AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Please find attached letter dated 7th September 2026
Source: Bse
UPL Limited (UPL)
Mid CapChemicals stocks · Mid cap · NSE
UPL Limited is a global provider of sustainable agriculture solutions, operating in crop protection, seeds (Advanta), and specialty chemicals (SUPERFORM). It has a broad global footprint across >140 countries, with integrated manufacturing and a focus on innovation, ranking #1 in agchem ESG.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result03 Aug, 08:46 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -7.7% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
UPLD candles · FIT view-16.0%Latest close ₹530.35 on 2026-10-19
Bar
-0.0%
RSI
47
MACD hist
4.05
52W pos
16%
2026-10-19O ₹530.50H ₹536.15L ₹526.15C ₹530.35Vol 6.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
UPLNifty ChemicalsNifty 500
- UPL
- -12.5%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -6.9 pp
Chart stats
19 Oct 2026- From 52W high
- -34.7%
- 52W range position
- 16%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.24x
- Avg traded value
- ₹123 Cr
- 20D price channel
- ₹476.5 - ₹569.2
₹812.2
₹476.5 - ₹812.2
₹14.9
Latest completed session
20-session average
37.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad12
Revenue +10.5% · PAT NDF YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-478.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust75
medium confidence · 6/6 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 12/100margin compression · Rev +10% YoY
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,181 Cr | +10.5% | -44.5% |
| EBITDA | ₹1,367 Cr | -2.1% | -60.7% |
| Operating margin | 13.0% | -200 bps | -600 bps |
| PAT | ₹-73 Cr | NDF | -105.6% |
| PAT margin | -0.7% | +119 bps | -778 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.60
- P/B
- 1.29
- EV/EBITDA
- 5.52
- Market Cap
- 44756.00Cr
Profitability
- ROE
- 5.64%
- ROCE
- 10.10%
- ROA
- 2.49%
- Dividend Y
- 1.17%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -10.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- -21.00%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 2.78×
- Altman Z
- 2.00
- Book Value
- 411.00
Cash Flow
- FCF Yield
- 14.26%
- FCF Positive Y
- 9/5
- OCF
- 7855.00 Cr
- EPS TTM
- 23.95
Shareholding
- Promoter Hold
- 33.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 51.8k+11.2% vs prev
Net Profit
₹ CrLatest: 2,323+4.6% vs prev
Return on Equity
%Latest: 6.7-11.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.3% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 35% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
21
RS percentile
Stage 4 Downtrend
1M return
-8.6%
3M return
-12.5%
6M return
-18.9%
1Y return
-24.5%
RS 1D
0
RS 20D
-6
Sector rank
#13
Industry rank
-
Stage evidence
- Price is 11.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 84.34+0.23%
RS vs Nifty 50084
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation8/30
Growth4/25
Quality1/20
Balance Sheet7/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 14.3%.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -478.1%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
22.6
PB
1.3
EV/EBITDA
5.5
ROE
5.6%
ROCE
10.1%
FCF Yield
14.3%
Debt/Equity
0.7
MoS
-478.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-478.1%
Previous: -478.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹470.61
-12.7% MoS
Growth-justified P/E
3.8
Growth-justified Value
₹91.73
-478.1% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BAYERCROP
Large
Bayer Cropscience Limited
Agrochemicals
match 159
26
327.0
15.8%
-5483%
OVERVALUED
RALLIS
Micro
Rallis India Limited
Agrochemicals
match 156
38
17.5
10.2%
-195%
WATCHLIST
BHAGCHEM
Small
Bhagiradha Chemicals & Industries Limited
Agrochemicals
match 141
16
108.0
2.6%
-1678%
OVERVALUED
GSPCROP
Small
GSP Crop Science Limited
Agrochemicals
match 141
46
20.3
16.5%
+1%
FAIR VALUE
IPL
Small
India Pesticides Limited
Agrochemicals
match 141
46
13.8
12.5%
-110%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T08:09:39.765Z
Management commentary snapshot
UPL delivered strong FY26 performance, beating guidance with 11% YoY revenue growth and 18% YoY EBITDA growth. Net Debt/EBITDA improved to <1.6x from 2.1x, driven by robust capital management and financial discipline amidst intense market volatility.
