MarketFriction

UPL Ltd

NSE UPL · BSE 512070 · Pesticides & Agrochemicals
₹516.80 -4.25%
NSE close2026-10-01
52 week range532.60 - 812.20
Market cap₹45,402 Cr.
P/E23.0
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Commodities No price band Delivery 60.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales10,1709,88714,0789,06711,09010,90715,5739,21612,01912,26918,33510,181
Expenses9,0499,82012,2307,9989,8739,22912,4097,82010,07210,03314,8548,814
Operating Profit1,121671,8481,0691,2171,6783,1641,3961,9472,2363,4811,367
OPM %11%0.7%13%12%11%15%20%15%16%18%19%13%
Other Income18134664910394-16815239236162208
Interest8711,1911,0909131,0707309141,007784774836852
Depreciation657676794660697688705731771827915832
Profit before tax-389-1,66630-455-4473541,377-1907846711,892-109
Tax %-25%-4%367%16%31%-141%22%-7%22%27%32%-33%
Net Profit-293-1,607-80-527-5858531,079-1766124901,294-73
EPS in Rs-2.24-14.410.47-4.55-5.259.8110.61-1.046.564.7012.570.12
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales14,04816,31217,37821,83735,75638,69446,24053,57643,09846,63751,83952,804
Expenses11,70013,34613,96618,02428,98430,34236,71143,38038,80139,50942,76143,773
Operating Profit2,3482,9663,4123,8136,7728,3529,52910,1964,2977,1289,0789,031
OPM %17%18%20%17%19%22%21%19%10%15%18%17%
Other Income149363351-197-515629146423178724798
Interest7047357839631,4812,0602,2952,9633,8523,6273,4013,246
Depreciation6766726758802,0122,1732,3592,5472,7632,7503,2443,345
Profit before tax1,1171,9222,3051,7732,7644,1814,9665,150-2,0878293,1573,238
Tax %15%10%12%11%21%16%11%14%-10%1%30%
Net Profit9521,7332,0301,5752,1783,4954,4374,414-1,8788202,2202,323
EPS in Rs13.0020.1823.5717.3520.6633.4042.1842.28-14.2110.6222.7823.95
Dividend Payout %23%20%20%27%26%27%21%21%-6%53%26%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth14%6%-1%13%
Compounded Profit Growth6%-10%-21%36%
Stock Price CAGR2%-5%-3%-18%
Return on Equity10%7%2%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital8686101102102153153153150150159169
Reserves5,7755,8037,2149,06714,61319,12920,73424,50826,70824,65729,05434,527
Borrowings3,2815,2586,4436,63829,13929,38824,51926,74623,93929,75425,09923,576
Other Liabilities5,1435,7226,4547,14818,58119,75823,35929,19635,31830,57931,70034,847
Total Liabilities14,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01293,119
Fixed Assets4,0313,8624,0714,43732,14935,32134,76536,19338,71339,05639,08442,153
CWIP5834847921,3191,8552,0732,1172,5012,8182,9652,5463,147
Investments7643353781,0347085586181,9221,6152,1542,3282,666
Other Assets8,90612,18814,97116,16527,72330,47631,26539,98742,96940,96542,05445,153
Total Assets14,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01293,119
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,4091,3962,5852,8392,3568,7397,2126,4967,7512,32110,1517,855
Cash from Investing Activity-463-1,734-1,022-2,059-31,282-2,666-2,426-3,575-1,354-2,509-1,823-1,475
Cash from Financing Activity-991469140-80128,893-2,175-6,713-1,921-6,227164-4,793-9,883
Net Cash Flow-451311,703-21-333,898-1,9271,000170-243,535-3,503
Free Cash Flow8787031,3821,4358036,8045,1473,9315,4623678,8965,502
CFO/OP71%78%99%90%71%141%95%79%88%81%156%93%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days115133127127195121115121124138121126
Inventory Days178204194204306153180216187198155179
Days Payable195213228255330199244274236196164169
Cash Conversion Cycle98124937617175516476141113135
Working Capital Days45488494127595236465295
ROCE %21%19%22%21%10%10%13%14%14%3%8%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters32.51%32.51%32.51%32.51%32.51%33.50%33.50%33.49%33.49%33.49%33.50%33.50%
FIIs33.57%34.39%33.64%34.51%34.22%32.52%34.22%34.90%37.01%38.84%41.78%42.39%
DIIs17.27%16.82%15.33%15.73%17.64%18.89%18.56%18.09%17.17%16.71%14.63%14.32%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.02%0.02%
Public16.64%16.27%18.51%17.23%15.59%15.08%13.72%13.50%12.33%10.94%10.05%9.77%
No. of Shareholders3,83,2994,08,0284,83,5144,38,8893,76,2893,59,3553,23,8003,06,9752,84,6752,68,6042,76,9892,72,868

