UPL Ltd.

NSE: UPL · Chemicals

₹534.90+1.60%06 Nov 2026

Ask the data

Instant answers about UPL Ltd. — computed from its filings, no language model

Market cap₹45,199 cr

Current price₹534.90

High / Low₹805 / ₹481

P/E23.9

P/B1.30

Book value₹412.1

ROE5.4%

ROCE10.0%

Debt / equity0.94

Dividend yield1.08%

EPS (TTM)₹22.34

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY19	FY20	FY21	FY22	FY23	FY24	FY26
Revenue	21,837	35,756	38,694	46,240	53,576	43,098	51,839
EBITDA	3,813	6,773	8,352	9,529	10,196	4,539	9,272
Operating margin	17.5%	18.9%	21.6%	20.6%	19.0%	10.5%	17.9%
Interest	963	1,481	2,060	2,295	2,963	3,852	3,401
Depreciation	969	2,012	2,173	2,359	2,547	2,763	3,244
Profit before tax	1,670	2,761	4,139	4,832	4,993	-1,845	3,351
Tax	165	586	686	529	736	-209	937
Net profit	1,447	1,776	2,871	3,626	3,570	-1,200	1,922
EPS ₹	28.42	23.24	36.40	45.87	45.79	-17.80	22.32
Operating cash flow	—	—	—	6,496	7,751	1,822	7,855
Capex	—	—	—	2,688	2,360	1,995	2,406
Dividend paid	—	—	—	922	750	749	487
Total assets	63,166	70,083	70,431	82,679	88,577	87,546	95,205
Equity	14,715	16,296	17,901	21,675	26,858	24,807	34,696

Quarterly performance

last 32 quarters · ₹ crore

showing latest 8 of 32 periods

	SEP '18	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	4,257	4,921	8,525	7,906	7,817	8,892	11,141	7,833	8,939	9,126	12,796	8,515	10,567	11,297	15,861	10,821	12,507	13,679	16,569	8,963	10,170	9,887	14,078	9,067	11,090	10,907	9,216	12,019	12,269	18,335	10,181	11,860
Operating profit	787	938	1,291	1,240	1,447	2,102	1,904	1,832	1,667	2,202	2,651	1,774	1,931	2,444	3,380	2,146	2,444	2,884	2,722	1,273	1,325	93	1,848	1,101	1,352	1,956	1,396	2,001	2,317	3,558	1,450	2,200
Operating margin	18.5%	19.1%	15.1%	15.7%	18.5%	23.6%	17.1%	23.4%	18.6%	24.1%	20.7%	20.8%	18.3%	21.6%	21.3%	19.8%	19.5%	21.1%	16.4%	14.2%	13.0%	0.9%	13.1%	12.1%	12.2%	17.9%	15.1%	16.6%	18.9%	19.4%	14.2%	18.5%
Other income	32	37	48	39	24	20	21	67	75	67	49	48	47	70	116	73	78	115	211	101	105	151	126	98	111	170	143	250	92	178	217	186
Interest	181	202	405	398	381	515	187	551	343	745	421	607	359	529	800	519	644	894	906	700	871	1,191	1,090	913	1,070	730	1,007	784	774	836	852	819
Depreciation	181	182	431	577	608	495	595	522	533	542	576	551	566	600	642	588	608	624	727	636	657	676	794	660	697	688	731	771	827	915	832	819
Profit before tax	400	500	204	232	177	1,037	972	801	655	1,060	1,623	601	1,013	1,332	1,886	1,034	1,227	1,461	1,271	-5	-185	-1,640	-15	-423	-312	632	-208	838	752	1,969	-26	747
Tax	116	28	-31	12	66	199	211	143	112	109	322	-152	249	167	265	59	231	135	311	-164	-96	-59	110	72	138	-499	-14	172	181	598	-36	163
Net profit	270	333	206	178	89	701	617	551	463	794	1,063	677	634	936	1,379	877	814	1,087	792	166	-189	-1,217	40	-384	-443	828	-88	553	396	1,061	10	421
EPS ₹	5.26	9.05	4.05	2.33	1.17	9.16	8.08	7.20	6.07	10.38	12.75	8.08	8.29	11.46	18.04	10.76	10.83	13.52	10.68	1.33	-2.54	-17.11	0.52	-6.02	-5.90	9.98	-1.98	6.75	4.69	12.57	0.12	4.99
Revenue YoY	—	—	—	—	83.6%	80.7%	30.7%	-0.9%	14.4%	2.6%	14.9%	8.7%	18.2%	23.8%	24.0%	27.1%	18.4%	21.1%	4.5%	-17.2%	-18.7%	-27.7%	-15.0%	1.2%	9.0%	10.3%	1.6%	8.4%	12.5%	—	10.5%	-1.3%
Profit YoY	—	—	—	—	-67.0%	110.5%	199.5%	209.6%	420.2%	13.3%	72.3%	22.9%	36.9%	17.9%	29.7%	29.5%	28.4%	16.1%	-42.6%	-81.1%	-123.2%	-212.0%	-94.9%	-331.3%	—	—	—	—	-52.2%	—	—	-23.9%

