UPL Ltd
UPLUPL Ltd's earnings have outrun its stock. EPS grew +114.5% in a year against a −10.2% price move.
The sharpest disagreement: annual EPS moved +114.5% against a −10.2% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (18 weeks in) while the P/E sits at the 75th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +19.9% year on year, and 346% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
UPL Ltd trades at ₹617, in a downtrend and 18 weeks into that stage. That is −5.6% against its own 200-day average. It sits at 22% of a 52-week range of ₹565 to ₹805. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (24 weeks and counting).
Today the stock is in a downtrend — week 18 of stage 4, confirmed. At ₹617 it trades −5.6% versus its 200-day average and sits at 22% of its 52-week range (₹565–₹805).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +120% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (24 weeks and counting; last ahead the week of 2026-02-20) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 75th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
UPL Ltd trades at 28.2× P/E, at the pricey end of its own range (75th percentile). Its long-run median P/E is 21.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 28.2× is at the pricey end of its own range (75th percentile), against a long-run median of 21.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +114.5% against a −10.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −5.2%/yr price move, ~−9.5%/yr came from earnings growth and ~+4.3 pp from the multiple (expanding); over 10y, of the +5.5%/yr price move, ~+4.4%/yr came from earnings growth and ~+1.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
UPL Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 10.0% — the per-curve reads carry the story. The read is built from 12 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.2% | −1.1% | +6.0% | +13.9% |
| Profit | +170.7% | −20.5% | −8.7% | +8.8% |
| EPS | +114.5% | −18.6% | −7.4% | +5.8% |
| Share price | −10.2% | +0.2% | −5.2% | +5.5% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
55.7/100 — rank 8 of 24 in Pesticides/Agrochemicals · 87% evidence confidence
UPL Ltd scores 55.7 out of 100 against the 24 companies it is compared with in Pesticides/Agrochemicals, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 20 + 10.8 + 12.6 + 12.3 = 55.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
UPL Ltd reported ₹18,335 Cr of revenue in the Mar 26 quarter, +17.7% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.9% a year. The last full year, FY26, came in at ₹51,839 Cr. The last four reported quarters add to ₹51,839 Cr.
UPL Ltd reported ₹18,335 Cr of revenue in the Mar 26 quarter, +17.7% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.9% a year. The last full year, FY26, came in at ₹51,839 Cr. The last four reported quarters add to ₹51,839 Cr.
FY26 revenue came in at ₹51,839 Cr (+11.2% on the year), capping 10 years at 13.9% compound. The latest quarter (Mar 26) printed ₹18,335 Cr, +17.7% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +10.1% growth against the decade's 13.9% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +11.2% over the last 4 quarters against +9.7%/yr over the last 8 — stabilising.
→ Revenue grew — did margins hold as it scaled? Next: 19.0% this quarter (−1.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
UPL Ltd's operating margin is 19.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 22.0%. The current quarter sits inside that band.
UPL Ltd's operating margin is 19.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 22.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 19.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–22.0%.
🚨 Why the margin moved: operating margin went −1.3 pp year on year while gross margin went −0.3 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit +19.9% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
UPL Ltd earned ₹1,294 Cr of net profit in the Mar 26 quarter, +19.9% year on year. Full-year FY26 profit was ₹2,220 Cr. The 10-year compound rate is 8.8%. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹1,079 Cr. 6 of the last 12 reported quarters were loss-making.
UPL Ltd earned ₹1,294 Cr of net profit in the Mar 26 quarter, +19.9% year on year. Full-year FY26 profit was ₹2,220 Cr. The 10-year compound rate is 8.8%. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹1,079 Cr. 6 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹1,294 Cr, +19.9% year on year. On the full year, FY26 printed ₹2,220 Cr (+170.7%), and the 10-year compound rate is 8.8%.
→ Profit rose — but did the cash follow? Next: 346% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 346% of UPL Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹7,855 Cr of operating cash against ₹2,220 Cr of profit. After ₹6,914 Cr of capital spending, ₹941 Cr was left as free cash.
FY26: operating cash of ₹7,855 Cr against reported profit of ₹2,220 Cr, leaving free cash of ₹941 Cr after ₹6,914 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 346% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 346%: the cash cycle stretched 84 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 135-day cycle and ₹12,526 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
UPL Ltd's cash conversion cycle runs 135 days in FY26, up from 51 days in FY21. Capital spending ran ₹12,526 Cr over the last 3 years. At FY26 sales of ₹51,839 Cr each day of that cycle holds about ₹142 Cr, so roughly ₹19,173 Cr sits inside the business at any moment.