Fundamentals

Market Cap₹ 45,402 Cr.
Current Price₹ 538
Stock P/E23.0
Book Value₹ 411
ROCE10.1 %
ROE5.64 %
Dividend Yield1.12 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)36%
Consolidated figures.
Valuation
Market capRs 43,627 Cr
Enterprise valueRs 61,117 Cr
P/E (TTM)21.60x
Price to book1.26x
Price to sales0.83x
EV / EBITDA6.22x
EV / EBIT9.43x
EV / sales1.16x
Price to cash flow5.55x
Earnings yield4.63%
Dividend yield1.16%
P/E, 3-year average42.42x
P/B, 3-year average1.51x
P/E, 5-year average28.72x
P/B, 5-year average1.75x
Profitability
Operating margin (excl. other income)17.51%
Operating margin (incl. other income)18.91%
EBITDA margin18.61%
Pre-tax margin6.13%
Net profit margin3.83%
Net margin, latest quarter0.10%
ROE6.01%
ROCE11.65%
ROA2.15%
ROE, 3-year average1.56%
ROCE, 3-year average7.73%
ROA, 3-year average0.60%
ROE, 5-year average6.89%
ROCE, 5-year average10.81%
ROA, 5-year average2.19%
ROIC (approx.)8.74%
Tax rate29.68%
Other income / net worth2.09%
Growth
Sales growth (latest year)11.15%
Profit growth (latest year)114.27%
Sales CAGR, 3 years-1.09%
Sales CAGR, 5 years6.02%
Profit CAGR, 3 years-18.65%
Profit CAGR, 5 years-7.71%
Sales growth QoQ-44.47%
Profit growth QoQ-99.06%
Sales growth YoY (latest quarter)10.47%
Per share
EPS (TTM)Rs 23.93
EPS (latest year)Rs 22.77
EPS (latest quarter)Rs 0.12
EPS, 3-year averageRs 5.80
EPS, 5-year averageRs 22.48
Book value per shareRs 411.01
Sales per shareRs 625.51
Cash flow per shareRs 93.05
Free cash flow per shareRs 65.18
Dividend per share (latest year)Rs 6.01
Dividend per share, 3-year averageRs 4.22
Dividend per share, 5-year averageRs 6.53
Dividends
Dividend payout26.38%
Dividend payout, 3-year average39.78%
Dividend payout, 5-year average30.42%
Efficiency
Asset turnover0.56x
Fixed asset turnover1.23x
Inventory turnover2.45x
Inventory days149 days
Debtor days126 days
Debtors turnover2.90x
Creditor days169 days
Cash conversion cycle135 days
Working capital days5 days
Leverage
Total debtRs 23,576 Cr
Cash and bankRs 6,086 Cr
Net debtRs 17,490 Cr
Debt to equity0.68x
Net debt / EBITDA1.78x
Interest coverage2.00x
Current ratio (filing 2026-03-31)1.21x
Quick ratio (filing 2026-03-31)0.85x
Trade payables (filing 2026-03-31)Rs 12,018 Cr
Owners' fund to total sources37.26%
Debt to assets25.32%
Cash flow
Cash from Operating Activity (latest year)Rs 7,855 Cr
Cash from Investing Activity (latest year)Rs -1,475 Cr
Cash from Financing Activity (latest year)Rs -9,883 Cr
Net Cash Flow (latest year)Rs -3,503 Cr
Free cash flow (latest year)Rs 5,502 Cr
FCFE (approx.: FCF + change in debt)Rs 3,979 Cr
Cash from ops / profit, 5 years3.45x
Sales to cash flow6.60x
Statement figures
Net sales (TTM)Rs 52,804 Cr
Net sales (latest year)Rs 51,839 Cr
Sales (latest quarter)Rs 10,181 Cr
Operating profit excl. other income (latest year)Rs 9,078 Cr
Operating profit (latest quarter)Rs 1,367 Cr
Other income (TTM)Rs 798 Cr
EBITDA (TTM)Rs 9,829 Cr
PBDT (TTM)Rs 6,583 Cr
Profit before tax (TTM)Rs 3,238 Cr
Tax (latest year)Rs 937 Cr
Net profit (TTM)Rs 2,020 Cr
Net profit (latest year)Rs 1,922 Cr
Net profit (latest quarter)Rs 10 Cr
Depreciation (TTM)Rs 3,345 Cr
Depreciation (latest quarter)Rs 832 Cr
Interest (TTM)Rs 3,246 Cr
Cost of goods sold (latest year)Rs 31,049 Cr
Total expenditure (latest year)Rs 42,761 Cr
Total income (latest year)Rs 52,563 Cr
Share capitalRs 169 Cr
ReservesRs 34,527 Cr
Shareholders' fundsRs 34,696 Cr
Total assetsRs 93,119 Cr
Net blockRs 42,153 Cr
Capital work in progressRs 3,147 Cr
InvestmentsRs 2,666 Cr
ReceivablesRs 17,874 Cr
InventoryRs 12,676 Cr
Other liabilitiesRs 34,847 Cr
Shares outstanding (crore)84.42
Ownership
Promoter holding33.50% (+0.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 21.6 is at the 37th percentile of its own 8.5-year range (median 23.1, low 10.8, high 66.2).
P/B 1.26 is the lowest in 9.4 years (median 2.45).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodUPLNifty 50Difference
1 week-6.0%-2.8% -3.2 pts
1 month-8.9%-6.8% -2.1 pts
3 months-14.9%-7.6% -7.3 pts
6 months-9.0%+0.4% -9.4 pts
1 year-22.8%-9.9% -12.8 pts
2 years-12.8%-13.6% +0.7 pts
3 years-16.1%+14.2% -30.3 pts
5 years-27.5%+27.9% -55.4 pts
154 mutual fund schemes hold about ₹4,287 Cr. Over three months 120 bought more and 19 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Contra Fund1.03%492 +15%
ICICI Pru India Opp Fund1.23%470 +36%
ICICI Pru Multi Asset Allocation Fund0.30%264 +12%
ICICI Pru Mid Cap Fund2.32%195 +8%
ICICI Pru Mid Cap Fund2.32%184 +8%
SBI Multi Asset Allocation Fund(A0.88%183 +7%
ICICI Pru Multi Cap Fund0.93%182 +8%
ICICI Pru Multi Cap Fund0.93%175 +8%
ICICI Pru Commodities Fund3.93%168 +5%
SBI Balanced Advantage Fund0.37%156 +15%
ICICI Pru Arbitrage Fund0.32%111 +18%
Quant Mid Cap Fund1.38%111 +100%
Edelweiss Arbitrage Fund0.64%94 +18%
Tata Mid Cap Fund1.35%84 +9%
HDFC Large & Mid Cap Fund0.25%76 +12%
Aditya Birla SL Arbitrage Fund0.24%66 +13%
ICICI Pru Manufacturing Fund0.88%63 +10%
UTI Large & Mid Cap Fund0.96%63 +35%
iSIF Equity Ex-Top 100 Long-Short Fund2.49%62 +49%
HDFC Arbitrage Fund(M0.23%60 +304%
Aditya Birla SL Balanced Advantage Fund0.56%56 +100%
Aditya Birla SL Equity Savings Fund4.73%53 +100%
ICICI Pru ELSS-Tax Saver Fund0.35%50 +14%
SBI Arbitrage Fund0.11%50 -19%
Kotak Arbitrage Fund(M0.06%47 -81%

