UPL LIMITED (UPL): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹541.5 latest close · −10.8% over the last 90 sessions

₹541.5 month-end · −28.6% over 12 months

₹541.5 month-end · −1.1% over 3 years

₹541.5 month-end · +7.7% since Jan '19

52-week range ₹476.45 to ₹812.20 · 1-year volatility 35.4%

Was the rally earned?

1 year3 years5 years

-29%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 45 points, but investors now pay less per rupee of profit (P/E 53.7x to 22.6x), which took 73 points back.
The share count rose 17%.

Net profit growth+58 ptsNet profit rose about 98%, which lifts the price.

P/E change-73 ptsThe P/E fell from 53.7x to 22.6x, which lowers the price.

Share count change-13 ptsShare count rose 17%, which lowers the price.

-1%share price, 3 yearsRoughly flat

The share price was roughly flat over 3 years (-1%).
The share count fell 7%.

Net profit growth-64 ptsNet profit fell about 47%, which lowers the price.

P/E change+55 ptsThe P/E rose from 12.9x to 22.6x, which lifts the price.

Share count change+7 ptsShare count fell 7%, which lifts the price.

-17%share price, 5 yearsEarnings-driven

Mostly earnings.

Per-share earnings took off 30 points, while the multiple moved less (P/E 19.6x to 22.6x).
The share count fell 7%.

Net profit growth-37 ptsNet profit fell about 34%, which lowers the price.

P/E change+13 ptsThe P/E rose from 19.6x to 22.6x, which lifts the price.

Share count change+7 ptsShare count fell 7%, which lifts the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with FERTILIZERS AND CHEMICALS TRAV

How rough has the ride been?

Maximum drawdown-63.5%recovered 2021-05

1-year volatility35.4%annualised

Beta vs sector index1.063-year daily, correlation 0.58

Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-63.5% (2019-07 peak to 2020-03 low, recovered 2021-05)

-47.1% (2021-06 peak to 2024-03 low, not yet recovered)

-15.9% (2019-06 peak to 2019-06 low, recovered 2019-07)

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

22.6xP/E todayWithin its usual range

Against its own history51st percentile

CheapestMedian 22.6xDearest

Usual range 13.7x to 42.1x since 2019-01.

Against Process Industries22.6x vs 18.1x

This company

22.6x

Sector median

18.1x

25% above the Process Industries median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE45th▲ 11 pts vs a year ago
Op. margin58th▼ 20 pts vs a year ago
Revenue growth62nd▲ 10 pts vs a year ago
EPS growth83rd
Debt/equity ↓30th▲ 9 pts vs a year ago
Cash cycle ↓39th▼ 6 pts vs a year ago
P/E ↓39th▲ 23 pts vs a year ago
12M momentum21st▼ 71 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~17%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 26.2x, a holder earning 12%/yr needs earnings to grow about 17.2%/yr for 10 years, then trade at 15x.

Delivered−15.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+32.4 ptsimplied minus delivered

Rank42ndmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	18.5%	19.6%	20.7%
15x	16.1%	17.2%	18.2%
20x	13.0%	14.0%	15.0%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 17.2%/yr

Looking back

Jan 2020Price implied 19%/yr; EPS has since grown 4%/yr (7.0 yrs)
Jan 2021Price implied 20%/yr; EPS has since grown −1%/yr (6.0 yrs)
Jan 2022Price implied 21%/yr; EPS has since grown −11%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹541.50
P/E: 22.6x
ROCE: 10.0%
Market Cap: ₹45729 cr
Revenue (TTM): ₹52804 cr
P/S: 0.9x
P/B: 1.3x
ROE: 5.8%
Operating Margin: 13.0%
Debt / Equity: 0.7x
Promoter Holding: 33.5%
12M Momentum: -28.6%

52-week range

₹476.45₹812.20

19% of the way from its 52-week low to its high

Price risk

1Y volatility

35.4%

Beta vs sector

1-year daily

1.13

Balance sheet & cash

Interest cover

operating profit ÷ interest

2.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

5.00x

Share count, 1Y

+6.3%

Are profits backed by cash?