Earlier results (standalone, Sep '07 – Jun '18)

₹ crore · from BSE, before the NSE XBRL filings begin

UPL Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†
Revenue	3,335	3,937	4,968	5,335	5,983	7,154	7,374
Operating profit	496	424	667	562	826	977	949
Operating margin	14.9%	10.8%	13.4%	10.5%	13.8%	13.7%	12.9%
Other income	115	137	307	240	457	314	435
Interest	222	164	232	74	193	172	135
Depreciation	136	158	169	187	244	695	666
Profit before tax	307	297	552	581	846	377	576
Tax	80	89	137	117	141	163	28
Net profit	227	208	416	463	706	214	548

Quarters

showing latest 8 of 40 periods

	SEP '07†	DEC '07†	JUN '08†	SEP '08†	DEC '08†	JUN '09†	SEP '09†	DEC '09†	JUN '10†	SEP '10†	DEC '10†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†
Revenue	373	400	510	653	680	676	572	649	694	736	776	902	901	911	622	972	960	1,085	920	1,348	1,280	1,146	1,194	1,392	1,382	1,273	1,288	1,574	1,562	1,399	1,447	1,666	1,949	1,857	1,682	1,825	1,971	1,942	1,636	2,305
Operating profit	51	40	73	141	58	74	103	117	124	167	141	168	172	175	-20	155	145	107	18	210	206	143	108	183	94	126	160	265	225	156	180	306	275	233	164	256	335	238	120	353
Operating margin	13.6%	10.0%	14.3%	21.6%	8.5%	11.0%	18.0%	18.0%	17.8%	22.7%	18.2%	18.6%	19.1%	19.2%	-3.2%	15.9%	15.1%	9.9%	1.9%	15.6%	16.1%	12.5%	9.0%	13.1%	6.8%	9.9%	12.4%	16.8%	14.4%	11.1%	12.5%	18.3%	14.1%	12.5%	9.8%	14.0%	17.0%	12.3%	7.3%	15.3%
Other income	22	26	44	35	35	18	15	15	27	36	35	31	28	21	34	81	-25	62	19	91	180	22	13	17	197	20	6	11	229	13	205	234	30	20	29	18	380	23	14	74
Interest	48	24	46	90	61	1	64	5	113	67	84	35	120	39	28	18	29	59	59	59	126	30	17	1	30	19	24	43	38	50	62	42	25	23	82	16	31	38	50	66
Depreciation	29	30	17	22	21	25	26	26	28	28	29	29	30	38	39	38	39	40	41	38	40	44	47	41	49	50	47	50	55	58	80	201	162	164	168	162	165	167	172	174
Profit before tax	-4	12	54	64	11	68	28	101	10	107	63	135	50	174	-52	180	110	71	-63	205	200	91	57	157	212	116	95	182	361	61	243	284	87	65	-59	89	519	56	-88	187
Tax	-0	4	7	-5	4	15	6	23	3	26	16	38	14	54	-26	50	31	23	-15	61	35	18	23	51	11	37	19	46	40	18	37	13	20	115	15	14	84	-89	19	54
Net profit	-4	7	47	69	6	52	22	78	7	81	47	97	36	120	-26	130	79	48	-48	144	165	72	34	107	201	79	76	136	321	43	206	271	67	-50	-74	75	435	145	-107	133
EPS ₹	-0.16	0.25	2.12	1.57	0.13	1.19	0.49	1.78	0.17	1.84	1.06	2.09	0.79	2.60	-0.56	2.82	1.72	1.06	-1.09	3.26	3.73	1.64	0.79	2.49	4.70	1.85	1.77	3.18	7.49	1.00	4.80	5.35	1.33	-1.16	-1.47	1.47	8.57	2.85	-2.11	2.61
Revenue YoY	—	—	—	75.1%	70.2%	32.7%	-12.4%	-4.5%	2.6%	28.5%	19.4%	29.9%	22.4%	17.5%	—	7.8%	6.6%	19.1%	47.9%	38.7%	33.3%	5.6%	29.8%	3.2%	8.0%	11.2%	7.8%	13.1%	13.0%	9.9%	12.4%	5.8%	24.8%	32.7%	16.3%	9.5%	1.1%	4.6%	-2.8%	26.3%
Profit YoY	—	—	—	—	-8.8%	11.8%	-68.3%	1106.5%	-86.0%	272.5%	-39.3%	1224.5%	-55.5%	153.6%	—	34.6%	117.9%	-60.3%	—	10.9%	109.4%	52.2%	—	-25.9%	22.0%	9.5%	123.2%	27.5%	59.3%	-45.9%	171.5%	99.2%	-79.0%	-216.7%	-136.2%	-72.4%	546.6%	—	—	77.3%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 26 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '26	JUN '26	SEP '26
ROE	6.7%	5.5%	8.0%	9.7%	12.0%	14.3%	14.9%	16.0%	16.7%	17.7%	18.5%	16.7%	17.7%	16.1%	16.7%	13.3%	10.6%	6.4%	-1.6%	-4.8%	-7.1%	-8.4%	0.2%	5.5%	5.8%	5.4%
ROCE	5.8%	5.7%	7.7%	8.7%	10.3%	11.3%	11.8%	14.9%	14.5%	15.4%	15.6%	15.0%	15.7%	13.9%	14.7%	16.0%	14.2%	9.4%	5.0%	3.8%	3.4%	3.4%	6.6%	11.9%	11.9%	10.0%
Net margin	3.9%	2.8%	3.5%	4.4%	5.5%	6.3%	6.5%	7.4%	7.6%	7.7%	7.7%	7.8%	7.9%	7.9%	7.9%	6.7%	5.5%	3.8%	-1.0%	-2.8%	-4.1%	-4.5%	0.1%	3.7%	3.8%	3.6%
EBITDA margin	16.6%	16.9%	18.3%	18.7%	20.4%	20.4%	20.5%	21.6%	21.1%	20.9%	20.4%	20.6%	20.4%	20.6%	20.5%	19.0%	18.0%	16.6%	11.9%	10.5%	10.1%	10.0%	13.9%	17.9%	17.7%	18.1%
Debt / equity	1.96	1.96	1.96	1.76	1.76	1.76	1.76	1.33	1.33	1.33	1.33	1.19	1.19	1.30	1.30	0.86	0.86	1.18	1.18	1.15	1.15	1.33	1.33	0.64	0.64	0.94
Interest coverage	2.13	1.80	1.97	2.63	2.83	3.17	2.91	3.01	2.86	3.02	3.38	3.11	3.39	3.20	2.96	2.69	2.26	1.75	0.85	0.52	0.44	0.44	0.97	1.99	2.09	2.05
Asset turnover	0.41	0.46	0.52	0.51	0.51	0.53	0.53	0.55	0.56	0.58	0.61	0.56	0.59	0.56	0.59	0.60	0.58	0.54	0.50	0.49	0.49	0.52	0.53	0.54	0.55	0.52

