UPL Limited (IN:UPL)
:UPL
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UPL Limited
(UPL)
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Rating:60Neutral
Price Target:
₹702.00
▼(-12.70% Downside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by improving financial performance and a stronger balance sheet after debt reduction, tempered by ongoing margin/cash-flow volatility. Technicals are improving in the near term but remain weaker versus longer-term averages. Valuation is the main drag due to a high P/E and modest dividend yield.
Positive Factors
Stronger balance sheet / debt reduction
Substantially lower debt and higher equity materially reduce financial risk and increase strategic optionality. A stronger balance sheet supports sustainable investment in registrations, commercial expansion or bolt‑on M&A, and improves resilience to agricultural cycle downturns over the next several quarters.
Negative Factors
Margin volatility and pricing/cost pressure
Persistently volatile gross margins highlight exposure to input cost swings, pricing pressure and product mix shifts typical in agrochemicals. Such variability undermines predictability of earnings and ROI, complicates long‑range planning for R&D and capex and raises execution risk through cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger balance sheet / debt reduction
Substantially lower debt and higher equity materially reduce financial risk and increase strategic optionality. A stronger balance sheet supports sustainable investment in registrations, commercial expansion or bolt‑on M&A, and improves resilience to agricultural cycle downturns over the next several quarters.
Read all positive factors
UPL Limited (UPL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹545.97B
Dividend Yield0.77%
Average Volume (3M)42.13K
Price to Earnings (P/E)28.3
Beta (1Y)1.13
Revenue Growth11.15%
EPS Growth127.12%
CountryIN
Employees12,000
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)26.29
Shares Outstanding844,169,250
10 Day Avg. Volume20,494
30 Day Avg. Volume42,132
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)1.41
Price to Sales (P/S)0.94
P/FCF Ratio11.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)40.31
Revenue Forecast (FY)₹559.37B
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, sunflowe...
How the Company Makes Money
UPL primarily makes money by selling agricultural inputs, chiefly crop protection products, to distributors, retailers, and other agribusiness customers in domestic and international markets. Its revenue model is product-led: it manufactures and/o...
UPL Limited Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
71
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 473.40B | 518.39B | 462.62B | 425.99B | 531.34B | 459.71B |
| Gross Profit | 209.98B | 168.97B | 217.36B | 178.32B | 255.13B | 235.85B |
| EBITDA | 79.89B | 70.94B | 68.11B | 40.54B | 106.81B | 91.00B |
| Net Income | 21.89B | 19.22B | 8.97B | -12.00B | 35.70B | 36.26B |
Balance Sheet | ||||||
| Total Assets | 913.91B | 952.05B | 880.02B | 875.46B | 885.77B | 826.79B |
| Cash, Cash Equivalents and Short-Term Investments | 47.60B | 67.20B | 98.20B | 63.56B | 61.73B | 69.47B |
| Total Debt | 300.22B | 235.76B | 250.99B | 297.54B | 239.39B | 267.09B |
| Total Liabilities | 536.81B | 539.36B | 501.76B | 548.40B | 531.48B | 533.71B |
| Stockholders Equity | 318.94B | 346.96B | 321.99B | 248.07B | 298.44B | 246.61B |
Cash Flow | ||||||
| Free Cash Flow | -56.11B | 40.97B | 84.56B | -23.94B | 53.91B | 38.08B |
| Operating Cash Flow | -48.11B | 57.63B | 101.51B | -12.35B | 77.51B | 64.96B |
| Investing Cash Flow | -7.93B | -31.49B | -18.40B | -24.78B | -14.90B | -38.19B |
| Financing Cash Flow | -1.55B | -70.04B | -47.93B | 1.64B | -62.27B | -19.21B |
UPL Limited Technical Analysis
Neutral
804.10
Price Trends
634.00
Positive
677.50
Negative
696.88
Negative
Market Momentum
1.59
Negative
51.89
Neutral
79.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UPL, the sentiment is Neutral. The current price of 804.1 is above the 20-day moving average (MA) of 642.94, above the 50-day MA of 634.00, and above the 200-day MA of 696.88, indicating a neutral trend. The MACD of 1.59 indicates Negative momentum. The RSI at 51.89 is Neutral, neither overbought nor oversold. The STOCH value of 79.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:UPL.
UPL Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹81.80B | 11.99 | ― | 1.02% | 21.94% | 123.70% | |
72 Outperform | ₹250.52B | 46.07 | ― | 0.26% | 2.85% | 7.43% | |
68 Neutral | ₹203.00B | 29.40 | ― | 1.57% | 3.71% | 21.34% | |
64 Neutral | ₹47.36B | 25.09 | ― | 0.92% | 8.79% | 47.20% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ₹545.97B | 28.32 | ― | 0.77% | 11.15% | 127.12% | |
55 Neutral | ₹422.63B | 31.87 | ― | 0.49% | -15.85% | -20.44% |
* Basic Materials Sector Average
IN:UPL
UPL Limited
646.75
16.32
2.59%
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2,785.60
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243.55
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IN:SHARDACROP
Sharda Cropchem Ltd.
906.65
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IN:SUMICHEM
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501.90
-2.22
-0.44%
UPL Limited Corporate Events
UPL boosts stake in Brazilian associate Sinova with $86.7 million infusion
Apr 25, 2026
UPL Limited has announced that its step-down subsidiary, United Phosphorus Holdings Brazil B.V., will make a further equity investment of about USD 86.7 million in its Brazilian associate Sinova Inovacoes Agricolas S.A. The cash infusion, expected...
UPL Opens SEBI-Mandated Special Window for Demat of Legacy Physical Shares
Apr 7, 2026
UPL Limited has informed investors that, in line with recent Securities and Exchange Board of India guidelines, a special one-year window has been opened to allow transfer and dematerialisation of physical shares whose transfer deeds were executed...
UPL clears key related-party deals at digitally held extraordinary meeting
Mar 31, 2026
UPL Limited held its Extraordinary General Meeting on March 31, 2026 via video conferencing and other audio-visual means in line with Indian regulatory guidance. The meeting was chaired by Vice-Chairman and Co-CEO Vikram Shroff, with requisite quo...
UPL Closes Trading Window Ahead of FY26 Results and Possible Dividend
Mar 30, 2026
UPL Limited has notified the stock exchanges that it is closing its trading window for designated persons from March 31, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and its internal code of conduct. The blackout peri...
UPL calls March 31 EGM to clear high-value related party deals
Mar 9, 2026
UPL Limited has called an Extraordinary General Meeting on 31 March 2026 via video conferencing to seek shareholder approval for a series of material related party transactions for FY 2026-27. The meeting will also leverage electronic voting facil...
UPL Unveils Investor Presentation on Strategic Group Reorganization
Feb 20, 2026
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 reorgan...
UPL Cleans Up Structure, Sets Up New Listed Global Crop Protection Platform
Feb 20, 2026
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 to Create Unified Global Crop Protection Platform via Major Restructuring
Feb 20, 2026
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 restruc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.