UPL Limited (UPL)

Chemicals · Fertilizers & Agrochemicals · NSE · Updated 15 July 2026

₹597.3 ↓ 11.35% (1Y)

🎯 Key Takeaways

UPL Limited is transitioning from a period of sustained losses to a phase of profitable growth, marked by record financial performance and strategic deleveraging. The company has shifted from consecutive quarterly losses in FY24 to profitability in FY25, driven by margin expansion, volume growth, and disciplined capital allocation.
Revenue declined 1.7% QoQ to ₹10,907 in Q3FY25.
⚠️ Macroeconomic headwinds including US tariffs and commodity price pressures could impact margins and demand in key markets.

Market Cap

₹53,373

P/E Ratio

-157.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

UPL Limited is transitioning from a period of sustained losses to a phase of profitable growth, marked by record financial performance and strategic deleveraging. The company has shifted from consecutive quarterly losses in FY24 to profitability in FY25, driven by margin expansion, volume growth, and disciplined capital allocation. This turnaround reflects a strategic pivot toward sustainable agriculture and higher-margin business streams, positioning UPL as a restructured, financially resilient player in the global agrochemicals sector.

📰 What's Happening

In the latest developments, UPL reported FY26 results showing 11% YoY revenue growth to ₹51,839 crores, with PBT growing nearly 4x and operational PATMI exceeding 2.5x YoY. EBITDA rose 18% to ₹9,588 crores, while gross debt declined by $850 million to $2.3 billion, improving net debt/EBITDA to 1.6x. The company beat guidance across key metrics, driven by strong volume growth in UPL Corp and Advanta, particularly in North America and Europe. Management highlighted progress in sustainable agriculture and emphasized accelerating profitable growth through scaled business streams. Additionally, CARE Ratings upgraded UPL's long-term rating to AA+ and reaffirmed its short-term rating at A1+, reflecting improved creditworthiness. The company also completed the acquisition of Advanta Investment Limited, a newly incorporated entity in the Cayman Islands, for $1, expanding its structural footprint without immediate financial impact.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	16,569	8,963	10,170	9,887	14,078	9,067	11,090	10,907
Operating Profit	2,904	1,331	1,343	227	1,869	1,150	1,455	2,050
OPM %	16.4%	14.2%	13.0%	0.9%	13.1%	12.1%	12.2%	17.9%
Net Profit	1,080	102	-293	-1,607	-80	-527	-585	853
EPS	₹10.68	₹1.33	₹-2.54	₹-17.11	₹0.52	₹-6.02	₹-5.90	₹9.98

UPL's financial trajectory shows a clear inflection point: after reporting consecutive quarterly losses in Q1FY25 and Q2FY25 (₹-527 Crore and ₹-585 Crore net losses), the company returned to profitability with a ₹853 Crore net profit in Q3FY25, followed by a return to profit in Q4FY24 (₹-80 Crore net loss turned to ₹102 Crore net profit in Q1FY24). The FY26 results confirm this trend has sustained, with revenue up 11% YoY and EBITDA up 18%, indicating margin expansion and operational improvement. This recovery is attributed to volume growth, favorable foreign exchange, and cost optimization, as highlighted in the FY26 results filing. The shift from negative EPS of ₹-6.02 in Q1FY25 to ₹9.98 in Q3FY25 underscores the earnings recovery, aligning with management's narrative of profitable growth and structural improvement.

🔮 Management Outlook & What's Next

Management expressed confidence in long-term value creation, emphasizing the acceleration of profitable growth through scaled sustainable business streams. In the FY26 results commentary, leadership highlighted strong regional performance, particularly in North America and Europe, and underscored the strategic shift toward sustainable agriculture. No formal forward guidance was provided beyond the emphasis on capitalizing on market opportunities and maintaining financial discipline. The focus remains on sustaining margin expansion, optimizing capacity utilization, and advancing strategic priorities in global agriculture, with no disclosed near-term targets but a clear narrative of structural transformation and resilient performance amid macroeconomic headwinds.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Fertilizers & Agrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Fertilizers and Chemicals Travancore Limited	57,117	-630.5	—	—	—
Coromandel International Limited	55,044	33.3	—	—	—
UPL Limited	53,373	-157.3	—	—	—
PI Industries Limited	47,259	27.8	—	—	—
Sumitomo Chemical India Limited	22,898	44.4	—	—	—
Bayer Cropscience Limited	21,796	—	—	—	—
Chambal Fertilizers & Chemicals Limited	18,025	11.1	—	—	—
Paradeep Phosphates Limited	12,506	30.3	—	—	—
Sharda Cropchem Limited	8,742	35.8	—	—	—
Rashtriya Chemicals and Fertilizers Limited	6,876	25.9	—	—	—

🔗 Peer Stock Analyses

FACT COROMANDEL PIIND SUMICHEM BAYERCROP

⚠️ Risk Factors

1. Macroeconomic headwinds including US tariffs and commodity price pressures could impact margins and demand in key markets. 2. Exposure to foreign exchange volatility, particularly in USD and EUR, may affect profitability despite favorable recent trends. 3. Integration risks associated with structural expansions, such as the Advanta Investment Limited acquisition, though currently immaterial, could divert focus if not managed effectively. 4. While debt has reduced, sustained capital intensity in sustainable agriculture initiatives may require ongoing investment, potentially affecting cash flows if returns are delayed.

📋 Recent Filings

🧠 Analyst's Read

UPL is undergoing a structural turnaround, transitioning from a period of losses to profitable, cash-generative growth supported by margin expansion, debt reduction, and strategic market positioning. The company's financial performance and credit rating upgrades validate this shift, though execution risks remain tied to macro conditions and sustained operational discipline. Investors should monitor margin sustainability, volume trends in key geographies, and capital allocation efficiency in the near term.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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