UPL Ltd

UPL Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

UPL Ltd

₹ 632 -0.96%
15 May - close price
upl-ltd.com BSE: 512070 NSE: UPL
About

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.

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 53,356 Cr.
  • Current Price ₹ 632
  • High / Low ₹ 812 / 565
  • Stock P/E 65.9
  • Book Value ₹ 166
  • Dividend Yield 0.95 %
  • ROCE 8.51 %
  • ROE 6.22 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 3.80 times its book value
  • The company has delivered a poor sales growth of -12.7% over past five years.
  • Company has a low return on equity of 9.37% over last 3 years.
  • Earnings include an other income of Rs.874 Cr.
  • Dividend payout has been low at 7.48% of profits over last 3 years
  • Company has high debtors of 210 days.
  • Working capital days have increased from 136 days to 293 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

Commodities Chemicals Fertilizers & Agrochemicals Pesticides & Agrochemicals

Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 Nifty Midcap 100

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,528 1,355 1,777 1,018 1,248 802 1,090 1,427 2,011 1,660 1,512 1,390 1,186
1,499 1,254 1,566 1,044 1,136 741 1,064 1,291 2,081 1,567 1,215 1,325 1,063
Operating Profit 29 101 211 -26 112 61 26 136 -70 93 297 65 123
OPM % 2% 7% 12% -3% 9% 8% 2% 10% -3% 6% 20% 5% 10%
-105 231 889 96 -73 79 232 378 1,867 94 133 60 399
Interest 40 26 25 45 49 45 80 56 51 22 43 32 29
Depreciation 32 33 47 24 28 34 28 39 34 33 32 32 28
Profit before tax -148 273 1,028 1 -38 61 150 419 1,712 132 355 61 465
Tax % 10% 2% 12% -4,500% -74% 0% 2% -137% -2% 8% 23% 48% 23%
-163 267 906 46 -10 61 147 992 1,739 122 272 32 359
EPS in Rs -1.93 3.16 10.73 0.54 -0.12 0.72 1.74 11.75 20.59 1.44 3.23 0.38 4.25
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5,335 5,981 6,939 7,263 8,660 9,641 11,345 16,449 9,032 5,398 5,330 5,748
4,793 5,143 5,996 6,314 7,821 8,436 9,725 14,392 8,178 4,996 5,175 5,358
Operating Profit 542 838 943 949 839 1,205 1,620 2,057 854 402 155 390
OPM % 10% 14% 14% 13% 10% 12% 14% 13% 9% 7% 3% 7%
260 481 279 428 556 496 98 625 848 1,120 2,552 874
Interest 35 192 149 135 185 272 307 377 188 144 231 126
Depreciation 187 619 655 666 724 891 977 1,044 431 130 135 125
Profit before tax 581 508 418 576 486 538 434 1,261 1,083 1,248 2,341 1,013
Tax % 20% 24% 41% 5% 17% 14% 49% 7% 10% 3% -26% 23%
463 385 245 548 405 461 220 1,176 975 1,208 2,939 785
EPS in Rs 6.41 5.32 2.86 6.39 4.71 5.36 2.56 13.68 11.55 14.31 34.81 9.30
Dividend Payout % 46% 56% 144% 74% 101% 100% 348% 65% 77% 6% 16% 0%
Compounded Sales Growth
10 Years: 0%
5 Years: -13%
3 Years: -14%
TTM: 8%
Compounded Profit Growth
10 Years: 8%
5 Years: 29%
3 Years: -5%
TTM: 1%
Stock Price CAGR
10 Years: 6%
5 Years: -3%
3 Years: -1%
1 Year: -2%
Return on Equity
10 Years: 8%
5 Years: 11%
3 Years: 9%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 86 86 101 102 102 153 153 153 150 150 159 169
Reserves 3,438 7,661 7,567 7,867 7,870 7,871 7,633 8,048 6,918 7,380 11,862 13,867
1,377 1,650 930 1,122 1,638 1,112 1,329 1,778 617 1,852 597 869
2,739 2,362 2,749 2,959 4,293 4,692 6,168 9,654 10,259 7,539 5,323 3,046
Total Liabilities 7,639 11,759 11,347 12,050 13,903 13,828 15,283 19,633 17,944 16,921 17,941 17,951
1,649 5,397 5,116 4,902 4,981 5,354 5,598 5,477 4,319 738 749 820
CWIP 370 209 272 663 889 886 722 909 867 118 128 11
Investments 873 588 593 594 1,441 1,406 1,441 2,374 3,208 3,687 5,528 5,967
4,747 5,565 5,366 5,891 6,592 6,182 7,522 10,873 9,550 12,378 11,536 11,153
Total Assets 7,639 11,759 11,347 12,050 13,903 13,828 15,283 19,633 17,944 16,921 17,941 17,951

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
497 -63 1,021 497 664 1,773 1,820 2,349 1,667 -411 -923 -2,243
-131 364 268 -305 -439 -435 -1,175 -1,481 1,210 -462 843 783
-459 -322 -1,295 -158 -241 -1,277 -502 -643 -2,689 325 38 1,385
Net Cash Flow -93 -21 -6 34 -16 61 143 225 188 -548 -42 -75
Free Cash Flow 120 -558 584 -272 -363 757 627 1,262 560 -1,091 -1,211 -2,309
CFO/OP 114% 16% 119% 64% 87% 154% 108% 121% 232% -76% -367% -673%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 97 114 103 101 115 120 130 124 231 152 253 210
Inventory Days 152 156 137 135 133 86 113 108 99 30 38 38
Days Payable 222 212 220 219 202 216 259 238 396 125 243 96
Cash Conversion Cycle 27 57 19 18 47 -10 -16 -7 -66 57 48 153
Working Capital Days 35 59 72 62 27 16 4 -5 -7 -60 175 293
ROCE % 13% 10% 7% 8% 7% 9% 8% 17% 10% 13% 1% 9%

Insights

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Mar 2022 Mar 2023 Mar 2024 Mar 2025
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Group Net Working Capital Days (TTM/Year-end)
Days
Number of Dealers (India SAS)
Count
Number of Manufacturing Facilities
Count
Number of Product Registrations
Count
Group Volume Growth (YoY)
％
Group Volume Growth (YoY)
%
Seed Innovation Index
%
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
32.51% 32.51% 32.51% 32.51% 32.51% 32.51% 33.50% 33.50% 33.49% 33.49% 33.49% 33.50%
37.96% 33.57% 34.39% 33.64% 34.51% 34.22% 32.52% 34.22% 34.90% 37.01% 38.84% 41.78%
15.24% 17.27% 16.82% 15.33% 15.73% 17.64% 18.89% 18.56% 18.09% 17.17% 16.71% 14.63%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.02%
14.27% 16.64% 16.27% 18.51% 17.23% 15.59% 15.08% 13.72% 13.50% 12.33% 10.94% 10.05%
No. of Shareholders 2,80,8193,83,2994,08,0284,83,5144,38,8893,76,2893,59,3553,23,8003,06,9752,84,6752,68,6042,76,989

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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