6 of 7checks within range1 near a threshold

Other income reliance25%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 24.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate22%Within range

Median quarterly effective tax rate over about 2.5 years: 22.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion17.49xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 17.49x (cash from operations ₹20,327 cr, net profit ₹1,162 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+2 daysWithin range

Debtor days are above the median of the previous three fiscal years by 2 days (126 vs 124). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress7% of fixed assetsWithin range

Capital work-in-progress is 7% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-27 days / 2 yrsWithin range

Days payable changed by -27 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, FIIs added 8.8 pts; DIIs trimmed 2.9 pts; promoters added 1.0 pts.
The number of shareholders fell from 3.8 lakh to 2.7 lakh (-29%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters32.5%33.5%+1.0 pts

FIIs33.6%42.4%+8.8 pts

DIIs17.3%14.3%-2.9 pts

Public and others16.6%9.8%-6.9 pts

Number of shareholders

2.7 lakhshareholders-29% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+4.6%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like UPL LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −12% to +52% vs the market, against −5% for all non-financial companies in the same months.
The gap against the base rate (+9.4%, 80% range −4.0% to +26.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge

Similar setups' median

+4.6%

All companies' median

−4.8%

Beat the market

54% vs 45%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TATAPOWER Utilities	Jun 2020	12x	8%	−35%	−39%	+67%
BIRLACORPN Non-Energy Minerals	Jan 2025	29x	9%	−24%	−34%	−15%
INDUSTOWER Communications	Aug 2023	22x	11%	−12%	−14%	+78%
APOLLOTYRE Consumer Durables	May 2024	28x	10%	+19%	−16%	−3%
MOTHERSON Producer Manufacturing	Aug 2025	26x	14%	−29%	−35%	+71%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
AARTIIND Process Industries	Aug 2025	41x	6%	−40%	−41%	+30%
JSWENERGY Utilities	May 2020	9x	9%	−45%	−49%	+69%
TRIDENT Process Industries	Dec 2024	53x	10%	−8%	−33%	−24%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and ROCE. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to UPL LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

TATA STEELTATASTEEL

Non-Energy Minerals

67%similar

revenue growthpromoter holding

TORRENT POWERTORNTPOWER

Utilities

63%similar

debt/equityrevenue

JK LAKSHMI CEMENTJKLAKSHMI

Non-Energy Minerals

62%similar

debt/equityoperating margin

DALMIA BHARATDALBHARAT

Non-Energy Minerals

59%similar

market caprevenue

RELIANCE INDUSTRIESRELIANCE

Energy Minerals

58%similar

ROCEP/E

TATA CHEMICALSTATACHEM

Process Industries

66%similar

operating marginpromoter holding

ARVINDARVIND

Process Industries

62%similar

promoter holdingrevenue

JK PAPERJKPAPER

Process Industries

62%similar

volatilityP/E

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since May '23

2026
SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
JulSharesShare count is up 6.3% over 12 months.
JunDividendDividend payout cut from 53% to 26% of profit.
JunPriceVolume reached 7.9x its 50-day median on 2026-06-29; price -3.7% that day.
MarResultsYear-on-year EPS growth turned positive.
MarPeer rankMoved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
FebPriceVolume reached 9.9x its 50-day median on 2026-02-23; price -14.3% that day.
2025
AugPriceVolume reached 7.6x its 50-day median on 2025-08-04; price +7.0% that day.

Show 22 earlier events

2025
JunPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
JunDebtDebt / equity fell below 1.0x (0.86x).
JunDividendStarted paying a dividend (payout 53% of profit).
JunSharesShare count is up 6.0% over 12 months.
AprResultsYear-on-year EPS growth turned negative.
MarResultsEPS (TTM) turned positive.
MarValuationP/E crossed above the 90th percentile of its own history to date (1325.5x).
MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
FebPriceVolume reached 7.2x its 50-day median on 2025-02-03; price +4.3% that day.
2024
NovPriceVolume reached 6.0x its 50-day median on 2024-11-21; price +1.6% that day.
JunResultsEPS (TTM) turned negative.
JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
JunDebtDebt / equity rose above 1.0x (1.20x).
JunDividendDividend payout cut from 21% to -6% of profit.
MayPriceVolume reached 8.7x its 50-day median on 2024-05-13; price +6.4% that day.
MarPriceFell 47% from the Jun 2021 peak to the Mar 2024 low.
FebPriceVolume reached 9.8x its 50-day median on 2024-02-05; price -11.2% that day.
2023
JunResultsRevenue (TTM) reached a new high of ₹53,576 cr.
JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
JunDebtDebt / equity fell below 1.0x (0.89x).
MayValuationP/E fell below the 10th percentile of its own history to date (15.6x).
MayPriceVolume reached 5.9x its 50-day median on 2023-05-09; price -2.9% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	22.6x	₹52804 cr	5.8%	10.0%	0.7x
2026-10	21.4x	₹52804 cr	5.8%	10.0%	0.7x
2026-09	22.5x	₹52804 cr	5.8%	10.0%	0.7x
2026-08	24.7x	₹51839 cr	5.6%	10.0%	0.7x
2026-07	26.5x	₹51839 cr	5.6%	10.0%	0.7x
2026-06	25.1x	₹51839 cr	5.6%	10.0%	0.7x
2026-05	31.0x	₹49077 cr	6.0%	8.0%	0.9x
2026-04	30.8x	₹49077 cr	6.0%	8.0%	0.9x
2026-03	27.3x	₹49077 cr	6.0%	8.0%	0.9x
2026-02	24.6x	₹47715 cr	7.1%	8.0%	0.9x
2026-01	27.1x	₹47715 cr	7.1%	8.0%	0.9x
2025-12	30.7x	₹47715 cr	7.1%	8.0%	0.9x
2025-11	53.7x	₹46786 cr	3.5%	8.0%	0.9x
2025-10	51.0x	₹46786 cr	3.5%	8.0%	0.9x
2025-09	46.4x	₹46786 cr	3.5%	8.0%	0.9x
2025-08	67.4x	₹46637 cr	2.4%	8.0%	0.9x
2025-07	66.3x	₹46637 cr	2.4%	8.0%	0.9x
2025-06	62.3x	₹46637 cr	2.4%	8.0%	0.9x
2025-05	1308.1x	₹45142 cr	0.1%	3.0%	1.2x
2025-04	1395.6x	₹45142 cr	0.1%	3.0%	1.2x
2025-03	1325.5x	₹45142 cr	0.1%	3.0%	1.2x
2025-02	—	₹44122 cr	-9.8%	3.0%	1.2x
2025-01	—	₹44122 cr	-9.8%	3.0%	1.2x
2024-12	—	₹44122 cr	-9.8%	3.0%	1.2x
2024-11	—	₹43202 cr	-8.8%	3.0%	1.2x
2024-10	—	₹43202 cr	-8.8%	3.0%	1.2x
2024-09	—	₹43202 cr	-8.8%	3.0%	1.2x
2024-08	—	₹43098 cr	-6.6%	3.0%	1.2x
2024-07	—	₹43098 cr	-6.6%	3.0%	1.2x
2024-06	—	₹43098 cr	-6.6%	3.0%	1.2x
2024-05	11.5x	₹53576 cr	14.3%	14.0%	0.9x
2024-04	11.5x	₹53576 cr	14.3%	14.0%	0.9x
2024-03	10.3x	₹53576 cr	14.3%	14.0%	0.9x
2024-02	10.7x	₹53576 cr	14.3%	14.0%	0.9x
2024-01	12.2x	₹53576 cr	14.3%	14.0%	0.9x
2023-12	13.3x	₹53576 cr	14.3%	14.0%	0.9x
2023-11	12.9x	₹53576 cr	14.3%	14.0%	0.9x
2023-10	12.3x	₹53576 cr	14.3%	14.0%	0.9x
2023-09	14.0x	₹53576 cr	14.3%	14.0%	0.9x
2023-08	13.4x	₹53576 cr	14.3%	14.0%	0.9x
2023-07	14.2x	₹53576 cr	14.3%	14.0%	0.9x
2023-06	15.6x	₹53576 cr	14.3%	14.0%	0.9x
2023-05	15.6x	₹46240 cr	15.7%	14.0%	1.1x
2023-04	16.8x	₹46240 cr	15.7%	14.0%	1.1x
2023-03	16.3x	₹46240 cr	15.7%	14.0%	1.1x
2023-02	15.8x	₹46240 cr	15.7%	14.0%	1.1x
2023-01	17.2x	₹46240 cr	15.7%	14.0%	1.1x
2022-12	16.3x	₹46240 cr	15.7%	14.0%	1.1x
2022-11	18.0x	₹46240 cr	15.7%	14.0%	1.1x
2022-10	16.6x	₹46240 cr	15.7%	14.0%	1.1x
2022-09	15.3x	₹46240 cr	15.7%	14.0%	1.1x
2022-08	17.5x	₹46240 cr	15.7%	14.0%	1.1x
2022-07	16.9x	₹46240 cr	15.7%	14.0%	1.1x
2022-06	14.4x	₹46240 cr	15.7%	14.0%	1.1x
2022-05	22.4x	₹38694 cr	14.6%	13.0%	1.2x
2022-04	23.6x	₹38694 cr	14.6%	13.0%	1.2x
2022-03	22.1x	₹38694 cr	14.6%	13.0%	1.2x
2022-02	19.1x	₹38694 cr	14.6%	13.0%	1.2x
2022-01	22.3x	₹38694 cr	14.6%	13.0%	1.2x
2021-12	21.5x	₹38694 cr	14.6%	13.0%	1.2x

Older months are in the live observatory.

Methodology and data notes