UPL

UPL share price & results

UPL Limited· Chemicals· Commodities

Results to
Sept 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Global agrochemicals major spanning crop protection, seeds and specialty chemicals across 140+ countries.

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Guidance Hit Rate
22 targets · 100% hit rate 7 achieved · 15 active →
Segment Shift
3 segments tracked See revenue & margin mix below →
Reverse DCF
Implied Growth Test priced-in growth in DCF tool →
Concall & Tone
Q1 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹541.5 +1.44% · +₹7.7

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance −27.6% 1Y

₹500₹600₹700₹800Nov 25Dec 25Feb 26Mar 26May 26Jun 26Aug 26Sept 26Nov 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 11 May 2026Q1 FY27 — 3 Aug 2026

1Y: ₹747.95 on 7 Nov 2025 → ₹541.5. High ₹805.35 (1 Jan 2026), low ₹481.05 (8 Oct 2026).

Previous close
₹533.8
Market cap
₹45.7k Cr
52-week range
₹481.05 – ₹805.35
One year
−27.86%
Price to earnings (TTM to Sept 2026)
23.90×
Return on equity (TTM to Sept 2026)
5.49%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue11,860 ₹ crore−1.3% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin17.0 %+1.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit452 ₹ crore−26.1% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity5.49 %+2.3 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin10.61 %−8.5 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026
(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)10.33 %+2.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

Crop protection shrank from 85% to 75% of revenue over the last two years.

Crop protection 74.7% · ₹7,659.00 Cr +2.7% YoY
Seeds 17.1% · ₹1,750.00 Cr +47.8% YoY
Non agro 8.3% · ₹848.00 Cr +32.7% YoY

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

7 of 7 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.

UPL Limited management guidance track record on Inve: 22 targets tracked across analysed earnings calls (7 achieved, 0 missed, 15 open).

Delivering on Growth (1/2 achieved), while Operations (1 needs watch) is lagging.

TargetOriginal wordingSaidLatest callVerdict
Growth Q1 FY27 Revenue Growth
10% to 14%
Call transcript, Q4 FY26 · 11 May 2026
Q4 FY26
Q1 FY27:Achieved 10% YoY growth, meeting the lower end of the 10-14% guidance.
Call transcript, Q1 FY27 · 3 Aug 2026
Achieved
Operations Net Debt to EBITDA
1.2x to 1.5x
Call transcript, Q4 FY26 · 11 May 2026
Q4 FY26
Q1 FY27:Ratio increased to 2.4x due to seasonal working capital. Management reiterated a slightly diluted medium-term target of '<1.5x'.
Call transcript, Q1 FY27 · 3 Aug 2026
Diluted
Growth Differentiated & Sustainable Segment Mix
45-50%
Call transcript, Q4 FY25 · 12 May 2025
Q4 FY25
Q1 FY27:Reiterated focus on NPP and specialty chemicals. SUPERFORM specialty mix at 29%. On track for broader FY27 goal.
Call transcript, Q1 FY27 · 3 Aug 2026
On Track

Source: Inve Guidance Tracker for UPL Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

15 of UPL Limited's 22 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 19 more targets are in the full ledger.

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Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Counterparties named by UPL Limited

  • UPL Limited → acquires or invests in → Sinova.

    Q1 FY27 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Investment in an associate in Brazil

    Disclosed value: INR 669 crores

    “It is mainly the investment in Sinova, one of our associates in Brazil.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “It is mainly the investment in Sinova, one of our associates in Brazil.”

    Source company: UPL Limited · Counterparty: Sinova · Call date: 2026-08-03 · Period: Q1 FY27 · Review status: Structured call extraction

  • UPL Limited → partners with → Sinova.

    Q4 FY26 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Strategic to UPL, a distribution company, to enable growth for UPL Brazil.

    Disclosed value: USD 87 million

    “We have injected $87 million in Sinova. And as you know that Sinova is extremely strategic to UPL and Sinova is a joint venture between us and a global commodity major. ... So, it will make a distribution margin, which is between say 4% to 6% is the margin that at in normal circumstances they will be making. So, we expect them to make 4% to 6% margin, it will never be a very highly profitable entity.”

    Exact commercial direction is not specified; disclosed as a partnership or collaboration.

    Evidence drawer

    Evidence type: Transcript excerpt

    “We have injected $87 million in Sinova. And as you know that Sinova is extremely strategic to UPL and Sinova is a joint venture between us and a global commodity major. ... So, it will make a distribution margin, which is between say 4% to 6% is the margin that at in normal circumstances they will be making. So, we expect them to make 4% to 6% margin, it will never be a very highly profitable entity.”

    Source company: UPL Limited · Counterparty: Sinova · Call date: 2026-05-11 · Period: Q4 FY26 · Review status: Structured call extraction

  • UPL Limited → divests to → Advanta.

