UPL Ltd.

NSE: UPL · Pesticides & Agrochemicals

52W Range₹563 ₹812

Snapshot

Unlock UPL Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

UPL Limited is a global provider of sustainable agriculture products, including crop protection solutions, seeds, and biosolutions. The company operates across two primary segments: Agro Activity and Non-Agro Activity, serving farmers and industrial clients worldwide.

Business Model

The company generates revenue through the sale of a diverse portfolio of herbicides, fungicides, insecticides, and seed treatment products. It also leverages strategic collaborations, such as its partnership with Chr. Hansen, to develop and monetise microbial-based biosolutions and farm advisory services.

Growth Outlook

Growth is expected to be driven by the expansion of the ProNutiva crop protection platform and the development of innovative microbial-based biosolutions. The company continues to focus on enhancing farm productivity through integrated soil, water, and plant stress management technologies.

Key Risks

  • Regulatory and Environmental Compliance. The company faces stringent global regulations regarding the use and environmental impact of chemical pesticides and agrochemicals.
  • Commodity Price Volatility. Fluctuations in the prices of raw materials and chemical intermediates can significantly impact operating margins.
  • Geopolitical and Currency Risk. As a global entity with significant international operations, UPL is exposed to currency exchange rate volatility and geopolitical instability in key markets.
  • Climate and Seasonal Dependency. Agricultural demand is highly sensitive to unpredictable weather patterns and seasonal cycles, which can affect product uptake.

Price

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Key Metrics

REVENUE

₹51,839 Cr

TTM · consolidated

+11.2%YoY

NET PROFIT

₹2,220 Cr

TTM · consolidated

+170.7%YoY

EPS

₹22.03

TTM · consolidated

+132.4%YoY

RETURN ON EQUITY

7.3%

TTM · consolidated

+4.1 ppYoY

RETURN ON CAPITAL EMPLOYED

11.3%

TTM · consolidated

+3.1 ppYoY

P/E

28.4x

Q4 FY26 · consolidated

28.4 vs 27.3x5Y avg

EBITDA MARGIN

19.2%

TTM · consolidated

+1.9 ppYoY

NET PROFIT MARGIN

7.1%

Q4 FY26 · consolidated

+0.2 ppYoY

DEBT TO EQUITY

0.6x

Q4 FY26 · consolidated

+0.01xYoY

Peers · Pesticides & Agrochemicals

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
UPL Ltd.UPL
52,38128.4111.2%19.2%7.3%11.3%-6.8%
Bayer Cropscience Ltd.BAYERCROP
20,63327.533.7%17.1%23.9%28.7%-33.4%
Sumitomo Chemical India Ltd.SUMICHEM
18,93249.682.9%25.2%18.0%23.5%-7.7%
Sharda Cropchem LimitedSHARDACROP
8,37112.0121.9%22.4%25.6%29.5%+13.7%
Rallis India LimitedRALLIS
4,56225.028.8%13.9%9.5%12.8%-32.9%
Dhanuka Agritech LimitedDHANUKA
4,40116.33-0.8%22.1%19.5%25.1%-39.5%

As of Q4 FY26

Financials