UPL Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: June 25, 2025, 8:00 pm

Market Cap	52,832 Cr.
Current Price	651
High / Low	699/484
Stock P/E	48.8
Book Value	346
Dividend Yield	0.15 %
ROCE	7.76 %
ROE	4.01 %
Face Value	2.00
PEG Ratio	-2.38

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for UPL Ltd

Competitors of UPL Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Epigral Ltd	7,929 Cr.	1,838	2,408/1,302	22.6	441	0.34 %	24.9 %	22.3 %	10.0
Dharmaj Crop Guard Ltd	1,031 Cr.	305	390/165	29.6	117	0.00 %	12.0 %	9.24 %	10.0
Bhaskar Agrochemicals Ltd	56.7 Cr.	109	148/55.2	14.5	34.1	0.00 %	21.3 %	24.7 %	10.0
Bhagiradha Chemicals & Industries Ltd	3,813 Cr.	294	448/247	139	53.9	0.03 %	7.44 %	4.91 %	1.00
Best Agrolife Ltd	756 Cr.	320	713/244	10.8	320	0.91 %	12.9 %	9.95 %	10.0
Industry Average	12,070.05 Cr	1,658.35		37.10	435.98	0.31%	15.26%	19.94%	7.25

All Competitor Stocks of UPL Ltd

Quarterly Result

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	15,861	10,821	12,507	13,679	16,569	8,963	10,170	9,887	14,078	9,067	11,090	10,907	15,573
Expenses	12,481	8,675	10,090	10,795	13,847	7,747	9,049	9,820	12,230	7,998	9,873	9,229	12,409
Operating Profit	3,380	2,146	2,417	2,884	2,722	1,216	1,121	67	1,848	1,069	1,217	1,678	3,164
OPM %	21%	20%	19%	21%	16%	14%	11%	1%	13%	12%	11%	15%	20%
Other Income	62	25	35	129	302	58	18	134	66	49	103	94	-168
Interest	800	519	644	894	906	700	871	1,191	1,090	913	1,070	730	914
Depreciation	642	588	608	624	727	636	657	676	794	660	697	688	705
Profit before tax	2,000	1,064	1,200	1,495	1,391	-62	-389	-1,666	30	-455	-447	354	1,377
Tax %	13%	6%	19%	9%	22%	-265%	-25%	-4%	367%	16%	31%	-141%	22%
Net Profit	1,735	1,005	969	1,360	1,080	102	-293	-1,607	-80	-527	-585	853	1,079
EPS in Rs	16.04	10.39	9.64	12.87	9.38	1.97	-2.24	-14.41	0.47	-4.55	-5.25	9.81	10.61

