UPL
UPL share price & financials
- Price
- ₹608.65
- Market cap
- ₹47.7k Cr
- Sector
- Chemicals
- Calls analysed
- 6
UPL Limited Q1 FY27
What went well
- Revenue of ₹10,181 crores, up 10% YoY, driven by 3% positive pricing and favorable exchange impact.
- EBITDA grew 15% to ₹1,500 crores, with EBITDA margin expanding 60 bps to 14.7%, marking the seventh consecutive quarter of revenue and EBITDA growth.
- PATMI turned positive at ₹10 crores, a significant improvement from a negative ₹88 crores last year, driven by lower net finance cost and favorable net exchange difference.
What to watch
- Overall volumes declined by 3%, primarily due to severe weather-led delays and heat wave conditions in Europe and Latin America.
- El Niño led to planting delays in parts of India and Europe, phasing some demand into later quarters.
What UPL Limited does
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+
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 7 delivered 0 missed 15 open- Q1 FY27 Revenue Growth delivered said Q4 FY26 Promised: 10% to 14% Q1 FY27: Achieved 10% YoY growth, meeting the lower end of the 10-14% guidance.
- Net Debt to EBITDA diluted said Q4 FY26 Promised: 1.2x to 1.5x Q1 FY27: Ratio increased to 2.4x due to seasonal working capital. Management reiterated a slightly diluted medium-term target of '<1.5x'.
- Differentiated & Sustainable Segment Mix on track said Q4 FY25 Promised: 45-50% Q1 FY27: Reiterated focus on NPP and specialty chemicals. SUPERFORM specialty mix at 29%. On track for broader FY27 goal.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.5%, net profit up 58.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,090 | 10,907 | 15,573 | 9,216 | 12,019 +8% | 12,269 +12% | 18,335 +18% | 10,181 +10% |
| EBITDA | 1,217 | 1,678 | 3,164 | 1,396 | 1,947 +60% | 2,236 +33% | 3,481 +10% | 1,367 −2% |
| Net profit | -585 | 853 | 1,079 | -176 | 612 +205% | 490 −43% | 1,294 +20% | -73 +59% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.8% 1Y
1Y: ₹696.95 on 10 Sept 2025 → ₹572.95. High ₹805.35 (1 Jan 2026), low ₹560.05 (18 Aug 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.6%
- 3 Aug
- Q4 FY26
- +1.8%
- 11 May
- Q3 FY26
- +5.1%
- 2 Feb
- Q2 FY26
- +0.3%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 10.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹38.5k Cr | ₹43.1k Cr | ₹46.6k Cr | ₹51.8k Cr |
| Operating profit | ₹7.5k Cr | ₹4.3k Cr | ₹7.1k Cr | ₹9.1k Cr |
| Operating margin | 19.4% | 9.9% | 15.3% | 17.5% |
| Interest | ₹2.1k Cr | ₹3.9k Cr | ₹3.6k Cr | ₹3.4k Cr |
| Depreciation | ₹1.9k Cr | ₹2.8k Cr | ₹2.8k Cr | ₹3.2k Cr |
| Net profit | ₹3.2k Cr | ₹-1.9k Cr | ₹820 Cr | ₹2.2k Cr |
| Net margin | 8.2% | -4.4% | 1.8% | 4.3% |
| Cash from operations | ₹7.8k Cr | ₹2.3k Cr | ₹10.2k Cr | ₹7.9k Cr |
| Free cash flow | ₹5.5k Cr | ₹367 Cr | ₹8.9k Cr | ₹5.5k Cr |
| ROCE | 14.0% | 3.0% | 8.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹153 Cr | ₹153 Cr | ₹150 Cr | ₹150 Cr | ₹169 Cr | ₹169 Cr |
| Reserves | ₹20.7k Cr | ₹24.5k Cr | ₹26.7k Cr | ₹24.7k Cr | ₹31.7k Cr | ₹34.5k Cr |
| Borrowings | ₹24.5k Cr | ₹26.7k Cr | ₹23.9k Cr | ₹29.8k Cr | ₹30.0k Cr | ₹23.6k Cr |
| Other liabilities | ₹23.4k Cr | ₹29.2k Cr | ₹35.3k Cr | ₹30.6k Cr | ₹29.5k Cr | ₹34.8k Cr |
| Total liabilities | ₹68.8k Cr | ₹80.6k Cr | ₹86.1k Cr | ₹85.1k Cr | ₹91.4k Cr | ₹93.1k Cr |
| Fixed assets | ₹34.8k Cr | ₹36.2k Cr | ₹38.7k Cr | ₹39.1k Cr | ₹42.2k Cr | ₹42.2k Cr |
| Capital work in progress | ₹2.1k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹794 Cr | ₹3.1k Cr |
| Investments | ₹618 Cr | ₹1.9k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹2.6k Cr | ₹2.7k Cr |
| Other assets | ₹31.3k Cr | ₹40.0k Cr | ₹43.0k Cr | ₹41.0k Cr | ₹45.7k Cr | ₹45.2k Cr |
| Total assets | ₹68.8k Cr | ₹80.6k Cr | ₹86.1k Cr | ₹85.1k Cr | ₹91.4k Cr | ₹93.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +7.49 pp while DIIs trimmed −3.77 pp. The shareholder count shrank 11% to 2,72,868.
