UPL Limited
₹514.35-₹27.65 (-5.1%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹65,214 Cr
- P/E
- 60.4x
- EV / EBITDA
- 42.4x
- Revenue
- ₹5,330 Cr
- Net margin
- 22.4%
- ROCE
- 4.3%
Price chart
Technical chartScreen technicals →-28.8% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -4.6%
- 3M
- -14.6%
- 6M
- -19.9%
- 1Y
- -28.8%
- 5Y
- -30.3%
52-week range
Day change -₹27.65 (-5.1%) from ₹542 to ₹514 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in UPL, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year net profit CAGR of 21.2%
Concerns1
- Other income is 89.7% of PBT — a large share of earnings is non-operating
Rule-based from financial data. Not advice.
About the company
UPL Limited, together with its subsidiaries, manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally. It operates in three segments: Crop Protection, Seeds, and Non-Agro.
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UPL Limited, together with its subsidiaries, manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally. It operates in three segments: Crop Protection, Seeds, and Non-Agro. The company offers herbicides, fungicides, insecticides, acaricides, seed treatment, adjuvants, bio-solutions, public health products, fumigants, soil and water technologies, agrochemical products, and other agricultural related products under the Feroce, Shenzi, Winger, and Evolution brands, as well as ProNutiva, a solution for crop protection. It also provides seeds for vegetables and crops, such as grain sorghum, forage, corn, canola, sunflower, rice, wheats, and soyas, as well as other crops, including pearl millets, biofumingants, oats, mustards, and alfalfas under the Advanta, Alta Seeds, Pacific Seeds, and Hannaford brands. In addition, the company offers industrial and specialty chemicals, such as phosphorus, cynation, phosgenation, and acrolein; other non-agricultural related products; post-harvest solutions; farmer education and engagement; environmental electronics; and apiculture services, as well as operates nurture.farm, a digital platform for growers, farming communities, and food systems. It serves input suppliers, distributors, farmers, food wholesalers/traders, food manufacturers, food retailers, consumers, industry associations, media, cooperatives, government, restaurants, agriculture chemical distributors, and non-government organisations. The company exports its products. The company was formerly known as United Phosphorus Limited and changed its name to UPL Limited in October 2013. UPL Limited was founded in 1969 and is headquartered in Mumbai, India.
- Sector
- Materials
- Shares outstanding
- 84.4 Cr shares
- ISIN
- INE628A01036
- BSE code
- 512070
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹65,214 Cr
- P/E
- 60.4x
- P/B
- 4.8x
- EV / EBITDA
- 42.4x
- EV / Sales
- 12.0x
- P/S
- 12.1x
- Earnings yield
- 1.7%
- 52-week high
- ₹804.25
- 52-week low
- ₹484.00
Profitability
- Operating margin
- 7.4%
- Net margin
- 22.4%
- EBITDA margin
- 28.2%
- ROE
- 16.0%
- ROCE
- 4.3%
- ROA
- 7.1%
- Dividend payout
- 6.0%
- Tax rate
- 3.0%
- Other income, % of PBT
- 89.7%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹5,330 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -1.3%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -11.0%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,522 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -10.6%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 143.3%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 21.2%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹411 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -124.7%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹42.0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -5.7%
Solvency and efficiency
- Current ratio
- 2.13
- Debt / Equity
- 0.25
- Debt / Assets
- 0.11
- Debt / EBITDA
- 1.22
- Interest coverage
- 2.79
- Financial leverage
- 2.25
- CFO / Net profit
- -0.34
- Cash / Market cap
- 19.0%
- Cash per share
- ₹146.72
- Asset turnover
- 0.32
- Fixed asset turnover
- 7.31