    Q3 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Deleveraging for UPL, value unlock for KKR, and strategic separation of fundamentally different crop protection and seeds businesses.

    “I'm happy to share that the aforementioned DRHP was filed on the 19th of January earlier this year and is the first such step in this direction. Given that the process is pending requisite regulatory approvals, we are constrained from sharing any further details at this stage. For information pertaining to the IPO, please refer to the Draft Red Herring Prospectus filed with SEBI and available on the website.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “I'm happy to share that the aforementioned DRHP was filed on the 19th of January earlier this year and is the first such step in this direction. Given that the process is pending requisite regulatory approvals, we are constrained from sharing any further details at this stage. For information pertaining to the IPO, please refer to the Draft Red Herring Prospectus filed with SEBI and available on the website.”

    Source company: UPL Limited · Counterparty: Advanta · Call date: 2026-02-02 · Period: Q3 FY26 · Review status: Structured call extraction

  • UPL Limited → divests to → Advanta shares (12.5% stake).

    Q4 FY25 · Closed / completed · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Partial monetization of Advanta shares to Alpha Wave Global, valuing the seed business at US $2.8 billion.

    Disclosed value: INR 30.4 billion

    “The second capital raise transaction was through the partial monetization of Advanta shares. We signed a definitive agreement with Alpha Wave Global for a sale of 12.5% stake for a sum of 30.4 billion, approximately $350 million. Through a mix of primary and secondary transactions, valuing our seed business at US $2.8 billion. ... Post the clearance from the Competition Commission of India, we received the proceeds in March just before the close of the financial year. The impact of these two inflows is reflected in our cash balance as of 31st March.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “The second capital raise transaction was through the partial monetization of Advanta shares. We signed a definitive agreement with Alpha Wave Global for a sale of 12.5% stake for a sum of 30.4 billion, approximately $350 million. Through a mix of primary and secondary transactions, valuing our seed business at US $2.8 billion. ... Post the clearance from the Competition Commission of India, we received the proceeds in March just before the close of the financial year. The impact of these two inflows is reflected in our cash balance as of 31st March.”

    Source company: UPL Limited · Counterparty: Advanta shares (12.5% stake) · Call date: 2025-05-12 · Period: Q4 FY25 · Review status: Structured call extraction

Similar pressures reported by peers

Tailwind coverage is not available yet.

Similar commentary provides sector context; it does not establish a business relationship with UPL Limited. Each comparison matches a headwind disclosed by UPL Limited in the same calendar reporting quarter.

  • Ongoing conflict in West Asia keeps input costs and supply chain volatility elevated, though…

    Topic: Supply chain disruption · Logistics supply chain · Q1 FY27

    UPL Limited reported: Ongoing conflict in West Asia keeps input costs and supply chain volatility elevated, though managed proactively through diversified sourcing.

    Reporting period ended 2026-06-30

    25 other companies · Logistics supply chain

    Gujarat Fluorochemicals Limited (FLUOROCHEM) reported (period ended 2026-06-30): Ongoing supply chain disruptions, commodity price volatility, and complex operating landscape.

    Madhya Bharat Agro Products Limited (MBAPL) reported (period ended 2026-06-30): Elevated raw material prices, supply chain disruptions, and delayed onset of Southwest Monsoon created temporary headwinds in Q1 FY27.

    Neogen Chemicals Limited (NEOGEN) reported (period ended 2026-06-30): Persistent geopolitical volatility, uneven end-market demand, and ongoing redrawing of supply chain dynamics continue to pose challenges to the global chemical industry.

    Galaxy Surfactants Limited (GALAXYSURF) reported (period ended 2026-06-30): The development in the West Asia created significant disruptions across the region during April and early May, impacting both inbound and outbound supply chains and Egypt operations.

    Evidence drawer

    Evidence type: Summary paraphrase

    Ongoing conflict in West Asia keeps input costs and supply chain volatility elevated, though managed proactively through diversified sourcing.

    Source company: UPL Limited · Reporting period ended 2026-06-30 · Calendar quarter: Q1 FY27 · Distinct companies matched: 25

    Similar commentary provides sector context; it does not establish a business relationship.

  • Management is guiding channels to be cautious on building inventory to avoid oversupply…

    Topic: Channel destocking · Customer inventory · Q1 FY27

    UPL Limited reported: Management is guiding channels to be cautious on building inventory to avoid oversupply issues experienced in FY24, leading to 'just-in-time' buying.

    Reporting period ended 2026-06-30

    1 other company · Customer inventory

    Indogulf Cropsciences Limited (IGCL) reported (period ended 2026-06-30): Dealers and distributors remained cautious about building inventory until there was greater visibility on sowing and crop conditions, leading to delayed demand.

