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Last Updated: April 2, 2026, 3:52 am
Author: Getaka|Social: XLinkedIn

UPL Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹265.31Overvalued by 55.34%vs CMP ₹594.00

P/E (26.4) × ROE (3.3%) × BV (₹378.00) × DY (1.01%)

₹429.75Overvalued by 27.65%vs CMP ₹594.00
MoS: -38.2% (Negative)Confidence: 43/100 (Low)Models: 2 Under, 1 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹230.3930%Over (-61.2%)
Graham NumberEarnings₹420.9022%Over (-29.1%)
Net Asset ValueAssets₹377.6210%Over (-36.4%)
EV/EBITDAEnterprise₹814.0812%Under (+37.1%)
Earnings YieldEarnings₹208.3010%Over (-64.9%)
ROCE CapitalReturns₹774.0010%Under (+30.3%)
Revenue MultipleRevenue₹552.177%Fair (-7%)
Consensus (7 models)₹429.75100%Overvalued
Key Drivers: ROE 3.3% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -13.2%

*Investments are subject to market risks

Analyst Summary

UPL Ltd operates in the Agro Chemicals/Pesticides segment, current market price is ₹594.00, market cap is 50,170 Cr.. At a glance, stock P/E is 26.4, ROE is 3.29 %, ROCE is 7.66 %, book value is 378, dividend yield is 1.01 %. The latest intrinsic value estimate is ₹429.75, around 27.7% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹46,637 Cr versus the prior period change of 8.2%, while latest net profit is about ₹820 Cr with a prior-period change of 143.7%. This analysis page also carries profit and loss, shareholding pattern, ratio panels, mutual fund holdings data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is 812/565, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisUPL 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 bus…

This summary is generated from the stock page data available for UPL Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

47
UPL Ltd scores 47/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health43/100 · Moderate
ROCE 7.7% WeakROE 3.3% WeakD/E 1.32 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 5.42% (6mo) AccumulatingDII holding down 1.97% MF sellingPromoter holding at 33.5% Stable
Earnings Quality50/100 · Moderate
OPM contracting (20% → 13%) DecliningWorking capital: 9 days (improving) Efficient
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +9% YoY Growing
Industry Rank25/100 · Weak
P/E 26.4 vs industry 25.3 In-lineROCE 7.7% vs industry 15.2% Below peersROE 3.3% vs industry 19.9% Below peers3Y sales CAGR: 0% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:52 am

Market Cap 50,170 Cr.
Current Price 594
Intrinsic Value₹429.75
High / Low 812/565
Stock P/E26.4
Book Value 378
Dividend Yield1.01 %
ROCE7.66 %
ROE3.29 %
Face Value 2.00
PEG Ratio-2.01

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

View Share Price Target for UPL Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
UPL Ltd 50,170 Cr. 594 812/56526.4 3781.01 %7.66 %3.29 % 2.00
PI Industries Ltd (PIIND) 43,162 Cr. 2,845 4,330/2,70031.6 7140.56 %22.9 %17.6 % 1.00
Bayer CropScience Ltd 21,318 Cr. 4,744 6,540/4,27331.8 6952.64 %24.8 %20.0 % 10.0
Sumitomo Chemical India Ltd 18,978 Cr. 380 665/36335.0 64.00.32 %25.1 %18.8 % 10.0
Atul Ltd 18,950 Cr. 6,436 7,793/4,75231.9 2,0100.39 %12.8 %9.10 % 10.0
Industry Average9,472.25 Cr1,009.7725.27369.000.53%15.21%19.87%6.67

All Competitor Stocks of UPL Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 13,67916,5698,96310,1709,88714,0789,06711,09010,90715,5739,21612,01912,269
Expenses 10,79513,8477,7479,0499,82012,2307,9989,8739,22912,4097,82010,07210,033
Operating Profit 2,8842,7221,2161,121671,8481,0691,2171,6783,1641,3961,9472,236
OPM % 21%16%14%11%1%13%12%11%15%20%15%16%18%
Other Income 1293025818134664910394-16815239236
Interest 8949067008711,1911,0909131,0707309141,007784774
Depreciation 624727636657676794660697688705731771827
Profit before tax 1,4951,391-62-389-1,66630-455-4473541,377-190784671
Tax % 9%22%-265%-25%-4%367%16%31%-141%22%-7%22%27%
Net Profit 1,3601,080102-293-1,607-80-527-5858531,079-176612490
EPS in Rs 12.879.381.97-2.24-14.410.47-4.55-5.259.8110.61-1.046.564.70

