Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
UPL Ltd.
NSE: UPLBasic MaterialsAgricultural Inputs
- Last close
- ₹508.65
- Day change
- −₹5.45 (−1.06%)vs
- Market cap
- ₹44,352 crIndian rupees
- Research updated
- 1 report
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About UPL
UPL Ltd. is a multinational agrochemical company that provides innovative crop protection and agriculture solutions globally. The primary function of UPL Ltd. is to foster sustainable agriculture through the provision of agrochemicals, specialty chemicals, and industrial chemicals. UPL's offerings include herbicides, insecticides, fungicides, plant growth regulators, and rodenticides, crucial for improving crop yield and quality. Operating across more than 130 countries, UPL Ltd. has extensive reach and plays a significant role in the agricultural industry by enhancing productivity and supporting food security. The company’s Research & Development initiatives focus on sustainability, helping to address challenges such as pest resistance and environmental impact. UPL Ltd.'s strategic acquisitions and partnerships enable it to expand its market presence and drive innovation within the sector. The company is a vital player in shaping agricultural practices and significantly contributes to the global food supply chain, holding a strong market position among leading agrochemical firms.
- Sector
- Basic Materials
- Industry
- Agricultural Inputs
- Listing
- NSE: UPL
- Chief executive
- Mr. Jaidev Rajnikant Shroff B.Sc.
- Employees
- 12,399
- Headquarters
- Mumbai, India
- ISIN
- INE628A01036
- Website
- upl-ltd.com
Public research · Report of
Business model & financial foundation
UPL (NSE: UPL), Crop protection, seeds and specialty chemicals: revenue of ₹51,839 crore in FY26 (+11.2% on FY25), an EBITDA margin of 18.5%, net profit of ₹1,922 crore and net debt of ₹15,325 crore.
- Revenue, FY26 (₹ crore)
- 51,839
- consolidated
- Revenue growth, FY26
- +11.2%
- on FY25
- EBITDA margin, FY26
- 18.5%
- EBITDA (Issuer EBITDA before trade FX, other income and D&A) / revenue
- Net profit, FY26 (₹ crore)
- 1,922
- to owners
- Return on equity, FY26
- 4.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 15,325
- Company net debt incl liquid investments, FY25 perpetual
- Market capitalisation (₹ crore)
- 46,757
- at the close of 14 Oct 2026
Company profile
UPL supplies crop-protection formulations, biological solutions, seeds and specialty chemicals across global agriculture. International crop protection, India formulations, Advanta seeds/post-harvest and SUPERFORM manufacturing have distinct economics. Registrations, germplasm, integrated manufacturing and distribution support market access, but farm credit, weather, generic pricing and seasonal working capital determine cash generation.
| Item | Value |
|---|---|
| Legal name | UPL Limited |
| Exchange and ticker | NSE: UPL; BSE: 512070 |
| ISIN | INE628A01036 |
| CIN | L24219GJ1985PLC025132 |
| Sector | Chemicals |
| Industry | Crop protection, seeds and specialty chemicals |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹46,757 crore (14 Oct 2026) |
| Shares outstanding | 84.42 crore shares (FY26) |
| Price | ₹524.7 (close, 14 Oct 2026) |
| 52-week range | ₹476.5 - ₹812.2 (to 14 Oct 2026) |
| Website | https://www.upl-ltd.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| UPL Corporation Cayman | 78% | International crop protection platform |
| Advanta Enterprises | 78% | Seeds and post-harvest platform including Decco |
| UPL Sustainable Agri Solutions | 91% | India crop protection |
| SUPERFORM Chemistries | 100% | Captive active ingredients and specialty chemicals |
| UPL Global Sustainable Agri Solutions | 100% | Proposed combined crop protection platform |
Composite crop-protection scheme pending approvals. Management platform numbers require intercompany eliminations and differ from statutory segments.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 33.50% | 33.50% | 33.51% | 33.51% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 37.01% | 38.84% | 41.78% | 42.39% |
| Domestic institutions | 17.16% | 16.72% | 14.63% | 14.32% |
| of which mutual funds | 7.45% | 7.68% | 7.23% | 8.57% |
| Retail | 6.84% | 6.57% | 6.58% | 6.41% |
| Other | 5.48% | 4.37% | 3.49% | 3.37% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
UPL earns from global crop protection, India farm solutions, Advanta seeds/post-harvest and SUPERFORM specialty/industrial chemistry. Consolidated accounts are the security's economic scope; internal platform revenue must be eliminated. FY26 Corp revenue 38,277cr dominates, Advanta 6,837cr supplies higher-margin growth. Consolidated FY26 sales 51,839cr reconcile after 6,785cr eliminations.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | contribution margin, FY26 (%) |
|---|---|---|---|---|---|
| UPL Corp international CP (management proforma) | 38,277 | 17.9% | 6,008 | 63.0% | 35.1% |
| UPL SAS India CP proforma EXCLUDING Nurture | 3,212 | 1.5% | 548.0 | 5.7% | 32.2% |
| Advanta INCLUDING Decco common-control recast | 6,837 | 3.2% | 1,725 | 18.1% | 56.3% |
| SUPERFORM chemistries proforma incl captive AI sales | 10,298 | 4.8% | 1,258 | 13.2% | 24.7% |
| Ind AS crop protection EXCLUDING Decco (AR26 recast) | 42,206 | 19.7% | |||
| Ind AS Seeds AND Post-Harvest (AR26 recast) | 6,830 | 3.2% | |||
| Ind AS Non-Agro (NOT total SUPERFORM) | 2,803 | 1.3% | |||
| Country revenue Brazil (customer location) | 11,153 | 5.2% | |||
| Country revenue India (customer location) | 6,343 | 3.0% | |||
| Country revenue USA (customer location) | 6,293 | 2.9% | |||
| Country revenue United Kingdom (customer location) | 328.0 | 0.2% | |||
| Other countries revenue (NOT regional ROW) | 27,722 | 12.9% | |||
| Consolidated region Latin America | 19,358 | 9.0% | |||
| Consolidated region North America | 7,182 | 3.4% | |||
| Consolidated region Europe | 8,167 | 3.8% | |||
| Consolidated region India NOT UPL SAS only | 6,343 | 3.0% | |||
| Consolidated region Rest of World | 10,789 | 5.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| PI Industries (PIIND) | Crop-protection contract manufacturing and domestic formulations; premium mix. |
| Bayer CropScience (BAYERCROP) | India crop protection and seeds; innovator-backed portfolio. |
| Sumitomo Chemical India (SUMICHEM) | India agrochemical formulations and parent-backed technology. |
| Rallis India (RALLIS) | Domestic crop protection, manufacturing and seeds. |
| Dhanuka Agritech (DHANUKA) | India branded crop-protection distribution; asset-light comparison. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 45,971 | 53,134 | 43,098 | 46,637 | 51,839 |