Last Updated: May 31, 2025, 7:24 am

Below is a detailed analysis of the quarterly data for UPL Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Sales, as of Mar 2025, the value is 15,573.00 Cr.. The value appears strong and on an upward trend. It has increased from 10,907.00 Cr. (Dec 2024) to 15,573.00 Cr., marking an increase of 4,666.00 Cr..
For Expenses, as of Mar 2025, the value is 12,409.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 9,229.00 Cr. (Dec 2024) to 12,409.00 Cr., marking an increase of 3,180.00 Cr..
For Operating Profit, as of Mar 2025, the value is 3,164.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,678.00 Cr. (Dec 2024) to 3,164.00 Cr., marking an increase of 1,486.00 Cr..
For OPM %, as of Mar 2025, the value is 20.00%. The value appears strong and on an upward trend. It has increased from 15.00% (Dec 2024) to 20.00%, marking an increase of 5.00%.
For Other Income, as of Mar 2025, the value is -168.00 Cr.. The value appears to be declining and may need further review. It has decreased from 94.00 Cr. (Dec 2024) to -168.00 Cr., marking a decrease of 262.00 Cr..
For Interest, as of Mar 2025, the value is 914.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 730.00 Cr. (Dec 2024) to 914.00 Cr., marking an increase of 184.00 Cr..
For Depreciation, as of Mar 2025, the value is 705.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 688.00 Cr. (Dec 2024) to 705.00 Cr., marking an increase of 17.00 Cr..
For Profit before tax, as of Mar 2025, the value is 1,377.00 Cr.. The value appears strong and on an upward trend. It has increased from 354.00 Cr. (Dec 2024) to 1,377.00 Cr., marking an increase of 1,023.00 Cr..
For Tax %, as of Mar 2025, the value is 22.00%. The value appears to be increasing, which may not be favorable. It has increased from -141.00% (Dec 2024) to 22.00%, marking an increase of 163.00%.
For Net Profit, as of Mar 2025, the value is 1,079.00 Cr.. The value appears strong and on an upward trend. It has increased from 853.00 Cr. (Dec 2024) to 1,079.00 Cr., marking an increase of 226.00 Cr..
For EPS in Rs, as of Mar 2025, the value is 10.61. The value appears strong and on an upward trend. It has increased from 9.81 (Dec 2024) to 10.61, marking an increase of 0.80.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 15, 2025, 4:53 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	10,771	12,091	14,048	16,312	17,378	21,837	35,756	38,694	46,240	53,576	43,098	46,637
Expenses	8,753	9,728	11,700	13,346	13,966	18,024	28,984	30,342	36,711	43,380	38,801	39,509
Operating Profit	2,018	2,363	2,348	2,966	3,412	3,813	6,772	8,352	9,529	10,196	4,297	7,128
OPM %	19%	20%	17%	18%	20%	17%	19%	22%	21%	19%	10%	15%
Other Income	30	-11	149	363	351	-197	-515	62	91	464	231	78
Interest	485	517	704	735	783	963	1,481	2,060	2,295	2,963	3,852	3,627
Depreciation	407	425	676	672	675	880	2,012	2,173	2,359	2,547	2,763	2,750
Profit before tax	1,157	1,410	1,117	1,922	2,305	1,773	2,764	4,181	4,966	5,150	-2,087	829
Tax %	19%	17%	15%	10%	12%	11%	21%	16%	11%	14%	-10%	1%
Net Profit	957	1,187	952	1,733	2,030	1,575	2,178	3,495	4,437	4,414	-1,878	820
EPS in Rs	13.13	15.82	13.00	20.18	23.57	17.35	20.66	33.40	42.18	42.28	-14.21	10.62
Dividend Payout %	18%	19%	23%	20%	20%	27%	26%	27%	21%	21%	-6%	53%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	24.03%	-19.80%	82.04%	17.14%	-22.41%	38.29%	60.47%	26.95%	-0.52%	-142.55%	143.66%
Change in YoY Net Profit Growth (%)	0.00%	-43.83%	101.84%	-64.90%	-39.55%	60.70%	22.18%	-33.52%	-27.47%	-142.03%	286.21%

UPL Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	14%
5 Years:	5%
3 Years:	0%
TTM:	8%