Red flags

F-score 8 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-06Rumi Family Private TrustOtherbuy10,000Rs 0.63 CrMarket Purchase
2025-09-16Kartik BhatiaEmployees/Designated Employesell500Rs 0.03 CrMarket Sale
2025-09-11Kartik BhatiaEmployees/Designated Employesell1,000Rs 0.07 CrMarket Sale
2025-09-11Jasmin Kartik BhatiaImmediate relativesell500Rs 0.03 CrMarket Sale
2024-12-24Asha Arun AsharImmediate relativeother35,000Rs 0.32 CrOthers
2024-12-24Sangeeta Rajendra DarakImmediate relativeother20,155Rs 0.18 CrOthers
2024-12-05Asha Arun AsharImmediate relativesell2,000Rs 0.11 CrMarket Sale
2024-11-18SHABNAM NAGARIAImmediate relativeother3,750Revokation of Pledge
2024-09-27Asha Arun AsharImmediate relativesell8,200Rs 0.50 CrMarket Sale
2024-09-24Asha Arun AsharImmediate relativesell2,000Rs 0.12 CrMarket Sale
2024-09-20Asha Arun AsharImmediate relativesell25,000Rs 1.46 CrMarket Sale
2023-03-23Suresight Ventures LimitedPromoter Groupbuy772,950Rs 109.55 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹10,181 Cr +10.5% vs Jun 2025. Net loss ₹73 Cr.