| Cost of revenue (vendor classification) * | 22,386 | 27,621 | 24,767 | 24,526 | 26,215 |
| Other operating costs (vendor classification) * | 8,552 | 9,018 | 7,317 | 7,834 | 8,839 |
| EBITDA (vendor classification) * | 9,378 | 10,967 | 4,387 | 7,383 | 9,916 |
| Statutory pre-finance profit incl other income | 6,741 | 8,134 | 2,259 | 5,336 | 6,691 |
| Statutory gross finance cost incl FX, leases, unwinding | 1,775 | 2,984 | 3,852 | 3,627 | 3,401 |
| Profit/(loss) before tax | 4,966 | 5,150 | -2,087 | 829.0 | 3,157 |
| Tax expense/(credit) | 529.0 | 736.0 | -209.0 | 9.00 | 937.0 |
| Group profit/(loss) after tax before minorities | 4,437 | 4,414 | -1,878 | 820.0 | 2,220 |
| Diluted EPS adjusted for rights bonus element (₹) | 44.00 | 43.92 | -17.45 | 9.62 | 22.32 |
| PAT attributable to non-controlling interests | -678.0 | -77.0 | 298.0 | ||
| Profit/(loss) attributable to parent owners | -1,200 | 897.0 | 1,922 | ||
| Issuer EBITDA before trade FX, other income and D&A | 5,515 | 8,124 | 9,588 | ||
| Perpetual coupon deducted in EPS numerator | 136.0 | 138.0 | 70.0 | ||
| Raw and packing materials consumed | 19,133 | 18,289 | 23,928 | ||
| Purchases of stock in trade | 4,445 | 4,208 | 3,808 | ||
| Inventory changes: positive expense, negative income | 916.0 | 1,726 | -1,845 | ||
| Materials, traded goods and inventory change | 24,494 | 24,223 | 25,891 | ||
| Employee benefits expense | 4,682 | 5,309 | 5,807 | ||
| Other expenses per statutory P&L | 8,316 | 8,745 | 9,803 | ||
| Impairment loss on financial assets | 91.0 | 240.0 | 750.0 | ||
| Trade receivable/payable exchange loss | 976.0 | 520.0 | 316.0 | ||
| Other income per statutory P&L | 483.0 | 486.0 | 663.0 | ||
| Depreciation and amortisation including impairments | 2,763 | 2,750 | 3,244 | ||
| Share of associates and JV profit/(loss), signed | -242.0 | -472.0 | -194.0 | ||
| Exceptional gain/(loss), signed | -252.0 | -408.0 | 61.0 | ||
| Current tax expense/(credit) | 790.0 | 295.0 | 1,243 | ||
| Deferred tax expense/(credit) | -999.0 | -286.0 | -306.0 | ||
| Financial FX expense/(gain) included in gross finance cost | 314.0 | 191.0 | 328.0 | ||
| Parent-owners PAT less perpetual coupon for EPS | -1,336 | 759.0 | 1,852 | ||
| Issuer EBITDA minus rounded statutory operating cost stack | 0.00 | 4.00 | 0.00 | ||
| Residual after statutory EBITDA-to-PBT bridge | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including minorities and perpetual | 29,308 | 35,429 | 32,706 | 37,826 | 41,269 |
| Borrowings excluding leases and perpetual equity | 26,709 | 23,939 | 28,438 | 23,714 | 22,046 |
| Cash and cash equivalents | 5,797 | 5,967 | 5,943 | 9,478 | 5,975 |
| Net trade receivables current plus noncurrent | 15,843 | 18,282 | 16,364 | 15,512 | 18,343 |
| Inventories | 13,078 | 13,985 | 12,776 | 10,316 | 12,676 |
| Trade payables excluding rebate/refund liabilities | 16,552 | 17,614 | 12,631 | 10,867 | 12,018 |
| Net PPE excluding right-of-use assets | 195.0 | 9,070 | 8,443 | 8,107 | 8,474 |
| Capital work in progress excluding intangible development | 1,265 | 1,251 | 1,106 | 615.0 | 999.0 |
| Total assets | 82,679 | 88,577 | 87,546 | 88,002 | 95,205 |
| Equity attributable to parent owners | 24,807 | 29,213 | 34,696 | ||
| Current investments (not all FY25 counted as liquidity) | 261.0 | 320.0 | 634.0 | ||
