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Last Updated on: 13 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of UPL Ltd

Basic Stock Data

Last Updated: June 12, 2024, 10:16 pm

Market Cap 41,287 Cr.
Current Price 550
High / Low696/448
Stock P/E
Book Value 370
Dividend Yield1.79 %
ROCE3.31 %
ROE3.82 %
Face Value 2.00
PEG Ratio0.00

Competitors of UPL Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Aimco Pesticides Ltd 97.2 Cr. 101145/89.0 36.40.98 %18.3 %24.2 % 10.0
Rallis India Ltd 6,207 Cr. 319328/19242.0 94.10.75 %11.2 %8.30 % 1.00
Phyto Chem (India) Ltd 13.7 Cr. 31.855.6/29.5 17.10.00 %4.64 %37.1 % 10.0
NACL Industries Ltd 1,393 Cr. 69.9100/55.4 25.71.00 %0.04 %10.8 % 1.00
3B Blackbio DX Ltd 870 Cr. 1,1581,195/39327.1 2970.22 %21.0 %16.3 % 10.0
Industry Average1,716.18 Cr335.9413.8294.060.59%11.04%19.34%6.40

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales12,7968,51510,56711,29715,86110,82112,50713,67916,5698,96310,1709,88714,078
Expenses10,1456,7458,6368,85312,4818,67510,09010,79513,8477,7479,0499,82012,230
Operating Profit2,6511,7701,9312,4443,3802,1462,4172,8842,7221,2161,121671,848
OPM %21%21%18%22%21%20%19%21%16%14%11%1%13%
Other Income29-151731622535129302581813466
Interest4216073595298005196448949067008711,1911,090
Depreciation576551566600642588608624727636657676794
Profit before tax1,6835971,0231,3462,0001,0641,2001,4951,391-62-389-1,66630
Tax %19%-25%24%12%13%6%19%9%22%265%25%4%367%
Net Profit1,3617497741,1791,7351,0059691,3601,080102-293-1,607-80
EPS in Rs13.918.868.3012.2518.0511.6810.8414.4810.552.21-2.52-16.210.53

Last Updated: June 9, 2024, 4:07 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 6:19 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales9,18610,77112,09114,04816,31217,37821,83735,75638,69446,24053,57643,098
Expenses7,5318,7539,72811,70013,34613,96618,02428,98430,34236,71143,38038,801
Operating Profit1,6542,0182,3632,3482,9663,4123,8136,7728,3529,52910,1964,297
OPM %18%19%20%17%18%20%17%19%22%21%19%10%
Other Income7230-11149363351-197-5156291464231
Interest4294855177047357839631,4812,0602,2952,9633,852
Depreciation3544074256766726758802,0122,1732,3592,5472,763
Profit before tax9441,1571,4101,1171,9222,3051,7732,7644,1814,9665,150-2,087
Tax %22%19%17%15%10%12%11%21%16%11%14%10%
Net Profit7739571,1879521,7332,0301,5752,1783,4954,4374,414-1,878
EPS in Rs11.6714.7717.7914.6222.7126.5119.5223.2437.5847.4647.56-15.99
Dividend Payout %14%18%19%23%20%20%27%26%27%21%21%-6%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)23.80%24.03%-19.80%82.04%17.14%-22.41%38.29%60.47%26.95%-0.52%-142.55%
Change in YoY Net Profit Growth (%)0.00%0.23%-43.83%101.84%-64.90%-39.55%60.70%22.18%-33.52%-27.47%-142.03%

Growth

Compounded Sales Growth
10 Years:19%
5 Years:25%
3 Years:14%
TTM:-14%
Compounded Profit Growth
10 Years:17%
5 Years:12%
3 Years:20%
TTM:-114%
Stock Price CAGR
10 Years:13%
5 Years:-5%
3 Years:-7%
1 Year:-34%
Return on Equity
10 Years:16%
5 Years:15%
3 Years:15%
Last Year:13%

