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UPL Limited
(UPL)
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Rating:58Neutral
Price Target:
₹587.00
▼(-27.00% Downside)
Action:Reiterated
Date:08/17/26
The score is primarily supported by improving fundamentals and a stronger balance sheet due to significant debt reduction. This is tempered by weak technicals (price below major moving averages with negative MACD and low RSI) and a valuation that is only moderate given earnings and cash-flow cyclicality.
Positive Factors
Revenue and Profit Recovery
The rebound in revenue and earnings indicates recovering product demand and operating performance. Sustaining this improvement would strengthen internal funding capacity and support investment across UPL’s global agricultural solutions portfolio.
Negative Factors
Volatile Margins
Revenue growth has not consistently translated into stronger profitability. Lower gross profit on higher sales signals exposure to input costs, pricing pressure and mix changes, which could limit the durability of earnings recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Recovery
The rebound in revenue and earnings indicates recovering product demand and operating performance. Sustaining this improvement would strengthen internal funding capacity and support investment across UPL’s global agricultural solutions portfolio.
Read all positive factors
UPL Limited (UPL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹482.02B
Dividend Yield1.05%
Average Volume (3M)42.13K
Price to Earnings (P/E)23.9
Beta (1Y)1.09
Revenue Growth12.86%
EPS Growth72.26%
CountryIN
Employees12,399
SectorGeneral
Sector StrengthN/A
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)23.93
Shares Outstanding844,169,250
10 Day Avg. Volume20,494
30 Day Avg. Volume42,132
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)1.41
Price to Sales (P/S)0.94
P/FCF Ratio11.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)37.2
Revenue Forecast (FY)₹566.27B
UPL Limited Business Overview & Revenue Model
Company Description
UPL Limited offers sustainable agricultural products and solutions, serving both the Indian and international markets. The company's activities are organized into two primary segments: Agro Activity and Non-Agro Activity. Its extensive product ran...
How the Company Makes Money
UPL primarily makes money by selling agricultural inputs—mainly crop protection products—to customers in the farming value chain (including distributors, retailers, cooperatives, and large growers). Revenue is largely generated from (1) sales of c...
UPL Limited Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
71
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 528.04B | 518.39B | 462.62B | 425.99B | 531.34B | 459.71B |
| Gross Profit | 196.16B | 168.97B | 217.36B | 178.32B | 255.13B | 235.85B |
| EBITDA | 97.16B | 98.02B | 68.11B | 40.54B | 106.81B | 91.00B |
| Net Income | 20.20B | 19.22B | 8.97B | -12.00B | 35.70B | 36.26B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 952.05B | 880.02B | 875.46B | 885.77B | 826.79B |
| Cash, Cash Equivalents and Short-Term Investments | 66.34B | 67.20B | 98.20B | 63.56B | 61.73B | 69.47B |
| Total Debt | 0.00 | 235.76B | 250.99B | 297.54B | 239.39B | 267.09B |
| Total Liabilities | -412.69B | 539.36B | 501.76B | 548.40B | 531.48B | 533.71B |
| Stockholders Equity | 412.69B | 346.96B | 321.99B | 248.07B | 298.44B | 246.61B |
Cash Flow | ||||||
| Free Cash Flow | -56.11B | 40.97B | 84.56B | -23.94B | 53.91B | 38.08B |
| Operating Cash Flow | -48.11B | 57.63B | 101.51B | -12.35B | 77.51B | 64.96B |
| Investing Cash Flow | -7.93B | -31.49B | -18.40B | -24.78B | -14.90B | -38.19B |
| Financing Cash Flow | -1.55B | -70.04B | -47.93B | 1.64B | -62.27B | -19.21B |
UPL Limited Technical Analysis
Negative
804.10
Price Trends
586.97
Negative
609.64
Negative
660.10
Negative
Market Momentum
-4.50
Negative
44.38
Neutral
69.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UPL, the sentiment is Negative. The current price of 804.1 is above the 20-day moving average (MA) of 575.02, above the 50-day MA of 586.97, and above the 200-day MA of 660.10, indicating a bearish trend. The MACD of -4.50 indicates Negative momentum. The RSI at 44.38 is Neutral, neither overbought nor oversold. The STOCH value of 69.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UPL.
UPL Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹70.72B | 11.29 | ― | 1.84% | 18.52% | 49.11% | |
71 Outperform | ₹258.48B | 44.60 | ― | 0.26% | -3.61% | 4.00% | |
68 Neutral | ₹182.02B | 24.85 | ― | 2.96% | -2.78% | 23.56% | |
58 Neutral | ₹482.02B | 23.86 | ― | 0.77% | 12.86% | 72.26% | |
57 Neutral | ₹40.81B | 19.07 | ― | 1.37% | 4.41% | 24.42% | |
56 Neutral | ₹368.68B | 31.51 | ― | 0.49% | -16.57% | -27.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:UPL
UPL Limited
562.50
-158.38
-21.97%
IN:BAYERCROP
Bayer Cropscience India Limited
3,970.45
-1,073.38
-21.28%
IN:PIIND
PI Industries Limited
2,398.00
-1,345.44
-35.94%
IN:RALLIS
Rallis India Limited
207.80
-141.13
-40.45%
IN:SHARDACROP
Sharda Cropchem Ltd.
766.80
-193.16
-20.12%
IN:SUMICHEM
Sumitomo Chemical India Ltd.
515.95
-51.53
-9.08%
UPL Limited Corporate Events
UPL’s Advanta to Acquire Egyptian Seed Producer Hytech Egypt for US$110 Million
Aug 14, 2026
UPL Limited has announced that its step-down subsidiary Advanta Holdings B.V. will acquire Misr Hytech Seed International S.A.E. in Egypt via the purchase of Hytech Egypt USA LLC, the holding company controlling the seed producer. The deal, valued...
UPL Board Clears Unaudited June-Quarter Results After Limited Review
Aug 3, 2026
UPL Limited’s board has approved the unaudited consolidated and standalone financial results for the quarter ended 30 June 2026, following review by the audit committee and in compliance with SEBI’s listing regulations. The results hav...
UPL Limited Releases Unaudited Q1 FY27 Financial Results
Aug 3, 2026
UPL Limited announced that it has released its unaudited consolidated and standalone financial results for the first quarter of the 2027 financial year, covering the period ended June 30, 2026. The disclosure, filed with Indian stock exchanges and...
UPL files Q1 FY27 investor presentation across global exchanges
Aug 3, 2026
UPL Limited has submitted its investor presentation for the quarter ended June 30, 2026, in compliance with securities listing regulations. The Q1 FY27 consolidated financial results and business update will inform investors about the company̵...
UPL Sets August 6, 2026 Virtual AGM, Releases FY 2025-26 Annual Report
Jul 15, 2026
UPL Limited has scheduled its 42nd Annual General Meeting for August 6, 2026, at 1:30 p.m. IST, to be conducted via video conferencing and other audio-visual means. The company has released its FY 2025-26 Annual Report, including the Business Resp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.