UPL Limited (UPL) AI Stock Analysis

• Market Cap: ₹526.04B
• Dividend Yield: 0.77%
• Average Volume (3M): 42.13K
• Price to Earnings (P/E): 30.6
• Beta (1Y): 1.11
• Revenue Growth: 8.14%
• EPS Growth: N/A
• Country: IN
• Employees: 12,000
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Agricultural Inputs
• EPS (TTM): 5.40
• Shares Outstanding: 844,164,600
• 10 Day Avg. Volume: 20,494
• 30 Day Avg. Volume: 42,132
• PEG Ratio: -0.37
• Price to Book (P/B): 1.64
• Price to Sales (P/S): 1.13
• P/FCF Ratio: 6.23
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹860.00
• Price Target Upside: 6.95% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 27.63
• Revenue Forecast (FY): ₹501.10B

• Rating: 68 Neutral
• Price Target: ₹678.00 ▼(-15.68% Downside)
• Action: Reiterated Date: 11/18/25
• Date: Action: Reiterated 11/18/25

UPL Limited's overall stock score is driven by strong financial performance, particularly in profitability and cash flow management. Technical analysis indicates bullish momentum, though caution is advised due to overbought signals. Valuation metrics suggest the stock may be overvalued, which could limit upside potential. The absence of earnings call and corporate events data means these factors did not influence the score.

Positive Factors

Improved Free Cash Flow

A recovery to positive free cash flow signals durable liquidity improvement and stronger internal funding for capex, R&D, or debt paydown. Sustained FCF enhances financial flexibility, reduces reliance on external financing and supports strategic investments over the next several quarters.

Margin and Profitability Recovery

Material margin improvement and a return to net profitability reflect better cost control and pricing execution. If sustained, higher gross and net margins improve resilience to input cost swings and create room for reinvestment, supporting multi-quarter earnings durability.

Integrated, Diversified Agribusiness Model

Vertical integration and a global distribution footprint provide structural competitive advantages: cost control, supply resilience and scale benefits. Geographic diversification smooths crop-calendar swings and supports steadier volumes across regions over multiple seasons.

Negative Factors

Inconsistent Revenue Growth

Volatile top-line trends reduce predictability of cash flows and complicate capacity planning. For an input-driven agribusiness, swingy revenue weakens the visibility on sustainable margins and returns, making multi-quarter forecasting and investment planning more challenging.

Liability Management Risk

Moderate leverage leaves limited buffer if margins compress or working capital rises. Ongoing liability management is required to preserve financial flexibility; failure to control debt or short-term obligations could constrain investments and increase refinancing risk over 2-6 months.

Seasonality and Crop-Cycle Exposure

Revenue and inventory are structurally linked to agricultural calendars, producing predictable but material seasonality. This causes working-capital swings, concentration of sales in peak periods, and exposure to weather/regulatory shocks that can persistently affect quarterly performance.

UPL Limited Business Overview & Revenue Model

Company Description

UPL Limited engages in the provision of sustainable agriculture products and solutions in India and internationally. It operates through two segments, Agro Activity and Non-Agro Activity. The company offers sorghum, forages, corn, canola, sunflower, vegetable, rice, wheat, soya, pearl millet, oats, alfalfa, bio-fumigants, and mustard seeds. It also provides herbicides; fungicides; insecticides and acaricides; seed treatment products; adjuvants; and ProNutiva, a solution for crop protection. In addition, the company offers plant stress and stimulation solutions; post-harvest products including coatings, cleaners, sanitisers, fungicides, growth regulators, and anti-scald; soil and water technologies; aquatic treatment solutions; and farmer advisory and education services, as well as farm services. Further, it produces and sells industrial chemicals, chemical intermediates, speciality chemicals and non agricultural related products. UPL Limited has a strategic collaboration with Chr. Hansen Holding A/S to develop microbial-based biosolutions. The company was formerly known as United Phosphorus Limited and changed its name to UPL Limited in October 2013. UPL Limited was founded in 1969 and is headquartered in Mumbai, India.

How the Company Makes Money

UPL generates revenue primarily through the sale of its agrochemical products, which include pesticides, herbicides, fungicides, and insecticides. The company also earns significant income from its bio-solutions and specialty chemicals divisions. Key revenue streams include both direct sales to farmers and partnerships with distributors and retailers across various geographies. UPL's global presence and strategic acquisitions have helped it expand its market share and product portfolio. Additionally, the company benefits from long-term contracts with agricultural businesses and collaborations with research institutions, which enhance its innovation capabilities and product offerings.