Last Updated: April 16, 2024, 6:15 pm

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital9289868686101102102153153153150150
Reserves4,0814,5575,1625,7755,8037,2149,06714,61319,12920,73424,50829,69428,713
Preference Capital0000082000000
Borrowings3,3894,2033,3493,2815,2586,3616,63829,13929,38824,51926,74623,98534,936
Other Liabilities2,7133,4874,1625,1435,7226,5367,14818,58119,75823,35929,19632,28627,656
Total Liabilities10,27512,33612,75914,28416,86920,21222,95562,43568,42868,76580,60386,11591,455
Fixed Assets3,2233,4893,8214,0313,8624,0714,43732,14935,32134,76536,19338,71340,438
CWIP3063782285834847921,3191,8552,0732,1172,5012,8181,314
Investments7951,0257377643353781,0347085586181,9221,6241,840
Other Assets5,9527,4447,9738,90612,18814,97116,16527,72330,47631,26539,98742,96047,863
Total Assets10,27512,33612,75914,28416,86920,21222,95562,43568,42868,76580,60386,11591,455

Reserves and Borrowings Chart

UPL Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 1621,6991,4411,4091,3962,5852,8392,3568,7397,2126,4967,751
Cash from Investing Activity -680-765-427-463-1,734-1,022-2,059-31,282-2,666-2,426-3,575-1,354
Cash from Financing Activity -178-72-1,680-991469140-80128,893-2,175-6,713-1,921-6,227
Net Cash Flow-696862-667-451311,703-21-333,898-1,9271,000170

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow1.002.002.002.00-80.003.003.006.008.009.0010.004.00

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 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days107109115133127127195121115121124138
Inventory Days161166178204194204306153180216187190
Days Payable163181195213228255330199244274236234
Cash Conversion Cycle104959812493761717551647695
Working Capital Days1008578113991071687269736895
ROCE %16%19%21%19%22%21%10%10%13%14%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters27.96%27.96%27.96%28.24%28.45%28.96%28.96%30.74%32.34%32.34%32.34%32.34%
FIIs37.83%37.87%35.13%34.27%35.30%36.45%35.57%37.18%38.69%37.96%33.57%34.39%
DIIs15.83%16.17%17.97%18.65%17.80%16.45%17.19%16.19%14.39%15.24%17.27%16.82%
Government0.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public18.28%18.00%18.95%18.84%18.45%18.14%18.28%15.87%14.54%14.44%16.81%16.44%
No. of Shareholders1,75,4371,93,7602,37,5552,45,1352,40,0122,45,3702,69,1682,53,0542,53,5482,80,8193,83,2994,08,028

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Nifty 50 ETF9,105,5770.28489.612,521,5272024-06-11261.11%
UTI Nifty 50 ETF2,521,5270.28135.582,521,5272024-06-110%
SBI Arbitrage Opportunities Fund1,292,2000.2669.482,521,5272024-06-11-48.75%
Nippon India ETF Nifty 50 BeES1,075,2050.2857.812,521,5272024-06-11-57.36%
UTI Nifty 50 Index Fund810,0010.2843.552,521,5272024-06-11-67.88%
DSP Nifty 50 Equal Weight Index Fund341,9761.7918.392,521,5272024-06-11-86.44%
SBI Nifty Index Fund327,3750.2917.62,521,5272024-06-11-87.02%
SBI Nifty50 Equal Weight Index Fund290,4941.7315.622,521,5272024-06-11-88.48%
Nippon India Arbitrage Fund215,8000.0911.62,521,5272024-06-11-91.44%
Invesco India Arbitrage Fund163,8000.089.622,521,5272024-06-11-93.5%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)-17.8045.7945.8736.4023.24
Diluted EPS (Rs.)-17.8045.7945.8736.4023.24
Cash EPS (Rs.)15.0390.7287.0873.5454.73
Book Value[Excl.RevalReserv]/Share (Rs.)436.08432.57344.08282.27256.31
Book Value[Incl.RevalReserv]/Share (Rs.)436.08432.57344.08282.27256.31
Revenue From Operations / Share (Rs.)574.64714.35604.44505.80467.39
PBDIT / Share (Rs.)66.96142.31128.24112.5589.90
PBIT / Share (Rs.)30.12108.3597.4084.1463.59
PBT / Share (Rs.)-24.6066.5763.1654.1036.09
Net Profit / Share (Rs.)-21.8156.7656.2545.1428.43
NP After MI And SOA / Share (Rs.)-16.0047.6047.4037.5323.22
PBDIT Margin (%)11.6519.9221.2122.2519.23
PBIT Margin (%)5.2415.1616.1116.6313.60
PBT Margin (%)-4.289.3110.4410.697.72
Net Profit Margin (%)-3.797.949.308.926.08
NP After MI And SOA Margin (%)-2.786.667.847.414.96
Return on Networth / Equity (%)-4.8313.2916.7216.0310.89
Return on Capital Employeed (%)3.7213.6413.6712.679.11
Return On Assets (%)-1.374.034.384.072.53
Long Term Debt / Equity (X)0.960.750.991.241.68
Total Debt / Equity (X)1.150.851.191.321.76
Asset Turnover Ratio (%)0.480.370.360.260.25
Current Ratio (X)1.461.451.411.531.75
Quick Ratio (X)0.980.960.941.051.28
Inventory Turnover Ratio (X)1.831.451.411.150.90
Dividend Payout Ratio (NP) (%)0.0021.0321.0715.9518.46
Dividend Payout Ratio (CP) (%)0.0012.2712.769.088.65
Earning Retention Ratio (%)0.0078.9778.9384.0581.54
Cash Earning Retention Ratio (%)0.0087.7387.2490.9291.35
Interest Coverage Ratio (X)1.303.604.274.184.64
Interest Coverage Ratio (Post Tax) (X)0.642.493.022.792.89
Enterprise Value (Cr.)64489.7576295.7583275.0571528.3050198.60
EV / Net Operating Revenue (X)1.501.421.801.851.40
EV / EBITDA (X)12.847.158.498.317.30
MarketCap / Net Operating Revenue (X)0.791.001.271.270.69
Retention Ratios (%)0.0078.9678.9284.0481.53
Price / BV (X)1.382.002.722.741.53
Price / Net Operating Revenue (X)0.791.001.271.270.69
EarningsYield-0.030.060.060.050.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 215.80

