UPL

UPL Limited

Diversified agrochemicals — crop protection, seeds and specialty chemicals

Commodities›Chemicals›Fertilizers & Agrochemicals›Pesticides & Agrochemicals

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Key metrics

Price as of 2026-10-19

Stock price
₹530.35
Market cap
44,815 Cr
Stock P/E
22.2
P/B
1.29
Dividend yield
1.1%
ROE (FY26)
4.7%
ROCE (FY26)
10.4%
Operating margin (FY26)
11.6%
Debt / equity (FY26)
0.64
OCF / EBITDA (FY26)
84.7%
OCF / EBITDA (3Y)
92.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

UPL (UPL Limited) is an agricultural inputs group that sells crop protection products, seeds and specialty chemicals, and its May 2025 presentation cites outreach in more than 140 countries.

Company snapshot

1stBy market cap

Ranked among 23 companies in Pesticides & Agrochemicals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 85.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Crop protection
85.1%
26,422 Cr2,569 Cr—
Non agro
5.5%
1,701 Cr173 Cr—
Seeds business
10.1%
3,133 Cr566 Cr—

What we see

Positives
  • ✓93% of operating profit came in as cash over the last three years — profits are backed by real cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales10,170 Cr9,887 Cr14,078 Cr9,067 Cr11,090 Cr10,907 Cr15,573 Cr9,216 Cr12,019 Cr12,269 Cr18,335 Cr10,181 Cr
Operating expenses (approx.)8,845 Cr9,794 Cr12,230 Cr7,966 Cr9,738 Cr8,951 Cr12,382 Cr7,820 Cr10,018 Cr9,952 Cr14,777 Cr8,731 Cr
EBITDA1,325 Cr93 Cr1,848 Cr1,101 Cr1,352 Cr1,956 Cr3,191 Cr1,396 Cr2,001 Cr2,317 Cr3,558 Cr1,450 Cr
OPM %13.0%0.9%13.1%12.1%12.2%17.9%20.5%15.1%16.6%18.9%19.4%14.2%
Other income105 Cr151 Cr126 Cr98 Cr111 Cr170 Cr107 Cr143 Cr250 Cr92 Cr178 Cr217 Cr
Interest871 Cr1,191 Cr1,090 Cr913 Cr1,070 Cr730 Cr914 Cr1,007 Cr784 Cr774 Cr836 Cr852 Cr
Depreciation657 Cr676 Cr794 Cr660 Cr697 Cr688 Cr705 Cr731 Cr771 Cr827 Cr915 Cr832 Cr
Profit before tax-389 Cr-1,666 Cr30 Cr-455 Cr-447 Cr354 Cr1,377 Cr-190 Cr784 Cr671 Cr1,892 Cr-109 Cr
Tax %24.7%3.5%366.7%-15.8%-30.9%-141.0%21.6%7.4%21.9%27.0%31.6%33.0%
Net profit-293 Cr-1,607 Cr-80 Cr-527 Cr-585 Cr853 Cr1,079 Cr-176 Cr612 Cr490 Cr1,294 Cr-73 Cr
EPS (₹)₹-2.54₹-17.11₹0.52₹-6.02₹-5.90₹9.98₹11.42₹-1.98₹6.75₹4.69₹12.57₹0.12

