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UPL Overview

UPL Limited is an totally India-based business enterprise that provides crop protection solutions. The Company is engaged in the enterprise of agrochemicals, industrial chemical substances, chemical intermediates and speciality chemical compounds. The Company's segments comprises Agro interest and Non Agro interest. The Agro interest section consists of the manufacture and advertising of conventional agrochemical products, seeds and different agricultural-associated merchandise. The Non Agro activity section includes manufacture and advertising...Read More

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UPL Key Financials

Market Cap ₹59326 Cr.

Stock P/E 72.3

P/B 1.9

Current Price ₹702.6

Book Value ₹ 377.7

Face Value 2

52W High ₹812

Dividend Yield 0.85%

52W Low ₹ 536.5

UPL Share Price

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Volume
Price

UPL Quarterly Price

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UPL Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 8963 10170 9887 14078 9067 11090 10907 15573 9216 12019
Other Income 101 105 151 126 98 111 170 107 143 250
Total Income 9064 10275 10038 14204 9165 11201 11077 15680 9359 12269
Total Expenditure 7690 8845 9794 12230 7966 9738 8951 12382 7820 10018
Operating Profit 1374 1430 244 1974 1199 1463 2126 3298 1539 2251
Interest 700 871 1191 1090 913 1070 730 914 1007 784
Depreciation 636 657 676 794 660 697 688 705 731 771
Exceptional Income / Expenses -43 -87 -17 -105 -49 -8 -76 -275 -9 142
Profit Before Tax -5 -185 -1640 -15 -423 -312 632 1404 -208 838
Provision for Tax -164 -96 -59 110 72 138 -499 298 -14 172
Profit After Tax 159 -89 -1581 -125 -495 -450 1131 1106 -194 666
Adjustments 7 -100 364 165 111 7 -303 -210 106 -113
Profit After Adjustments 166 -189 -1217 40 -384 -443 828 896 -88 553
Adjusted Earnings Per Share 2.1 -2.4 -15.6 0.5 -4.9 -5.7 10.7 11.3 -1.1 6.5

UPL Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 12091 14048 16312 17378 21837 35756 38694 46240 53576 43098 46637 47715
Other Income 206 316 495 429 332 266 259 296 477 483 486 670
Total Income 12296 14364 16807 17807 22169 36022 38953 46536 54053 43581 47123 48385
Total Expenditure 9827 11653 13331 13880 18080 28983 30343 36726 43380 38559 39037 39171
Operating Profit 2470 2711 3476 3927 4089 7039 8610 9810 10673 5022 8086 9214
Interest 632 704 782 791 998 1643 2060 2295 2963 3852 3627 3435
Depreciation 425 676 672 675 881 2012 2173 2359 2547 2763 2750 2895
Exceptional Income / Expenses -3 -129 -81 -63 -451 -623 -238 -324 -170 -252 -408 -218
Profit Before Tax 1410 1117 1922 2305 1773 2764 4181 4966 5150 -2087 829 2666
Provision for Tax 244 165 189 275 198 586 686 529 736 -209 9 -43
Profit After Tax 1166 952 1733 2030 1575 2178 3495 4437 4414 -1878 820 2709
Adjustments -22 -12 -6 -8 -84 -402 -624 -811 -844 678 77 -520
Profit After Adjustments 1144 940 1727 2022 1491 1776 2871 3626 3570 -1200 897 2189
Adjusted Earnings Per Share 17.1 14 21.8 25.4 18.7 22.3 36 45.5 45.7 -15.3 11.3 27.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 8% 0% 5% 14%
Operating Profit CAGR 61% -6% 3% 13%
PAT CAGR 0% -43% -18% -3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 26% -1% 4% 11%
ROE Average 3% 5% 11% 17%
ROCE Average 8% 9% 11% 14%

UPL Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 5860 5889 7397 9169 14715 19283 20887 21675 26858 24807 29213
Minority's Interest 44 44 33 19 3454 3312 3693 4647 8571 7899 8613
Borrowings 1694 2266 5350 5873 26382 27371 22141 24591 20144 24010 18263
Other Non-Current Liabilities 692 112 -97 -189 1622 1779 2417 1714 1306 374 22
Total Current Liabilities 5993 8168 7028 7642 16262 16685 19627 27976 29037 26861 28569
Total Liabilities 14284 16479 19711 22514 62435 68430 68765 80603 85916 83951 84680
Fixed Assets 4031 3862 4071 4437 32149 35322 34765 36193 38713 39056 39084
Other Non-Current Assets 1765 1410 1942 3053 3564 3866 3930 4682 5175 5567 5935
Total Current Assets 8489 11183 13658 15004 26696 29191 30015 39680 41988 39299 39617
Total Assets 14284 16479 19711 22514 62435 68430 68765 80603 85916 83951 84680

UPL Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1018 1046 1177 2877 2859 2826 6724 4797 5797 5967 5943
Cash Flow from Operating Activities 1409 1396 2585 2839 2356 8739 7212 6496 7751 2321 10151
Cash Flow from Investing Activities -331 -1719 -999 -2093 -30920 -2643 -2101 -3819 -1490 -2478 -1840
Cash Flow from Financing Activities -991 469 140 -801 28894 -2175 -6713 -1921 -6227 164 -4793
Net Cash Inflow / Outflow 86 146 1726 -55 330 3921 -1602 756 34 7 3518
Closing Cash & Cash Equivalent 973 1177 2880 2859 2827 6724 4797 5797 5967 5943 9478