- Promoters
- 33.5%
- FIIs
- 42.4%
- DIIs
- 14.3%
- Government
- 0.0%
- Public
- 9.8%
Since Jun 2025
- FIIs +7.49 pp
- DIIs −3.77 pp
- Public −3.73 pp
How it drifted, 12 quarters
Over this window FIIs went from 33.6% to 42.4% — +8.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 32.5%, FIIs 33.6%, DIIs 17.3%, Public 16.6%.Dec '23: Promoters 32.5%, FIIs 34.4%, DIIs 16.8%, Public 16.3%.Mar '24: Promoters 32.5%, FIIs 33.6%, DIIs 15.3%, Public 18.5%.Jun '24: Promoters 32.5%, FIIs 34.5%, DIIs 15.7%, Public 17.2%.Sep '24: Promoters 32.5%, FIIs 34.2%, DIIs 17.6%, Public 15.6%.Dec '24: Promoters 33.5%, FIIs 32.5%, DIIs 18.9%, Public 15.1%.Mar '25: Promoters 33.5%, FIIs 34.2%, DIIs 18.6%, Public 13.7%.Jun '25: Promoters 33.5%, FIIs 34.9%, DIIs 18.1%, Public 13.5%.Sep '25: Promoters 33.5%, FIIs 37.0%, DIIs 17.2%, Public 12.3%.Dec '25: Promoters 33.5%, FIIs 38.8%, DIIs 16.7%, Government 0.0%, Public 10.9%.Mar '26: Promoters 33.5%, FIIs 41.8%, DIIs 14.6%, Government 0.0%, Public 10.1%.Jun '26: Promoters 33.5%, FIIs 42.4%, DIIs 14.3%, Government 0.0%, Public 9.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential India Opportunities Fund Mutual fund newly disclosed 3.69% held
- Life Insurance Corporation Of India Insurer newly disclosed 3.48% held
- SBI Contra Fund Mutual fund newly disclosed 1.86% held
- Pzena Emerging Markets Value Fund FPI fund newly disclosed 1.49% held
- National Pension Service Managed By Panagora Asset Management, Inc. Sovereign newly disclosed 1.04% held
- Lazard Emerging Markets Equity Portfolio FPI fund +0.13 pp 1.27% held
The same filing shows 0 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of UPL Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nerka Chemicals Pvt Ltd | 21.41% | unchanged |
| Uniphos Enterprises Limited | 4.94% | unchanged |
| ICICI Prudential India Opportunities Fund Mutual fund | 3.69% | newly disclosed |
| Life Insurance Corporation Of India Insurer | 3.48% | newly disclosed |
| SBI Contra Fund Mutual fund | 1.86% | newly disclosed |
| Suresight Ventures Limited | 1.74% | unchanged |
| MFS International Growth Fund Global fund house | 1.66% | unchanged |
| Harmonic Ventures Limited | 1.61% | unchanged |
| Pzena Emerging Markets Value Fund FPI fund | 1.49% | newly disclosed |
| Jaidev Rajnikant Shroff | 1.37% | unchanged |
| Jp Morgan Chase Bank, Na | 1.32% | unchanged |
| Lazard Emerging Markets Equity Portfolio FPI fund | 1.27% | +0.13 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in UPL
Filings to Aug 2026
0 new, 9 added, 2 trimmed, 1 sold out — net +1.53 L shares (+0.7%).
- Held by funds
- ₹1.2k Cr
- 19 schemes
- Biggest holder
- SBI Contra Fund
- ₹492 Cr · 1.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹492 Cr | held | Feb '26 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹183 Cr | held | Jul '25 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹155 Cr | held | May '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹82 Cr | held | Jan '24 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹64 Cr | +7.71 L | Sep '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹50 Cr | −4.15 L | Oct '25 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹46 Cr | held | Dec '22 |
| SBI Comma Fund SBI Mutual Fund | ₹30 Cr | held | Jul '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
9 added, 2 trimmed — net +1.53 L shares (+0.7%)
- Funds are sitting on
- -3%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 19 schemes · ≈ 2.6% of the company
- Biggest holder
- SBI Contra Fund
- ₹492 Cr · 1.0% of that fund
- Longest holder
- HDFC Dividend Yield Fund
- 3y 8m · since Dec '22
Shares held by these funds +9%
Aug '23 2.13 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse UPL Limited
Guides on how to read this kind of business and the numbers that matter.