FY26: debtors at 126 days, inventory at 179 days — roughly 5.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 135 days, looser than FY21's 51.
The full loop: cash goes out to suppliers and production on day 0; stock waits 179 days to sell; customers pay about 126 days after that; and suppliers themselves are paid at 169 days — netting out to the 135-day cycle.
In money terms: at FY26 sales of ₹51,839 Cr, each day of the cycle holds about ₹142 Cr — so the 135-day loop keeps roughly ₹19,173 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹12,526 Cr over the last 3 fiscal years against ₹8,757 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹3,147 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 10% and the ROIC − WACC spread is −4.6 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
UPL Ltd earns a ROCE of 10% in FY26. That is up from a trough of 3% in FY24. Return on invested capital clears the cost of that capital by −4.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 4.3% net margin on 0.56× asset turns.
FY26 ROCE is 10%, recovered from a FY24 trough of 3% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 4.3% net margin × 0.56× asset turns × 2.68× balance-sheet leverage ≈ 6.5% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 7.4% − 12.0% = a −4.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.68.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
UPL Ltd carries total debt of ₹23,576 Cr against shareholder equity of ₹41,269 Cr as of Mar 26, a debt-to-equity of 0.57. On the annual view that ratio went from 0.91 in FY22 to 0.57 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹23,576 Cr against shareholder equity of ₹41,269 Cr — a debt-to-equity of 0.57. On the annual view, debt-to-equity went from 0.91 (FY22) to 0.57 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 8.2 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions added 8.2 points of UPL Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 42.4% of the company. Domestic institutions moved −3.3 points over the same window, to 14.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +8.2 points over 8 quarters to 42.4%; Domestic institutions: −3.3 points over 8 quarters to 14.3%; Promoters: +1.0 points over 8 quarters to 33.5%.
Why the register moved: rotation — foreign institutions +8.2 points against domestic institutions −3.3 points over 8 quarters, with promoters +1.0 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
UPL Ltd: the Z-score reads 1.86. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 1.86 sits in the grey band — neither clearly safe nor clearly distressed.
The safety line in one sentence: the Z-score reads 1.86.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| UPL Ltd this page | 28.2× | ₹50,841 Cr | No read | |||
| P I Industries Ltd | 34.5× | ₹41,437 Cr | Deteriorating | |||
| Sumitomo Chemical India Ltd | 50.9× | ₹25,978 Cr | Mixed | |||
| Bayer CropScience Ltd | 385.0× | ₹18,954 Cr | — | — | — | — |
| Jubilant Ingrevia Ltd | 36.3× | ₹11,557 Cr | Mixed | |||
| Sharda Cropchem Ltd | 12.1× | ₹7,876 Cr | Mixed | |||
| Epigral Ltd | 15.2× | ₹5,016 Cr | Mixed | |||
| NACL Industries Ltd | 178.0× | ₹4,610 Cr | No read | |||
| Dhanuka Agritech Ltd | 15.5× | ₹4,517 Cr | Topping out | |||
| Rallis India Ltd | 26.9× | ₹4,253 Cr | Mixed | |||
| Bhagiradha Chemicals & Industries Ltd | 188.0× | ₹3,416 Cr | Improving | |||
| GSP Crop Science Ltd | 24.4× | ₹2,468 Cr | — | — | — | — |
| Bharat Rasayan Ltd | 13.1× | ₹2,096 Cr | Mixed | |||
| Insecticides India Ltd | 12.9× | ₹1,793 Cr | Mixed | |||
| India Pesticides Ltd | 14.4× | ₹1,727 Cr | Mixed | |||
| Titan Biotech Ltd | 57.5× | ₹1,719 Cr | Turning around | |||
| Astec Lifesciences Ltd | — | ₹1,469 Cr | No read | |||
| Meghmani Organics Ltd | 48.2× | ₹1,385 Cr | No read | |||
| Punjab Chemicals & Crop Protection Ltd | 21.0× | ₹1,375 Cr | Mixed | |||
| Excel Industries Ltd | 15.5× | ₹1,172 Cr | Mixed | |||
| Titan Biotech Ltd | 42.0× | ₹1,141 Cr | Turning around | |||
| Dharmaj Crop Guard Ltd | 16.1× | ₹882 Cr | No read | |||
| Advance Agrolife Ltd | 20.0× | ₹706 Cr | No read | |||
| Heranba Industries Ltd | — | ₹700 Cr | No read | |||
| Best Agrolife Ltd | 60.6× | ₹538 Cr | No read |
Frequently asked questions
What is UPL Ltd's share price today?
