UPL Limited (UPL) AI Stock Analysis

• Market Cap: ₹639.95B
• Dividend Yield: 0.79%
• Average Volume (3M): 42.13K
• Price to Earnings (P/E): 29.1
• Beta (1Y): 0.93
• Revenue Growth: 8.14%
• EPS Growth: N/A
• Country: IN
• Employees: 12,000
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Agricultural Inputs
• EPS (TTM): 5.80
• Shares Outstanding: 843,316,900
• 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: ₹775.00
• Price Target Upside: 2.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹841.00 ▲(10.83% Upside)

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

Cash Flow Management

Improved cash flow management indicates robust liquidity and operational efficiency, enhancing UPL's ability to invest in growth and innovation.

Profitability

Enhanced profitability through improved cost management strengthens UPL's competitive position and supports sustainable growth.

Balance Sheet Health

A stable balance sheet with manageable leverage provides UPL with financial flexibility to pursue strategic opportunities and withstand economic fluctuations.

Negative Factors

Revenue Growth Volatility

Inconsistent revenue growth may challenge UPL's ability to maintain steady expansion and could impact investor confidence in long-term performance.

Liability Management

Effective liability management is crucial for sustaining growth and avoiding financial strain, particularly in a volatile industry like agriculture.

Earnings Volatility

Volatility in earnings can create uncertainty in financial planning and investor expectations, potentially impacting long-term strategic initiatives.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Positive
• Last Price: 758.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UPL, the sentiment is Positive. The current price of 758.85 is above the 20-day moving average (MA) of 750.26, above the 50-day MA of 707.90, and above the 200-day MA of 671.00, indicating a bullish trend. The MACD of 13.84 indicates Positive momentum. The RSI at 63.83 is Neutral, neither overbought nor oversold. The STOCH value of 61.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	₹72.90B	12.97	―	3.62%	-7.53%	42.74%
GSFC	68 Neutral	₹73.84B	11.05	―	2.70%	15.25%	26.49%
UPL	68 Neutral	₹639.95B	29.08	―	0.79%	8.14%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SUMICHEM	61 Neutral	₹232.50B	42.85	―	0.26%	8.69%	12.26%
BAYERCROP	61 Neutral	₹217.34B	36.68	―	2.74%	8.92%	5.06%
RALLIS	56 Neutral	₹50.89B	28.92	―	0.95%	0.91%	18.12%

UPL Limited Corporate Events

UPL Limited Releases Earnings Call Transcript for Q2 and H1 FY 2026

UPL Limited announced the availability of the transcript from its recent earnings conference call, which discussed the unaudited financial results for Q2 and H1 FY 2026. This release provides stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor confidence.

UPL Limited Submits Compliance Certificate for Q3 2025

UPL Limited has submitted a certificate under the SEBI (Depositories and Participants) Regulations, 2018, to the stock exchanges. The certificate, provided by MUFG Intime India Private Limited, confirms the dematerialization of securities for the quarter ending September 30, 2025. This submission ensures compliance with regulatory requirements and maintains transparency in UPL’s securities management, reflecting the company’s commitment to adhering to financial regulations.

UPL Limited Announces EGM to Approve Strategic Investment Transfer

UPL Limited has announced the convening of an Extraordinary General Meeting (EGM) on September 24, 2025, to be held via video conferencing. The primary agenda is to approve a material related party transaction involving the transfer of investment in Decco Holdings UK Limited from UPL Corporation Limited to Advanta Mauritius Limited, valued at $502 million. This strategic move is expected to streamline UPL’s operations and enhance its investment structure, potentially impacting its market positioning and stakeholder interests.

UPL Global Acquires Stake in Thailand’s Grow Chemical for Strategic Partnership

UPL Global Limited, a subsidiary of UPL Limited, has entered into a strategic partnership with Baka Company Ltd. to acquire a 49% stake in Grow Chemical Co. Ltd., a Thailand-based company. This investment aims to strengthen innovation and deliver sustainable agricultural solutions in Thailand, leveraging UPL’s expertise in crop protection and Baka’s local market presence. The collaboration will focus on joint R&D, distribution, and marketing to accelerate growth in Thailand’s agrochemical sector, with a commitment to sustainable farming practices.