The company demonstrated resilience and strong execution, exceeding FY26 guidance for revenue, EBITDA, and net debt to EBITDA. Operational PATMI more than doubled, and capital management strengthened the balance sheet, indicating the thesis remains intact despite macro challenges.
Growth engines
UPL Corp Volume-led Growth
UPL Corp achieved +7% volume growth in FY26, led by robust and broad-based performance across North America, Europe, LATAM, and ROW.
Advanta Field Corn
Advanta's revenue growth was led by higher volumes in field corn across key regions like India, LAN, Argentina, and SE Asia.
Super Specialty Chemicals (SSC)
SUPERFORM's SSC segment grew +20% YoY in FY26, driven by lubricant additives and strong demand for cyanide derivatives.
Innovation & New Product Launches
UPL Corp's innovation rate increased to ~16%, with >$160 Mn revenue from New Product Launches in FY26.
Capacity and execution
Lubricant Additives Capacity
SUPERFORM expanded its lubricant additives capabilities to 3x versus the prior year.
Operating Capacity of Key AIs
SUPERFORM enhanced the operating capacity of key Active Ingredients (AIs).
Capacity Utilization
SUPERFORM's capacity utilization improved by +300 bps, and UPL Corp reported higher capacity utilization.
Tailwinds
Growing Food Demand
Growing global population is expected to create higher food demand, requiring increased crop protection intensification.
Climate Change & Pest Pressure
Climate change accelerates pest reproduction and diseases, increasing the need for multiple AI solutions and higher crop protection.
Post-Patent Segment Prominence
The post-patent segment of the crop protection industry continues to gain prominence, offering growth opportunities.
Headwinds
Geopolitical Situation
The company navigated through an ongoing geopolitical situation, contributing to intense market volatility.
US Tariffs
US tariffs led to challenges and uncertainties, particularly impacting North America operations.
Low AI Prices
Continued low, though stable, Active Ingredient (AI) prices impacted the pricing component of revenue growth.
Farm Economic Stress
Lower commodity prices led to overall farm economic stress, affecting grower purchasing power.
Risk radar
Credit Environment & Macro Conditions
An Expected Credit Loss (ECL) charge of ₹379 cr was provided in Q4FY26 as a prudent measure, considering the prevailing credit environment.
Supply Availability Constraints
Advanta's field corn segment experienced supply availability constraints, limiting further growth.
Weather Conditions
UPL SAS's flat revenue in FY26 was partly offset by adverse Q2 monsoon weather conditions.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation primarily focuses on full-year (FY26) and Q4FY26 performance compared to the prior year (FY25), emphasizing annual growth and strategic execution.
Sector KPIs management disclosed
Revenue Growth
FY26 Revenue grew +11% YoY to ₹51,839 cr (Volume: +8%, Price: -3%, FX: +6%). Q4FY26 Revenue grew +18% YoY to ₹18,335 cr.
EBITDA Growth
FY26 EBITDA grew +18% YoY to ₹9,588 cr. Q4FY26 EBITDA grew +13% YoY to ₹3,646 cr.
EBITDA Margin
FY26 EBITDA Margin was 18.5% (+110 bps YoY). Q4FY26 EBITDA Margin was 19.9% (-90 bps YoY).
Net Debt to EBITDA
Net Debt to EBITDA improved to <1.6x in FY26 from 2.1x in FY25, beating guidance of 1.6-1.8x.
Management forward view
FY27 Guidance
Management guides for 10-14% Revenue Growth and 14-18% EBITDA Growth in Q1FY27.