Compounded Profit Growth
10 Years:	-1%
5 Years:	-13%
3 Years:	-34%
TTM:	198%

Stock Price CAGR
10 Years:	7%
5 Years:	9%
3 Years:	1%
1 Year:	19%

Return on Equity
10 Years:	11%
5 Years:	9%
3 Years:	5%
Last Year:	4%

Last Updated: Unknown

Balance Sheet

Last Updated: May 13, 2025, 2:30 pm

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	86	86	86	101	102	102	153	153	153	150	150	159
Reserves	5,162	5,775	5,803	7,214	9,067	14,613	19,129	20,734	24,508	26,708	24,657	29,054
Borrowings	3,349	3,281	5,258	6,443	6,638	29,139	29,388	24,519	26,746	23,939	29,754	25,099
Other Liabilities	4,162	5,143	5,722	6,454	7,148	18,581	19,758	23,359	29,196	35,318	30,579	33,690
Total Liabilities	12,759	14,284	16,869	20,212	22,955	62,435	68,428	68,765	80,603	86,115	85,140	88,002
Fixed Assets	3,821	4,031	3,862	4,071	4,437	32,149	35,321	34,765	36,193	38,713	39,056	41,015
CWIP	228	583	484	792	1,319	1,855	2,073	2,117	2,501	2,818	2,965	615
Investments	737	764	335	378	1,034	708	558	618	1,922	1,615	2,154	2,328
Other Assets	7,973	8,906	12,188	14,971	16,165	27,723	30,476	31,265	39,987	42,969	40,965	44,044
Total Assets	12,759	14,284	16,869	20,212	22,955	62,435	68,428	68,765	80,603	86,115	85,140	88,002

Below is a detailed analysis of the balance sheet data for UPL Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Equity Capital, as of Mar 2025, the value is 159.00 Cr.. The value appears strong and on an upward trend. It has increased from 150.00 Cr. (Mar 2024) to 159.00 Cr., marking an increase of 9.00 Cr..
For Reserves, as of Mar 2025, the value is 29,054.00 Cr.. The value appears strong and on an upward trend. It has increased from 24,657.00 Cr. (Mar 2024) to 29,054.00 Cr., marking an increase of 4,397.00 Cr..
For Borrowings, as of Mar 2025, the value is 25,099.00 Cr.. The value appears to be improving (decreasing). Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has decreased from 29,754.00 Cr. (Mar 2024) to 25,099.00 Cr., marking a decrease of 4,655.00 Cr..
For Other Liabilities, as of Mar 2025, the value is 33,690.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 30,579.00 Cr. (Mar 2024) to 33,690.00 Cr., marking an increase of 3,111.00 Cr..
For Total Liabilities, as of Mar 2025, the value is 88,002.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 85,140.00 Cr. (Mar 2024) to 88,002.00 Cr., marking an increase of 2,862.00 Cr..
For Fixed Assets, as of Mar 2025, the value is 41,015.00 Cr.. The value appears strong and on an upward trend. It has increased from 39,056.00 Cr. (Mar 2024) to 41,015.00 Cr., marking an increase of 1,959.00 Cr..
For CWIP, as of Mar 2025, the value is 615.00 Cr.. The value appears to be declining and may need further review. It has decreased from 2,965.00 Cr. (Mar 2024) to 615.00 Cr., marking a decrease of 2,350.00 Cr..
For Investments, as of Mar 2025, the value is 2,328.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,154.00 Cr. (Mar 2024) to 2,328.00 Cr., marking an increase of 174.00 Cr..
For Other Assets, as of Mar 2025, the value is 44,044.00 Cr.. The value appears strong and on an upward trend. It has increased from 40,965.00 Cr. (Mar 2024) to 44,044.00 Cr., marking an increase of 3,079.00 Cr..
For Total Assets, as of Mar 2025, the value is 88,002.00 Cr.. The value appears strong and on an upward trend. It has increased from 85,140.00 Cr. (Mar 2024) to 88,002.00 Cr., marking an increase of 2,862.00 Cr..

Notably, the Reserves (29,054.00 Cr.) exceed the Borrowings (25,099.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Month		Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity +	1,441	1,409	1,396	2,585	2,839	2,356	8,739	7,212	6,496	7,751	1,822	10,151
Cash from Investing Activity +	-427	-463	-1,734	-1,022	-2,059	-31,282	-2,666	-2,426	-3,575	-1,354	-2,010	-1,840
Cash from Financing Activity +	-1,680	-991	469	140	-801	28,893	-2,175	-6,713	-1,921	-6,227	164	-4,793
Net Cash Flow	-667	-45	131	1,703	-21	-33	3,898	-1,927	1,000	170	-24	3,518