UPL Limited Financial Statement Overview

Summary

UPL Limited demonstrates solid financial health with significant improvements in profitability and cash flow management in 2025. While revenue growth has faced fluctuations, the overall upward trajectory is promising. The balance sheet remains stable with manageable leverage. These factors contribute to an optimistic outlook, although attention to liability management is advisable.

Income Statement

UPL Limited exhibits strong gross profit margins with a significant increase from 2024 to 2025, indicating improved cost management. The net profit margin also turned positive in 2025, showcasing a recovery from the negative net income in 2024, which is a positive sign. Revenue growth has been inconsistent, with a notable recovery in 2025 after a decrease in 2024, indicating some volatility but a general upward trend.

Balance Sheet

The company's debt-to-equity ratio remains moderate, showing effective leverage management. Return on equity has improved significantly in 2025, reflecting increased profitability. However, the equity ratio is relatively stable, indicating a balanced asset structure. The balance sheet shows resilience, but there is a need to manage liabilities effectively to maintain growth.

Cash Flow

Free cash flow has shown a substantial recovery from negative figures in 2024 to positive in 2025, indicating improved cash management. The operating cash flow to net income ratio is strong, signifying efficient operations. Overall, cash flow metrics suggest robust liquidity and operational efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	467.86B	466.37B	425.99B	531.34B	459.71B	384.18B
Gross Profit	229.14B	224.14B	178.32B	255.13B	235.85B	190.33B
EBITDA	74.62B	72.06B	40.09B	106.81B	91.00B	79.14B
Net Income	11.93B	8.97B	-12.00B	35.70B	36.26B	28.71B
Balance Sheet
Total Assets	0.00	880.02B	875.46B	885.77B	826.79B	704.31B
Cash, Cash Equivalents and Short-Term Investments	98.20B	98.20B	63.56B	61.73B	69.47B	48.67B
Total Debt	0.00	250.99B	297.54B	239.39B	267.09B	245.11B
Total Liabilities	-378.26B	501.76B	548.40B	531.48B	533.71B	458.51B
Stockholders Equity	378.26B	321.99B	248.07B	298.44B	246.61B	208.86B
Cash Flow
Free Cash Flow	0.00	84.56B	-23.94B	53.91B	38.08B	50.90B
Operating Cash Flow	0.00	101.51B	-12.35B	77.51B	64.96B	72.12B
Investing Cash Flow	0.00	-18.40B	-24.78B	-14.90B	-38.19B	-21.01B
Financing Cash Flow	0.00	-47.93B	1.64B	-62.27B	-19.21B	-67.13B

UPL Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 804.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UPL, the sentiment is Negative. The current price of 804.1 is above the 20-day moving average (MA) of 711.71, above the 50-day MA of 740.82, and above the 200-day MA of 703.49, indicating a bearish trend. The MACD of -29.66 indicates Positive momentum. The RSI at 29.45 is Positive, neither overbought nor oversold. The STOCH value of 10.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UPL.

UPL Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GNFC	70 Outperform	₹64.82B	10.73	―	3.68%	-7.53%	42.74%
GSFC	68 Neutral	₹65.69B	9.72	―	2.80%	15.25%	26.49%
UPL	68 Neutral	₹526.04B	30.62	―	0.77%	8.14%	―
RALLIS	63 Neutral	₹51.04B	32.33	―	0.92%	0.91%	18.12%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SUMICHEM	61 Neutral	₹198.51B	37.72	―	0.26%	8.69%	12.26%
BAYERCROP	61 Neutral	₹204.47B	31.33	―	1.57%	8.92%	5.06%

UPL Limited Corporate Events

UPL Unveils Investor Presentation on Strategic Group Reorganization

UPL Limited has notified stock exchanges that it has released an investor presentation detailing a strategic group reorganization. The company has circulated this presentation to key domestic and international exchanges, signaling that the reorganization is a material development for investors and other stakeholders.

The disclosure, filed under market listing regulations, underscores UPL’s effort to formally communicate changes in its group structure to the capital markets. By packaging the changes in an investor-focused presentation, the company aims to provide greater transparency around its strategic direction and the potential implications for its corporate structure and governance.

UPL Cleans Up Structure, Sets Up New Listed Global Crop Protection Platform

UPL Limited’s board has approved a composite scheme of arrangement to reorganise its crop protection operations by merging UPL Sustainable Agri Solutions into the listed parent, demerging the India crop protection business into a new entity, UPL Global Sustainable Agri Solutions (UPL 2), and amalgamating Cayman Islands-based UPL Crop Protection Holdings into UPL 2. The move will create two listed companies within the group: UPL Limited, which will remain a diversified agro and specialty chemicals platform, and UPL 2, a dedicated global crop protection vehicle to be listed in India, with Upswing Trust emerging as a significant public shareholder and promoters committing to an 18‑month lock‑in on their UPL 2 holdings, signalling long-term alignment with investors.

