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 ₹2standalone
₹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
- ₹5,748 cr
- FY2026 net profit
- ₹785 cr
- Net worth
- —
- Total debt
- —net cash
- EPS (basic)
- ₹9.46
- 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
- −5.7%over 7 years
- Revenue growth
- +7.8%vs last year
- Net profit growth
- −73.3%vs last year
- Change in net profit since FY19
- +94%
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
- 22.5%
- 8-year range
- 5.6–22.5%
- ROE FY2026
- 30.1%
- ROCE FY2026
- 1.5%
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
- —
- Operating cash flow ÷ net profit
- -2.86×FY2026
- Free cash flow
- ₹−2,279 cr
- Current ratio
- 1.62×
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 | 8,660 | 9,641 | 11,345 | 16,449 | 18,783 | 5,398 | 5,330 | 5,748 |
| Total income | 9,220 | 10,147 | 11,458 | 17,080 | 19,245 | 6,202 | 5,477 | 6,654 |
| EBITDA | 1,399 | 1,711 | 1,733 | 2,688 | 2,746 | 1,205 | 299 | 1,296 |
| Profit before tax | 486 | 538 | 434 | 1,261 | 1,284 | 931 | 2,045 | 1,013 |
| Net profit | 405 | 461 | 220 | 1,176 | 975 | 1,208 | 2,939 | 785 |
| EPS (₹) | 8.0 | 6.0 | 2.9 | 15.4 | 13.0 | 16.1 | 38.1 | 9.5 |
| Net worth | 7,972 | 8,024 | 7,786 | 8,201 | 7,068 | 7,530 | 12,021 | — |
| Total debt | 1,365 | 997 | 1,087 | 1,665 | 566 | 1,827 | 570 | — |
| Operating cash flow | — | — | 1,820 | 2,349 | 1,667 | −411 | −923 | −2,243 |
| Free cash flow | — | — | 656 | 1,303 | 560 | −1,073 | −1,178 | −2,279 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 11.3 | 17.7 | 45.0 | 14.2 | -71.3 | -1.3 | 7.8 |
| Profit growth YoY | — | 13.8 | -52.3 | 434.5 | -17.1 | 23.9 | 143.3 | -73.3 |
| Profitability | ||||||||
| EBITDA margin % | 16.2 | 17.7 | 15.3 | 16.3 | 14.6 | 22.3 | 5.6 | 22.5 |
| Net margin % | 4.4 | 4.5 | 1.9 | 6.9 | 5.1 | 19.5 | 53.7 | 11.8 |
| Return on equity % | 5.1 | 5.8 | 2.8 | 14.7 | 12.8 | 16.6 | 30.1 | — |
| Return on capital % | 7.2 | 8.9 | 8.4 | 17.5 | 20.5 | 12.7 | 1.5 | — |
| Leverage & cash | ||||||||
| Debt to equity | 0.17 | 0.12 | 0.14 | 0.20 | 0.08 | 0.24 | 0.05 | — |
| Cash flow ÷ profit | — | — | 8.27 | 2.00 | 1.71 | -0.34 | -0.31 | -2.86 |
| Current ratio | 1.14 | 1.12 | 1.07 | 1.14 | 1.06 | 0.84 | 1.62 | — |