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-1.00	-1.00	-3.00	-4.00	-3.00	-26.00	-23.00	-16.00	-17.00	-13.00	-25.00	-18.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	107	109	115	133	127	127	195	121	115	121	124	138
Inventory Days	161	166	178	204	194	204	306	153	180	216	187	190
Days Payable	163	181	195	213	228	255	330	199	244	274	236	234
Cash Conversion Cycle	104	95	98	124	93	76	171	75	51	64	76	95
Working Capital Days	100	85	78	113	99	107	168	72	69	73	68	93
ROCE %	16%	19%	21%	19%	22%	21%	10%	10%	13%	14%	14%	3%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Jan 2025
Promoters	29.13%	29.13%	30.91%	32.51%	32.51%	32.51%	32.51%	32.51%	32.51%	32.51%	33.50%	33.50%
FIIs	36.44%	35.57%	37.18%	38.69%	37.96%	33.57%	34.39%	33.64%	34.51%	34.22%	32.52%	32.52%
DIIs	16.47%	17.19%	16.19%	14.39%	15.24%	17.27%	16.82%	15.33%	15.73%	17.64%	18.89%	18.89%
Public	17.97%	18.11%	15.70%	14.37%	14.27%	16.64%	16.27%	18.51%	17.23%	15.59%	15.08%	15.08%
No. of Shareholders	2,45,370	2,69,168	2,53,054	2,53,548	2,80,819	3,83,299	4,08,028	4,83,514	4,38,889	3,76,289	3,59,355	3,59,355

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Nifty 50 ETF	9,105,577	0.28	489.61	9,105,577	2025-04-22 17:25:16	0%
UTI Nifty 50 ETF	2,521,527	0.28	135.58	2,521,527	2025-04-22 17:25:16	0%
SBI Arbitrage Opportunities Fund	1,292,200	0.26	69.48	1,292,200	2025-04-22 17:25:16	0%
Nippon India ETF Nifty 50 BeES	1,075,205	0.28	57.81	1,075,205	2025-04-22 09:14:30	0%
UTI Nifty 50 Index Fund	810,001	0.28	43.55	810,001	2025-04-22 17:25:16	0%
DSP Nifty 50 Equal Weight Index Fund	341,976	1.79	18.39	341,976	2025-04-22 17:25:16	0%
SBI Nifty Index Fund	327,375	0.29	17.6	327,375	2025-04-22 17:25:16	0%
SBI Nifty50 Equal Weight Index Fund	290,494	1.73	15.62	290,494	2025-04-22 17:25:16	0%
Nippon India Arbitrage Fund	215,800	0.09	11.6	215,800	2025-04-22 17:25:16	0%
Invesco India Arbitrage Fund	163,800	0.08	9.62	163,800	2025-04-22 17:25:16	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	9.85	-17.80	45.79	45.87	36.40
Diluted EPS (Rs.)	9.62	-17.80	45.79	45.87	36.40
Cash EPS (Rs.)	50.84	15.03	90.72	87.08	73.54
Book Value[Excl.RevalReserv]/Share (Rs.)	367.46	396.27	432.57	344.08	282.27
Book Value[Incl.RevalReserv]/Share (Rs.)	367.46	396.27	432.57	344.08	282.27
Revenue From Operations / Share (Rs.)	586.63	574.64	714.35	604.44	505.80
PBDIT / Share (Rs.)	101.71	66.96	142.31	128.24	112.55
PBIT / Share (Rs.)	67.12	30.12	108.35	97.40	84.14
PBT / Share (Rs.)	16.36	-24.60	66.57	63.16	54.10
Net Profit / Share (Rs.)	16.25	-21.81	56.76	56.25	45.14
NP After MI And SOA / Share (Rs.)	11.28	-16.00	47.60	47.40	37.53
PBDIT Margin (%)	17.33	11.65	19.92	21.21	22.25
PBIT Margin (%)	11.44	5.24	15.16	16.11	16.63
PBT Margin (%)	2.78	-4.28	9.31	10.44	10.69
Net Profit Margin (%)	2.77	-3.79	7.94	9.30	8.92
NP After MI And SOA Margin (%)	1.92	-2.78	6.66	7.84	7.41
Return on Networth / Equity (%)	3.07	-4.83	13.29	16.72	16.03
Return on Capital Employeed (%)	8.97	3.72	13.64	13.67	12.67
Return On Assets (%)	1.01	-1.37	4.03	4.38	4.07
Long Term Debt / Equity (X)	0.62	0.96	0.75	0.99	1.24
Total Debt / Equity (X)	0.81	1.15	0.85	1.19	1.32
Asset Turnover Ratio (%)	0.53	0.48	0.37	0.36	0.26
Current Ratio (X)	1.39	1.46	1.45	1.41	1.53
Quick Ratio (X)	1.03	0.98	0.96	0.94	1.05
Inventory Turnover Ratio (X)	2.10	1.83	1.45	1.41	1.15
Dividend Payout Ratio (NP) (%)	0.00	-62.41	21.03	21.07	15.95
Dividend Payout Ratio (CP) (%)	0.00	47.92	12.27	12.76	9.08
Earning Retention Ratio (%)	0.00	162.41	78.97	78.93	84.05
Cash Earning Retention Ratio (%)	0.00	52.08	87.73	87.24	90.92
Interest Coverage Ratio (X)	2.23	1.30	3.60	4.27	4.18
Interest Coverage Ratio (Post Tax) (X)	1.47	0.64	2.49	3.02	2.79
Enterprise Value (Cr.)	76512.87	61503.75	76295.75	83275.05	71528.30
EV / Net Operating Revenue (X)	1.57	1.43	1.42	1.80	1.85
EV / EBITDA (X)	9.07	12.25	7.15	8.49	8.31
MarketCap / Net Operating Revenue (X)	1.08	0.79	1.00	1.27	1.27
Retention Ratios (%)	0.00	162.41	78.96	78.92	84.04
Price / BV (X)	1.73	1.38	2.00	2.72	2.74
Price / Net Operating Revenue (X)	1.08	0.79	1.00	1.27	1.27
EarningsYield	0.01	-0.03	0.06	0.06	0.05

After reviewing the key financial ratios for UPL Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 25, the value is 9.85. This value is within the healthy range. It has increased from -17.80 (Mar 24) to 9.85, marking an increase of 27.65.
For Diluted EPS (Rs.), as of Mar 25, the value is 9.62. This value is within the healthy range. It has increased from -17.80 (Mar 24) to 9.62, marking an increase of 27.42.
For Cash EPS (Rs.), as of Mar 25, the value is 50.84. This value is within the healthy range. It has increased from 15.03 (Mar 24) to 50.84, marking an increase of 35.81.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 367.46. It has decreased from 396.27 (Mar 24) to 367.46, marking a decrease of 28.81.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 367.46. It has decreased from 396.27 (Mar 24) to 367.46, marking a decrease of 28.81.
For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 586.63. It has increased from 574.64 (Mar 24) to 586.63, marking an increase of 11.99.
For PBDIT / Share (Rs.), as of Mar 25, the value is 101.71. This value is within the healthy range. It has increased from 66.96 (Mar 24) to 101.71, marking an increase of 34.75.
For PBIT / Share (Rs.), as of Mar 25, the value is 67.12. This value is within the healthy range. It has increased from 30.12 (Mar 24) to 67.12, marking an increase of 37.00.
For PBT / Share (Rs.), as of Mar 25, the value is 16.36. This value is within the healthy range. It has increased from -24.60 (Mar 24) to 16.36, marking an increase of 40.96.
For Net Profit / Share (Rs.), as of Mar 25, the value is 16.25. This value is within the healthy range. It has increased from -21.81 (Mar 24) to 16.25, marking an increase of 38.06.
For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 11.28. This value is within the healthy range. It has increased from -16.00 (Mar 24) to 11.28, marking an increase of 27.28.
For PBDIT Margin (%), as of Mar 25, the value is 17.33. This value is within the healthy range. It has increased from 11.65 (Mar 24) to 17.33, marking an increase of 5.68.
For PBIT Margin (%), as of Mar 25, the value is 11.44. This value is within the healthy range. It has increased from 5.24 (Mar 24) to 11.44, marking an increase of 6.20.
For PBT Margin (%), as of Mar 25, the value is 2.78. This value is below the healthy minimum of 10. It has increased from -4.28 (Mar 24) to 2.78, marking an increase of 7.06.
For Net Profit Margin (%), as of Mar 25, the value is 2.77. This value is below the healthy minimum of 5. It has increased from -3.79 (Mar 24) to 2.77, marking an increase of 6.56.
For NP After MI And SOA Margin (%), as of Mar 25, the value is 1.92. This value is below the healthy minimum of 8. It has increased from -2.78 (Mar 24) to 1.92, marking an increase of 4.70.
For Return on Networth / Equity (%), as of Mar 25, the value is 3.07. This value is below the healthy minimum of 15. It has increased from -4.83 (Mar 24) to 3.07, marking an increase of 7.90.
For Return on Capital Employeed (%), as of Mar 25, the value is 8.97. This value is below the healthy minimum of 10. It has increased from 3.72 (Mar 24) to 8.97, marking an increase of 5.25.
For Return On Assets (%), as of Mar 25, the value is 1.01. This value is below the healthy minimum of 5. It has increased from -1.37 (Mar 24) to 1.01, marking an increase of 2.38.