Activity

Compare
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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-17Dividend - Rs 6 Per Share
2025-07-11Dividend - Rs 6 Per Share
2024-11-26Rights 1:8 @ Premium Rs 358/-
2024-08-12Dividend - Re 1 Per Share
2023-08-03Annual General Meeting/Dividend - Rs 10 Per Share
2022-07-27Dividend - Rs 10 Per Share
2021-07-14 Dividend - Rs 10 Per Share
2020-08-19 Dividend - Rs 6 Per Sh
2019-07-02 Bonus 1:20.6667
2019-05-28 Dividend - Rs 8 Per Share
2018-08-09 Annual General Meeting/Dividend- Rs 8 Per Share
2017-06-22 Annual General Meeting/Dividend-Rs 7 Per Share
2016-06-16 Annual General Meeting/ Dividend - Rs 5/- Per Share
2015-07-16Annual General Meeting/Dividend - Rs 5/- Per Share
2014-08-07Annual General Meeting/Dividend Rs.4/- Per Share
2013-07-04Annual General Meeting / Dividend - Rs 2.50/- Per Share
2012-07-12Annual General Meeting/ Dividend Of Rs.0.50/- Per Share
2012-04-03Interim Dividend Rs.2/- Per Share (Purpose Revised)
2011-07-14Annual General Meeting And Dividend Rs.2/- Per Share
2010-08-26Annual General Meeting And Dividend Rs.2/- Per Share
2009-09-03Agm/Div-Rs.1.50 Per Share
2008-10-29Bonus 1:10.5000
2008-09-04Agm/Dividend - 100%
2007-09-06Agm
2007-03-21Interim Dividend-60% Purpose Revised
2006-09-07Agm/Dividend-50%
DateTypeWhat it says
2026-09-02Credit Rating- RevisionRevision in credit rating outlook by CRISIL Ratings Limited.
2026-08-26ResignationResignation of Director/KMP/SMP
2026-08-26ResignationChange in Senior Management Personnel.
2026-08-15AcquisitionAcquisition of Misr Hytech Seed International S.A.E., an Egyptian entity by Advanta Holdings B.V.
2026-08-14Credit Rating- RevisionRevision in credit rating outlook by S&P from "Stable" to "Positive" for UPL Corporation Limited.
2026-08-10Concall / analyst meetSchedule of Analyst/ institutional meet.
2026-08-06Shareholder meetingProceedings of Annual General Meeting held on August 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with...
2026-08-06Concall / analyst meetEarnings Transcript for Q1 FY27.
2026-08-04UpdatesLeadership Transition and Expansion of Senior Leadership Roles.
2026-08-03Concall / analyst meetLink of Recording
2026-08-03ResignationResignation of Director/KMP/SMP
2026-08-03Change in ManagementChange in Management
2026-08-03UpdatesConclusion of Board Meeting.
2026-08-03Investor PresentationInvestor Presentation
2026-08-03Press ReleasePress release dated August 3, 2026, titled "Unaudited Financial Results for Q1 FY 2027".
2026-08-03Board meeting outcomeUPL Limited has submitted to the Exchange about Board Meeting Outcome for Unaudited Consolidated and Standalone Financial Results for the Quarter Ende...
2026-08-01Other RestructuringRestructuring
2026-07-29Scheme of ArrangementReceipt of Observation Letters from BSE Limited and National Stock Exchange of India Limited in relation to Composite Scheme of Arrangement amongst t...
2026-07-29Sale or disposalSale of of its entire stake in Bioplanta Nutricao Vegetal, lndustria e Comercio S.A., a Joint Venture Company.
2026-07-28AcquisitionAcquisition of Sustainable Tech Inc, USA.
2026-07-27Concall / analyst meetEarnings Call for Q1 FY 27.
2026-07-22Disclosure under SEBI TakeovDemuric Holdings Private Limited has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any...
2026-07-15Shareholder meetingNotice of Annual General Meeting to be held on August 06, 2026.
2026-06-25Credit Rating- RevisionRevision in rating.
2026-06-25UpdatesIntimation of Annual General Meeting to be held on Thursday, August 6, 2026 at 01:30 P.M. (IST).
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.63
Max pain (expiry 2026-10-27)550
Largest call open interest at560
Largest put open interest at550
Implied volatility, at the money26.5%
Underlying at snapshot516.80
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-13NCLTUPL Trading Company Pvt. Ltd. Vs N/A
2021-04-15NCLATOm Prakash Agrawal VS UPL Ltd
2020-03-06NCLTUPL Trading Company Pvt. Ltd. Vs N/A
2020-03-04NCLTUPL Trading Company Pvt. Ltd. Vs N/A
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of UPL Ltd?

UPL Ltd (UPL) has a market capitalisation of Rs 45,402 Cr. at the 2026-10-01 close.

What is the P/E ratio of UPL Ltd?

UPL Ltd trades at a P/E of 23.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were UPL Ltd's latest quarterly results?

In the Jun 2026 quarter, UPL Ltd sales was Rs 10,181 Cr (+10.5% vs Jun 2025) with a net loss of Rs 73 Cr.

What is the 52-week high and low of UPL Ltd?

The 52-week high is Rs 812.20 and the 52-week low is Rs 532.60.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03