- Capital intensity
- 0.14
- Debtor days
- 152 days
- Inventory turnover
- 12.17
- Cash conversion cycle
- 57 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹55 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹5,175 Cr |
| Sales | Operating profit | ₹155 Cr |
| Operating profit | Interest | ₹155 Cr |
| Other income | Interest | ₹76 Cr |
| Other income | Depreciation | ₹135 Cr |
| Other income | Profit before tax | ₹2,341 Cr |
| Profit before tax | Net profit | ₹2,341 Cr |
| Tax benefit and other | Net profit | ₹598 Cr |
Revenue and net profit
Revenue fell 1.3% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹11,345 Cr | ₹220 Cr |
| FY2022 | ₹16,449 Cr | ₹1,176 Cr |
| FY2023 | ₹9,032 Cr | ₹975 Cr |
| FY2024 | ₹5,398 Cr | ₹1,208 Cr |
| FY2025 | ₹5,330 Cr | ₹2,939 Cr |
Cash flows
FY2025: -₹923 Cr from operations, -₹80.0 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹1,820 Cr | ₹645 Cr |
| FY2022 | ₹2,349 Cr | ₹868 Cr |
| FY2023 | ₹1,667 Cr | ₹2,877 Cr |
| FY2024 | -₹411 Cr | -₹873 Cr |
| FY2025 | -₹923 Cr | -₹80 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹5,330 Cr-1.3%1Y
- Net profit
- ₹2,939 Cr+143.3%1Y
- Cash from operations
- -₹923 Cr
- Free cash flow
- -₹80 Cr
- Revenue CAGR, 5Y
- -11.0%
- EBITDA CAGR, 5Y
- -2.2%
- Net profit CAGR, 5Y
- 21.2%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹5,330 Cr | ₹155 Cr | — | ₹2,939 Cr | -₹923 Cr | -₹80 Cr | 24.4% | -1.3% | +143.3% |
Monthly returns
Month-by-month returns of UPL across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹17,941 Cr |
| Equity capital | ₹159 Cr |
| Reserves | ₹11,862 Cr |
| Borrowings | ₹597 Cr |
| Other liabilities | ₹5,323 Cr |
| Assets | ₹17,941 Cr |
| Fixed assets | ₹749 Cr |
| Capital work in progress | ₹128 Cr |
| Investments | ₹5,528 Cr |
| Other assets | ₹11,536 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
UPL trades at 60.4x earnings against a peer median of 35.5x (a 70% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| UPL LimitedUPLthis companyP/E ↑ premium | ₹65,214 Cr | 60.4x | 4.8x | 16.0% | 42.4x |
| NMDC LtdNMDC | ₹72,216 Cr | 10.2x | 2.2x | 22.2% | 8.3x |
| Coromandel International LimitedCOROMANDEL | ₹69,386 Cr | 32.1x | 5.7x | 18.3% | 25.2x |
| Lloyds Metals and Energy LimitedLLOYDSME | ₹67,135 Cr | 36.6x | 8.4x | 44.2% | 37.5x |
| National Aluminium Co. Ltd.NATIONALUM | ₹65,660 Cr | 10.7x | 3.3x | 14.1% | 18.1x |
| Jindal Stainless LimitedJSL | ₹64,789 Cr | 24.0x | 3.7x | 18.5% | 14.8x |
| Steel Authority of India Ltd.SAIL | ₹61,020 Cr | 23.1x | 1.1x | 5.0% | 7.5x |
| Hindustan Copper Ltd.HINDCOPPER | ₹52,185 Cr | 91.0x | 17.4x | 12.9% | 86.8x |
| Linde India LimitedLINDEINDIA | ₹51,732 Cr | 102.0x | 13.1x | — | — |
| Peer median | — | 35.5x | 3.7x | 12.9% | 19.2x |
Year-to-date ROI
UPL since 1 January, against earlier years.
Historical volatility
UPL's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 14.0% |
| FY2022 | 13.0% |
| FY2023 | 9.0% |
| FY2024 | 7.0% |
| FY2025 | 3.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹5,330 Cr |
| Costs | |
| Interest | ₹231 Cr |
| Expenses | ₹5,175 Cr |
| Operating profitOperating Profit | ₹155 Cr |
| Other income and charges | |
| Profit before tax | ₹2,341 Cr |
| Tax | |
| Net profitNet Profit | ₹2,939 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹17,941 Cr |
| Equity capitalEquity Capital | ₹159 Cr |
| Reserves | ₹11,862 Cr |
| Borrowings | ₹597 Cr |
| Other liabilitiesOther Liabilities | ₹5,323 Cr |
| AssetsTotal Assets | ₹17,941 Cr |
| Fixed assetsFixed Assets | ₹749 Cr |
| Capital work in progressCWIP | ₹128 Cr |
| Investments | ₹5,528 Cr |
| Other assetsOther Assets | ₹11,536 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹923 Cr |
| Investing cash flowCash from Investing Activity | ₹843 Cr |
| Financing cash flowCash from Financing Activity | ₹38 Cr |
| Change in cashNet Cash Flow | -₹42 Cr |
Learn while you research
Academy chapters picked for UPL Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 60.4, learn when high multiples are justified.6 min read
- 04 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read