Minerva Capital Research Solutions

UPL

NSE: UPLBSE: 512070
Compare with peers
₹ 536.40▲ 17.4 (+3.35%)28 Oct, 03:28 pm IST
Market cap
₹ 42,745 Cr.
P/E
21.7x
P/B
1.25x
52-week range
476.45 – 812.2
ROE
6%
ROCE
10%
Dividend yield
1.2%
Debt / equity
0.67
Sector
Fertilizers & Agrochemicals
Industry
Pesticides & Agrochemicals
Listed on
NSE, BSE

About

UPL Limited is an India-based company that provides agricultural solutions and services. The Company operates through three segments: Crop Protection, Seeds Business, and Non Agro. Its Crop Protection segment includes the manufacture and marketing of conventional agrochemical products, and other agricultural related products. Its Seeds Business segment includes the production and marketing of seeds. Its Non Agro includes manufacture and marketing of industrial chemical and other non-agricultural related products. The Company’s specialty applications include crop protection solutions for niche and specialty crops; products for underserved or hard-to-control pests; alternative application methods like seed and soil applied technologies; and bio-based products. Its offering covers the entire agricultural value chain spanning, such as seeds, crop protection products, natural solutions, on-farm equipment and services, and post-harvest solutions.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Pesticides & Agrochemicals: 33 companies →

UPL against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)21.7 against a typical 23.6: cheaper than most peers (1st = cheapest).16th of 33
  • Sales growth+10.5% against a typical −4.5% from a year earlier.4th of 31
  • Share price, 3 months−14.8% against a typical −16.5%.15th of 32
  • Size₹ 42,744.5 Cr. market value against a typical ₹ 883.3 Cr. (1st = largest).1st of 31

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA+ by 2 agencies
AA+
DefaultRiskyModerateSafeVery safe
  • All agencies agree and none has raised a warning.
AgencyCurrent ratingOutlookAs of
CRISILCrisil AA+Stable2 Sep 2026
CARECARE AA+ / CARE A1+Stable30 Jun 2026
Credit rating actions
RatingDetails
2 Sep 2026
▲ Outlook raised
Crisil AA+
Outlook Negative → Stable
—CRISIL₹ 4,100 Cr.
30 Jun 2026
Reaffirmed
CARE AA+ / CARE A1+—CARE₹ 3,600 Cr.
4 Mar 2026
Reaffirmed
Crisil AA+—CRISIL₹ 4,100 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
2 Nov 2026UpcomingFinancial ResultsIntimation of Board Meeting for the quarter and half year ended September 30, 2026.
3 Aug 2026Financial ResultsTo consider and approve the financial results for the quarter ended June 30, 2026.
11 May 2026Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2026 and recommend dividend, if any
2 Feb 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
6 Nov 2025Financial ResultsTo consider and approve the financial results for the period ended September 30, 2025
1 Aug 2025Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2025
12 May 2025Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2025 and dividend

Share price

1Y change −21.1%
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales10,1709,88714,0789,06711,09010,90715,5739,21612,01912,26918,33510,181
Expenses9,0499,82012,2307,9989,8739,22912,4097,82010,07210,03314,8548,814
Operating Profit1,121671,8481,0691,2171,6783,1641,3961,9472,2363,4811,367
OPM %11%0.7%13%12%11%15%20%15%16%18%19%13%
Other Income18134664910394−16815239236162208
Interest8711,1911,0909131,0707309141,007784774836852
Depreciation657676794660697688705731771827915832
Profit before tax−389−1,66630−455−4473541,377−1907846711,892−109
Tax %−25%−4%367%16%31%−141%22%−7%22%27%32%−33%
Net Profit−293−1,607−80−527−5858531,079−1766124901,294−73
EPS in Rs−2.24−14.410.47−4.55−5.259.8110.61−1.046.564.712.570.12

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
14%
5 Years
6%
3 Years
−1%
TTM
13%
Compounded Profit Growth
10 Years
6%
5 Years
−10%
3 Years
−21%
TTM
36%
Stock Price CAGR
10 Years
3%
5 Years
−4%
3 Years
1%
TTM
—
Return on Equity
10 Years
10%
5 Years
7%
3 Years
2%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
33.5%
+0.01 pts in a year
FIIs
42.39%
+7.49 pts in a year
DIIs
14.32%
−3.77 pts in a year
Government
0.02%
+0.02 pts in a year
Public
9.77%
−3.73 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 21.7xEPS (12 months) ₹ 23.42Median P/E 18.1x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
UPL₹ 536.40₹ 42,745 Cr.21.7x1.3x6%—
Asian Paints₹ 2,305.00₹ 2,21,095 Cr.58.1x12.1x21.2%12.4%
Solar Industries India₹ 18,320.00₹ 1,65,778 Cr.99.6x26.6x31.4%17.7%
Pidilite Industries₹ 1,514.00₹ 1,54,107 Cr.64.8x14.7x23.8%16.9%
SRF₹ 2,309.00₹ 68,444 Cr.44.6x6.1x13.8%11.6%
Linde India₹ 5,697.00₹ 48,586 Cr.110.5x14.2x13.6%21.7%

Management

Jaidev Rajnikant Shroff
Non-Executive Chairman of the Board, Group Chief Executive Officer
Vikram Rajnikant Shroff
Co-Chief Executive Officer, Non-Executive Vice Chairman of the Board
Bikash Prasad
Group Chief Financial Officer
Sandeep Mohan Deshmukh
Compliance Officer, Company Secretary
Sujoy Mazumdar
Group General Counsel
Raj Kumar Tiwari
Whole-Time Director

Prices are delayed and for information only. Nothing on this page is investment advice.