UPL Ltd
UPL Ltd (UPL) last reported results for the quarter ended Jun 2026, with sales of ₹10,181 crore and net profit of ₹-73 crore. The stock last traded at ₹488, a market capitalisation of ₹40,969 crore, on a P/E of 20.7. Over the past 52 weeks the stock has ranged between ₹476 and ₹812. Figures are as of 9 Oct 2026 and are not real time.
UPL Ltd share price and key metrics
- Current price
- ₹488
- Market cap
- ₹40,969 cr
- Stock P/E
- 20.7
- Book value
- ₹411
- ROE
- 5.64%
- ROCE
- 10.1%
- Dividend yield
- 1.23%
- 52w high / low
- 812/476
Metrics as of 9 Oct 2026. Not real time.
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UPL Ltd growth and returns
- 10 Years
- 14%
- 5 Years
- 6%
- 3 Years
- -1%
- TTM
- 13%
- 10 Years
- 6%
- 5 Years
- -10%
- 3 Years
- -21%
- TTM
- 36%
- 10 Years
- 1%
- 5 Years
- -7%
- 3 Years
- -6%
- 1 Year
- -28%
- 10 Years
- 10%
- 5 Years
- 7%
- 3 Years
- 2%
- Last Year
- 6%
UPL Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹10,181 cr, up 10.5% from ₹9,216 cr a year earlier. Net profit was ₹-73 cr, up 58.5% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 11,090 | 10,907 | 15,573 | 9,216 | 12,019 | 12,269 | 18,335 | 10,181 |
| Expenses | 9,873 | 9,229 | 12,409 | 7,820 | 10,072 | 10,033 | 14,854 | 8,814 |
| Operating profit | 1,217 | 1,678 | 3,164 | 1,396 | 1,947 | 2,236 | 3,481 | 1,367 |
| OPM % | 11% | 15% | 20% | 15% | 16% | 18% | 19% | 13% |
| Other income | 103 | 94 | -168 | 152 | 392 | 36 | 162 | 208 |
| Interest | 1,070 | 730 | 914 | 1,007 | 784 | 774 | 836 | 852 |
| Depreciation | 697 | 688 | 705 | 731 | 771 | 827 | 915 | 832 |
| Profit before tax | -447 | 354 | 1,377 | -190 | 784 | 671 | 1,892 | -109 |
| Tax % | 31% | -141% | 22% | -7% | 22% | 27% | 32% | -33% |
| Net profit | -585 | 853 | 1,079 | -176 | 612 | 490 | 1,294 | -73 |
| EPS (₹) | -5.25 | 9.81 | 10.61 | -1.04 | 6.56 | 4.70 | 12.57 | 0.12 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
UPL Ltd annual results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 16,312 | 17,378 | 21,837 | 35,756 | 38,694 | 46,240 | 53,576 | 43,098 | 46,637 | 51,839 | 52,804 |
| Operating profit | 2,966 | 3,412 | 3,813 | 6,772 | 8,352 | 9,529 | 10,196 | 4,297 | 7,128 | 9,078 | 9,031 |
| OPM % | 18% | 20% | 17% | 19% | 22% | 21% | 19% | 10% | 15% | 18% | 17% |
| Net profit | 1,733 | 2,030 | 1,575 | 2,178 | 3,495 | 4,437 | 4,414 | -1,878 | 820 | 2,220 | 2,323 |
| EPS (₹) | 20.18 | 23.57 | 17.35 | 20.66 | 33.40 | 42.18 | 42.28 | -14.21 | 10.62 | 22.78 | 23.95 |
TTM is the trailing twelve months to the most recent quarter.
