UPL
Mid CapUPL Limited
Industrials
UPL Limited is a global provider of sustainable agriculture solutions, operating in crop protection, seeds (Advanta), and specialty chemicals (SUPERFORM). It has a broad global footprint across >140 countries, with integrated manufacturing and a focus on innovation, ranking #1 in agchem ESG.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 6/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +18% YoY · PAT +20% YoY · +49% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹18,335 Cr | +17.7% | +49.4% |
| EBITDA | ₹3,481 Cr | +10.0% | +55.7% |
| Operating margin | 19.0% | -100 bps | +100 bps |
| PAT | ₹1,294 Cr | +19.9% | +164.1% |
| PAT margin | 7.1% | +13 bps | +307 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
UPL delivered strong FY26 performance, beating guidance with 11% YoY revenue growth and 18% YoY EBITDA growth. Net Debt/EBITDA improved to <1.6x from 2.1x, driven by robust capital management and financial discipline amidst intense market volatility.
The company demonstrated resilience and strong execution, exceeding FY26 guidance for revenue, EBITDA, and net debt to EBITDA. Operational PATMI more than doubled, and capital management strengthened the balance sheet, indicating the thesis remains intact despite macro challenges.
UPL Corp Volume-led Growth
UPL Corp achieved +7% volume growth in FY26, led by robust and broad-based performance across North America, Europe, LATAM, and ROW.
Advanta Field Corn
Advanta's revenue growth was led by higher volumes in field corn across key regions like India, LAN, Argentina, and SE Asia.
Super Specialty Chemicals (SSC)
SUPERFORM's SSC segment grew +20% YoY in FY26, driven by lubricant additives and strong demand for cyanide derivatives.
Innovation & New Product Launches
UPL Corp's innovation rate increased to ~16%, with >$160 Mn revenue from New Product Launches in FY26.
Lubricant Additives Capacity
SUPERFORM expanded its lubricant additives capabilities to 3x versus the prior year.
Operating Capacity of Key AIs
SUPERFORM enhanced the operating capacity of key Active Ingredients (AIs).
Capacity Utilization
SUPERFORM's capacity utilization improved by +300 bps, and UPL Corp reported higher capacity utilization.
Growing Food Demand
Growing global population is expected to create higher food demand, requiring increased crop protection intensification.
Climate Change & Pest Pressure
Climate change accelerates pest reproduction and diseases, increasing the need for multiple AI solutions and higher crop protection.
Post-Patent Segment Prominence
The post-patent segment of the crop protection industry continues to gain prominence, offering growth opportunities.
Geopolitical Situation
The company navigated through an ongoing geopolitical situation, contributing to intense market volatility.
US Tariffs
US tariffs led to challenges and uncertainties, particularly impacting North America operations.
Low AI Prices
Continued low, though stable, Active Ingredient (AI) prices impacted the pricing component of revenue growth.
Farm Economic Stress
Lower commodity prices led to overall farm economic stress, affecting grower purchasing power.
Credit Environment & Macro Conditions
An Expected Credit Loss (ECL) charge of ₹379 cr was provided in Q4FY26 as a prudent measure, considering the prevailing credit environment.
Supply Availability Constraints
Advanta's field corn segment experienced supply availability constraints, limiting further growth.
Weather Conditions
UPL SAS's flat revenue in FY26 was partly offset by adverse Q2 monsoon weather conditions.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation primarily focuses on full-year (FY26) and Q4FY26 performance compared to the prior year (FY25), emphasizing annual growth and strategic execution.
Revenue Growth
FY26 Revenue grew +11% YoY to ₹51,839 cr (Volume: +8%, Price: -3%, FX: +6%). Q4FY26 Revenue grew +18% YoY to ₹18,335 cr.
EBITDA Growth
FY26 EBITDA grew +18% YoY to ₹9,588 cr. Q4FY26 EBITDA grew +13% YoY to ₹3,646 cr.
EBITDA Margin
FY26 EBITDA Margin was 18.5% (+110 bps YoY). Q4FY26 EBITDA Margin was 19.9% (-90 bps YoY).
Net Debt to EBITDA
Net Debt to EBITDA improved to <1.6x in FY26 from 2.1x in FY25, beating guidance of 1.6-1.8x.
FY27 Guidance
Management guides for 10-14% Revenue Growth and 14-18% EBITDA Growth in Q1FY27.
Quality of Earnings
Management aims for scaling-up contribution-led topline for quality earnings, alongside portfolio, SKU, and country rationalization.
Deleveraging & Capital Structure
The company will continue to reduce gearing and strengthen its capital structure, monitoring cash conversion.
Sustainable Portfolio Growth
UPL Corp plans to accelerate growth of Natural Plant Protection (NPP) and ProNutiva® portfolios, targeting >20% innovation rate by FY30.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | +11% (FY26) | Achievement of Q1FY27 guidance of 10-14% revenue growth. |
| EBITDA Growth | +18% (FY26) | Achievement of Q1FY27 guidance of 14-18% EBITDA growth. |
| Net Debt to EBITDA | <1.6x (FY26) | Continued deleveraging and strengthening of the capital structure. |
| Working Capital Efficiency | 57 days (FY26) | Maintenance of working capital efficiency amidst global uncertainties. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
UPL expects 12% to 16% EBITDA growth for FY26, an upgrade from the earlier 10% to 14% guidance.
"12% to 16% EBITDA growth versus last year, up from 10% to 14%"
Outcome check: OPM moved from 16.0% to average 18.5% (+2.5 pp).
Pricing is expected to be very flat in the second half of FY26, with a potential decline of about 1% in Q3.
"expect prices to be very flat, maybe down like, again, 1% or so in Q3"
Outcome check: OPM moved from 16.0% to average 18.5% (+2.5 pp).
UPL is positioned to firmly surpass its target of $130 million revenue from new product launches this year.
"firmly surpass our target of $130 million revenue from new product launches this year"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
UPL expects 4% to 8% growth in revenues for FY26.
"upgraded FY26 guidance as follows: 4% to 8% growth in revenues"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
The positive momentum in Latin America is confident to continue through the second half of the year.
"We are confident that this positive momentum will continue through the second half of the year"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
Growth in the second half of FY26 will be almost exclusively volume-driven.
"our growth in H2 will be almost exclusively volume-driven"
Outcome check: Revenue YoY averaged 15.1% across 2 later quarter(s).
Trend score and candlestick chart
45NeutralSMA20 -10.1% / mo
Technical chart
UPLweekly · 1Y-0.6%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 44.
- SMA20 falling (~11.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 6/30 to the score.
Main drags
- Fair-value margin of safety is negative at -557.5%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 83% delivered/partly-delivered outcomes on 6 checked claims, with 1 adverse claim outcome. It ranks around the 70th percentile of the scored universe and 68th percentile within Industrials. Main check: results consistency is weak at 53/100.
Healthy Trust: 6/6 extracted management claims have outcome checks; 83% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 68th pctile, median 68 · Mid: 43rd pctile, median 76
6/6 claims have outcome checks.
6/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸5/6 matched management claims were delivered.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 5.9%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.90
- P/B
- 1.52
- EV/EBITDA
- 6.19
- Market Cap
- 52756.00Cr
Profitability
- ROE
- 5.91%
- ROCE
- 10.20%
- ROA
- 2.33%
- Dividend Y
- 0.96%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -9.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- -20.00%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 2.67×
- Altman Z
- 2.02
- Book Value
- 411.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- —
- EPS TTM
- 22.78
Shareholding
- Promoter Hold
- 33.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.