For Long Term Debt / Equity (X), as of Mar 25, the value is 0.62. This value is within the healthy range. It has decreased from 0.96 (Mar 24) to 0.62, marking a decrease of 0.34.
For Total Debt / Equity (X), as of Mar 25, the value is 0.81. This value is within the healthy range. It has decreased from 1.15 (Mar 24) to 0.81, marking a decrease of 0.34.
For Asset Turnover Ratio (%), as of Mar 25, the value is 0.53. It has increased from 0.48 (Mar 24) to 0.53, marking an increase of 0.05.
For Current Ratio (X), as of Mar 25, the value is 1.39. This value is below the healthy minimum of 1.5. It has decreased from 1.46 (Mar 24) to 1.39, marking a decrease of 0.07.
For Quick Ratio (X), as of Mar 25, the value is 1.03. This value is within the healthy range. It has increased from 0.98 (Mar 24) to 1.03, marking an increase of 0.05.
For Inventory Turnover Ratio (X), as of Mar 25, the value is 2.10. This value is below the healthy minimum of 4. It has increased from 1.83 (Mar 24) to 2.10, marking an increase of 0.27.
For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has increased from -62.41 (Mar 24) to 0.00, marking an increase of 62.41.
For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 47.92 (Mar 24) to 0.00, marking a decrease of 47.92.
For Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 162.41 (Mar 24) to 0.00, marking a decrease of 162.41.
For Cash Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 52.08 (Mar 24) to 0.00, marking a decrease of 52.08.
For Interest Coverage Ratio (X), as of Mar 25, the value is 2.23. This value is below the healthy minimum of 3. It has increased from 1.30 (Mar 24) to 2.23, marking an increase of 0.93.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 1.47. This value is below the healthy minimum of 3. It has increased from 0.64 (Mar 24) to 1.47, marking an increase of 0.83.
For Enterprise Value (Cr.), as of Mar 25, the value is 76,512.87. It has increased from 61,503.75 (Mar 24) to 76,512.87, marking an increase of 15,009.12.
For EV / Net Operating Revenue (X), as of Mar 25, the value is 1.57. This value is within the healthy range. It has increased from 1.43 (Mar 24) to 1.57, marking an increase of 0.14.
For EV / EBITDA (X), as of Mar 25, the value is 9.07. This value is within the healthy range. It has decreased from 12.25 (Mar 24) to 9.07, marking a decrease of 3.18.
For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 1.08. This value is within the healthy range. It has increased from 0.79 (Mar 24) to 1.08, marking an increase of 0.29.
For Retention Ratios (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 162.41 (Mar 24) to 0.00, marking a decrease of 162.41.
For Price / BV (X), as of Mar 25, the value is 1.73. This value is within the healthy range. It has increased from 1.38 (Mar 24) to 1.73, marking an increase of 0.35.
For Price / Net Operating Revenue (X), as of Mar 25, the value is 1.08. This value is within the healthy range. It has increased from 0.79 (Mar 24) to 1.08, marking an increase of 0.29.
For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. It has increased from -0.03 (Mar 24) to 0.01, marking an increase of 0.04.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of UPL Ltd as of June 26, 2025 is: 542.48

