NSE/UPL

UPLUPL Ltd

Chemicals · NSE

₹664.7+0.72%

52-wk low52-WEEK RANGE52-wk high

₹567.95+17.0% from low ·-17.5% from high₹805.35

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

UPL+8.21% · 1Y

Range high ₹812.2Range low ₹565.15Latest ₹664.7252 bars · daily-close · NSE bhavcopy + 10Y history

ChemicalsAgricultural InputsLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite25/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -1.0% — underperformer
· Below 200-DMA (-6.7%) — downtrend

Valuation

Low

Appears to be fairly valued to cheap vs peers.

· P/E 31.4 vs sector median 38.2 — 18% cheaper
· P/B 1.69 below sector median 4.34

Growth

Low

Lagging the market in growth.

· Revenue YoY +12.5%
· Profit YoY -51.7% — earnings slipping

Profitability

Low

Profitability is a concern.

· ROE 5.4% — weak returns on equity
· Net margin 1.9% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(65/100)

Durability

59/100

Reasonable financial health; watch the weaker inputs.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score1.86 (66pt)
Debt/Equity0.80 (65pt)
ROE5.4% (22pt)

Valuation

78/100

Attractively valued vs peers and growth — good margin of safety.

Show 4 drivers

P/E vs sector (31.4 / 38.2)82% (84pt)
P/B1.69 (100pt)
Dividend yield0.90% (23pt)
EV/EBITDA12.0 (70pt)

Momentum

57/100

Constructive setup — momentum building, not extended.

Show 5 drivers

52w change-1.0% (44pt)
DMA-trend alignmentsideways (50pt)
RSI (14)59.7 (95pt)
Price vs 200-DMA-5.5% (49pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)31.36

UNDERVALUED

CheapestP/E 31.4 at 23th %ile of sector — cheaper than 77% of peers.Most expensive

P/B1.69

UNDERVALUED

CheapestP/B 1.69 at 15th %ile of sector.Most expensive

EV/EBITDA11.99

FAIR

Monthly seasonality

Avg monthly return over 11 years · historical — not a forecast

Best: Apr +8.80% · Worst: Jun -2.80%

Jan

+3.2%

55% win

Feb

-2.7%

33% win

Mar

+1.7%

75% win

Apr

+8.8%

83% win

May

+3.9%

55% win

Jun

-2.8%

Monthly return distribution

Distribution of 135 monthly returns

Mean

+1.21%

Median

+1.51%

Std dev

9.64%

Best

+34.3%

Worst

-37.2%

% positive

58%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 0

No standout strengths in the current snapshot

WEAKNESSES · 1

Low return on equity (5.4%)
Below 10% ROE suggests inefficient use of shareholder capital

OPPORTUNITIES · 1

24% upside to consensus target (₹812)
18 analysts see fair value materially higher

THREATS · 1

Profit contracting sharply (-51.7% YoY)
Double-digit earnings decline pressures valuation compression

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+0.7%

+3.1%

+9.1%

-16.3%

+0.5%

+8.2%

-2.0%

+1.2%

10Y

+8.4%

Fundamentals

VALUATION

Market cap

₹55,506 Cr

P/E (TTM)

31.4

P/E (fwd)

15.3

next 12m

P/B

1.69

EV/EBITDA

12.0

Book value

₹389.30

per share

PROFITABILITY · QUALITY

ROE

5.4%

ROCE

—

Net margin

1.9%

Op margin

13.1%

Gross margin

49.7%

D/E

0.80

GROWTH · MARKET

Rev YoY

+12.5%

Profit YoY

-51.7%

Div yield

0.90%

Payout

28.6%

52w change

-1.0%

Beta

0.52

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 3

+Trading at -17.9% vs sector median P/EP/E 31.4 vs Chemicals median 38.2 — relative value on earnings
+Forward P/E materially below trailing (15.3x vs 31.4x)Street expects earnings growth that compresses the multiple — positive surprise cushion
++24% upside to analyst consensus target18 analysts average target of ₹812 vs current ₹657

CONS · 1

−Low ROE of 5.4%Below the 10%+ threshold most quality-focused investors require

Sector-relative context

Chemicals · 13 peers

P/E (TTM)

This stock

31.36

Sector median

38.18

Rank 3/13 (85th %ile)

ROE

This stock

5.4%

Sector median

13.4%

Rank 5/13 (69th %ile)

