UPL Limited
NSE: UPL · Pesticides & Agrochemicals · sector
₹497.70NSE close 2026-10-26
Key numbers
Market cap₹42,056 cr
Price₹497.70
52w high / low₹812 / ₹476
P/E20.6xSector median 18.3x
P/B1.2xSector median 1.8x
Book value₹410.6
Dividend yield1.16%Sector median 0.55%
ROE6.3%Sector median 9.3%
ROCE11.9%Sector median 12.4%
OPM17.8%Sector median 10.4%
Debt / equity0.64xSector median 0.34x
EV/EBITDA6.1xSector median 10.8x
Interest cover2.1x
Current ratio1.21x
Sales growth 3y-1.1%Sector median +1.7%
Profit growth 3y-18.6%Sector median +2.3%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Pesticides & Agrochemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹6,720 cr vs borrowings ₹22,046 cr (FY26): borrowings are higher by ₹15,326 cr.
- Operating profit covered interest 2.1x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 36% of net profit in the last 12 months.
- Debtor days went from 139 (FY24) to 126 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹497.70 on 2026-10-26: -38.7% from the 52-week high, +4.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹802.95 · low ₹488.45
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,090 | 10,907 | 15,573 | 9,216 | 12,019 | 12,269 | 18,335 | 10,181 |
| EBITDA | 1,344 | 1,880 | 2,916 | 1,387 | 2,143 | 2,261 | 3,542 | 1,441 |
| OPM % | 12.1% | 17.2% | 18.7% | 15.0% | 17.8% | 18.4% | 19.3% | 14.2% |
| Other income | 111 | 170 | 107 | 143 | 250 | 92 | 178 | 217 |
| Net profit | -443 | 828 | 896 | -88 | 553 | 396 | 1,061 | 10 |
| EPS (₹) | -5.90 | 9.98 | 11.42 | -1.98 | 6.75 | 4.69 | 12.57 | 0.12 |
| Revenue YoY | +8.4% | +12.5% | +17.7% | +10.5% | ||||
| Profit YoY | – | -52.2% | +18.4% | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 46,240 | 53,576 | 43,098 | 46,637 | 51,839 | 52,804 |
| EBITDA | 9,205 | 10,026 | 4,287 | 7,192 | 9,333 | 9,387 |
| Net profit | 3,626 | 3,570 | -1,200 | 897 | 1,922 | 2,020 |
| EPS (₹) | 45.87 | 45.79 | -17.80 | 9.85 | 22.32 | 24.13 |
| Revenue growth | +15.9% | -19.6% | +8.2% | +11.2% | +12.9% | |
| Profit growth | -1.5% | -133.6% | – | +114.3% | +69.3% | |
| Dividend / share (₹) | 10.00 | 10.00 | 10.00 | 1.00 | 6.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -1.1% | +6.0% | +12.9% |
| Net profit | -18.6% | -7.7% | +69.3% |
| EPS | -21.3% | -9.3% | – |
| Share price | – | -2.9% (2y) | -24.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 26,858 | 24,807 | 29,213 | 34,696 |
| Borrowings | – | 22,999 | 28,438 | 23,714 | 22,046 |
| Cash & equivalents | – | 6,143 | 6,297 | 9,857 | 6,720 |
| Total assets | – | 88,577 | 87,546 | 88,002 | 95,205 |
| Fixed assets | – | 8,164 | 8,443 | 8,107 | 8,474 |
| Capital work in progress | – | 1,197 | 1,106 | 615 | 999 |
| Investments | – | 605 | 655 | 614 | 770 |
| Receivables | – | 18,224 | 16,354 | 15,505 | 17,874 |
| Inventory | – | 13,985 | 12,776 | 10,316 | 12,676 |
| Payables | – | 17,614 | 15,684 | 10,867 | 12,018 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 6,496 | 7,751 | 1,822 | 10,151 | 7,855 |
| Cash from investing | -3,819 | -1,490 | -2,478 | -1,840 | -2,362 |
| Cash from financing | -1,921 | -6,227 | 164 | -4,793 | -9,883 |
| Capex | 2,688 | 2,360 | 1,995 | 1,695 | 2,406 |
| Free cash flow | 3,808 | 5,391 | -173 | 8,456 | 5,449 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 13.3% | -4.8% | 3.1% | 5.5% |
| ROCE % | – | 16.0% | 3.8% | 9.3% | 11.9% |
| Debtor days | – | 124 | 139 | 121 | 126 |
| Inventory days | – | 187 | 190 | 155 | 179 |
| Payable days | – | 236 | 234 | 164 | 169 |
| Cash conversion cycle (days) | – | 75 | 95 | 112 | 136 |
| Working capital days | – | 88 | 105 | 86 | 52 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 33.51% |
| FIIs | 43.67% |
| DIIs | 14.31% |
| of which Mutual funds | 8.28% |
| of which Insurance | 5.88% |
| Government | 0.01% |
| Public (non-institutions) | 8.50% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Feb 2026 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 33.50% | 33.50% | 33.50% | 33.50% | 33.51% | 33.51% | 33.51% | 33.51% |
| Promoter group | % |
|---|---|
| Demuric Holdings Private Limited | 22.03% |
| Uniphos Enterprises Limited | 4.94% |
| Suresight Ventures Limited | 1.74% |
| Harmonic Ventures Limited | 1.61% |
| Jaidev Rajnikant Shroff | 1.37% |
| Vikram Rajnikant Shroff | 1.14% |
| Shilpa P Sagar | 0.45% |
| Jyoti Manshankar Bhatt | 0.12% |
| Jai Singh | 0.05% |
| Esthetic Finvest Private Limited | 0.02% |
| R Shroff Consultants Private Limited | 0.02% |
| Varun Jaidev Shroff | 0.01% |
| Rajnikant Devidas Shroff | 0.00% |
| Poonam Shroff * | 0.00% |
| Namrata V Shroff | 0.00% |
| Public holders above 1% | % |
|---|---|
| Life Insurance Corporation Of India with Sub Accounts | 4.33% |
| Icici Prudential India Opportunities Fund with Sub Accounts | 3.24% |
| Sbi Contra Fund with Sub Accounts | 1.93% |
| Mfs International Growth Fund | 1.60% |
| Pzena Emerging Markets Value Fund | 1.47% |
| Lazard Emerging Markets Equity Portfolio | 1.45% |
| Jp Morgan Chase Bank, Na | 1.32% |
| Vanguard International Value Fund | 1.16% |
| Seafarer Overseas Growth & Income Fund | 1.16% |
| National Pension Service Managed By Lazard Asset Management Llc with Sub Accounts | 1.13% |
| Skagen Kon-Tiki Verdipapirfond | 1.02% |
2,80,071 shareholders. Pledged: 0.00% of promoter shares.