Last Updated: February 3, 2026, 5:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 7:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 10,77112,09114,04816,31217,37821,83735,75638,69446,24053,57643,09846,63749,077
Expenses 8,7539,72811,70013,34613,96618,02428,98430,34236,71143,38038,80139,50940,334
Operating Profit 2,0182,3632,3482,9663,4123,8136,7728,3529,52910,1964,2977,1288,743
OPM % 19%20%17%18%20%17%19%22%21%19%10%15%18%
Other Income 30-11149363351-197-515629146423178412
Interest 4855177047357839631,4812,0602,2952,9633,8523,6273,479
Depreciation 4074256766726758802,0122,1732,3592,5472,7632,7503,034
Profit before tax 1,1571,4101,1171,9222,3051,7732,7644,1814,9665,150-2,0878292,642
Tax % 19%17%15%10%12%11%21%16%11%14%-10%1%
Net Profit 9571,1879521,7332,0301,5752,1783,4954,4374,414-1,8788202,005
EPS in Rs 13.1315.8213.0020.1823.5717.3520.6633.4042.1842.28-14.2110.6220.83
Dividend Payout % 18%19%23%20%20%27%26%27%21%21%-6%53%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
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:-2%
5 Years:-16%
3 Years:-38%
TTM:182%
Stock Price CAGR
10 Years:8%
5 Years:7%
3 Years:-1%
1 Year:17%
Return on Equity
10 Years:11%
5 Years:8%
3 Years:4%
Last Year:3%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: December 4, 2025, 2:10 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 868686101102102153153153150150159169
Reserves 5,1625,7755,8037,2149,06714,61319,12920,73424,50826,70824,65729,05431,725
Borrowings 3,3493,2815,2586,4436,63829,13929,38824,51926,74623,93929,75425,09930,022
Other Liabilities 4,1625,1435,7226,4547,14818,58119,75823,35929,19635,31830,57931,70029,475
Total Liabilities 12,75914,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01291,391
Fixed Assets 3,8214,0313,8624,0714,43732,14935,32134,76536,19338,71339,05639,08442,247
CWIP 2285834847921,3191,8552,0732,1172,5012,8182,9652,546794
Investments 7377643353781,0347085586181,9221,6152,1542,3282,604
Other Assets 7,9738,90612,18814,97116,16527,72330,47631,26539,98742,96940,96542,05445,746
Total Assets 12,75914,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01291,391

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,4411,4091,3962,5852,8392,3568,7397,2126,4967,7512,32110,151
Cash from Investing Activity + -427-463-1,734-1,022-2,059-31,282-2,666-2,426-3,575-1,354-2,509-1,823
Cash from Financing Activity + -1,680-991469140-80128,893-2,175-6,713-1,921-6,227164-4,793
Net Cash Flow -667-451311,703-21-333,898-1,9271,000170-243,535
Free Cash Flow 8748787031,3821,4358036,8045,1473,9315,4623678,896
CFO/OP 80%71%78%99%90%71%141%95%79%88%81%156%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 109115133127127195121115121124138121
Inventory Days 166178204194204306153180216187198167
Days Payable 181195213228255330199244274236196176
Cash Conversion Cycle 9598124937617175516476141112
Working Capital Days 644548849412759523846529
ROCE %19%21%19%22%21%10%10%13%14%14%3%8%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026
Promoters 32.51%32.51%32.51%32.51%32.51%32.51%33.50%33.50%33.49%33.49%33.49%33.50%
FIIs 37.96%33.57%34.39%33.64%34.51%34.22%32.52%34.22%34.90%37.01%38.84%40.32%
DIIs 15.24%17.27%16.82%15.33%15.73%17.64%18.89%18.56%18.09%17.17%16.71%16.12%
Government 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.02%
Public 14.27%16.64%16.27%18.51%17.23%15.59%15.08%13.72%13.50%12.33%10.94%10.04%
No. of Shareholders 2,80,8193,83,2994,08,0284,83,5144,38,8893,76,2893,59,3553,23,8003,06,9752,84,6752,68,6042,71,360