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales16,680 Cr17,506 Cr21,837 Cr35,756 Cr38,694 Cr46,240 Cr53,576 Cr43,098 Cr46,637 Cr51,839 CrSign in free for the trailing twelve months
Operating expenses (approx.)13,695 Cr14,001 Cr18,024 Cr28,983 Cr30,342 Cr36,711 Cr43,380 Cr38,559 Cr39,037 Cr42,567 CrSign in free for the trailing twelve months
EBITDA2,985 Cr3,505 Cr3,813 Cr6,773 Cr8,352 Cr9,529 Cr10,196 Cr4,539 Cr7,600 Cr9,272 CrSign in free for the trailing twelve months
OPM %17.9%20.0%17.5%18.9%21.6%20.6%19.0%10.5%16.3%17.9%Sign in free for the trailing twelve months
Other income444 Cr414 Cr240 Cr104 Cr258 Cr281 Cr477 Cr483 Cr486 Cr663 CrSign in free for the trailing twelve months
Interest735 Cr783 Cr963 Cr1,481 Cr2,060 Cr2,295 Cr2,963 Cr3,852 Cr3,627 Cr3,401 CrSign in free for the trailing twelve months
Depreciation672 Cr675 Cr969 Cr2,012 Cr2,173 Cr2,359 Cr2,547 Cr2,763 Cr2,750 Cr3,244 CrSign in free for the trailing twelve months
Profit before tax1,922 Cr2,305 Cr1,684 Cr2,764 Cr4,181 Cr4,966 Cr5,150 Cr-2,087 Cr829 Cr3,157 CrSign in free for the trailing twelve months
Tax %9.8%11.9%9.8%21.2%16.4%10.7%14.3%10.0%1.1%29.7%Sign in free for the trailing twelve months
Net profit1,733 Cr2,030 Cr1,519 Cr2,178 Cr3,495 Cr4,437 Cr4,414 Cr-1,878 Cr820 Cr2,220 CrSign in free for the trailing twelve months
EPS (₹)₹34.07₹39.79₹28.42₹23.24₹36.40₹45.87₹45.79₹-17.80₹9.85₹22.32Sign in free for the trailing twelve months
Dividend payout %————13.1%20.8%17.0%—9.4%21.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital101 Cr102 Cr102 Cr153 Cr153 Cr153 Cr150 Cr150 Cr159 Cr169 Cr
Reserves7,296 Cr9,067 Cr14,543 Cr19,129 Cr20,734 Cr24,508 Cr26,708 Cr24,657 Cr29,054 Cr34,527 Cr
Borrowings6,058 Cr6,507 Cr28,861 Cr28,669 Cr23,560 Cr25,866 Cr22,999 Cr28,438 Cr23,714 Cr22,046 Cr
Other liabilities6,893 Cr7,347 Cr16,184 Cr18,820 Cr22,291 Cr27,505 Cr30,149 Cr26,402 Cr26,462 Cr31,890 Cr
Total liabilities20,381 Cr23,043 Cr63,048 Cr70,083 Cr70,431 Cr82,679 Cr88,577 Cr87,546 Cr88,002 Cr95,205 Cr
Fixed assets (net)2,483 Cr2,874 Cr4,654 Cr5,596 Cr6,452 Cr7,286 Cr8,164 Cr8,443 Cr8,107 Cr8,474 Cr
CWIP633 Cr1,090 Cr1,166 Cr1,059 Cr899 Cr1,184 Cr1,197 Cr1,106 Cr615 Cr999 Cr
Investments378 Cr1,034 Cr708 Cr558 Cr618 Cr1,922 Cr1,624 Cr2,154 Cr2,328 Cr2,666 Cr
Loans & advances——51 Cr40 Cr55 Cr16 Cr25 Cr20 Cr25 Cr203 Cr
Inventories4,156 Cr4,538 Cr9,270 Cr7,850 Cr9,422 Cr13,078 Cr13,985 Cr12,776 Cr10,316 Cr12,676 Cr
Trade receivables5,656 Cr6,056 Cr11,812 Cr11,867 Cr12,591 Cr15,328 Cr18,224 Cr16,354 Cr15,505 Cr17,874 Cr
Cash & bank2,880 Cr2,859 Cr2,826 Cr6,724 Cr4,797 Cr5,797 Cr5,967 Cr5,943 Cr9,478 Cr5,975 Cr
Other assets4,195 Cr4,592 Cr32,561 Cr36,389 Cr35,597 Cr38,068 Cr39,391 Cr40,750 Cr41,628 Cr46,338 Cr
Total assets20,381 Cr23,043 Cr63,048 Cr70,083 Cr70,431 Cr82,679 Cr88,577 Cr87,546 Cr88,002 Cr95,205 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2,585 Cr——8,739 Cr7,212 Cr6,496 Cr7,751 Cr1,822 Cr10,151 Cr7,855 Cr
Cash from investing-999 Cr——-2,643 Cr-2,101 Cr-3,819 Cr-1,490 Cr-2,478 Cr-1,840 Cr-2,362 Cr
Cash from financing140 Cr——-2,175 Cr-6,713 Cr-1,921 Cr-6,227 Cr164 Cr-4,793 Cr-9,883 Cr
Net cash flow1,703 Cr——3,898 Cr-1,927 Cr1,000 Cr170 Cr-24 Cr3,535 Cr-3,503 Cr
Free cash flow (OCF − Capex)1,326 Cr——6,759 Cr5,090 Cr3,808 Cr5,391 Cr-173 Cr8,456 Cr5,449 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.7%19.7%5.6%8.3%13.0%13.2%13.9%2.9%7.2%10.4%
ROE %23.2%22.0%8.0%7.9%11.7%12.4%10.1%-3.7%2.4%4.7%
Debtor days123126197121118121124139121126
Inventory days194204309153180216187190155193
Days payable227255315199239273235234163183
Cash conversion cycle90751927559637595113136
OCF / EBITDA %86.6%——129.0%86.4%68.2%76.0%40.1%133.6%84.7%
OCF / EBITDA % (3 years)—————91.0%76.4%66.2%88.3%92.6%
Debt / equity0.820.711.971.491.131.050.861.150.810.64
Current ratio1.941.961.731.751.531.411.451.461.391.21
Net debt / EBITDA1.061.046.833.242.252.111.674.961.871.73