Peers in Pesticides & Agrochemicals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| UPL | ₹42,056 cr | 20.6x | 1.2x | 6.3% | 11.9% | 17.8% | -1.1% | 1.16% |
| PIIND | ₹30,704 cr | 26.3x | 2.7x | 10.5% | 13.3% | 25.3% | +1.1% | 0.74% |
| SUMICHEM | ₹17,685 cr | 30.5x | 5.2x | 18.4% | 23.1% | 21.4% | -2.7% | 0.33% |
| BAYERCROP | ₹15,009 cr | 20.5x | 5.1x | 25.2% | 31.7% | 16.0% | +3.4% | 3.75% |
| SHARDACROP | ₹5,688 cr | 9.1x | 1.8x | 22.2% | 25.8% | 19.5% | +9.2% | 1.91% |
| DHANUKA | ₹3,709 cr | 14.0x | 2.2x | 17.4% | 21.1% | 19.2% | +5.9% | 0.25% |
| RALLIS | ₹3,664 cr | 19.1x | 1.7x | 9.3% | 12.4% | 11.9% | -0.8% | 1.34% |
| NACLIND | ₹2,650 cr | 221.7x | 3.9x | 2.2% | 6.0% | 5.8% | -9.2% | – |
| BHAGCHEM | ₹2,512 cr | 91.4x | 3.6x | 4.0% | 6.1% | 13.0% | +2.2% | 0.07% |
| GSPCROP | ₹2,010 cr | 17.3x | 2.6x | -0.4% | 15.9% | 11.9% | – | 0.15% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Crop protection | ₹42,399 cr | 81.5% | ₹5,738 cr | 13.5% |
| Seeds & Post harvest | ₹6,830 cr | 13.1% | ₹1,425 cr | 20.9% |
| Non agro | ₹2,803 cr | 5.4% | ₹344 cr | 12.3% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-17 | Dividend | Dividend - Rs 6 Per Share |
| 2025-07-11 | Dividend | Dividend - Rs 6 Per Share |
| 2024-11-26 | Rights | Rights 1:8 @ Premium Rs 358/- |
| 2024-08-12 | Dividend | Dividend - Re 1 Per Share |
| 2023-08-03 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Share |
| 2022-07-27 | Dividend | Dividend - Rs 10 Per Share |
| 2021-07-14 | Dividend | Dividend - Rs 10 Per Share |
| 2020-08-19 | Dividend | Dividend - Rs 6 Per Sh |
| 2019-07-02 | Bonus | Bonus 1:2 |
| 2019-05-28 | Dividend | Dividend - Rs 8 Per Share |
| 2018-08-09 | Dividend | Annual General Meeting/Dividend- Rs 8 Per Share |
| 2017-06-22 | Dividend | Annual General Meeting/Dividend-Rs 7 Per Share |
| 2016-06-16 | Dividend | Annual General Meeting/ Dividend - Rs 5/- Per Share |
| 2015-07-16 | Dividend | Annual General Meeting/Dividend - Rs 5/- Per Share |
| 2014-08-07 | Dividend | Annual General Meeting/Dividend Rs.4/- Per Share |
| 2013-07-04 | Dividend | Annual General Meeting / Dividend - Rs 2.50/- Per Share |
| 2012-07-12 | Dividend | Annual General Meeting/ Dividend Of Rs.0.50/- Per Share |
| 2012-04-03 | Dividend | Interim Dividend Rs.2/- Per Share (Purpose Revised) |
| 2011-07-14 | Dividend | Annual General Meeting And Dividend Rs.2/- Per Share |
| 2010-08-26 | Dividend | Annual General Meeting And Dividend Rs.2/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Chemical & Chemical Products
- Trade: Wholesale Trading
| Sector | Commodities |
| Industry | Pesticides & Agrochemicals |
| Sub-industry | Pesticides & Agrochemicals |
| Symbol | UPL |
| BSE code | 512070 |
| ISIN | INE628A01036 |
| Face value | ₹2.0 |
| Incorporated | 1985-01-02 |
| Website | www.upl-ltd.com |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.