UPL to Create Unified Global Crop Protection Platform via Major Restructuring

UPL Limited’s board has approved a composite scheme of arrangement to integrate its India-specific and international crop protection businesses into a single global platform, UPL Global Sustainable Agri Solutions Limited (UPL 2). The restructuring involves merging UPL Sustainable Agri Solutions into UPL Limited, demerging the India crop protection business into UPL 2, and amalgamating Cayman-based UPL Crop Protection Holdings into UPL 2.

Following implementation, the UPL group will comprise two listed entities: UPL Limited, which will remain a diversified agro and specialty chemicals platform, and UPL 2, which will become a dedicated, listed crop protection company on Indian exchanges. The Upswing Trust will emerge as a significant public shareholder with board nomination rights in UPL 2, while promoter-group shareholders have agreed to an 18-month lock-in, underscoring long-term commitment and signaling stability to investors and other stakeholders.

UPL Posts Strong Turnaround in Q3 FY26 With Higher Revenue and Profitability

UPL Limited reported unaudited consolidated financial results for the quarter and nine months ended 31 December 2025, showing continued revenue growth and a strong rebound in profitability versus the previous year. Consolidated revenue from operations for the quarter rose to ₹12,269 crore, with profit before tax at ₹671 crore and profit for the period at ₹490 crore, while total comprehensive income for the nine months climbed to ₹2,788 crore compared with a loss in the prior-year period, reflecting a notable turnaround in performance. Earnings per share for the nine months improved to ₹9.59 on a basic basis as the company benefited from stronger operating results and other comprehensive income, and the board, after audit committee review and a limited review by statutory auditors, approved the figures, which have been published in newspapers and made available on the company’s website for investors and other stakeholders.

UPL Board Clears Unaudited Q3 and Nine-Month FY26 Results, Auditors Issue Clean Review

UPL Limited’s board of directors has approved the unaudited consolidated and standalone financial results for the quarter and nine‑month period ended 31 December 2025, following review by the audit committee, and has submitted these to the stock exchanges in compliance with SEBI’s listing regulations. The results, accompanied by limited review reports from statutory auditor BSR & Co. LLP, confirm that the interim financial statements comply with Indian accounting standards and disclosure requirements, with no material misstatements flagged, providing investors and other stakeholders with updated, regulator‑compliant financial information on the group’s performance for the period.

UPL Limited Announces Unaudited Q3 and 9M FY26 Financial Results

UPL Limited has released its unaudited consolidated and standalone financial results for the third quarter and nine‑month period ended December 31, 2025, for FY 2026. The disclosure, made in line with securities listing regulations in India and shared with multiple stock exchanges, provides investors and other stakeholders with interim visibility into the company’s financial performance ahead of full‑year results, underscoring its ongoing transparency and regulatory compliance.

UPL Releases Q3 and Nine-Month FY26 Investor Presentation

UPL Limited has released an investor presentation detailing its consolidated financial results and business update for the third quarter and nine-month period ended 31 December 2025, in line with regulatory disclosure requirements. The presentation, shared with stock exchanges in India as well as in London and Singapore, offers stakeholders an updated view of the company’s performance and operations, reinforcing transparency for investors and supporting informed decision-making around the company’s financial and strategic position in FY26.

UPL Confirms Rights Issue Proceeds Fully Aligned With Stated Objectives

UPL Limited has disclosed that the proceeds from its ₹3,377.74 crore rights issue have been utilised in line with stated objectives, with no variation or deviation reported for the quarter and nine-month period ended December 31, 2025. A Monitoring Agency Report issued by CARE Ratings Limited, in accordance with SEBI regulations, confirms compliant use of funds, reinforcing transparency for investors and signalling adherence to the company’s capital allocation commitments.

UPL Hong Kong Takes Full Control of UPL Agro with USD 17.86 Million Stake Buyout

UPL Limited’s step-down subsidiary, UPL Limited, Hong Kong, has acquired the remaining 25% stake in UPL Agro Limited for a cash consideration of USD 17.86 million, making UPL Agro a wholly owned subsidiary. The transaction, completed on January 8, 2026 and not classified as a related-party deal, consolidates UPL’s control over Yoloo (Laoting) Biotechnology Limited in China, strengthening its direct ownership of a business that generated consolidated revenue of USD 91.55 million in March 2025 and reinforcing its strategic position in the Chinese crop protection and agri-chemicals market.