āagman

Not investment advice. Data and computed figures, for information only.

UPL Ltd

NSE: UPLF&O
₹541.05
−₹0.60 (−0.11%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹41,221 Cr
CMP
₹541.05
52-wk High / Low
₹812 / 476
P/E
20.9
P/B
1.2
Book Value
₹411.0
Div Yield
1.23%
ROCE
10.0%
ROE
5.6%
Face Value
₹2
D/E
0.68

Price−20.6% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
7
/ 9
7 of 9 F-score tests passed
Graham Number
₹459
√(22.5 × EPS × book value per share)
ROIC
7.0%
vs 7.5% sector median
Cash flow to profit
3.54
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−172
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
4.2%
ROE × earnings retention ratio
ROE stability
9.4
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.61DII −0.31
Latest quarter vs the previous one
Cash-accrual divergence
−6.3%
of assets
Low = accruals track cash flow
Strengths
+Promoter holding rose by 1.0pp over the last year
+FII holding rose by 3.7pp over the last year
+Piotroski F-Score of 7/9 is in the strong band (≥7)
+PE of 20.9x is below the sector median of 36.2x
Watch-outs
−Latest ROCE of 10% trails the sector median of 12%
−Borrowings are up 348.4% since FY2016 (5258 to 23576)
−Price trades below its 200-day moving average (0.9x)
−Price is 33.4% below its 52-week high

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales8,96310,1709,88714,0789,06711,09010,90715,5739,21612,01912,26918,33510,181
Expenses7,7479,0499,82012,2307,9989,8739,22912,4097,82010,07210,03314,8548,814
Operating Profit1,2161,121671,8481,0691,2171,6783,1641,3961,9472,2363,4811,367
OPM %13.6%11.0%0.7%13.1%11.8%11.0%15.4%20.3%15.1%16.2%18.2%19.0%13.4%
Other Income5818134664910394−16815239236162208
Interest7008711,1911,0909131,0707309141,007784774836852
Depreciation636657676794660697688705731771827915832
Profit before tax−62−389−1,66630−455−4473541,377−1907846711,892−109
Net Profit102−293−1,607−80−527−5858531,079−1766124901,294−73
EPS (₹)1.97−2.24−14.410.47−4.55−5.259.8110.61−1.046.564.7012.570.12

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales12,09114,04816,31217,37821,83735,75638,69446,24053,57643,09846,63751,83952,804
Expenses9,72811,70013,34613,96618,02428,98430,34236,71143,38038,80139,50942,76143,773
Operating Profit2,3632,3482,9663,4123,8136,7728,3529,52910,1964,2977,1289,0789,031
OPM %19.5%16.7%18.2%19.6%17.5%18.9%21.6%20.6%19.0%10.0%15.3%17.5%17.1%
Other Income−11149363351−197−515629146423178724798
Interest5177047357839631,4812,0602,2952,9633,8523,6273,4013,246
Depreciation4256766726758802,0122,1732,3592,5472,7632,7503,2443,345
Profit before tax1,4101,1171,9222,3051,7732,7644,1814,9665,150−2,0878293,1573,238
Net Profit1,1879521,7332,0301,5752,1783,4954,4374,414−1,8788202,2202,323
EPS (₹)15.8213.0020.1823.5717.3520.6633.4042.1842.28−14.2110.6222.7823.95

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital8686101102102153153153150150159169—
Reserves5,7755,8037,2149,06714,61319,12920,73424,50826,70824,65729,05434,527—
Borrowings3,2815,2586,4436,63829,13929,38824,51926,74623,93929,75425,09923,576—
Other Liabilities5,1435,7226,4547,14818,58119,75823,35929,19635,31830,57931,70034,847—
Total Liabilities14,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01293,119—
Fixed Assets4,0313,8624,0714,43732,14935,32134,76536,19338,71339,05639,08442,153—
CWIP5834847921,3191,8552,0732,1172,5012,8182,9652,5463,147—
Investments7643353781,0347085586181,9221,6152,1542,3282,666—
Other Assets8,90612,18814,97116,16527,72330,47631,26539,98742,96940,96542,05445,153—
Total Assets14,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01293,119—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,4411,4091,3962,5852,8392,3568,7397,2126,4967,7512,32110,1517,855
Cash from Investing Activity−427−463−1,734−1,022−2,059−31,282−2,666−2,426−3,575−1,354−2,509−1,823−1,475
Cash from Financing Activity−1,680−991469140−80128,893−2,175−6,713−1,921−6,227164−4,793−9,883
Net Cash Flow−667−451311,703−21−333,898−1,9271,000170−243,535−3,503