| Non-current financial investments excluding associates/JVs | 655.0 | 614.0 | 770.0 | ||
| Company cash/bank/liquid investments | n.r. | 9,856 | 6,720 | ||
| Company net debt incl liquid investments, FY25 perpetual | n.r. | 17,267 | 15,325 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow incl operating exchange differences | 989.0 | 6,416 | 2,321 | 10,151 | 7,855 |
| Free cash flow (vendor definition) * | 3,808 | 5,391 | -173.0 | 8,456 | 5,449 |
| Cash dividends paid, positive outflow, excluding NCI | -764.0 | -750.0 | 749.0 | 77.0 | 478.0 |
| Gross cash capex PPE plus intangibles, positive outflow | -1,899 | -1,601 | 1,995 | 1,695 | 2,406 |
| Cash purchase PPE, CWIP and capital advances | 1,159 | 813.0 | 1,666 | ||
| Cash purchase intangible assets and development | 836.0 | 882.0 | 740.0 | ||
| Gross repayment of non-current debt, positive outflow | 1,661 | 2,137 | 4,742 | ||
| Perpetual securities redemption cash outflow | 3,409 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued outstanding shares at year end (incl partly paid FY25) | 79.65 | 78.25 | 75.06 | 84.44 | 84.42 |
| Disclosed weighted average diluted EPS denominator (crore shares) | 76.55 | 78.93 | 82.99 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 11,090 | 10,907 | 15,573 | 9,216 | 12,019 | 12,269 | 18,335 | 10,181 |
| Cost of revenue (vendor classification) * | 5,823 | 5,329 | 8,551 | 4,169 | 5,846 | 10,123 | 4,315 | |
| Other operating costs (vendor classification) * | 2,203 | 2,251 | 2,314 | 2,230 | 2,546 | 2,546 | 2,733 | |
| EBITDA (vendor classification) * | 1,631 | 1,927 | 3,291 | 1,478 | 2,319 | 4,038 | 1,597 | |
| Statutory pre-finance profit including other income | 766.0 | 1,438 | 2,593 | 808.0 | 1,480 | 1,582 | 2,821 | 835.0 |
| Finance costs, statutory gross including financial forex | 1,070 | 730.0 | 914.0 | 1,007 | 784.0 | 774.0 | 836.0 | 852.0 |
| Profit before tax after associates and exceptional items | -447.0 | 354.0 | 1,377 | -190.0 | 784.0 | 671.0 | 1,892 | -109.0 |
| Total income tax expense or credit | 138.0 | -499.0 | 298.0 | -14.0 | 172.0 | 181.0 | 598.0 | -36.0 |
| Profit after tax including non-controlling interests | -585.0 | 853.0 | 1,079 | -176.0 | 612.0 | 490.0 | 1,294 | -73.0 |
| Diluted EPS, latest available comparative basis (₹) | -5.68 | 9.70 | 11.15 | -1.94 | 6.74 | 4.69 | 12.57 | 0.12 |
| Material cost including purchases and inventory changes | 5,823 | 5,329 | 8,551 | 4,169 | 5,753 | 5,846 | 10,123 | 4,315 |
| Employee benefits expense | 1,337 | 1,184 | 1,451 | 1,322 | 1,466 | 1,379 | 1,640 | 1,527 |
| Other expenses, statutory line | 2,203 | 2,251 | 2,314 | 2,230 | 2,481 | 2,546 | 2,546 | 2,733 |
| EBITDA, issuer presentation definition | 1,576 | 2,163 | 3,240 | 1,303 | 2,205 | 2,434 | 3,646 | 1,500 |
| Other income, statutory gross | 111.0 | 170.0 | 107.0 | 143.0 | 250.0 | 92.0 | 178.0 | 217.0 |
| Depreciation and amortisation expense | 697.0 | 688.0 | 705.0 | 731.0 | 771.0 | 827.0 | 915.0 | 832.0 |
| Exceptional items, signed gain or loss contribution | -8.00 | -76.0 | -275.0 | -9.00 | 142.0 | -56.0 | -16.0 | -9.00 |
| Share of associates and joint ventures profit or loss, signed | -135.0 | -278.0 | -27.0 | 18.0 | -54.0 | -81.0 | -77.0 | -83.0 |
| PAT attributable to non-controlling interests, signed | -142.0 | 25.0 | 183.0 | -88.0 | 59.0 | 94.0 | 233.0 | -83.0 |