UPL Ltd balance sheet
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 101 | 102 | 102 | 153 | 153 | 153 | 150 | 150 | 159 | 169 |
| Reserves | 7,214 | 9,067 | 14,613 | 19,129 | 20,734 | 24,508 | 26,708 | 24,657 | 29,054 | 34,527 |
| Borrowings | 6,443 | 6,638 | 29,139 | 29,388 | 24,519 | 26,746 | 23,939 | 29,754 | 25,099 | 23,576 |
| Other liabilities | 6,454 | 7,148 | 18,581 | 19,758 | 23,359 | 29,196 | 35,318 | 30,579 | 31,700 | 34,847 |
| Total liabilities | 20,212 | 22,955 | 62,435 | 68,428 | 68,765 | 80,603 | 86,115 | 85,140 | 86,012 | 93,119 |
| Fixed assets | 4,071 | 4,437 | 32,149 | 35,321 | 34,765 | 36,193 | 38,713 | 39,056 | 39,084 | 42,153 |
| CWIP | 792 | 1,319 | 1,855 | 2,073 | 2,117 | 2,501 | 2,818 | 2,965 | 2,546 | 3,147 |
| Investments | 378 | 1,034 | 708 | 558 | 618 | 1,922 | 1,615 | 2,154 | 2,328 | 2,666 |
| Other assets | 14,971 | 16,165 | 27,723 | 30,476 | 31,265 | 39,987 | 42,969 | 40,965 | 42,054 | 45,153 |
| Total assets | 20,212 | 22,955 | 62,435 | 68,428 | 68,765 | 80,603 | 86,115 | 85,140 | 86,012 | 93,119 |
As reported by the company. Total assets equal total liabilities by construction.
UPL Ltd cash flow
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,585 | 2,839 | 2,356 | 8,739 | 7,212 | 6,496 | 7,751 | 2,321 | 10,151 | 7,855 |
| Cash from investing | -1,022 | -2,059 | -31,282 | -2,666 | -2,426 | -3,575 | -1,354 | -2,509 | -1,823 | -1,475 |
| Cash from financing | 140 | -801 | 28,893 | -2,175 | -6,713 | -1,921 | -6,227 | 164 | -4,793 | -9,883 |
| Net cash flow | 1,703 | -21 | -33 | 3,898 | -1,927 | 1,000 | 170 | -24 | 3,535 | -3,503 |
| Free cash flow | 1,382 | 1,435 | 803 | 6,804 | 5,147 | 3,931 | 5,462 | 367 | 8,896 | 5,502 |
| CFO / operating profit | 99% | 90% | 71% | 141% | 95% | 79% | 88% | 81% | 156% | 93% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
UPL Ltd operating ratios
| Per year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 22% | 21% | 10% | 10% | 13% | 14% | 14% | 3% | 8% | 10% |
| Debtor days | 127 | 127 | 195 | 121 | 115 | 121 | 124 | 138 | 121 | 126 |
| Inventory days | 194 | 204 | 306 | 153 | 180 | 216 | 187 | 198 | 155 | 179 |
| Days payable | 228 | 255 | 330 | 199 | 244 | 274 | 236 | 196 | 164 | 169 |
| Cash conversion cycle | 93 | 76 | 171 | 75 | 51 | 64 | 76 | 141 | 113 | 135 |
| Working capital days | 84 | 94 | 127 | 59 | 52 | 36 | 46 | 52 | 9 | 5 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
UPL Ltd shareholding pattern
Promoters held 33.50% at Jun 2026, broadly unchanged since Jun 2025. FIIs 42.39% and DIIs 14.32%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 32.51% | 33.50% | 33.50% | 33.49% | 33.49% | 33.49% | 33.50% | 33.50% |
| FIIs | 34.22% | 32.52% | 34.22% | 34.90% | 37.01% | 38.84% | 41.78% | 42.39% |
| DIIs | 17.64% | 18.89% | 18.56% | 18.09% | 17.17% | 16.71% | 14.63% | 14.32% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.02% | 0.02% |
| Public | 15.59% | 15.08% | 13.72% | 13.50% | 12.33% | 10.94% | 10.05% | 9.77% |
| No. of shareholders | 3,76,289 | 3,59,355 | 3,23,800 | 3,06,975 | 2,84,675 | 2,68,604 | 2,76,989 | 2,72,868 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
UPL Ltd corporate filings
- Closure of Trading WindowInsider Trading / SASTlow impact
Cruxal's analysis: Please find enclosed letter dated September 29, 2026
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