on 26 May 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 May - Audio/video recording of UPL Capital Markets Day 2025 on FY2025 results now available online.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
13 May - Listing obligaitons and Disclosure Requirements) Regulations, 2015 - Extract of consolidated financial results.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Concalls
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May 2025Transcript PPT
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Jan 2024TranscriptNotesPPTREC
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May 2020TranscriptNotesPPT
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Aug 2019TranscriptPPT
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Oct 2018Transcript PPT
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Aug 2018Transcript PPT
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Feb 2018TranscriptPPT
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Nov 2017TranscriptPPT
Business Overview
UPL is a leading provider of agricultural solutions and services, with 14,000+ product registrations, a presence in ~140 countries, access to 90% of the world’s food basket. The products include Crop Protection Chemicals like Insecticides, Fungicides, Herbicides etc. also Seeds, Biosolutions. It is a 5th largest Agrochemical company globally with 43 manufacturing facilities across the globe.[1] [2]