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.021.019.022.021.010.010.013.014.014.03.08.010.0
ROE %————————————5.6
EPS (₹)13.1315.8213.0020.1823.5717.3520.6633.4042.1842.28−14.2110.6222.78
Book Value (₹)————————————411.0
Face Value (₹)————————————2
P/E————————————20.9
Div Yield %————————————1.23
NPM %8.99.86.710.411.57.36.29.09.68.2−4.31.84.2
OPM %19.020.017.018.020.017.019.022.021.019.010.015.018.0
D/E0.640.560.890.880.721.981.521.171.080.891.200.860.68
P/B————————————1.2

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+14.0%
5 years+6.0%
3 years−1.0%
TTM+13.0%
Compounded profit growth
10 years+6.0%
5 years−10.0%
3 years−21.0%
TTM+36.0%
Stock price CAGR
10 years+1.0%
5 years−7.0%
3 years−6.0%
Last year−28.0%
Return on equity
10 years10.0%
5 years7.0%
3 years2.0%
Last year6.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters30.27%30.27%27.72%27.89%27.88%28.12%28.62%32.51%32.51%33.50%33.50%33.50%
FIIs45.90%45.90%46.97%42.79%41.91%37.82%35.29%38.69%33.64%34.22%41.78%42.39%
DIIs11.53%11.53%10.25%9.11%12.28%15.86%17.81%14.39%15.33%18.56%14.63%14.32%
Government0.21%0.21%0.19%0.35%0.31%0.10%0.00%0.00%0.00%0.00%0.02%0.02%
Public12.09%12.09%14.87%19.86%17.62%18.11%18.29%14.37%18.51%13.72%10.05%9.77%
No. of shareholders63,42363,42396,71883,2711,17,4241,75,4372,40,0122,53,5484,83,5143,23,8002,76,9892,72,868
Change since Jun 2023 (pp)
Promoters +3.23FIIs −3.51DIIs +2.79Public −2.32

Documents

As of 11 Oct 2026
Announcements
Closure of Trading WindowAnnouncement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Credit RatingAnnouncement under Regulation 30 (LODR)-Change in ManagementAnnouncement under Regulation 30 (LODR)-Acquisition
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingFeb 2026PPTNov 2025TranscriptNov 2025PPT

Corporate actions

As of 17 Jul 2026
17 Jul 2026DIVIDENDDividend - Rs 6 Per Share—
11 Jul 2025DIVIDENDDividend - Rs 6 Per Share—
26 Nov 2024RIGHTSRights 1:8 @ Premium Rs 358/-—
12 Aug 2024DIVIDENDDividend - Re 1 Per Share—
3 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Rs 10 Per Share—
27 Jul 2022DIVIDENDDividend - Rs 10 Per Share—
14 Jul 2021DIVIDEND Dividend - Rs 10 Per Share—
19 Aug 2020DIVIDEND Dividend - Rs 6 Per Sh—
2 Jul 2019BONUS Bonus 1:2—
28 May 2019DIVIDEND Dividend - Rs 8 Per Share—
9 Aug 2018DIVIDEND Annual General Meeting/Dividend- Rs 8 Per Share—
22 Jun 2017DIVIDEND Annual General Meeting/Dividend-Rs 7 Per Share—
16 Jun 2016DIVIDEND Annual General Meeting/ Dividend - Rs 5/- Per Share—
16 Jul 2015DIVIDENDAnnual General Meeting/Dividend - Rs 5/- Per Share—
7 Aug 2014DIVIDENDAnnual General Meeting/Dividend Rs.4/- Per Share—
4 Jul 2013DIVIDENDAnnual General Meeting / Dividend - Rs 2.50/- Per Share—
12 Jul 2012DIVIDENDAnnual General Meeting/ Dividend Of Rs.0.50/- Per Share—
3 Apr 2012DIVIDENDInterim Dividend Rs.2/- Per Share (Purpose Revised)—
14 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.2/- Per Share—
26 Aug 2010DIVIDENDAnnual General Meeting And Dividend Rs.2/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman