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Swing Capital

UPL Ltd

NSE: UPL BSE: 512070Chemicals

UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.

₹639
52W: ₹565 — ₹812
PE 66.6 · Book ₹166 · +285% vs book
Market Cap₹53,888 Cr
Stock P/E66.6Price to Earnings
ROCE8.51%Return on Capital
ROE6.22%Return on Equity
Div. Yield0.95%Face Value ₹2

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 3.74 times its book value
  • −The company has delivered a poor sales growth of -12.7% over past five years.
  • −Company has a low return on equity of 9.37% over last 3 years.
  • −Earnings include an other income of Rs.874 Cr.
  • −Dividend payout has been low at 7.48% of profits over last 3 years
  • −Company has high debtors of 210 days.
  • −Working capital days have increased from 136 days to 293 days

Shareholding Pattern

Promoters33.5%
FIIs41.78%
DIIs14.63%
Public10.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters32.51%32.51%33.5%▲1.033.5%33.49%▼0.033.49%33.49%33.5%▲0.0
FIIs34.51%34.22%▼0.332.52%▼1.734.22%▲1.734.9%▲0.737.01%▲2.138.84%▲1.841.78%▲2.9
DIIs15.73%17.64%▲1.918.89%▲1.318.56%▼0.318.09%▼0.517.17%▼0.916.71%▼0.514.63%▼2.1
Public17.23%15.59%▼1.615.08%▼0.513.72%▼1.413.5%▼0.212.33%▼1.210.94%▼1.410.05%▼0.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0181,2488021,0901,4272,0111,6601,5121,3901,186
Expenses1,0441,1367411,0641,2912,0811,5671,2151,3251,063
Operating Profit-261126126136-709329765123
OPM %-3%9%8%2%10%-3%6%20%5%10%
Net Profit46-10611479921,73912227232359
EPS ₹0.54-0.120.721.7411.7520.591.443.230.384.25

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,748Cr, up 7.8% YoY. OPM at 7%.

Debt Position

Borrowings at ₹869Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.

Capex Cycle

CWIP at ₹11Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.63% (-0.61pp change). FIIs: 41.78% (+3.82pp change). Promoters hold 33.5%.

Margin & Efficiency

ROCE declining from 13% (Mar 2015) to 9% (Mar 2026). Working capital days: 293.

Valuation

PE 66.6x with 8.51% ROCE. Price is 285% above book value of ₹166. Dividend yield: 0.95%.

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