UPL Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 17.07 13.98 21.83 25.35 18.69 22.27 36 45.46 45.66 -15.35 11.28
CEPS(Rs) 23.74 24.21 30.45 33.92 30.79 52.54 71.07 85.21 89.02 11.32 44.91
DPS(Rs) 3.21 3.21 4.49 5.13 5.13 5.77 9.62 9.62 9.62 0.96 6
Book NAV/Share(Rs) 87.43 31.08 92.6 114.96 184.5 204.34 224.44 271.52 343.23 317 367.46
Core EBITDA Margin(%) 18.72 16.7 17.87 16.41 14.58 16.15 18.32 17.38 15.82 8.54 13.5
EBIT Margin(%) 16.89 12.7 16.21 14.53 10.75 10.51 13.69 13.26 12.59 3.32 7.92
Pre Tax Margin(%) 11.67 7.79 11.52 10.82 6.88 6.59 9.17 9.07 7.99 -3.93 1.47
PAT Margin (%) 9.65 6.64 10.39 9.53 6.11 5.19 7.67 8.1 6.85 -3.53 1.46
Cash Profit Margin (%) 13.16 11.35 14.42 12.69 9.53 9.99 12.43 12.41 10.8 1.66 6.34
ROA(%) 8.63 6.19 9.58 9.62 3.71 3.33 5.09 5.94 5.3 -2.21 0.97
ROE(%) 21 23.95 36.86 24.63 13.19 14.05 20.44 22.43 18.2 -7.28 3.04
ROCE(%) 23.03 17.95 21.71 20.94 9.29 9.6 13.47 15.26 16.16 3.43 8.42
Receivable days 105.68 113.15 117.68 100.3 125.56 102.45 96.14 91.58 95 118.71 103.28
Inventory Days 81.78 85.56 86.91 74.46 96.79 73.9 69.15 75 76.63 91.88 74.86
Payable days 179.08 192.89 206.15 237.35 259.79 195.52 219.73 242.35 228.56 248.1 228.53
PER(x) 16.57 21.85 21.26 18.36 32.7 14.06 17.11 16.24 15.07 0 56.39
Price/Book(x) 3.23 9.83 5.01 4.05 3.31 1.53 2.74 2.72 2 1.38 1.73
Dividend Yield(%) 1.13 1.05 0.96 1.1 0.84 1.84 1.56 1.3 1.39 0.22 0.94
EV/Net Sales(x) 1.76 1.75 2.46 2.35 3.44 1.31 1.76 1.77 1.32 1.31 1.38
EV/Core EBITDA(x) 8.59 9.08 11.57 10.41 18.35 6.67 7.9 8.32 6.63 11.23 7.99
Net Sales Growth(%) 12.25 16.19 16.12 6.54 25.66 63.74 8.22 19.5 15.87 -19.56 8.21
EBIT Growth(%) 20.56 -10.83 48.49 14.5 -10.5 59.04 41.62 16.34 11.73 -78.24 152.46
PAT Growth(%) 24.76 -18.38 82.04 17.14 -22.41 38.29 60.47 26.95 -0.52 -142.55 143.66
EPS Growth(%) 20.45 -18.1 56.17 16.14 -26.26 19.11 61.66 26.3 0.42 -133.61 173.52
Debt/Equity(x) 0.56 2.52 0.86 0.72 1.98 1.49 1.14 1.33 0.86 1.14 0.81
Current Ratio(x) 1.42 1.37 1.94 1.96 1.64 1.75 1.53 1.42 1.45 1.46 1.39
Quick Ratio(x) 0.93 0.91 1.35 1.37 1.08 1.28 1.05 0.95 0.96 0.99 1.03
Interest Cover(x) 3.23 2.59 3.46 3.91 2.78 2.68 3.03 3.16 2.74 0.46 1.23
Total Debt/Mcap(x) 0.17 0.26 0.17 0.18 0.6 1.15 0.48 0.49 0.43 0.83 0.44

UPL Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 32.52 32.52 32.52 32.52 32.52 33.5 33.5 33.5 33.5 33.5
FII 33.56 34.38 33.64 34.51 34.22 32.52 34.22 34.9 37.01 38.84
DII 17.27 16.82 15.32 15.74 17.65 18.71 18.36 18.1 17.16 16.73
Public 12.62 12.97 15.21 13.92 12.3 12.33 10.92 10.58 9.45 8.78
Others 4.03 3.31 3.31 3.31 3.32 2.94 3 2.93 2.87 2.15
Total 100 100 100 100 100 100 100 100 100 100

UPL News

UPL Pros & Cons

Pros

  • Debtor days have improved from 248.1 to 228.53days.
  • Company has reduced debt.

Cons

  • Promoter holding is low: 33.5%.
  • Company has a low return on equity of 5% over the last 3 years.
  • The company has delivered a poor profit growth of -17% over past five years.
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