    Evidence drawer

    Evidence type: Summary paraphrase

    Management is guiding channels to be cautious on building inventory to avoid oversupply issues experienced in FY24, leading to 'just-in-time' buying.

    Source company: UPL Limited · Reporting period ended 2026-06-30 · Calendar quarter: Q1 FY27 · Distinct companies matched: 1

    Similar commentary provides sector context; it does not establish a business relationship.

Mentions over time

First observed: Q1 2025 · Latest observed: Q2 2026

Recorded disclosures by calendar reporting quarter
PeriodOther callsOwn calls
Q2 202601
Q1 202601
Q4 202501
Q1 202501

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

UPL ₹541.5 +1.44%
Guidance Verdict (22 tracked) 7 kept · 15 open
AI Call Brief · Q1 FY27

UPL Limited Q1 FY27

Overview

Symbol
NSE:UPL
Sector
Chemicals
Industry
Commodities
Exchange
NSE
Currency
INR

What UPL Limited does

Based on the company's own presentations, annual report and earnings calls.

UPL Limited is a global agri-solutions company organised around four pure-play platforms: international and India crop protection (run via UPL Corporation Ltd. Cayman and UPL Sustainable Agri Solutions/UPL SAS respectively), seeds (Advanta), specialty chemistries (Superform Chemistries) and post-harvest/biosolutions (including Decco). It manufactures and markets crop-protection active ingredients and formulations — herbicides, fungicides, insecticides and acaricides — alongside climate-smart hybrid seeds and specialty chemical ingredients, sold to farmers, distributors and retailers through its own sales and retailer network. Revenue is earned by selling branded agrochemical, seed and specialty-chemical products worldwide, supported by an extensive in-house manufacturing, R&D, patent and product-registration base.

Segments

  • Crop Protection
  • Seeds (Advanta)
  • Specialty Chemistries (Superform)
  • Post-Harvest / Others
Countries where present
140+
Global manufacturing facilities
43
Global agrochemicals market ranking
#5 in global agrochemicals, #10 in global seeds
ESG ranking
Ranked #1 agrochemical company globally on DJSI
Crop-protection product registrations
15,000+
Active patents
16,000+
Headquarters Mumbai, India Company website

How the price took the results

Moved an average of ±3.2% across the last 3 priced result releases

Close before → close after
QuarterReleaseRevenue (₹ Cr) Net profit (₹ Cr)Rev YoYBefore → AfterReaction
Q1 FY273 Aug 2610,181 -73+10.5%₹604.3 → ₹620+2.6%
Q4 FY2611 May 2618,335 1,294+17.7%₹646 → ₹657.75+1.8%
Q3 FY262 Feb 2612,269 490+12.5%₹664.95 → ₹698.55+5.1%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

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Other Chemicals companies

PEER COMPARISON
Median ₹45,697 Cr Mkt Cap
₹0 Cr₹25,000 Cr₹50,000 Cr₹75,000 CrUPL Limited (UPL): ₹45,697 Cr₹45,697 CrUPLCoromandel International Limited (COROMANDEL): ₹55,439 Cr₹55,439 CrCOROMANDELGujarat Fluorochemicals Limited (FLUOROCHEM): ₹51,251 Cr₹51,251 CrFLUOROCHEMF A C T (FACT): ₹48,427 Cr₹48,427 CrFACTNavin Fluorine International Limited (NAVINFLUOR): ₹46,234 Cr₹46,234 CrNAVINFLUORHimadri Speciality Chemical Limited (HSCL): ₹26,770 Cr₹26,770 CrHSCLPI Industries Limited (PIIND): ₹25,988 Cr₹25,988 CrPIINDDeepak Nitrite Limited (DEEPAKNTR): ₹21,528 Cr₹21,528 CrDEEPAKNTRAether Industries Limited (AETHER): ₹20,449 Cr₹20,449 CrAETHER

All Chemicals companies → · Chemicals earnings growth →

Quick Answers

Frequently asked questions on UPL Limited

Compiled directly from UPL's filed financial statements, earnings call transcripts, and ownership disclosures.

How did UPL Limited (UPL) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, UPL Limited reported revenue of ₹11.9k Cr, net profit of ₹452 Cr, an operating margin of 17.0%. Diluted earnings per share stood at ₹4.99.

How is UPL Limited (UPL) valued today, and what growth does the stock price imply?

UPL Limited (UPL) trades at ₹541.5, with a market capitalization of ₹45.7k Cr.

Who owns UPL Limited (UPL) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 33.5%, FIIs hold 42.4%, DIIs hold 14.3%, Public shareholders hold 9.8%.

Learn to analyse UPL Limited

Guides on how to read this kind of business and the numbers that matter.