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of June 26, 2025, UPL Ltd is Overvalued by 16.67% compared to the current share price 651.00

Intrinsic Value of UPL Ltd as of June 26, 2025 is: 431.38

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of June 26, 2025, UPL Ltd is Overvalued by 33.74% compared to the current share price 651.00

Last 5 Year EPS CAGR: -20.48%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 15.17%, which is a positive sign. The company has shown consistent growth in sales (29.25 cr) and profit (70.75 cr) over the years.	The stock has a high average Working Capital Days of 93.75, which may not be favorable. The stock has a high average Cash Conversion Cycle of 93.50, which may not be favorable. The company has higher borrowings (17,796.08) compared to reserves (16,035.33), which may suggest financial risk.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in UPL Ltd:
1. Net Profit Margin: 2.77%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 8.97% (Industry Average ROCE: 15.26%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 3.07% (Industry Average ROE: 19.94%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.47
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.03
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 48.8 (Industry average Stock P/E: 37.1)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.81
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

UPL Ltd. is a Public Limited Listed company incorporated on 02/01/1985 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24219GJ1985PLC025132 and registration number is 025132. Currently Company is involved in the business activities of Manufacture of pesticides and other agrochemical products. Company's Total Operating Revenue is Rs. 5330.00 Cr. and Equity Capital is Rs. 159.00 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Agro Chemicals/Pesticides	3-11, G.I.D.C., Valsad District Gujarat 396195	upl.investors@upl-ltd.com http://www.upl-ltd.com

Management
Name	Position Held
Mr. Rajnikant D Shroff	Chairman Emeritus
Mr. Jai Shroff	Chairman & Group CEO
Mr. Vikram Shroff	Vice Chairman
Mr. Raj Tiwari	Whole Time Director
Mr. Carlos Pellicer	Non Executive Director
Mr. Hardeep Singh	Lead Independent Director
Dr. Vasant Gandhi	Independent Director
Ms. Naina Lal Kidwai	Independent Director
Mr. Suresh Kumar	Independent Director
Ms. Usha Monari	Independent Director

FAQ

What is the intrinsic value of UPL Ltd?

UPL Ltd's intrinsic value (as of 25 June 2025) is ₹542.48 — 16.67% lower the current market price of 651.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 52,832 Cr. market cap, FY2025-2026 high/low of ₹699/484, reserves of 29,054 Cr, and liabilities of 88,002 Cr.

What is the Market Cap of UPL Ltd?

The Market Cap of UPL Ltd is 52,832 Cr..

What is the current Stock Price of UPL Ltd as on 25 June 2025?

The current stock price of UPL Ltd as on 25 June 2025 is 651.

What is the High / Low of UPL Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of UPL Ltd stocks is ₹699/484.

What is the Stock P/E of UPL Ltd?

The Stock P/E of UPL Ltd is 48.8.

What is the Book Value of UPL Ltd?

The Book Value of UPL Ltd is 346.

What is the Dividend Yield of UPL Ltd?

The Dividend Yield of UPL Ltd is 0.15 %.

What is the ROCE of UPL Ltd?

The ROCE of UPL Ltd is 7.76 %.

What is the ROE of UPL Ltd?

The ROE of UPL Ltd is 4.01 %.

What is the Face Value of UPL Ltd?

The Face Value of UPL Ltd is 2.00.