Loading…
One of the world's largest generic crop-protection (pesticide/herbicide) and seed companies, based in India.
One of the world's largest generic crop-protection (pesticide/herbicide) and seed companies, based in India.
Sells off-patent crop-protection chemicals through distributors and retailers to farmers, so volumes follow planting seasons and weather, and prices follow generic competitors from China. The 2019 purchase of Arysta made it a global player, especially in Latin America, and left debt it has worked to reduce. Seeds, through its Advanta unit, are a separate business.
Moat: narrow (scale, distribution, regulatory licence). Global generic-agrochemical scale and distribution built via the Arysta acquisition, but faces intense competition from bigger patent-holding majors.
Headquarters: Mumbai, India · Founded: 1969 · Employees: 12,399
Size UPL (UPL.NS) is an India Materials company (Chemicals: Agricultural) with a market value of $4.78B, the 216th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹534.90 on 6 Nov 2026.
Performance Over six months the shares fell 17.8%, against -25.6% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +4.9%); the operating margin is 13.7% (peer median 10.7%).
Valuation It trades at 14.8× forward earnings against a peer median of 17.9× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.1 points below its cost of capital (12.2% WACC).
Credit UPL has 2 bonds outstanding ($800M), rated BB by the agencies and trading like B at a weighted spread of 327 bp.
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹526B | ₹515B | ₹465B | ₹428B | ₹534B |
| Revenue growth | — | +11% | +9% | -20% | — |
| Gross profit | ₹178B | ₹127B | ₹117B | ₹79.9B | ₹157B |
| EBITDA | ₹106B | ₹90.7B | ₹79.8B | ₹52.4B | ₹111B |
| Net income | ₹18.9B | ₹18.5B | ₹7.59B | -₹13.4B | ₹34.4B |
| Free cash flow | n/a | ₹41.0B | ₹63.3B | -₹23.9B | ₹39.5B |
| Capital expenditure | n/a | ₹24.1B | ₹16.9B | ₹19.9B | ₹23.6B |
| Total debt | ₹342B | ₹234B | ₹279B | ₹325B | ₹268B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| UPL UPL.NS | $4.78B | -18% | +10% | 14% | 14.8× | 10.9% |
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% |
| Corteva CTVA | $7.94B | -85% | +4% | 17% | 30.4× | -16.6% |
| PI Industries PIIND.NS | $2.79B | -44% | -15% | 13% | 22.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UPL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.1% | -5.2% | 6th highest of 21 |
| 6-month return | -17.8% | -25.6% | 6th highest of 21 |
| Distance from 52-week high | -34.1% | -33.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +10.3% | +4.9% | 7th highest of 21 |
| Operating margin | 13.7% | 10.7% | 6th highest of 21 |
| Forward P/E | 14.8× | 17.9× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 7.9% | 5th most demanding of 11 |
| Growth delivered (Del g) | +6.0% | +6.6% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | +5.0 pp | +2.1 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | -5.1 pp | +0.6 pp | 5th lowest of 21 |
| EV / EBITDA | 7.7× | 9.7× | 4th cheapest of 10 |
| Net debt / EBITDA | 2.9× | 1.8× | 5th most indebted of 11 |
| Bond spread | 327 bp | 118 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| UPL UPL.NS | India | $4.78B | -18% | +10% | 14% | 14.8× | 10.9% | +6.0% |
| Dyno Nobel DNL.AX | Australia | $4.64B | +6% | -17% | 15% | 21.1× | n/a | n/a |
| Fertilizers & Chemicals Travancore FACT.NS | India | $5.14B | -18% | +32% | 0% | n/a | n/a | n/a |
| ICL ICL | United States | $6.04B | -27% | +11% | 11% | 11.5× | 3.5% | +7.2% |
| Scotts Miracle-Gro SMG | United States | $3.77B | +6% | -4% | 14% | 13.6× | 7.5% | -7.8% |
| Jiangsu Yangnong Chemical 600486.SS | China | $3.42B | -22% | +3% | 13% | 16.2× | 0.8% | +3.8% |
| Mosaic Company (The) MOS | United States | $7.11B | +2% | 0% | 3% | 26.2× | n/a | n/a |
| YONFER Agricultural Technology 000902.SZ | China | $2.69B | -2% | +15% | 11% | 11.4× | n/a | n/a |
| Sichuan Hebang Biotechnology 603077.SS | China | $2.59B | -30% | -24% | -1% | n/a | n/a | n/a |
| Sichuan New Energy Power 000155.SZ | China | $2.54B | -47% | +98% | 32% | 12.9× | n/a | n/a |
| Shandong Weifang Rainbow Chemical 301035.SZ | China | $2.42B | -32% | +6% | 12% | 14.9× | -0.1% | +15.0% |
| Chengdu Wintrue 002539.SZ | China | $2.09B | -24% | +6% | 6% | 11.7× | n/a | n/a |
| Yara International YAR.OL | Norway | $11.0B | -26% | +2% | 13% | 8.2× | -6.9% | +8.3% |
| Sichuan Development Lomon 002312.SZ | China | $1.93B | -36% | +5% | 6% | 35.0× | 8.2% | +14.0% |
| Lier Chemical 002258.SZ | China | $1.85B | +20% | +6% | 8% | 21.0× | n/a | n/a |
| Zhejiang Xinan Chemical Industrial 600596.SS | China | $1.75B | -31% | +5% | 2% | 22.9× | 12.4% | +3.1% |
| Sumitomo Chemical India SUMICHEM.NS | India | $1.74B | -34% | -3% | 18% | 28.1× | 23.4% | +4.1% |
| Tata Chemicals TATACHEM.NS | India | $1.64B | -25% | +2% | 3% | 85.9× | n/a | n/a |
| Atul ATUL.NS | India | $1.63B | -26% | +18% | 12% | 19.7× | 18.2% | +11.0% |
| Hubei Yihua Chemical Industry 000422.SZ | China | $1.60B | -42% | +15% | 5% | 15.2× | n/a | n/a |
| Bayer Cropscience India BAYERCROP.NS | India | $1.58B | -28% | -5% | 15% | 19.5× | 16.1% | +5.9% |
UPL has 2 bonds outstanding with $800M face value. The agencies rate it BB; its bonds trade like B. Weighted yield 7.79%, a spread of 327 bp over government bonds.