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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
₹478.90B
Dividend Yield1.05%
Average Volume (3M)42.13K
Price to Earnings (P/E)23.7
Beta (1Y)1.07
Revenue Growth12.86%
EPS Growth72.26%
CountryIN
Employees12,399
SectorGeneral
Sector StrengthN/A
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)22.77
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)37.62
Revenue Forecast (FY)₹565.05B
UPL Limited Business Overview & Revenue Model
Company Description
UPL Limited offers sustainable agricultural products and solutions, serving both the Indian and international markets. The company's activities are organized into two primary segments: Agro Activity and Non-Agro Activity. Its extensive product ran...
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 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 518.39B | 462.62B | 425.99B | 531.34B | 459.71B |
| Gross Profit | 168.97B | 217.36B | 178.32B | 255.13B | 235.85B |
| EBITDA | 98.02B | 68.11B | 40.54B | 106.81B | 91.00B |
| Net Income | 19.22B | 8.97B | -12.00B | 35.70B | 36.26B |
Balance Sheet | |||||
| Total Assets | 952.05B | 880.02B | 875.46B | 885.77B | 826.79B |
| Cash, Cash Equivalents and Short-Term Investments | 67.20B | 98.20B | 63.56B | 61.73B | 69.47B |
| Total Debt | 235.76B | 250.99B | 297.54B | 239.39B | 267.09B |
| Total Liabilities | 539.36B | 501.76B | 548.40B | 531.48B | 533.71B |
| Stockholders Equity | 346.96B | 321.99B | 248.07B | 298.44B | 246.61B |
Cash Flow | |||||
| Free Cash Flow | 40.97B | 84.56B | -23.94B | 53.91B | 38.08B |
| Operating Cash Flow | 57.63B | 101.51B | -12.35B | 77.51B | 64.96B |
| Investing Cash Flow | -31.49B | -18.40B | -24.78B | -14.90B | -38.19B |
| Financing Cash Flow | -70.04B | -47.93B | 1.64B | -62.27B | -19.21B |
UPL Limited Technical Analysis
Negative
804.10
Price Trends
598.51
Negative
613.56
Negative
668.11
Negative
Market Momentum
-7.52
Positive
39.48
Neutral
3.63
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 598.03, above the 50-day MA of 598.51, and above the 200-day MA of 668.11, indicating a bearish trend. The MACD of -7.52 indicates Positive momentum. The RSI at 39.48 is Neutral, neither overbought nor oversold. The STOCH value of 3.63 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹73.30B | 11.62 | ― | 1.84% | 18.52% | 49.11% | |
71 Outperform | ₹280.05B | 48.07 | ― | 0.26% | -3.61% | 4.00% | |
68 Neutral | ₹186.80B | 25.27 | ― | 2.96% | -2.78% | 23.56% | |
60 Neutral | ₹478.90B | 23.74 | ― | 0.77% | 12.86% | 72.26% | |
57 Neutral | ₹41.40B | 19.24 | ― | 1.37% | 4.41% | 24.42% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹416.50B | 31.35 | ― | 0.49% | -15.85% | -20.45% |
* General Sector Average
IN:UPL
UPL Limited
568.85
-110.03
-16.21%
IN:BAYERCROP
Bayer Cropscience India Limited
4,115.95
-1,348.08
-24.67%
IN:PIIND
PI Industries Limited
2,745.00
-1,007.34
-26.85%
IN:RALLIS
Rallis India Limited
211.35
-163.70
-43.65%
IN:SHARDACROP
Sharda Cropchem Ltd.
806.25
-166.80
-17.14%
IN:SUMICHEM
Sumitomo Chemical India Ltd.
557.75
-36.32
-6.11%
UPL Limited Corporate Events
UPL Sets August 6, 2026 Virtual AGM, Releases FY 2025-26 Annual Report
Jul 15, 2026
UPL Limited has scheduled its 42nd Annual General Meeting for August 6, 2026, at 1:30 p.m. IST, to be conducted via video conferencing and other audio-visual means. The company has released its FY 2025-26 Annual Report, including the Business Resp...
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.