Shareholding Pattern Chart

No. of Shareholders

UPL Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Multi Asset Allocation Fund 19,868 1.22 32603.483,260,3482026-03-29 05:22:46-99.39%
ICICI Prudential Multi Asset Fund 4,689,655 0.36 298.925,607,6112026-01-26 03:43:03-16.37%
ICICI Prudential MidCap Fund 3,465,469 3.03 220.89N/AN/AN/A
ICICI Prudential Multicap Fund 3,238,323 1.27 206.413,205,8512026-03-24 00:33:191.01%
ICICI Prudential Commodities Fund 2,986,869 5.18 190.382,533,7212026-03-23 00:09:1517.88%
ICICI Prudential India Opportunities Fund 2,741,547 0.49 174.753,155,0472025-12-15 01:14:10-13.11%
Mirae Asset Midcap Fund 2,676,214 0.94 170.582,798,2812026-03-23 04:10:09-4.36%
Tata Mid Cap Fund 2,300,000 2.66 146.62,100,0002026-01-26 03:43:049.52%
SBI Contra Fund 2,000,000 0.26 127.48N/AN/AN/A
Edelweiss Balanced Advantage Fund 1,500,000 0.73 95.61N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 9.85-17.8045.7945.8736.40
Diluted EPS (Rs.) 9.62-17.8045.7945.8736.40
Cash EPS (Rs.) 50.8415.0390.7287.0873.54
Book Value[Excl.RevalReserv]/Share (Rs.) 367.46330.76432.57344.08282.27
Book Value[Incl.RevalReserv]/Share (Rs.) 367.46330.76432.57344.08282.27
Revenue From Operations / Share (Rs.) 586.63574.64714.35604.44505.80
PBDIT / Share (Rs.) 101.7166.96142.31128.24112.55
PBIT / Share (Rs.) 67.1230.12108.3597.4084.14
PBT / Share (Rs.) 16.36-24.6066.5763.1654.10
Net Profit / Share (Rs.) 16.25-21.8156.7656.2545.14
NP After MI And SOA / Share (Rs.) 11.28-16.0047.6047.4037.53
PBDIT Margin (%) 17.3311.6519.9221.2122.25
PBIT Margin (%) 11.445.2415.1616.1116.63
PBT Margin (%) 2.78-4.289.3110.4410.69
Net Profit Margin (%) 2.77-3.797.949.308.92
NP After MI And SOA Margin (%) 1.92-2.786.667.847.41
Return on Networth / Equity (%) 3.07-4.8313.2916.7216.03
Return on Capital Employeed (%) 8.973.7213.6413.6712.67
Return On Assets (%) 1.01-1.374.034.384.07
Long Term Debt / Equity (X) 0.620.960.750.991.24
Total Debt / Equity (X) 0.811.150.851.191.32
Asset Turnover Ratio (%) 0.530.480.370.360.26
Current Ratio (X) 1.391.461.451.411.53
Quick Ratio (X) 1.030.980.960.941.05
Inventory Turnover Ratio (X) 4.043.221.451.411.15
Dividend Payout Ratio (NP) (%) 8.36-62.4121.0321.0715.95
Dividend Payout Ratio (CP) (%) 2.0547.9212.2712.769.08
Earning Retention Ratio (%) 91.64162.4178.9778.9384.05
Cash Earning Retention Ratio (%) 97.9552.0887.7387.2490.92
Interest Coverage Ratio (X) 2.231.303.604.274.18
Interest Coverage Ratio (Post Tax) (X) 1.470.642.493.022.79
Enterprise Value (Cr.) 70381.9061503.7576295.7583275.0571528.30
EV / Net Operating Revenue (X) 1.511.431.421.801.85
EV / EBITDA (X) 8.7012.257.158.498.31
MarketCap / Net Operating Revenue (X) 1.080.791.001.271.27
Retention Ratios (%) 91.63162.4178.9678.9284.04
Price / BV (X) 1.731.382.002.722.74
Price / Net Operating Revenue (X) 1.080.791.001.271.27
EarningsYield 0.01-0.030.060.060.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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.
INDUSTRYADDRESSCONTACT
Agro Chemicals/Pesticides3-11, G.I.D.C., Vapi, Valsad District Gujarat 396195Contact not found
Management
NamePosition Held
Mr. Rajnikant D ShroffChairman Emeritus
Mr. Jaidev R ShroffChairman & Group CEO
Mr. Vikram R ShroffVice Chairman
Mr. Raj TiwariWhole Time Director
Mr. Hardeep SinghNon Executive Director
Mr. S K MohantyIndependent Director
Dr. Vasant GandhiIndependent Director
Ms. Naina Lal KidwaiIndependent Director
Mr. Suresh KumarLead Independent Director
Ms. Usha MonariIndependent Director
Ms. M V BhanumathiIndependent Director

FAQ

What is the intrinsic value of UPL Ltd and is it undervalued?

As of 20 April 2026, UPL Ltd's intrinsic value is ₹429.75, which is 27.65% lower than the current market price of ₹594.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (3.29 %), book value (₹378), dividend yield (1.01 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of UPL Ltd?

UPL Ltd is trading at ₹594.00 as of 20 April 2026, with a FY2026-2027 high of ₹812 and low of ₹565. The stock is currently near its 52-week low. Market cap stands at ₹50,170 Cr..

How does UPL Ltd's P/E ratio compare to its industry?

UPL Ltd has a P/E ratio of 26.4, which is above the industry average of 25.27. The premium over industry average may reflect growth expectations or speculative interest.

Is UPL Ltd financially healthy?

Key indicators for UPL Ltd: ROCE of 7.66 % is on the lower side compared to the industry average of 15.21%; ROE of 3.29 % is below ideal levels (industry average: 19.87%). Dividend yield is 1.01 %.

Is UPL Ltd profitable and how is the profit trend?

UPL Ltd reported a net profit of ₹820 Cr in Mar 2025 on revenue of ₹46,637 Cr. Compared to ₹4,437 Cr in Mar 2022, the net profit shows a declining trend.

Does UPL Ltd pay dividends?

UPL Ltd has a dividend yield of 1.01 % at the current price of ₹594.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in UPL Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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