NSE: UPL · BSE: 512070
UPL LIMITED
Makes and sells crop protection chemicals (pesticides and agrochemicals) globally, with crop protection accounting for 81.5% of segment revenue in FY26. Seeds and post-harvest products contributed 13.1% of segment revenue, and a non-agro segment made up the remaining 5.4%. The business is heavily export-oriented - on a standalone basis, exports made up 65.15% of revenue, and manufacturing of chemicals accounted for 83.2% of standalone turnover with the balance from wholesale trading. The company is consolidating its India and global crop protection businesses under one entity through a composite scheme of arrangement, is selling a loss-making Brazilian fertilizer associate, and is entering the US aquatics and water-treatment market via a step-down subsidiary. Raw materials are the largest input cost at 46.2% of revenue, followed by other operating expenses at 21.0% and employee costs at 11.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Crop protection (82%), Seeds & Post harvest (13%), Non agro (5%). Cyclical, export-heavy agrochemicals with global manufacturing and ongoing corporate restructuring
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 46,240 | 53,576 | 43,098 | 46,637 | 51,839 |
| EBITDA (ex other income) | 9,205 | 10,026 | 4,287 | 7,192 | 9,333 |
| margin % | 19.9 | 18.7 | 9.9 | 15.4 | 18.0 |
| Owners' profit | 3,626 | 3,570 | (1,200) | 897 | 1,922 |
| EPS, as reported (₹) | 45.87 | 45.79 | (17.80) | 9.85 | 22.32 |
| ROE % · ROCE % | 15.1 · 13.1 | 12.5 · 13.4 | (5.7) · 3.3 | 2.2 · 8.3 | 5.4 · 11.2 |
| Debt / equity (x) | 0.88 | 0.65 | 0.87 | 0.63 | 0.53 |
| Cash from operations | 6,496 | 7,751 | 1,822 | 10,151 | 7,855 |
| Capex | (2,022) | (1,672) | (1,159) | (813) | (1,666) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,090 | 10,907 | 15,573 | 9,216 | 12,019 | 12,269 | 18,335 | 10,181 |
| Profit before tax | (312) | 632 | 1,404 | (208) | 838 | 752 | 1,969 | (26) |
| Net profit | (585) | 853 | 1,079 | (176) | 612 | 490 | 1,294 | (73) |
| EPS (₹) | (5.90) | 9.98 | 11.42 | (1.98) | 6.75 | 4.69 | 12.57 | 0.12 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Crop protection | 42,612 | 81.9 |
| Seeds & Post harvest | 5,425 | 10.4 |
| Non agro | 2,803 | 5.4 |
| Seeds | 1,184 | 2.3 |
| Total, before eliminations | 52,024 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED ◆ | 43,856 | 21.5 | 1.06 | 6.0 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,709 | 27.2 | 2.82 | 15.0 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,936 | 29.2 | 4.99 | 21.1 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,727 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 5,819 | 9.3 | 1.86 | 4.7 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 3,842 | 13.2 | 2.74 | 8.6 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,610 | 22.5 | 2.13 | 12.2 | 9.7 | 12.5 | — | 0.9 |
| NACL INDUSTRIES LIMITED | 2,645 | 221.4 | 3.87 | 33.4 | 0.7 | 1.4 | 5.9 | 11.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 19.0 | 17 of 24 | 30% |
| P/B | 1.1 | 2.1 | 6 of 28 | 82% |
| ROCE | 5.5 | 12.5 | 18 of 29 | 39% |
| ROE | 5.4 | 9.2 | 18 of 28 | 37% |
| Debt / Equity | 0.5 | 0.3 | 21 of 29 | 29% |
| EBITDA margin | 16.3 | 14.8 | 12 of 28 | 59% |
| Revenue growth | 10.5 | (0.8) | 6 of 28 | 82% |
| Profit growth | 58.5 | 18.1 | 9 of 28 | 70% |
| Market cap | 43856 | 1362 | 1 of 29 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · UPL to announce Q2 and H1 FY27 results on November 2, 2026 | results | low | — | — |
| 26 Oct 2026 · UPL to approve Q2 and H1 FY27 results on November 2, 2026 | results | low | — | — |
| 16 Oct 2026 · UPL files RTA certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · UPL Trading Window Closes Sep 30 Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 7 Sept 2026 · UPL notifies SEBI special window for physical share transfer and demat | compliance | minimal | — | — |
| 2 Sept 2026 · CRISIL revises UPL's rating outlook to Stable, reaffirms AA+ rating | credit debt | high | — | — |
| 26 Aug 2026 · UPL Group COO Toshan Tamhane resigns, effective Aug 31, 2026 | management changes | high | — | — |
| 15 Aug 2026 · UPL arm Advanta to acquire Hytech Egypt for USD 110 Mn | strategic transactions | high | — | — |
| 14 Aug 2026 · S&P revises outlook to Positive for UPL Corp subsidiary, BB rating affirmed | credit debt | high | — | — |
| 10 Aug 2026 · UPL to attend Equirus and Motilal Oswal investor conferences | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.