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 17 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	SEP '25	MAR '26	SEP '26
Share capital	86	86	86	101	102	102	153	153	153	150	150	150	150	150	169	169	169
Other equity / reserves	4,990	5,730	5,803	7,296	9,067	14,613	16,143	17,748	21,522	24,808	26,708	28,713	24,657	23,796	31,725	34,527	34,655
Total equity	5,075	5,816	5,889	7,397	9,169	14,715	16,296	17,901	21,675	24,958	26,858	28,863	24,807	23,946	31,894	34,696	34,824
Borrowings	2,861	2,781	4,771	6,058	6,507	28,861	28,669	23,769	25,866	32,549	22,999	33,934	28,438	31,843	28,562	22,046	32,715
Current liabilities	4,640	5,993	8,168	7,028	7,642	16,261	16,686	19,627	28,196	32,717	29,037	31,320	26,861	27,921	33,090	34,748	45,045
Non-current liabilities	2,799	2,524	2,887	5,923	6,213	28,736	30,803	26,224	25,175	27,082	24,111	25,901	27,979	25,588	20,591	19,188	14,559
Total assets	12,858	14,422	16,988	20,381	23,043	63,166	70,083	70,431	82,679	89,916	88,577	91,455	87,546	85,125	91,391	95,205	1,01,022
Property, plant & equipment	1,647	1,759	2,288	2,483	2,874	4,690	5,596	6,452	7,286	7,558	8,164	8,167	8,443	7,907	8,351	8,474	8,321
Capital work-in-progress	123	346	312	633	1,090	1,166	1,059	899	1,184	1,543	1,197	1,314	1,106	1,098	794	999	1,308
Investments	737	764	335	378	1,034	708	558	618	1,922	1,615	1,624	1,840	2,154	2,072	2,604	2,666	3,356
Inventories	2,480	2,938	3,787	4,156	4,538	9,133	7,850	9,422	13,078	19,457	13,985	18,246	12,776	14,106	16,193	12,676	20,165
Receivables	3,220	3,801	5,101	5,656	6,057	11,683	12,057	12,580	15,334	16,558	18,286	18,239	16,364	15,726	16,719	18,343	18,638
Cash & equivalents	1,023	1,010	1,177	2,880	2,859	2,826	6,724	4,797	5,797	3,588	5,967	3,100	5,943	3,874	4,058	5,975	3,268