Quality of Earnings
Management aims for scaling-up contribution-led topline for quality earnings, alongside portfolio, SKU, and country rationalization.
Deleveraging & Capital Structure
The company will continue to reduce gearing and strengthen its capital structure, monitoring cash conversion.
Sustainable Portfolio Growth
UPL Corp plans to accelerate growth of Natural Plant Protection (NPP) and ProNutiva® portfolios, targeting >20% innovation rate by FY30.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | +11% (FY26) | Achievement of Q1FY27 guidance of 10-14% revenue growth. |
| EBITDA Growth | +18% (FY26) | Achievement of Q1FY27 guidance of 14-18% EBITDA growth. |
| Net Debt to EBITDA | <1.6x (FY26) | Continued deleveraging and strengthening of the capital structure. |
| Working Capital Efficiency | 57 days (FY26) | Maintenance of working capital efficiency amidst global uncertainties. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookdeliveredquantified
UPL expects 12% to 16% EBITDA growth for FY26, an upgrade from the earlier 10% to 14% guidance.
Timeframe: FY26Direction: positiveConfidence: upgraded guidance
"12% to 16% EBITDA growth versus last year, up from 10% to 14%"
Outcome check: OPM moved from 16.0% to average 18.5% (+2.5 pp).
pricingfailedquantified
Pricing is expected to be very flat in the second half of FY26, with a potential decline of about 1% in Q3.
Timeframe: Q3, H2 FY26Direction: flat/slightly negativeConfidence: expected
"expect prices to be very flat, maybe down like, again, 1% or so in Q3"
Outcome check: OPM moved from 16.0% to average 18.5% (+2.5 pp).
revenue outlookdeliveredquantified
UPL is positioned to firmly surpass its target of $130 million revenue from new product launches this year.
Timeframe: this yearDirection: positiveConfidence: firmly surpass target
"firmly surpass our target of $130 million revenue from new product launches this year"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
revenue outlookdeliveredquantified
UPL expects 4% to 8% growth in revenues for FY26.
Timeframe: FY26Direction: positiveConfidence: upgraded guidance
"upgraded FY26 guidance as follows: 4% to 8% growth in revenues"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
demand outlookdelivered
The positive momentum in Latin America is confident to continue through the second half of the year.
Timeframe: H2 FY26Direction: positiveConfidence: confident
"We are confident that this positive momentum will continue through the second half of the year"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
revenue outlookdelivered
Growth in the second half of FY26 will be almost exclusively volume-driven.
Timeframe: H2 FY26Direction: positiveConfidence: expected
"our growth in H2 will be almost exclusively volume-driven"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
Trust Score
75Healthy Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 83% delivered/partly-delivered outcomes on 6 checked claims, with 1 adverse claim outcome. It ranks around the 78th percentile of the scored universe and 64th percentile within Chemicals. No major sub-score weakness stands out.
High Trust: 6/6 extracted management claims have outcome checks; 83% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 20 Oct 2026
management-trust-v1
32 extracted concalls · 6/6 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
78th percentile
overall median 67 · Chemicals: 64th pctile, median 73 · Mid: 48th pctile, median 76
Evidence depth
Medium sample
6/6 claims have outcome checks.
Claim delivery
83% delivered or partly delivered
6/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 14.3%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 5.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching UPL Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 2 Sep - CRISIL revised UPL’s long-term bank facility outlook to Stable, reaffirmed AA+ and A1+ ratings.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 26 Aug - UPL Group COO Toshan Tamhane resigns, effective August 31, 2026, to pursue entrepreneurship.
Source: Bse
Credit ratingAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 14 Aug - S&P revised UPL Corp outlook to Positive and affirmed BB rating on August 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul - Please find attached letter dated 7th July 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul - Please find attached letter dated 3rd July 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Newspaper Advertisment -Information Regarding 42nd Annual General Meeting, Remote e-voting and other related informaiton.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 15 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun - Please find attached letter dated 30th June 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.