P/B

This stock

1.69

Sector median

4.34

Rank 2/13 (92th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✗Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

GREY1.86

Z″ = 1.86 — GREY zone. Not flagged as distressed, but watch the weakest input component below.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.058	×6.56	0.378
Retained Earnings / Total Assets (B)	0.186	×3.26	0.607
EBIT / Total Assets (C)	0.094	×6.72	0.634
Book Equity / Total Liabilities (D)	0.232	×1.05	0.243

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

18 analysts · BUY

Target mean

₹811.50

Target high

₹947.00

Target low

₹630.00

Upside vs today

+23.6%

Street consensus target is +23.6% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Agricultural Inputs

Employees

12,000

Shares out

84.4

Revenue (TTM)

₹49,077 Cr

EBITDA

₹7,271 Cr

Total debt

₹30,022 Cr

Cash

₹4,760 Cr

Net debt

₹25,262 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	11,090	10,907	15,198	9,216	12,269
Operating profit	1,030	1,455	2,562	764	1,671
OPM %	9.3%	13.3%	16.9%	8.3%	13.6%
Interest	1,221

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	45,971	53,134	42,599	46,262
Operating profit	7,802	8,750	2,848	5,620
OPM %	17.0%	16.5%	6.7%	12.2%
Interest	1,775	2,984	3,378	3,232

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
UPLTHIS UPL Limited	₹664.7	-1.0%	55,506	31.4	1.69	5.4%	0.80	+12.5%
PIDILITIND Pidilite Industries Limited	₹1,393.4	-53.9%	1,41,522	62.0	14.82	23.9%	0.04	+10.1%
SRF SRF Limited	₹2,494.5	-17.7%	73,067	41.0	5.51	13.4%	0.35	+6.3%
COROMANDEL Coromandel International Limited	₹2,050.2	-6.7%	60,568	25.3	4.97	19.6%	0.12	+9.2%
PIIND PI Industries Limited	₹3,139.7	-14.8%	47,028	32.4	4.34	—	0.02	+4.1%
NAVINFLUOR Navin Fluorine International Limited	₹6,284	+49.1%	32,747	59.0	9.05	—	0.33	+13.8%
DEEPAKNTR Deepak Nitrite Limited	₹1,538.1	-23.8%	20,767	39.0	3.76	9.7%	0.22	+204.0%
ATUL Atul Limited	₹6,600	+10.5%	19,356	32.6	3.27	10.1%	0.03	+18.1%
AARTIIND Aarti Industries Limited	₹440.85	+4.6%	16,067	42.6	2.82	6.6%	0.70	+14.1%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	7.00	4.87	-30.4%
-2q	7.05	8.09	+14.8%
-3q	-4.20	-1.79	+57.3%
-4q	14.97	11.14	-25.6%

Date	Amount
2025-07-11	₹6.00
2024-08-12	₹0.96
2023-08-03	₹9.59
2022-07-27	₹9.59
2021-07-14	₹9.59
2020-08-19	₹5.76
2019-05-28	₹5.12
2018-08-09	₹5.12
2017-06-22	₹4.48
2016-06-16	₹3.20

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	153	150	150	159
Reserves	15,395	20,341	18,189	20,868
Borrowings	26,709	23,939	29,754	25,099
Total liabilities	82,679	88,577	87,546	88,002
Fixed assets	9,344	10,321	10,838	10,095
CWIP	1,265	1,251	1,130	664
Investments	525	597	657	616
Other assets	1	1	289	214
Total assets	82,679	88,577	87,546	88,002

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	6,496	7,751	2,321	10,151
CF Investing	-3,819	-1,490	-2,478	-1,840
CF Financing	-1,921	-6,227	164	-4,793
Net cash flow	1,000	170	-24	3,535
Free cash flow	3,808	5,391	326	8,456

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	12.2%	6.7%	16.5%	17.0%
Net margin %	1.9%	-2.8%	6.7%	7.9%
ROE %	4.6%	-6.2%	19.8%	23.3%
ROCE %	8.6%	2.8%	18.8%	16.0%
Debt / Equity	1.19	1.62	1.17	1.72
Dividend payout %	10%	—	22%	22%
Interest coverage	1.3×	0.4×	2.7×	3.8×
Revenue growth YoY	+8.6%	-19.8%	+15.6%	—
Profit growth YoY	+174.8%	-133.6%	-1.5%	—

UPLUPL Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Chemicals

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Recent news

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Chemicals