WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹-1,878 to ₹4,437) — one year is a weak guide to the earnings power.
Importance 62 / 95 · growth
UPL Limited · Research view
UPL Limited
NSE: UPLBSE: 512070ISIN INE628A01036Face value ₹2consolidated
₹522
−3.15% · 2026-10-01 · 52-wk ₹522–₹805
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Cheaper than peers — but earns less
P/E of 18.99× is below the pesticides and agrochemicals median (24.14×) — but ROE of 5.6% is also below that peer set (9.0%), so the lower multiple tracks the lower profitability.
Importance 58 / 95 · valuation
Strength
Earnings consistently backed by cash
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 3.54×).
Importance 55 / 95 · cash quality
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Chemicals › Fertilizers & Agrochemicals › Pesticides & Agrochemicals.
- Market cap
- ₹44,109 cr
- FY2026 revenue
- ₹51,839 cr
- FY2026 net profit
- ₹2,220 cr
- Net worth
- ₹41,269 cr
- Total debt
- ₹22,046 cr
- EPS (basic)
- ₹22.32
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 pesticides & agrochemicals.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 7 years (from ₹-1,878 to ₹4,437) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +13.1%over 7 years
- Revenue growth
- +11.2%vs last year
- Net profit growth
- +170.7%vs last year
- Change in net profit since FY19
- +46%
Revenue compounded at 13.1% a year over 7 years (₹21,837 → ₹51,839) — though FY2020 saw a one-off step-change of 64% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit rose 170.7% to ₹2,220 — but FY2025 was a depressed ₹820 (vs a ~₹2,837 historical norm), so this is a recovery. Profit has compounded 5.6% a year over 7 years.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹10,181 cr, up 10.5% from ₹9,216 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Watch
Q1 FY27 effective tax rate was 138.5% (tax ₹-36 cr on PBT ₹-26 cr), vs 6.7% a year earlier.
Rule QTR_TAX_RATE_CHANGE_YOY
Watch
Q1 FY27 revenue was ₹10,181 cr, down 44.5% from ₹18,335 cr in the previous quarter (Q4 FY26).
Rule QTR_REVENUE_SEQUENTIAL_CHANGE
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 11,090 | — | −585 | — | −5.3% |
| Q3 FY25 | 10,907 | +10.3% | 853 | −153.1% | 7.8% |
| Q4 FY25 | 15,573 | +10.6% | 1,079 | −1448.8% | 6.9% |
| Q1 FY26 | 9,216 | +1.6% | −176 | −66.6% | −1.9% |
| Q2 FY26 | 12,019 | +8.4% | 612 | −204.6% | 5.1% |
| Q3 FY26 | 12,269 | +12.5% | 490 | −42.6% | 4.0% |
| Q4 FY26 | 18,335 | +17.7% | 1,294 | +19.9% | 7.1% |
| Q1 FY27 | 10,181 | +10.5% | −73 | −58.5% | −0.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹52,804 crTTM
- EBITDA
- ₹10,063 crTTM
- EBIT
- ₹6,718 crTTM
- PBT
- ₹3,533 crTTM
- Net profit
- ₹2,323 crTTM
C. Corporate actions
17 Jul 2026DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
11 Jul 2025DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
26 Nov 2024Rights issueRight Issue of Equity Shares
12 Aug 2024DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
3 Aug 2023DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
27 Jul 2022DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
14 Jul 2021DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
19 Aug 2020DividendDividend - Rs. - 6.0000 — ₹6.00/share
2 Jul 2019Bonus issueBonus issue 1:2 — 2:3
28 May 2019DividendDividend - Rs. - 8.0000 — ₹8.00/share
9 Aug 2018DividendDividend - Rs. - 8.0000 — ₹8.00/share
22 Jun 2017DividendDividend - Rs. - 7.0000 — ₹7.00/share
16 Jun 2016DividendDividend - Rs. - 5.0000 — ₹5.00/share
16 Jul 2015DividendDividend - Rs. - 5.0000 — ₹5.00/share
7 Aug 2014DividendDividend - Rs. - 4.0000 — ₹4.00/share
4 Jul 2013DividendDividend - Rs. - 2.5000 — ₹2.50/share
12 Jul 2012DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
3 Apr 2012DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
14 Jul 2011DividendDividend - Rs. - 2.0000 — ₹2.00/share
26 Aug 2010DividendDividend - Rs. - 2.0000 — ₹2.00/share
3 Sept 2009DividendDividend - Rs. - 1.5000 — ₹1.50/share
29 Oct 2008Bonus issueBonus issue 1:1 — 1:2
4 Sept 2008DividendDividend - Rs. - 2.0000 — ₹2.00/share
28 Sept 2005Otherother
4 Dec 2003Scheme of arrangementScheme of Arrangement
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 5.6% is below the pesticides and agrochemicals median of 9.0%.