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.

Overvalued: 60.76% compared to the current price 550

Default values used*: Deafault value of 15 for Stock P/E is used

Intrinsic Value: 103.07

Calculation basis:

  • Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Overvalued: 81.26% compared to the current price ₹550

Default values used*: Deafault value of 15 for Stock P/E is used

Last 5 Year EPS CAGR: -52.24%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (14,491.58 cr) compared to borrowings (6.83 cr), indicating strong financial stability.
  2. The company has shown consistent growth in sales (26.17 cr) and profit (80.33 cr) over the years.
  1. The stock has a low average ROCE of 14.92%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 93.92, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 93.50, which may not be favorable.

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: -3.79%
      • 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: 3.72% (Industry Average ROCE: 11.04%)
      • 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%: -4.83% (Industry Average ROE: 19.34%)
      • 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): 0.64
      • 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: 0.98
      • 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: (Industry average Stock P/E: 13.82)
      • 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: 1.15
      • 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

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. 16449.00 Cr. and Equity Capital is Rs. 153.00 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Agro Chemicals/Pesticides3-11, G.I.D.C., Valsad District Gujarat 396195upl.investors@upl-ltd.com
http://www.upl-ltd.com
Management
NamePosition Held
Mr. Rajnikant D ShroffChairman Emeritus
Mr. Jai ShroffChairman & Group CEO
Mr. Vikram ShroffVice Chairman
Mr. Raj TiwariWhole Time Director
Mr. Carlos PellicerNon Exe.Non Ind.Director
Mr. Hardeep SinghLead Independent Director
Dr. Vasant GandhiIndependent Director
Ms. Naina Lal KidwaiIndependent Director
Mr. Suresh KumarIndependent Director

FAQ

What is the latest fair value of UPL Ltd?

The latest fair value of UPL Ltd is ₹215.80.

What is the Market Cap of UPL Ltd?

The Market Cap of UPL Ltd is 41,287 Cr..

What is the current Stock Price of UPL Ltd as on 13 June 2024?

The current stock price of UPL Ltd as on 13 June 2024 is ₹550.

What is the High / Low of UPL Ltd stocks in FY 2024?

In FY 2024, the High / Low of UPL Ltd stocks is 696/448.

What is the Stock P/E of UPL Ltd?

The Stock P/E of UPL Ltd is .

What is the Book Value of UPL Ltd?

The Book Value of UPL Ltd is 370.

What is the Dividend Yield of UPL Ltd?

The Dividend Yield of UPL Ltd is 1.79 %.

What is the ROCE of UPL Ltd?

The ROCE of UPL Ltd is 3.31 %.

What is the ROE of UPL Ltd?

The ROE of UPL Ltd is 3.82 %.

What is the Face Value of UPL Ltd?

The Face Value of UPL Ltd is 2.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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