| PAT attributable to owners of UPL Ltd | -443.0 | 828.0 | 896.0 | -88.0 | 553.0 | 396.0 | 1,061 | 10.0 |
| Impairment loss on financial assets, net expense | 152.0 | -19.0 | 20.0 | 192.0 | 114.0 | 65.0 | 379.0 | 106.0 |
| Exchange differences on trade balances, expense positive | 223.0 | 206.0 | 46.0 | -93.0 | 204.0 | 116.0 | 89.0 | 50.0 |
| Financial forex and hedging expense included in finance costs | 151.0 | -98.0 | 39.0 | 271.0 | 31.0 | 74.0 | -48.0 | 93.0 |
| Current income tax expense or credit | 258.0 | -424.0 | 272.0 | 205.0 | 363.0 | 187.0 | 488.0 | 309.0 |
| Deferred income tax expense or credit | -120.0 | -75.0 | 26.0 | -219.0 | -191.0 | -6.00 | 110.0 | -345.0 |
| Impairment loss on financial assets, net | 152.0 | -19.0 | 20.0 | 192.0 | 114.0 | 65.0 | 379.0 | 106.0 |
| Trade receivable/payable exchange loss/(gain), net | 223.0 | 206.0 | 46.0 | -93.0 | 204.0 | 116.0 | 89.0 | 50.0 |
| Issuer EBITDA minus rounded statutory operating cost stack | 1.00 | 1.00 | 3.00 | 0.00 | 0.00 | 1.00 | -1.00 | 0.00 |
| Residual after statutory EBITDA-to-PBT bridge | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Perpetual coupon deduction from EPS numerator | n.r. | n.r. | n.r. | 70.0 | 0.00 | 0.00 | 0.00 | 0.00 |
| Parent-owners PAT less perpetual coupon for EPS | n.r. | n.r. | n.r. | -158.0 | 553.0 | 396.0 | 1,061 | 10.0 |
| Raw and packing materials consumed per statutory detail | 4,885 | 4,970 | 5,796 | 4,961 | 6,136 | 6,362 | 6,469 | 5,621 |
| Purchases of stock in trade per statutory detail | 843.0 | 144.0 | 1,036 | 1,414 | 709.0 | 1,117 | 568.0 | 1,472 |
| Inventory changes: positive expense, negative release | 95.0 | 215.0 | 1,719 | -2,206 | -1,092 | -1,633 | 3,086 | -2,778 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 19.7% | 15.6% | -18.9% | 8.2% | 11.2% |
| EBITDA margin | 12.8% | 17.4% | 18.5% | ||
| Net margin | -2.8% | 1.9% | 3.7% | ||
| Return on equity | -3.5% | 2.5% | 4.9% | ||
| Return on capital employed | 12.8% | 14.1% | 3.7% | 8.7% | 10.7% |
| Return on assets | -1.4% | 1.0% | 2.1% | ||
| Net debt (₹ crore) | 17,267 | 15,325 | |||
| Net debt / EBITDA | 2.13x | 1.60x | |||
| Interest cover | 3.80x | 2.73x | 0.59x | 1.47x | 1.97x |
| Asset turnover | 0.60x | 0.62x | 0.49x | 0.53x | 0.57x |
| Receivable days | 126 | 126 | 139 | 121 | 129 |
| Inventory days (on revenue) | 104 | 96 | 108 | 81 | 89 |
| Payable days (on revenue) | 131 | 121 | 107 | 85 | 85 |
| Cash conversion | -1.93x | 11.3x | 4.09x | ||
| Capex intensity | 4.1% | 3.0% | 4.6% | 3.6% | 4.6% |
| Free cash flow (₹ crore) | -910.0 | 4,815 | 326.0 | 8,456 | 5,449 |
| Dividend payout | -62.4% | 8.6% | 24.9% | ||
| EPS, diluted (₹) | 44.00 | 43.92 | -17.45 | 9.62 | 22.32 |
| Book value per share (₹) | 368.0 | 452.8 | 435.7 | 447.9 | 488.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer EBITDA before trade FX, other income and D&A) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt incl liquid investments, FY25 perpetual; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Issuer EBITDA before trade FX, other income and D&A).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS adjusted for rights bonus element).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on UPL includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on UPL
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