Rule ROE_BELOW_PEER_MEDIAN
- EBITDA margin now
- 19.2%
- 8-year range
- 11.7–22.3%
- ROE FY2026
- 5.6%
- ROCE FY2026
- 10.7%
ROE rose from 2.3% to 5.6% — but FY2025 was a depressed year, so this is a rebound rather than a step-up.
EBITDA margin improved from 17.3% to 19.2% of revenue.
EBITDA margin has ranged from 11.7% to 22.3% over 7 years and sits at 19.2% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 3.54×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹22,046 cr
- Operating cash flow ÷ net profit
- 3.54×FY2026
- Free cash flow
- ₹6,242 cr
- Current ratio
- 1.21×
Net worth compounded at 12.6% a year over 7 years (₹18,003 → ₹41,269).
Free cash flow has been positive in 6 of the last 6 years.
Operating profit covers interest only 1.97× (FY2026).
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 pesticides & agrochemicals (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
P/E of 18.99× is below the pesticides and agrochemicals median (24.14×) — but ROE of 5.6% is also below that peer set (9.0%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 19.0×TTM to Jun 26
- P / B
- 1.1×latest book
- P / S
- 0.8×TTM sales
- Earnings yield
- 5.3%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 19.9× · P/S 0.8× · ROE 5.6%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −21.1%
- 3-year return
- −15.3%
- 5-year return
- −26.8%
- From 52-wk high
- −35.2%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹572
- vs 200-day avg
- Below₹643
- RSI (14)
- 26.5oversold
- MACD histogram
- -2.9
- From 52-wk high
- −35.2%
- From 52-wk low
- 0.0%
- 30-day volatility
- 20.0%ann.
- 6-month return
- −8.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹-1,878 to ₹4,437) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 62
- ConcernLess profitable than peersROE of 5.6% is below the pesticides and agrochemicals median of 9.0%.ROE_BELOW_PEER_MEDIAN · conviction 50
- ConcernThin interest coverOperating profit covers interest only 1.97× (FY2026).INTEREST_COVER_LOW · conviction 43
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for a rights issue (ex-date 2024-11-26) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21,837 | 35,756 | 38,694 | 46,240 | 53,576 | 43,098 | 46,637 | 51,839 |
| Total income | 22,077 | 35,860 | 38,952 | 46,521 | 54,053 | 43,581 | 47,123 | 52,502 |
| EBITDA | 4,053 | 6,877 | 8,610 | 9,810 | 10,673 | 5,022 | 8,086 | 9,935 |
| Profit before tax | 1,670 | 2,761 | 4,139 | 4,832 | 4,993 | −1,845 | 1,301 | 3,351 |
| Net profit | 1,519 | 2,178 | 3,495 | 4,437 | 4,414 | −1,878 | 820 | 2,220 |
| EPS (₹) | 28.4 | 23.2 | 36.4 | 45.9 | 45.8 | −17.8 | 9.8 | 22.3 |
| Net worth | 18,003 | 22,594 | 24,580 | 29,308 | 35,429 | 32,706 | 37,826 | 41,269 |
| Total debt | 28,861 | 28,669 | 23,560 | 25,866 | 22,999 | 28,438 | 23,714 | 22,046 |
| Operating cash flow | — | — | 7,212 | 6,496 | 7,751 | 1,822 | 10,151 | 7,855 |
| Free cash flow | — | — | 5,593 | 4,597 | 6,150 | 704 | 9,778 | 6,242 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 63.7 | 8.2 | 19.5 | 15.9 | -19.6 | 8.2 | 11.2 |
| Profit growth YoY | — | 43.4 | 60.5 | 27.0 | -0.5 | -142.5 | — | 170.7 |
| Profitability | ||||||||
| EBITDA margin % | 18.6 | 19.2 | 22.3 | 21.2 | 19.9 | 11.7 | 17.3 | 19.2 |
| Net margin % | 6.9 | 6.1 | 9.0 | 9.5 | 8.2 | -4.3 | 1.7 | 4.2 |
| Return on equity % | 8.4 | 10.7 | 14.8 | 16.5 | 13.6 | -5.5 | 2.3 | 5.6 |
| Return on capital % | 6.6 | 9.9 | 13.0 | 14.4 | 14.3 | 3.8 | 8.7 | 10.7 |
| Leverage & cash | ||||||||
| Debt to equity | 1.60 | 1.27 | 0.96 | 0.88 | 0.65 | 0.87 | 0.63 | 0.53 |
| Cash flow ÷ profit | — | — | 2.06 | 1.46 | 1.76 | — | 12.38 | 3.54 |
| Current ratio | 1.73 | 1.75 | 1.53 | 1.41 | 1.45 | 1.46 | 1.39 | 1.21 |