UPL Ltd trades at ₹617, −10.2% over the past year. The company is valued at ₹50,841 Cr. The stock sits at 22% of its 52-week range of ₹565–₹805, −5.6% versus its 200-day average. On the tape, the price is in a downtrend, 18 weeks in. — as of 24 July 2026.
What were UPL Ltd's latest quarterly results?
UPL Ltd reported revenue of ₹18,335 Cr and net profit of ₹1,294 Cr for the Mar 26 quarter. Revenue rose 17.7% and profit rose 19.9% year on year. Earnings per share were ₹12.57. The operating margin was 19.0%, 1.0 pp lower than a year earlier. — as of 24 July 2026.
What is UPL Ltd's revenue?
UPL Ltd reported revenue of ₹18,335 Cr in the Mar 26 quarter, +17.7% year on year. For the full FY26 fiscal year, revenue was ₹51,839 Cr (+11.2%). Over the last 10 years revenue compounded at 13.9% a year. — as of 24 July 2026.
What is UPL Ltd's profit?
UPL Ltd earned ₹1,294 Cr of net profit in the Mar 26 quarter, +19.9% year on year. Full-year FY26 profit was ₹2,220 Cr. The operating margin ran 19.0% in the latest quarter. — as of 24 July 2026.
What is UPL Ltd's market cap?
UPL Ltd's market capitalisation is ₹50,841 Cr at a share price of ₹617. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is UPL Ltd's P/E ratio?
UPL Ltd trades at a P/E of 28.2×, at the 75th percentile of its own 10-year range, against a long-run median of 21.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does UPL Ltd pay a dividend?
Yes — UPL Ltd's dividend payout was 26% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is UPL Ltd overvalued?
On its own history, UPL Ltd looks expensive against its own history: its P/E of 28.2× sits at the 75th percentile of its 10-year range (long-run median 21.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is UPL Ltd growing?
Yes — UPL Ltd is growing: latest-quarter revenue +17.7% year on year, profit +19.9%, and the margin −1.0 pp at 19.0%. The 10-year compound rates are 13.9% (revenue) and 8.8% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is UPL Ltd performing?
UPL Ltd is in a downtrend, 18 weeks in. Its latest quarter's revenue rose 17.7% and profit rose 19.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 24 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is UPL Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 10.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +11.2% latest, eps growth +114.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is UPL Ltd in an uptrend?
No — the price is in a downtrend (week 18 of stage 4), trading −5.6% versus its 200-day average and at 22% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is UPL Ltd beating the market?
Not lately — on a trailing-13-week view UPL Ltd is currently behind the NIFTY 500 (24 weeks and counting; last ahead the week of 2026-02-20), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +120% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will UPL Ltd's share price go up?
This page publishes no price forecast for UPL Ltd. What it measures instead: the share price is ₹617, the price is in a downtrend 18 weeks in. Its P/E of 28.2× sits at the 75th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 24 July 2026.
Who owns UPL Ltd?
Promoters hold 33.5% of UPL Ltd, foreign institutions 42.4%, domestic institutions 14.3% and the public 9.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 8.2 points over 8 quarters. — as of 24 July 2026.
Does UPL Ltd have too much debt?
It is moderate — UPL Ltd's debt-to-equity is 0.68, and operating profit covers the interest bill 3×. FY26 borrowings were ₹23,576 Cr against equity of ₹34,696 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is UPL Ltd's capex?
UPL Ltd spent ₹12,526 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹6,914 Cr, with ₹3,147 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is UPL Ltd's cash flow?
UPL Ltd generated ₹7,855 Cr of operating cash flow in FY26 and ₹941 Cr of free cash flow after ₹6,914 Cr of capital spending. Reported profit that year was ₹2,220 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is UPL Ltd's profit real cash?
Yes — over the last 3 fiscal years, 346% of UPL Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹7,855 Cr against reported profit of ₹2,220 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
How financially safe is UPL Ltd?
On the balance sheet, the Z-score reads 1.86 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That is in the grey band — neither clearly safe nor clearly distressed. — as of 24 July 2026.
Where is UPL Ltd in its business cycle?
UPL Ltd's FY26 operating margin was 18.0%, against a 13-year band of 10.0%–22.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 19.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the UPL Ltd story?
The sharpest disagreement: annual EPS moved +114.5% against a −10.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is UPL Ltd a stock worth studying right now?
This is not investment advice. The machine read: UPL Ltd's earnings have outrun its stock. EPS grew +114.5% in a year against a −10.2% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.