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 10 periods

	FY14‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY22	FY23	FY24	FY26
Cash from operations	1,441	1,396	2,585	2,839	2,356	8,739	6,496	7,751	1,822	7,855
Cash from investing	-418	-1,719	-999	-2,093	-31,968	-2,643	-3,819	-1,490	-2,478	-2,362
Cash from financing	-1,680	469	140	-801	28,894	-2,175	-1,921	-6,227	164	-9,883
Capex	577	1,014	1,259	1,413	1,575	1,980	2,688	2,360	1,995	2,406
Free cash flow	863	382	1,326	1,426	781	6,759	3,808	5,391	-173	5,449
Dividends paid	110	213	212	357	407	407	922	750	749	487

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹8,321 cr8%

CWIP

₹1,308 cr1%

Investments

₹3,356 cr3%

Inventories

₹20,165 cr20%

Receivables

₹18,638 cr18%

Cash & equivalents

₹3,268 cr3%

Other assets

₹45,966 cr46%

Peer comparison

largest in Chemicals · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Solar Industries India Ltd.	1,68,402	18,608.00	74.4	21.95	29.5%
Pidilite Industries Ltd.	1,60,821	1,579.00	59.9	14.34	23.9%
SRF Ltd.	72,931	2,460.40	143.2	4.77	3.3%
Linde India Ltd.	58,496	6,859.00	755.3	13.33	1.8%
Coromandel International Ltd.	53,808	1,824.00	31.8	428.48	1349.1%
Gujarat Fluorochemicals Ltd.	51,320	4,665.50	75.6	6.12	8.1%
Fertilisers and Chemicals Travancore Ltd.	48,546	750.25	—	35.30	-3.1%
Navin Fluorine International Ltd.	46,221	9,010.00	50.8	10.36	20.4%
UPL Ltd.	45,199	534.90	23.9	1.30	5.4%
Himadri Speciality Chemical Ltd.	28,669	568.15	33.5	5.58	16.6%

StoxGud checklist: Bearish setup · 3/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+8.1%

6 months-17.8%

1 year-25.7%

3Y CAGR-1.2%

5Y CAGR-6.4%

10Y CAGR+1.8%

50-day avg₹541.68

200-day avg₹612.87

RSI (14)50

Compare UPL Ltd. with

Coromandel International vs UPL Gujarat Fluorochemicals vs UPL Fertilisers and Chemicals Travancore vs UPL Navin Fluorine International vs UPL UPL vs Himadri Speciality Chemical

FAQs

What is the share price of UPL Ltd.?

UPL Ltd. (UPL) closed at ₹534.90 on NSE on 06 Nov 2026.

What is the market cap of UPL Ltd.?

₹45,199 crore at the latest close.

What is the P/E ratio of UPL Ltd.?

23.9, on trailing-twelve-month earnings from its filings.

How fast is UPL Ltd. growing?

UPL Ltd.: revenue has compounded at 3.9% a year over three years; net profit at -19.1% a year. Latest-quarter revenue is down 1.3% year on year, profit down 23.9%.

How profitable is UPL Ltd.?

On a trailing-twelve-month basis return on equity is 5.4%, return on capital employed 10.0%, operating margin 18.1%, net margin 3.6%.

How much debt does UPL Ltd. have?

UPL Ltd. is moderately geared: debt to equity is 0.94 with borrowings of ₹32,715 cr against cash of ₹3,268 cr (balance sheet of 2026-09-30). Operating profit covers interest 2.0 times.

Financials parsed from UPL Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '18, annual from FY19, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.